# EDGAR Filing Document

**Accession Number:** 0002063200
**File Stem:** 0001580642-25-003752
**Filing Date:** 2025-6
**Character Count:** 812106
**Document Hash:** 79e51caeeb2f1c0f407ac83ad10a2138
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003752.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001580642-25-003752

**CONFORMED SUBMISSION TYPE**: N-1A/A

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas U.S. Government Money Market Fund, Inc.
- **CENTRAL INDEX KEY:** 0002063200

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24068
- **FILM NUMBER:** 251057544

**BUSINESS ADDRESS:**
- **STREET 1:** ROAD 165 #40, SUITE 201
- **STREET 2:** BUCHANAN OFFICE CENTER
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 787-502-2918

**MAIL ADDRESS:**
- **STREET 1:** ROAD 165 #40, SUITE 201
- **STREET 2:** BUCHANAN OFFICE CENTER
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas U.S. Government Money Market Fund, Inc.
- **CENTRAL INDEX KEY:** 0002063200

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286213
- **FILM NUMBER:** 251057543

**BUSINESS ADDRESS:**
- **STREET 1:** ROAD 165 #40, SUITE 201
- **STREET 2:** BUCHANAN OFFICE CENTER
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 787-502-2918

**MAIL ADDRESS:**
- **STREET 1:** ROAD 165 #40, SUITE 201
- **STREET 2:** BUCHANAN OFFICE CENTER
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968

## Series and Classes Contracts Data

### Atlas U.S. Government Money Market Fund, Inc. (Series ID: S000093200)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261352 | Class I      |  |
| C000261353 | Class P      |  |
| C000261354 | Class A      |  |

Securities Act Registration No. 333-286213

Investment Company Act Registration No. 811-24068

As filed with the Securities and Exchange Commission on June 18, 2025

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 🗷

🗷 Pre-Effective Amendment No. 1

◻ Post-Effective Amendment No.

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 🗷

🗷 Amendment No. 1

(Check appropriate box or boxes.)

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

(Exact Name of Registrant as Specified in Charter)

Buchanan Office Center

Road 165 #40, Suite 201

Guaynabo, Puerto Rico 00968

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (787) 781-1301

Philip B. Sineneng, Esq.

Thompson Hine LLP

41 S. High Street, Suite 1700

Columbus, OH 43215

(Name and Address of Agent for Service)

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

The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that the Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

![](image_001.gif)

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**Prospectus**

---

| | | |
|:---|:---|:---|
| **Share Class** | **Ticker** | **Cusip #** |
| Class A | AAAXX | 049452105 |
| Class I | AAIXX | 049452204 |
| Class P | AAPXX | 049452303 |

---

Prospectus Date: June 18, 2025

This Prospectus provides important information about the Atlas U.S. Government Money Market Fund, Inc. (the "***Fund***") that you should know before investing. Please read it carefully and keep it for future reference.

The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

**Investment in the Fund** is intended for residents of Puerto Rico. If an investor is not a resident of Puerto Rico, his or her tax consequences related to investments in the Fund will be significantly different from other mutual funds. You may find further information with respect to taxation in the "Tax Information" section of this Prospectus.

**This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Investment Objective | 1 |
| &nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;Principal Investment Strategies of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;Principal Risks of Investing in the Fund | 2 |
| &nbsp;&nbsp;&nbsp;Performance | 3 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 3 |
| &nbsp;&nbsp;&nbsp;Portfolio Manager | 3 |
| &nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 3 |
| &nbsp;&nbsp;&nbsp;Tax Information | 4 |
| &nbsp;&nbsp;&nbsp;Financial Intermediary Compensation | 4 |
| **Additional Information About Principal Investment Strategies and Risks** | **4** |
| &nbsp;&nbsp;&nbsp;Investment Objective and Strategy | 4 |
| &nbsp;&nbsp;&nbsp;Risk Factors | 5 |
| &nbsp;&nbsp;&nbsp;Portfolio Holdings | 7 |
| **Management of the Fund** | **7** |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 7 |
| &nbsp;&nbsp;&nbsp;Portfolio Manager | 8 |
| &nbsp;&nbsp;&nbsp;Legal Proceedings | 8 |
| &nbsp;&nbsp;&nbsp;Restrictions on Transfer | 8 |
| **Shareholders' Guide** | **8** |
| &nbsp;&nbsp;&nbsp;Pricing of Fund Shares | 9 |
| &nbsp;&nbsp;&nbsp;Purchase | 9 |
| **Redemption of Fund Shares** | **11** |
| &nbsp;&nbsp;&nbsp;Redeeming Shares | 11 |
| **Dividends and Distributions** | **12** |
| **Tax Consequences** | **12** |
| &nbsp;&nbsp;&nbsp;Puerto Rico Taxation | 13 |
| &nbsp;&nbsp;&nbsp;United States Taxation | 15 |
| **Distribution Arrangements** | **17** |
| **Additional Information** | **18** |
| &nbsp;&nbsp;&nbsp;Performance | 18 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 19 |

---

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

---

| | | |
|:---|:---|:---|
| **Share Class** | **Ticker** | **Cusip** |
| Class A Shares | AAAXX | 049452015 |
| Class I Shares | AAIXX | 049452204 |
| Class P Shares | AAPXX | 049452303 |

---

**Investment Objective**

The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** Each share class has different expenses but represents an investment in the same Fund. More information about these expenses, as well as eligibility requirements for each share class, is available from your financial professional and in the "Purchase" section of this Prospectus and in the Statement of Additional Information ("***SAI***").

---

| | | | |
|:---|:---|:---|:---|
| **SHAREHOLDER FEES** <br> *(fees paid directly from your investment)* | **Class A** | **Class I** | **Class P** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) |  |  |  |
| Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less) |  |  |  |
| **ANNUAL FUND OPERATING EXPENSES**<br> *(expenses that you pay each year as a percentage* <br> *of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES**<br> *(expenses that you pay each year as a percentage* <br> *of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES**<br> *(expenses that you pay each year as a percentage* <br> *of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES**<br> *(expenses that you pay each year as a percentage* <br> *of the value of your investment)* |
| Management Fees | 0.20% | 0.20% | 0.20% |
| Distribution and Service (12b-1) Fees | 0.25% |  | 0.55% |
| Other Expenses | 0.33% | 0.33% | 0.33% |
| Total Annual Fund Operating Expenses | 0.78% | 0.53% | 1.08% |

---

**Example:**

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

---

| | | |
|:---|:---|:---|
| | **1 Year** | **3 Years** |
| Class A Shares | $80 | $249 |
| Class I Shares | $54 | $170 |
| Class P Shares | $110 | $343 |

---

The example should not be considered a representation of past or future expenses and actual expenses may be greater or lesser than those shown above.

**Principal Investment Strategies of the Fund**

The Fund pursues its investment strategy by constructing a portfolio of securities as described below. The Fund relies on the professional judgment of Atlas Asset Management, LLC (the **"*Adviser*"**) to make decisions about the Fund's portfolio investments.

The Fund invests directly and indirectly in a portfolio of U.S. Treasury and government securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury and government securities. Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) is invested in U.S. government securities and/or repurchase agreements that are collateralized fully by U.S. government securities. The Fund may also hold cash.

Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (**"*Freddie Mac*"**), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such

as those issued by the Government National Mortgage Association (**"*Ginnie Mae*"**). Finally, the Fund may invest in certain government securities that are issued by entities whose activities are sponsored by the federal government, but that have no explicit financial support.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 (**"*Rule 2a-7*"**). The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the **"*1940 Act*"**). "Government money market funds" are required to invest at least 99.5% of their total assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully by government securities. Government money market funds are not required to adopt a liquidity fee framework. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.

The Fund is designed solely for Puerto Rico Investors (as defined in the section entitled "Tax Consequences" below). The tax treatment of this Fund differs from that typically accorded to other investment companies registered under the 1940 Act that qualify as regulated investment companies (***"RICs"***) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the ***"U.S. Code"***). The Fund will not qualify as a RIC and non-Puerto Rico Investors may suffer adverse consequences as a result.

**Principal Risks of Investing in the Fund**

An investment in the Fund entails risks, and you may lose money by investing in the Fund. The following is a summary discussion of the principal risks of investing in the Fund. There can be no guarantee that the Adviser's strategy will achieve its intended results or that the Fund will meet its investment objective or that the performance of the Fund will be positive for any period of time.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per shares, it cannot guarantee it will do so. An investment in the Fund is not a bank deposit or obligation, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and may lose value. The Adviser is not required to reimburse the Fund for losses, and you should not expect that the Adviser will provide financial support for the Fund at any time, including during periods of market stress.

The Fund is subject to the following principal risks, more fully described in "Risk Factors" in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Cash and Cash Equivalents Risk.*** The Fund may have significant investments in cash or cash
equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash
account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Fixed-Income Securities Risk.*** When the Fund invests in fixed-income securities, the value
of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in
the value of fixed-income securities or derivatives owned by the Fund. In general, the market price of fixed-income securities with longer
maturities will increase or decrease more in response to changes in interest rates than shorter term securities. Other risk factors include
credit risk (the debtor may default) These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's
share price and total return to be reduced and fluctuate more than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Credit Risk.* The issuer of bonds or other debt securities may be unable
or unwilling, or may be perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Interest Rate Risk.* During periods of rising interest rates, the Fund's
yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates,
the Fund's yield (and the market value of its securities) will tend to be higher. Securities with longer maturities tend to be more
sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter
maturities tend to provide lower returns and be less volatile than securities with longer maturities. If interest rates rise, the Fund's
yield may not increase proportionately, and the maturities of fixed-income securities that have the ability to be prepaid or called by
the issuer may be extended.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Investment and Market Risk*** *.* The prices of, and the income generated by, the bonds,
and other securities held by the Fund may decline, sometimes rapidly or unpredictably, due to various factors, including events or conditions
affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic
instability; governmental or governmental agency responses to economic conditions; currency exchange rate, interest rate and commodity
price fluctuations; market disruptions caused by local or regional events such as war, acts of terrorism, natural disasters, climate-change
or climate-related events, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions
or other events or adverse investor sentiment. These risks may be magnified if certain events or developments adversely interrupt the
global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected
global economies and financial markets.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Limited History of Operations Risk*.** The Fund has a limited history of operations for investors
to evaluate.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Management Risk.*** The Adviser actively manages the Fund's investments. Consequently,
the Fund is subject to the risk that the methods and analysis employed by the Adviser in this process may not produce the desired results.
This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Money Market Risk.*** The Securities and Exchange Commission (the "SEC") has adopted
 amendments to the rules that govern money market funds. These amendments may affect the Fund's investment strategies, performance,
 yield, expenses, operations and continued viability. Although the Fund seeks to preserve the value of your investment at $1.00 per
 share, the share price could fall below $1.00. The credit quality of the Fund's holdings can change rapidly in certain
 markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share
 price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market
 volatility.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Net Asset Value Risk.*** The Fund may not be able to
maintain a stable NAV. If any money market fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure),
other money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund's
NAV. Shareholders of the Fund should not rely on or expect the Adviser or an affiliate to purchase distressed assets from the Fund, make
capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a
stable NAV.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Repurchase Agreements Risk.*** Repurchase agreements involve the risk that the buyer of the
securities sold by the Fund might be unable to deliver the securities when the Fund seeks to repurchase them and may be unable to replace
the securities or only at a higher cost. If the buyer of securities under a repurchase agreement files for bankruptcy or becomes insolvent,
the buyer may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and
the Fund's use of the proceeds of the repurchase agreement may be severely restricted during that extension period.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***U.S. Government Securities Risk.*** Securities backed by the U.S. Treasury, or the full faith
and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly,
the current market values for these securities will fluctuate with changes in interest rates. Securities issued by government-sponsored
entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither
issued nor guaranteed by the U.S. government.

**Performance**

Because the Fund is a new fund that does not have a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Updated performance information is available at no cost by visiting https://www.atlas-am.com or calling 1 (855) 969-8440.

**Management**

**Investment Adviser**

Atlas Asset Management LLC is the investment adviser of the Fund.

**Portfolio Manager**

**Paul Hopgood,** President of the Adviser, has been the portfolio manager of the Fund since its inception.

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

**Purchase and Sale of Fund Shares**

The Fund offers three classes of shares of common stock: Class A, Class I and Class P, each with different charges and expenses (the "***Shares***"). You should discuss purchase options with your financial consultant to determine which class of Shares represents the best investment option for your particular situation. Shares may not be available for purchase in all states. More information is available in the SAI.

This section provides information to assist you in buying, exchanging, and redeeming shares of each class of the Fund. You may buy, exchange or redeem shares on any business day at a price based on the NAV that is calculated after you place your order, plus any applicable sales load in the case of Class A shares. A contingent deferred sales charge may apply at the time you sell certain Shares. Redemptions will be paid by automated clearing house funds ("***ACH***"), check or wire transfer. Please read the entire Prospectus carefully before buying shares of the Fund.

The minimum initial investment for Class A, Class I and Class P Shares is $2,500, $10,000 and $500, respectively. There is no minimum subsequent investment for any share class. The Fund and the Adviser each reserve the right to waive or modify the initial and subsequent investment requirements at any time. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund.

Shares may be purchased through the Northern Lights Distributors, LLC (the "***Distributor***"). Subscriptions for Shares must be made through any securities dealers that have entered into dealer agreements with the Fund or the Distributor, or through the Fund's transfer agent, Ultimus. Transactions may be initiated by written request, by telephone or through your financial intermediary. Written requests to the Fund should be sent to Atlas U.S. Government Money Market Fund, Inc. c/o Ultimus Fund Solutions, LLC P.O. Box 46707, Cincinnati, OH 45246-0707 or you may call (855) 969-8440 for assistance.

**Tax Information**

The Fund intends to make distributions that may be taxed as a preferential tax to be withheld at source rather than the regular tax on ordinary income. Puerto Rico residents and entities may be exempt from Puerto Rico regular income tax and alternative minimum tax on certain eligible distributions. A portion of the Fund's distribution may be subject to regular Puerto Rico tax rates.

&nbsp;&nbsp;&nbsp;&nbsp;· Dividends received by Puerto Rico individuals and Puerto Rico entities that qualify
as Exempt Dividends (each as defined herein) will be exempt from Puerto Rico regular income tax and alternative minimum tax. See "Tax
Consequences" beginning on page 12.

&nbsp;&nbsp;&nbsp;&nbsp;· Taxable Dividends (as defined herein) received by Puerto Rico individuals, estates
and trusts will be subject to a 15% preferential tax to be withheld at source rather than to the regular tax on ordinary income. See "Tax
Consequences" beginning on page 12.

&nbsp;&nbsp;&nbsp;&nbsp;· Investments in the Fund by individuals who acquired their U.S. citizenship by reason
of their birth or residence in Puerto Rico and who are domiciled in Puerto Rico at the time of death are not subject to Puerto Rico or
U.S. estate taxes.

Gain on the sale or redemption of Fund shares held for more than one year is subject to special tax rates for Puerto Rico individuals and Puerto Rico entities.

**Financial Intermediary Compensation**

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

 ****

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

**Additional Information About Principal Investment Strategies and Risks**

**Investment Objective and Strategy**

The Fund pursues its investment strategy by constructing a portfolio of securities as described below. The Fund relies on the professional judgment of the Adviser to make decisions about the Fund's portfolio investments.

The Fund invests directly and indirectly in a portfolio of U.S. Treasury and government securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury and government securities. Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) is invested in U.S. government securities and/or repurchase agreements that are collateralized fully by U.S. government securities. This investment policy is not fundamental and may be changed upon 60 days' notice to shareholders. The Fund may also hold cash.

Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by Freddie Mac, Fannie Mae, and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by Ginnie Mae. Finally, the Fund may invest in certain government securities that are issued by entities whose activities are sponsored by the federal government, but that have no explicit financial support.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7. The Fund will operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7. "Government money market funds" are required to invest at least 99.5% of their total assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully by government securities. Government money market funds are not required to adopt a liquidity fee framework. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.

For a more complete description of which securities the Fund can invest in and securities ratings, see the SAI.

**The Fund has a non-fundamental policy not to invest in direct or indirect obligations of the Commonwealth of Puerto Rico or any of its instrumentalities and any security, regardless of jurisdiction, that may be deemed illiquid by the Adviser.**

 **Risk Factors**

The following is a summary discussion of the principal risks of investing in the Fund. There can be no guarantee that the Fund will meet its investment objective or that the performance of the Fund will be positive for any period of time.

You can lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per shares, it cannot guarantee it will do so. An investment in the Fund is not a bank deposit or obligation, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and may lose value. The Adviser is not required to reimburse the Fund for losses, and you should not expect that the Adviser will provide financial support for the Fund at any time, including during periods of market stress.

The Fund may use various investment techniques, some of which involve greater amounts of risk than others. To reduce risk, the Fund is subject to certain limitations and restrictions on its investments, which are described in more detail in the SAI.

 

●  ***Cash and Cash Equivalents Risk.*** The Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Fixed-Income Securities Risks.*** The Fund invests in a variety of fixed-income
securities, which are subject to certain risks, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Credit Risk.* The credit strength of an issuer of a fixed-income security
will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Interest Rate Risk.* Generally, a fixed-income security will increase in
value when prevailing interest rates fall and decrease in value when prevailing interest rates rise. Longer-term securities are generally
more sensitive to interest rate changes than shorter-term securities, but they generally offer higher yields to compensate investors for
the associated risks. In addition, the Fund is subject to the risk that interest rates may exhibit increased volatility, which could cause
the Fund's NAV to fluctuate more. If rising interest rates cause the Fund to lose enough value, the Fund could also face increased
shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, therefore adversely affecting
the Fund. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each
security. The Fund may manage interest rate risk by varying the average-weighted effective maturity of the portfolio to reflect an analysis
of interest rate trends and other factors. The Fund's average-weighted effective maturity will tend to be shorter when the portfolio
manager expects interest rates to rise and longer when the portfolio manager expects interest rates to fall.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Investment and Market Risk.*** The Fund's investments may be adversely
affected by the performance of U.S. investment securities markets, which, in turn, may be influenced by a number of factors, including
(i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in
general. Although the Fund may be less volatile than funds that invest most of their assets in common stocks because the Fund invests
in fixed-income securities, the Fund's NAV may fluctuate due to market conditions, and as a result you may experience a decline
in the value of your investment in the Fund and you may lose money.

For example, the COVID-19 global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. COVID-19 negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Any such impact from a similar worldwide outbreak could adversely affect the Fund's performance and the performance of the securities in which the Fund invests. During an outbreak, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns.

Market events such as these and other types of market events may cause significant declines in the values and liquidity of many securities and other instruments, and significant disruptions to global business activity and financial markets. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed-income markets may negatively affect many issuers both domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could change drastically and rapidly, and therefore adversely affect the Fund.

An investment in the Shares is designed primarily, and is suitable only, for long-term investors, and is not suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Shares should not view the Fund as a vehicle for trading purposes.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Limited History of Operations Risk*.** The Fund has a limited history of
operations for investors to evaluate.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Management Risk.*** The Fund is an actively managed investment portfolio
and is therefore subject to the risk that the investment strategies employed for the Fund may fail to produce the intended results. Although
the Fund seeks to provide long-term positive returns, market conditions or implementation of the Fund's investment process may result
in losses, and the Fund may not meet its investment objective. As such, there can be no assurance of positive "absolute" returns.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Money Market Risk.*** The SEC has adopted amendments to the rules that govern money market
funds. These amendments may affect the Fund's investment strategies, performance, yield, expenses, operations and continued viability.
Although the Fund seeks to preserve the value of your investment at $1.00 per share, the share price could fall below $1.00. The credit
quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse
impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption
pressures, illiquid markets, and/or significant market volatility.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Net Asset Value Risk.*** The Fund may not be able to
maintain a stable NAV. If any money market fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure),
other money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund's
NAV. Shareholders of the Fund should not rely on or expect the Adviser or an affiliate to purchase distressed assets from the Fund, make
capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a
stable NAV.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Repurchase Agreement Risk.*** The Fund may engage in repurchase agreements,
which are transactions in which the Fund sells a security to a counterparty and agrees to buy it back at a specified time and price in
a specified currency. Repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver
the securities when the Fund seeks to repurchase them and may be unable to replace the securities or only at a higher cost. If the buyer
of securities under a repurchase agreement files for bankruptcy or becomes insolvent, the buyer may receive an extension of time to determine
whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the repurchase
agreement may be severely restricted during that extension period.

While there is authority generally supporting the treatment of repurchase agreements as collateralized loans for Puerto Rico income tax purposes, that authority does not address the tax treatment of repurchase agreements that the Fund typically enters into, which contain provisions that grant the purchaser the right to sell, transfer, pledge or hypothecate the securities. The Puerto Rico Treasury Department ("*PRTD*") could take the position that this type of arrangement should be viewed as a transfer of ownership of the underlying security and that Puerto Rico courts could agree with that view. In such event, the tax-exempt interest of the securities will not constitute tax exempt income of the Fund, and the portion of the Tax-Exempt Dividends distributed by the Fund from such interest could be treated either as Taxable Dividends or Capital Gain Dividends subject to Puerto Rico income tax. See "Tax Consequences" - *Taxation of Puerto Rico Investors*" on page 12 of this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***U.S. Government Securities Risk.*** Securities backed by the U.S. Treasury,
or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to
maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued
by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S.
government are neither issued nor guaranteed by the U.S. government.

The following are non-principal risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Cybersecurity Risk.*** With the increased use of the Internet and because
information technology ("  ***IT***") systems and digital data underlie most of the Fund's operations, the Fund
and the Adviser, custodian, transfer agent, Distributor and other service providers and the financial intermediaries of each (collectively,
"  ***Service Providers***") are exposed to the risk that their operations and data may be compromised as a result of
internal and external cyber-failures, breaches, or attacks ("  ***Cyber Risk*** "). This could occur as a result of malicious
or criminal cyberattacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain
unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service
attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented
policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate
cyber-attacks.

Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders. For instance, such attacks, failures, or other events may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, or cause reputational damage. Such attacks, failures or other events could also subject the Fund or its Service Providers to regulatory fines, penalties or financial losses, reimbursement, or other compensation costs, and/or additional compliance costs. Insurance protection and contractual indemnification provisions may be insufficient to cover these losses. The Fund or its Service Providers may also incur significant costs to manage and control Cyber Risk. While the Fund and its Service Providers have established IT and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate Cyber Risk, there are inherent

limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated.

Cyber Risk is also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such issuers to lose value.

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

**Portfolio Holdings**

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI. Shareholders may request portfolio holdings schedules at no charge by calling (855) 969-8440.

**Management of the Fund**

The Fund's Board of Directors (the "***Board***") has the overall responsibility for the management of the Fund.

**Investment Adviser**

Atlas Asset Management, LLC, a Puerto Rico limited liability company registered as an investment adviser with the SEC and Office of the Commissioner, is the adviser of the Fund. The Adviser's address is Buchanan Office Center, Suite 201, Road 165 #40, Guaynabo, Puerto Rico 00968 and its telephone number is (787) 781-1301. As of June 1, 2025, the Adviser had approximately $383,491,572.99 in assets under management.

The Adviser provides the Fund with investment advisory and management services, subject to the control and oversight of the Board of Directors and the officers of the Fund. As the investment adviser, the Adviser is responsible for choosing the Fund's investments and handling its business affairs. The Adviser offers money management and investment services to institutional clients in Puerto Rico.

As compensation for advisory services to the Fund, the Adviser is entitled to a monthly fee at an annual rate of 0.20% of the total assets under management of the Fund, which refers to the average daily gross assets of the Fund plus the proceeds from borrowings from banks or through repurchase agreements for leverage (but not including borrowings for temporary, emergency, or defensive purposes). For purposes of this calculation, total assets are determined at the end of each month on the basis of the average total assets of the Fund for each business day during the month. The fee is paid monthly.

The Adviser has voluntarily agreed to waive a portion of the Management Fees for the Fund. A discussion regarding the basis for the Board's approval of the investment advisory agreement for the Fund will be available in the Fund's Form N-CSR for the fiscal period ending September 30, 2025, which will be available on the SEC's website at http://www.sec.gov.

Unless earlier terminated, the investment advisory agreement will continue in effect for a period of two years from the date of execution and will remain in effect from year to year thereafter, if approved annually by a majority of the Independent Directors. The investment advisory agreement is not assignable and may be terminated without penalty (i) on 60 days' written notice at the option of either party thereto or by the vote of a majority of the outstanding Shares of the Fund or (ii) at any time by a unanimous vote of the Independent Directors.

The Adviser has contractually agreed to reduce the Fund's fees and/or to make payments to limit Fund expenses until at least January 31, 2027 so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs, such as interest and dividend expenses on securities sold short; taxes; and extraordinary expenses, such as litigation expenses) of the Fund do not exceed 1.75% of the average daily gross assets for Class A Shares, 1.50% of the average daily gross assets for Class I Shares, and 2.05% of the average daily gross assets for Class P Shares. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the reimbursement was made.

***Administrator***

 ****

Ultimus Fund Solutions LLC ("***Ultimus****"*) acts as administrator to the Fund. Pursuant to an Administration Agreement with the Fund, Ultimus, subject to the overall supervision of the Board, provides facilities and personnel to the Fund in the performance of certain services including the determination of the Fund's NAV and net income. As compensation for its administration services to the Fund, Ultimus will receive an administration fee (which is indirectly paid entirely by the Fund's shareholders) of the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services, payable monthly.

 **Portfolio Manager**

Paul Hopgood, President of the Adviser, has been a Portfolio Manager of the Fund since its inception and founded the Adviser in September 2014. Mr. Hopgood provides investment advice to individual and institutional investors based on strong macro-economic analytics with an emphasis in minimizing unsystematic risks. Prior to founding the Adviser, Mr. Hopgood was the Chief Investment Officer and Portfolio Manager at Santander Asset Management from 2003 through 2014. At Santander, Mr. Hopgood was responsible for the oversight and management of 17 investment companies and the institutional fixed-income mandates. Mr. Hopgood was responsible for trading a range of products, from corporate, mortgage backed, municipal and equity securities to derivates, such as futures, options, interest rate and structured swaps. Prior to joining Santander, Mr. Hopgood was a portfolio analyst at Popular Asset Management and the Bank Trust engaged in the analysis of fixed-income securities, from 2001 to 2003 and 1999 to 2001, respectively. Mr. Hopgood holds a Bachelor of Business Administration with a concentration in Finance from the University of Puerto Rico. Mr. Hopgood is a CFA Charterholder (2006) and a CAIA Charterholder (2015).

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

***Adviser's Investment Personnel***

Jaime Pandal, Vice President of the Adviser, joined the Adviser in September 2014 and has been a trader and analyst for the Fund since the Fund's inception. Mr. Pandal provides security analysis based on capital structures, cash flows, prepayment rates, and multiple interest rate and credit scenarios. Prior to joining the Adviser, Mr. Pandal was a Senior Portfolio Analyst at Santander Asset Management from 2012 to 2014 where he assisted in the management of 17 investment companies and institutional fixed-income mandates. Mr. Pandal traded a variety of fixed-income products such as treasuries, agencies, mortgage backed, municipals and corporates, along with equities and derivatives, including futures, options, and interest rate swaps. Prior to joining Santander, Mr. Pandal was an Associate Director at UBS Financial Services from 2008 to 2012. While at UBS, Mr. Pandal managed assets of high net worth and ultra-high net worth individuals and performed in-depth analysis of fixed-income securities, equities, and derivatives. Mr. Pandal holds a Bachelor of Science in Business Administration with a concentration in Accounting and Finance from Georgetown University and a Juris Doctor from the University of Puerto Rico. Mr. Pandal is also a CFA Charterholder (2012).

**Legal Proceedings**

The Fund is not a party to any legal proceeding as of the date hereof.

**Restrictions on Transfer**

The Shares are generally not transferable except in special circumstances by operation of law and may not be generally disposed of, except through redemption as set forth herein. The Distributor and the Transfer Agent (as defined below) have implemented various procedures to verify periodically any Shareholder's residence on behalf of the Fund, and based on information provided by any such Shareholder, have an obligation to inform the Fund of such Shareholder who ceases to be a resident of Puerto Rico and to provide the Fund with such additional information as required for compliance with the regulations issued by the U.S. Department of the Treasury and the Internal Revenue Service ("***IRS***") on January 17, 2013 (the "***FATCA Regulations***").

If the Fund is unable to obtain such information from any such investor or otherwise fails or is unable to comply with the requirements of the FATCA Regulations, certain payments to the Fund may be subject to a 30% withholding tax. By making an investment in the Fund, each investor agrees to provide all information and certifications necessary to enable the Fund to comply with these requirements. Any investor that fails to provide in a timely manner the requested information or certifications will be required to indemnify the Fund for the entirety of the 30% percent tax withheld on all of the Fund's income as a result of such investor's failure to provide the information.

**Shareholders' Guide**

The Fund offers three classes of Shares in order to meet the needs of various types of investors.

Class A Shares: Class A Shares are offered to individual investors through the Northern Lights Distributors LLC (the **"*Distributor"***), securities dealers that have entered into dealer agreement with the Fund (***"Selected Dealers"***) or directly from the Fund. Class A Shares pay up to 0.25% of net assets to the Distributor or Selected Dealers for the provision of distribution services and/or shareholder services on behalf of their clients. The investment minimum for Class A shares is $2,500.

Class I Shares: Class I Shares are offered for institutional and individual investors through the Distributor, Selected Dealers or directly from the Fund. Class I Shares do not pay a for the provision of distribution services and/or shareholder services to the Distributor or Selected Dealers. The investment minimum for Class I shares is $10,000.

Class P Shares: Class P shares are offered to individual investors through the Distributor or Selected Dealers. Class P Shares pay up to 0.55% of net assets to the Distributor or Selected Dealers for the provision of distribution services and/or shareholder services on behalf

of their clients. The investment minimum for Class P shares is $500. To permit the Fund to invest the net proceeds from the sale of its Shares in an orderly manner, the Fund may, from time to time, suspend the sale of its Shares. A suspension of issuances of Shares could result in the acceleration of certain debt obligations of the Fund. Payment of such obligations could decrease the assets of the Fund.

You should consult with the Distributor or Selected Dealer for additional information on whether the Shares are an appropriate investment choice. **You should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment. For instructions on how to purchase or redeem Shares, contact your financial intermediary.**

**Pricing of Fund Shares**

The per share NAV for each class is computed by dividing the total value of all assets (including interest accrued but not yet received) less all liabilities (including borrowings and accrued interest thereon and other accrued expenses), by the total number of outstanding Shares of the class. The Fund's NAV is calculated as of the close of the regular trading session of the New York Stock Exchange ("***NYSE***") (normally 4:00 p.m. Eastern time) each day that the NYSE is open ("***business day***"). Shares will not be priced on the days on which the NYSE is closed for trading. The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. However, the NAV may be calculated earlier if trading on the NYSE is restricted, or as permitted by the SEC. Foreign securities held by the Fund may be traded on days and at times when the NYSE is closed, and the NAV is therefore not calculated. Accordingly, the value of the Fund's holdings may change on days that are not business days in the United States and on which you will not be able to purchase or redeem the Fund's Shares.

The price you pay for purchases of Shares is the public offering price, which is the NAV next determined after your request is received in good order by the Fund or its agents. The price you pay to sell Shares to the Fund is also the NAV. Your financial intermediary may charge you a separate or additional fee for processing purchases and redemptions of Shares. In order to receive a day's price, your order must be received in good order by the Fund or its agents by the close of the regular trading session of the NYSE.

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Board. To the extent available, equity securities are generally valued on the basis of market quotations. Most fixed-income securities are typically valued using an evaluated price supplied by a pricing service that is intended to reflect market value. The evaluated price is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term instruments maturing within 60 days or less are valued at amortized cost, which approximates market value. If a market quotation or evaluated price for a security is not readily available or is deemed unreliable, or if an event that is expected to affect the value of the security occurs after the close of the principal exchange or market on which the security is traded, and before the close of the NYSE, a fair value of the security will be determined in good faith under the Board's policies and procedures. Such events include but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a non-significant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security.

Because the Fund operates as a money market fund and seeks to maintain a stable $1.00 price per share, a low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. If the Fund has a negative gross yield as a result of negative interest rates (a ***"negative interest rate event"***), the Fund may reduce the number of shares outstanding on a pro rata basis through a reverse distribution mechanism ("***RDM"***) to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and the Fund's organizational documents and subject to a determination by the Board that implementing an RDM is in the best interests of the Fund and its shareholders. Alternatively, if the Fund has a negative interest rate event and/or the Board determines that it is no longer in the best interests of the Fund and its shareholders to maintain a stable price of $1.00 per share, the Board has the right to discontinue the use of a stable NAV of $1.00 per share and establish a fluctuating NAV per share rounded to four decimal places. If the Fund uses an RDM, the Fund will maintain a stable price per share, despite losing value, by reducing the number of its outstanding shares. Investors in the Fund would observe a stable share price but a declining number of shares for their investment. If the Fund converts to a fluctuating NAV under these circumstances, the Fund's losses will be reflected through a declining share price. The Fund will notify shareholders of any such change. Shareholders should discuss any tax implications of implementing an RDM or converting to a fluctuating NAV with their tax adviser.

**Purchase**

You may purchase or redeem Fund shares on any day that the NYSE is open for trading by written request via mail (Atlas U.S. Government Money Market Fund, Inc. c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707), by wire transfer, or through a financial intermediary.

*Purchase through Brokers:* You may invest in the Fund through brokers or agents who have entered into selling agreements with the Distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of the Fund. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed

to have received a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of the Fund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from, those applicable to investors purchasing shares directly from the Fund. You should carefully read the program materials provided to you by your servicing agent.

*Purchase by Wire:* If you wish to wire money to make an investment in the Fund, please call the Fund toll-free at 1 (855) 969-8440 for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally accept wired funds for investment on the day received if they are received by the Fund's designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

*Automatic Investment Plan:* You may participate in the Fund's Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $250 on the first day of each month into your established Fund account. Please contact the Fund toll-free at 1(855) 969-8440 for more information about the Fund's Automatic Investment Plan.

**Automated Clearing House (ACH) Purchase:** Current shareholders may purchase additional shares via Automated Clearing House ("***ACH***"). To have this option added to your account, please send a letter to the Fund requesting this option and supply a voided check for the bank account. Only bank accounts held at domestic institutions that are ACH members may be used for these transactions.

You may not use ACH transactions for your initial purchase of Fund shares. ACH purchases will be effective at the closing price per share on the business day after the order is placed. The Fund may alter, modify, or terminate this purchase option at any time.

Shares purchased by ACH will not be available for redemption until the transactions have cleared. Shares purchased via ACH transfer may take up to 15 days to clear.

*Note:* Ultimus, the Fund's transfer agent, will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any check or electronic payment returned to the transfer agent for insufficient funds.

**When Order is Processed:** All shares will be purchased at the NAV (plus applicable shares charges, if any) next determined after the Fund receives your application or request in good order. All requests received in good order by the Fund before 4:00 p.m. (Eastern Time) will be processed on that same day. Requests received after 4:00 p.m. will be processed on the next business day.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the Fund and share class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dollar amount of shares to be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a completed purchase application or investment stub; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· check payable to "Atlas U.S. Government Money Market Fund, Inc."

Good order means that your purchase (whether direct or through a financial intermediary) is complete and contains all necessary information; has all supporting documentation (such as trust documents, beneficiary designations, proper signature guarantees); and is accompanied by sufficient purchase proceeds. An Account Application that is sent to the Fund's transfer agent does not constitute a purchase order until the transfer agent processes the Account Application and receives correct payment by check or wire transfer.

All purchases, redemptions, or other account activity must be processed through your financial intermediary. Your financial intermediary is responsible for promptly transmitting purchase, redemption, and other requests to the Fund under the arrangements made between your financial intermediary and its customers. The Fund is not responsible for the failure of any financial intermediary to carry out its obligations to its customers.

Investors may be charged a fee if they affect transactions through an intermediary, broker, or agent. The Distributor or the Fund has authorized one or more brokers to accept on its behalf purchase (and redemption) orders, and these brokers are authorized to designate other intermediaries on the Fund's behalf. The Fund will be deemed to have received a purchase (or redemption) order when an authorized broker, or that broker's designee, accepts the order, and that order will be priced at the next computed NAV after acceptance by the authorized broker, or that broker's designee.

***Choosing a Share Class***

 ****

Class A Shares, Class I Shares and Class P Shares are offered by this Prospectus. The Fund offers the referenced classes of Shares in order to meet the needs of various types of investors.

Each class represents an interest in the same portfolio of investments, but has different charges and expenses, allowing you to choose the class that best meets your needs. When choosing a Share class, you should consider:

&nbsp;&nbsp;&nbsp;&nbsp;· how much you plan to invest;

&nbsp;&nbsp;&nbsp;&nbsp;· how long you expect to own the shares;

&nbsp;&nbsp;&nbsp;&nbsp;· the expenses paid by each class share; and

You should also consult your financial intermediary about which class is most suitable for you. In addition, you should consider the factors below with respect to each class of Shares:

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class I** | **Class P** |
| Management Fee | 0.20% | 0.20% | 0.20% |
| Administration and Transfer Agency fees | 0.08% | 0.08% | 0.08% |
| Minimum initial investment | $2500 | $10000 | $500 |
| Maximum purchase |  |  |  |
| Minimum aggregate account balance |  |  |  |
| 12b-1 fee | 0.25% |  | 0.55% |

---

**Redemption of Fund Shares**

**Redeeming Shares**

The Fund typically expects that it will take one business day following the receipt of your redemption request to pay out redemption proceeds by check or electronic transfer. The Fund typically expects to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions.

The Fund reserves the right to postpone payment of redemption proceeds whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); or (ii) the SEC permits such suspension and so orders.

The Fund reserves the right to redeem all Class A Shares, Class I Shares and Class P Shares if the net assets of such class of common stock are less than $15 million. For a detailed description of this right, refer to the "Principal Investment Risks—Optional Redemption" section of the SAI.

Redemptions, like purchases, may generally be effected through the Distributor, or a Selected Dealer or other intermediaries, or through the Transfer Agent in the case of direct ownership, and a processing or service fee may be charged in connection with the redemption of Shares.

*Redemptions through Broker:* If shares of the Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the Fund. The servicing agent may charge a fee for this service.

*Redemptions by Wire*: You may request that your redemption proceeds be wired directly to your bank account. The Fund's transfer agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

*Systematic Withdrawal Plan:* If your individual accounts or other qualified plan account have a current account value of at least $25,000, you may participate in the Fund's Systematic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the Fund through the use of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $250 on the first day of each month into your established bank account. Please contact the Fund toll-free at 1(855) 969-8440 for more information about the Systematic Withdrawal Plan.

*Redemptions are Sent:* Once the Fund receives your redemption request in "good order" as described below, it will issue a check based on the next determined NAV following your redemption request. If you purchase shares using a check and soon after request a redemption, your redemption proceeds, which are payable at the next determined NAV following the receipt your redemption request in "good order", as described below, will not be sent until the check used for your purchase has cleared your bank.

**Good Order:** Your redemption request will be processed if it is in "good order." To be in good order, the following conditions must be satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The request should be in writing, unless redeeming by telephone, indicating the
number of shares or dollar amount to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The request must identify your account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The request should be signed by you and any other person listed on the account,
exactly as the shares are registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If you request that the redemption proceeds to be sent to a person, bank or an address
other than that of record or paid to someone other than the records owner(s), or if the address was changed within the last 30 days, or
if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature guaranteed by an
eligible signature guarantor.

*When You Need Medallion Signature Guarantees:* If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing to the relevant Fund with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects you from unauthorized account transfers. You will need your signature guaranteed if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you request a redemption to be made payable to a person not on record with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you request that a redemption be mailed to an address other than that on record
with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the proceeds of a requested redemption exceed $50,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any redemption that is transmitted to a bank other than the bank of record; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your address was changed within 30 days of your redemption request.

Signatures may be guaranteed by any eligible guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations). Further documentation will be required to change the designated account if shares are held by a corporation, fiduciary or other organization. *A notary public cannot guarantee signatures.*

**Dividends and Distributions**

The Fund intends to declare and distribute monthly dividends of substantially all of its net investment income. All dividends declared and distributed by the Fund will be reinvested automatically in additional Shares of the Fund unless a shareholder elects to receive cash.

All dividends on the Class A, Class I and Class P Shares of the Fund are reinvested automatically in full and fractional shares of Class A, Class I and Class P common stock, respectively, at the NAV per Share next determined after the declaration of such dividend or distribution (the "***Automatic Dividend Reinvestment Plan***"). Shareholders whose shares are held in the name of a broker or nominee should contact such broker or nominee to confirm that they may participate in the Fund's Automatic Dividend Reinvestment Plan.

A shareholder may elect, during the period commencing on the first business day following the payment of dividends on each calendar month and ending on the last business day of each calendar month, to have dividends and capital gain distributions paid in cash, rather than reinvested pursuant to the Fund's Automatic Dividend Reinvestment Plan. Shareholders can make this election through a broker or by written notice to the Fund. If shareholders elect to receive cash distributions, cash payments will be mailed or deposited directly to the shareholder's bank account on or about the payment date.

Shares acquired through the Fund's Automatic Dividend Reinvestment Plan are not subject to an initial sales charge or to any redemption fees or contingent deferred sales charges upon redemption.

Distributions of Taxable Dividends, whether automatically reinvested or paid in cash, will be paid to shareholders net of the applicable withholding tax. The automatic reinvestment of dividends and distributions will not relieve participants of any Puerto Rico income tax that may be payable (or required to be withheld) on such dividends or distributions.

**Tax Consequences**

As with any investment, you should consider the tax consequences of investing in the Fund. The following is a general discussion of certain Puerto Rico and federal income tax consequences of investing in the Fund. You should consult your tax adviser regarding the effect that an investment in the Fund may have on your particular tax situation, including the local and federal tax consequences of your investment.

**THIS SECTION IS NOT TO BE CONSTRUED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING. PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS WITH SPECIFIC REFERENCE TO THEIR OWN TAX SITUATION, INCLUDING THE APPLICATION AND EFFECT OF OTHER TAX LAWS AND ANY POSSIBLE CHANGES IN THE TAX LAWS AFTER THE DATE OF THIS PROSPECTUS.**

The following discussion is a summary of the material Puerto Rico and U.S. federal tax considerations that may be relevant to prospective investors in the Fund. The discussion in connection with the Puerto Rico tax considerations is based on the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended (the "***Puerto Rico Code***"), the regulations promulgated or applicable thereunder (the

"***Puerto Rico Code Regulations***"), and the administrative pronouncements issued by the PRTD; the Puerto Rico Municipal Property Tax Act of 1991, as amended (the "***MPTA***") and the regulations promulgated thereunder; the Municipal License Tax Act, as amended (the "***MLTA***") and the regulations promulgated thereunder; and the Puerto Rico Investment Companies Act of 2013, as amended ("***PRICA***").

The U.S. federal tax discussion is based on the current provisions of the U.S. Internal Revenue Code of 1986, as amended (the "***U.S. Code***"), the regulations promulgated thereunder (the "***Code Regulations***") and administrative pronouncements issued by the IRS.

This discussion assumes that (i) the investors will be (a) individuals who for the entire taxable year (including the taxable year during which the Shares are acquired) are bona fide residents of Puerto Rico for purposes of Sections 933 and 937 of the U.S. Code and residents of Puerto Rico for purposes of the Puerto Rico Code, (the "***Puerto Rico Individuals***"), (b) corporations or other entities subject to Puerto Rico income tax as corporations organized under the laws of Puerto Rico, other than corporations or any such entity subject to a special tax regime under the Puerto Rico Code (the "***Puerto Rico Entities***") and (c) trusts, the trustee of which is a Puerto Rico Entity or is a Puerto Rico Individual, and all of the beneficiaries of which are Puerto Rico Individuals, as described above (the "***PR Trusts***," and jointly with the Puerto Rico Entities and the Puerto Rico Individuals, the "***Puerto Rico Investors***"), (ii) the Puerto Rico Investors do not qualify for or otherwise do not choose the optional income tax, (iii) the Puerto Rico Entities will not be subject at any time to any special tax regime under the Code including, without limitation, the provisions of the Code that apply to "controlled foreign corporations," "passive foreign investment companies," or "personal holding companies," and (iv) for each taxable year the Fund will meet the 90% Distribution Requirement (as defined below).

The Fund may not be a suitable investment for individuals who are not Puerto Rico Individuals, trusts that are not PR Trusts, and entities that are not Puerto Rico Entities. These persons are urged to consult their own tax advisors with respect to the tax implications of the investment under the laws of the jurisdiction where they reside or are organized. In addition, if a shareholder of the Fund that was a Puerto Rico Individual, PR Trust or Puerto Rico Entity changes his, her or its tax status (for example, if a Puerto Rico Individual changes his or her principal place of residency to the United States) then such shareholder is urged to consult his, her or its own tax advisors with respect to the tax implications of such change in tax status.

The Fund will not qualify as a regulated investment company under Subchapter M of the U.S. Code. Instead, the Fund will be subject to taxation under the laws of Puerto Rico. In general, the Fund's distributions will be subject to Puerto Rico income taxes as dividend income, capital gains, or some combination of both.

Generally, an individual is a bona fide resident of Puerto Rico under the U.S. Code if he or she (i) is physically present in Puerto Rico for at least 183 days during the taxable year, (ii) has his or her principal place of business in Puerto Rico, and (iii) has more significant contacts with Puerto Rico than with the United States or a foreign country. Prospective investors should consult their tax advisers as to whether they qualify as "bona fide residents of Puerto Rico" under the U.S. Code.

This discussion does not purport to deal with all aspects of Puerto Rico and U.S. federal taxation that may be relevant to other types of investors, particular investors in light of their investment circumstances, or to certain types of investors subject to special treatment under the Puerto Rico Code or the U.S. Code (e.g., banks, insurance companies or tax-exempt organizations). Unless otherwise noted, the references in this discussion to the Puerto Rico regular income tax will include the alternative minimum tax and the alternate basic tax imposed on Puerto Rico Entities and Puerto Rico Individuals, respectively, by the Puerto Rico Code.

The existing provisions of the statutes, regulations, judicial decisions, and administrative pronouncements, on which this discussion is based, are subject to change (even with retroactive effect).

The statements herein are not binding on the Treasury Department, the Municipal Revenue Collection Center, any other agency or municipality of Puerto Rico, the IRS, or the courts. Accordingly, there can be no assurance that the positions set forth herein, if challenged, will be sustained.

**Puerto Rico Taxation**

***<u>Taxation of the Fund</u>***

*Income Taxes.* The Fund should be exempt from the regular income tax imposed by the Puerto Rico Code for each taxable year that it distributes as Taxable Dividends (as defined below) an amount equal to at least 90% of its net income for such year within the time period provided by the Puerto Rico Code (the "***90% Distribution Requirement***"). In determining its net income for purposes of the 90% Distribution Requirement, the Fund is not required to consider capital gains and losses. The Fund intends to meet the 90% Distribution Requirement to be exempt from the income tax imposed by the Puerto Rico Code.

*Property Taxes.* The Fund will be subject to personal property taxes under the MPTA. However, the shares of stock, bonds, participations, notes, and other securities or debt instruments issued by Puerto Rico or non-Puerto Rico corporations, partnerships or companies held by the Fund will be exempt from personal property taxes under the MPTA.

*Municipal License Taxes.* The Fund is exempt from municipal license taxes.

***<u>Taxation of Puerto Rico Investors</u>***

*Income Taxes.* The Fund may make distributions out of its current or accumulated earnings and profits attributable to (i) income that is included in the Fund's gross income for purposes of the Puerto Rico Code, other than gains from the sale or exchange of property (the "***Taxable Dividends***"), (ii) income that is excluded from the Fund's gross income (the "***Tax Exempt Dividends***"), or (iii) net gains derived from the sale or exchange of property (the "***Capital Gain Dividends***" and jointly with the Taxable Dividends and the Tax Exempt Dividends, the "***Dividends***").

*Interest and Other Expenses.* In computing the earnings and profits from which the Fund may make distributions of Taxable Dividends and Tax-Exempt Dividends, the Fund must allocate its accrued interest and other accrued expenses to gross taxable and gross exempt income based on the ratio of gross taxable income to total gross income and gross tax-exempt income to total gross income, respectively. As a result of this allocation, there is an increase in the ratio of Taxable Dividends to Tax Exempt Dividends.

*Taxable Dividends Distributed to Puerto Rico Individuals or PR Trusts.* Taxable Dividends distributed to Puerto Rico Individuals or PR Trusts will be subject to a 15% income withholding tax (the "***15% Withholding Tax***"). If the alternate basic tax is applicable, the Taxable Dividends may be subject to an additional 9% tax.

Unless otherwise designated by the Fund, its distributions of Dividends to Puerto Rico Individuals or PR Trusts will consist of Taxable Dividends subject to the 15% Withholding Tax and, if applicable, the abovementioned alternate basic tax.

The Puerto Rico Code provides that a Puerto Rico individual and a PR Trust may elect out of the 15% Withholding Tax and be subject to the regular tax rates provided by the Puerto Rico Code. However, by purchasing Shares of the Fund, Puerto Rico Individuals and PR Trusts will be irrevocably agreeing to the 15% Withholding Tax on all Taxable Dividends paid by the Fund and will irrevocably waive the right to elect not to be subject to the 15% Withholding Tax, except that the applicability of the 15% Withholding Tax to Puerto Rico Individuals and PR Trusts that purchase Shares through dealers will depend on the dealer's policies and its arrangements with the Distributor. Puerto Rico individuals and Puerto Rico trusts that purchase Shares through dealers should consult with the dealer with respect to its withholding policy or such agreements.

*Taxable Dividends Distributed to Puerto Rico Entities.* Puerto Rico Entities receiving or accruing Taxable Dividends during a taxable year are entitled to claim an 85% dividend received deduction with respect to such distributions (the "***Dividend Received Deduction***"). The Dividend Received Deduction may not exceed 85% of the Puerto Rico Entity's net taxable income for such taxable year. The remaining 15% of such dividends is subject to income tax at the regular corporate income tax rates.

Unless otherwise designated by the Fund, its distributions of Dividends to Puerto Rico Entities will consist of Taxable Dividends subject to the Dividend Received Deduction.

Special rules are applicable to Taxable Dividends distributed to Puerto Rico Entities that are "special partnerships," "partnerships," "corporations of individuals," life insurance companies, mutual insurance companies and non-mutual insurance companies under the Puerto Rico Code.

*Capital Gain Dividends.* Capital Gain Dividends will be subject to a capital gains tax of a maximum of 15% in the case of Puerto Rico Individuals and PR Trusts, and to a capital gains tax of a maximum of 20% in the case of Puerto Rico Entities. If the alternate basic tax is applicable, the Capital Gain Dividends of Puerto Rico Individuals and PR Trusts may be subject to an additional 9% tax. The Fund must report to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. Shareholders may, however, choose a method other than the Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

*Tax Exempt Dividends.* Tax Exempt Dividends distributed to Puerto Rico Investors will be exempt from Puerto Rico income tax.

*Impact of Repurchase Agreements on Tax Exempt Dividends.* The Fund intends to borrow money by entering into repurchase agreements, pursuant to which the Fund will sell securities, subject to the purchaser's and the Fund's agreement to respectively sell and purchase the securities or identical securities, on a future date. The repurchase price of the securities will be equal to the initial sales price of the securities, plus an amount equal to the interest accrued from the date of sale to the date of repurchase of the securities. The repurchase agreements will generally grant the purchaser the right to sell, transfer, pledge or hypothecate the securities. Generally, the securities that will be sold by the Fund pursuant to the repurchase agreements will consist of obligations of the United States government, municipal securities, and other securities, the interest from which is exempt from Puerto Rico income tax.

Repurchase agreements are generally treated as collateralized loans for Puerto Rico income tax purposes. Thus, the tax-exempt interest of the securities purportedly sold to the purchaser constitutes tax exempt income of the Fund. However, repurchase agreements that grant the purchaser the right to sell, transfer, pledge or hypothecate the securities could be treated as sales of the securities by the PRTD. In such event, the tax-exempt interest of the securities will not constitute tax exempt income of the Fund, and the portion of the Tax-Exempt Dividends distributed by the Fund from such interest could be treated either as Taxable Dividends or Capital Gain Dividends. If Taxable Dividends treatment is applicable, the Puerto Rico Individuals and PR Trusts will be subject to the 15% Withholding Tax on such portion of the Tax Exempt Dividends, and, because of the 85% dividend received deduction of the Puerto Rico Code, the Puerto Rico Entities will be subject to a maximum effective income tax rate of 5.85% 5.625% when the maximum regular corporate income tax rate pursuant to Act No. 257-2018 is 37.5%). On the other hand, if Capital Gains Dividends treatment is applicable, the Puerto Rico Individuals and PR Trusts, and the Puerto Rico Entities will be subject to the 15% and 20% maximum income tax, respectively.

*Distributions of Principal.* Distributions made by the Fund during a taxable year will be treated as Dividends to the extent that for such year the Fund has current or accumulated earnings and profits, as determined under the Puerto Rico Code. Distributions in excess of current and accumulated earnings and profits will be treated as a tax-free return of capital to the Puerto Rico Investor, to the extent of such investor's tax basis in his/her/its Shares. If such distributions exceed the Puerto Rico Investor's tax basis in the Shares, the excess will be treated as a gain derived from the sale, exchange, or other disposition of the Shares. If the Shares have been held by the Puerto Rico Investor for more than one year and constitute a capital asset in the hands of the Puerto Rico Investor, the gain will qualify as a long-term capital gain. The Puerto Rico Code provides long-term capital gains tax rates for Puerto Rico Individuals and Puerto Rico Entities for long-term capital gains realized from the sale or exchange of Shares of the Fund.

*Sale, Exchange, or Other Disposition of the Shares.* Gains realized from the sale, exchange or other disposition of Shares which have been held by a Puerto Rico Investor for more than one year and constitute capital assets in the hands of the Puerto Rico Investor, will be subject to a capital gains tax of a maximum of 15%, in the case of Puerto Rico Individuals and PR Trusts and a capital gains tax of a maximum of 20% in the case of Puerto Rico Entities. If the alternate basic tax is applicable, the gain derived by Puerto Rico Individuals or PR Trusts may be subject to an additional 9% tax.

Puerto Rico Investors may elect to treat such gains as ordinary income subject to regular income tax instead of the applicable capital gains tax.

Losses during a taxable year from the sale, exchange or other disposition of Shares that constitute capital assets in the hands of Puerto Rico Investors are deductible only to the extent of gains from the sale, exchange, or other disposition of capital assets during the taxable year. In the case of Puerto Rico Entities, the excess of capital losses incurred in a taxable year over the capital gains derived during the same taxable year may be carried forward as a deduction against future net capital gains, but only to the extent of 80% of the net capital gains derived during the particular taxable year. Puerto Rico Individuals may (a) deduct up to $1,000 of net capital losses incurred in a taxable year from ordinary income for such taxable year and (b) any remaining net capital losses may be carried forward to the following seven (7) taxable years as a deduction against net capital gains derived in such years provided, however, that the deduction may not exceed 80% of such capital gains.

*Redemption of Shares.* The partial or total redemption of Shares is generally treated as a sale or exchange of Shares unless the redemption is "essentially equivalent to a dividend." If a redemption of Shares is treated as "essentially equivalent to a dividend," then the redemption is treated as a Dividend to the extent of the Fund's current and accumulated earnings and profits. In determining whether a redemption should be treated as "essentially equivalent to a dividend," the Puerto Rico Code Regulations provide that (i) pro-rata redemptions of Shares are generally treated as essentially equivalent to a dividend, and (ii) redemptions that terminate a shareholder's interest are not treated as "essentially equivalent to a dividend." However, neither the Puerto Rico Code nor the Puerto Rico Code Regulations set forth guidelines to determine which other redemptions are not essentially equivalent to a dividend distribution. In the absence of Puerto Rico guidelines, the PRTD generally follows the principles established under the U.S. Code, the Regulations, rulings and other administrative pronouncements of the IRS, and federal court decisions.

*Estate and Gift Taxes.* No Puerto Rico estate and gift tax will be imposed on transfers of Shares by a Puerto Rico Individual.

*Municipal License Taxes.* Distributions made to Puerto Rico Entities are subject to a municipal license tax of up to 1.5% in the case of Puerto Rico Entities engaged in a financial business, and up to 0.5% in the case of Puerto Rico Entities engaged in a non-financial business, as defined in the MLTA. Distributions to Puerto Rico Individuals are not subject to municipal license tax.

*Property Taxes.* The Shares are exempt from Puerto Rico personal property taxes in the hands of the Puerto Rico Investors.\

**United States Taxation**

***<u>Taxation of the Fund</u>***

Based on certain representations made by the Fund and the Adviser, the Fund will be treated under the U.S. Code as a foreign corporation not engaged in a U.S. trade or business. As a foreign corporation not engaged in a U.S. trade or business, the Fund is not subject to U.S. federal income tax on gains derived from the sale or exchange of personal property (except for gains from the disposition of a "United

States Real Property Interest," as defined in section 897 of the U.S. Code). The Fund is, however, subject to a U.S. federal income tax of 30% federal income tax on certain types of income from sources within the U.S., such as dividends and interest. Nevertheless, interest income derived from sources within the U.S. that qualifies as "portfolio interest" is not subject to the 30% income tax. In addition, dividend income from sources within the U.S. may qualify for a reduced 10% tax rate if certain conditions are met.

It is possible that the IRS or the courts could conclude that the Fund is engaged in business in the U.S. If that were to be the case, the Fund's net income effectively connected with its U.S. trade or business would be subject to U.S. federal corporate income tax and to a 30% branch profit tax on its effectively connected earnings profits (on a "deemed repatriated" basis).

The "FATCA" rules of the U.S. Code also impose a 30% withholding tax upon most payments of U.S. source income (the "***Withholdable Payments***") be made to certain "foreign financial institutions" or "non-financial foreign entities" ("***NFFE***") unless certain certification and reporting requirements are satisfied. In the case of most payments of U.S. source income, the 30% withholding is currently applicable.

U.S. Code Regulations treat the Fund as a NFFE. The Fund is required to provide to the payors of such income (except with respect to certain grandfathered obligations) certain information with respect to its investors, and the payors are required to disclose such information to the IRS. However, the Fund is treated as a direct reporting NFFE, and, as such, is required to provide such information directly to the IRS (instead of providing it to such payors) by filing Form 8966 with the IRS on or before March 31 of each year.

If the Fund is unable to obtain the required information from any such investor or otherwise fails or is unable to comply with the requirements of the U.S. Code, the Code Regulations or any other implementing rules, certain payments to the Fund may be subject to a 30% withholding tax.

By making an investment in Shares, each Puerto Rico Investor agrees to provide all information and certifications necessary to its broker/dealer or financial intermediary to enable the Fund to comply with these requirements (such as lease agreements, property deeds, utility bills, business registration documents, employment records, or income tax returns). In addition, any Puerto Rico Investor that fails to timely provide the requested information or certifications will be required to indemnify the Fund for the entirety of the 30% percent tax withheld on all of the Fund's income as a result of such Puerto Rico Investor's failure to provide the information.

***<u>Taxation of Puerto Rico Individuals and Puerto Rico Entities</u>***

*Dividends.* Under U.S. Code Section 933, Puerto Rico Individuals will not be subject to U.S. federal income tax on dividends distributed by the Fund that constitute income from sources within Puerto Rico not effectively connected with a U.S. trade or business. The dividends distributed by the Fund should constitute income from sources within Puerto Rico not subject to U.S. federal income tax in the hands of a Puerto Rico Individual. However, in the case of Puerto Rico Individuals who own, directly or indirectly, at least 10% of the issued and outstanding voting Shares (the "***10% Shareholders***"), only the Puerto Rico source ratio of any dividend paid or accrued by the Fund shall be treated as income from sources within Puerto Rico. The Puerto Rico source ratio of any dividend from the Fund is a fraction, the numerator of which equals the gross income of the Fund from sources within Puerto Rico during the 3-year period ending with the close of the taxable year of the payment of the dividend (or such part of such period as the Fund has been in existence, if less than 3 years) and the denominator of which equals the total gross income of the Fund for such period. In the case of 10% Shareholders, the part of the dividend determined to be from sources other than Puerto Rico (after applying the rules described in this paragraph) may be subject to United States income taxation.

The U.S. Code contains certain attribution rules pursuant to which Shares owned by other persons are deemed owned by the Puerto Rico Individuals for purposes of determining whether they are 10% Shareholders. Additionally, the Fund has certain rules pursuant to which the voting rights of a Puerto Rico Investor may be suspended. As a result, a Puerto Rico Individual that owns less than 10% of the issued and outstanding voting Shares may become a 10% Shareholder if he or she is a partner, member, beneficiary or shareholder of a partnership, estate, trust or corporation, respectively, that also owns Shares or because of the suspension of the voting rights of other Puerto Rico Investors of the Fund. To determine whether a Puerto Rico Individual is a 10% Shareholder, the Puerto Rico Individual must consult his or her tax advisor and obtain from his or her financial advisor the information that the tax advisor deems appropriate for such purpose. If it is determined that a Puerto Rico Individual is a 10% Shareholder, such individual must obtain from his or her financial advisor the information to determine which part of the dividend is from sources outside of Puerto Rico and may thus be subject to U.S. federal income tax.

Puerto Rico Investors should also note that the Regulations under Section 937(b) of the Code addressing "conduit arrangements" may impact the source of income of dividends distributed by the Fund. In general, the Code Regulations describe a "conduit arrangement" as one in which pursuant to a plan or arrangement, income is received by a person in exchange for consideration provided to another person and such other person provides the same consideration (or consideration of a like kind) to a third person in exchange for one or more payments constituting income from sources within the United States. Based on the current language of the Regulations, the guidance offered therein, and the Fund's representation that at least 20% of the Fund's assets will be invested solely in securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac representing an interest in or guaranteed by mortgages on real property located in Puerto Rico, it is more likely than not that the Fund will not be considered a "conduit arrangement" under the Code Regulations. The Fund

does not plan to request a ruling from the IRS with respect to the non-applicability of such conduit rule to the Fund and no assurance can be given that the IRS or the courts will agree with the views presented here. You should consult your tax advisor as to this matter.

Foreign corporations not engaged in a U.S. trade or business are generally not subject to U.S. federal income tax on amounts received from sources outside the U.S. Corporations incorporated in Puerto Rico are treated as foreign corporations under the U.S. Code. As previously stated, it is more likely than not that dividends distributed by the Fund to Puerto Rico corporations will constitute income from sources within Puerto Rico. Accordingly, it is more likely than not that Puerto Rico corporations not engaged in a U.S. trade or business will not be subject to U.S. taxation on dividends received from the Fund. It is more likely than not that dividends received or accrued by a Puerto Rico corporate investor that is engaged in a U.S. trade or business will be subject to U.S. federal income tax only if such dividends are effectively connected to its U.S. trade or business.

The U.S. Code provides special rules for Puerto Rico Entities that are treated as partnerships for U.S. federal income tax purposes.

*Sales, Exchange, or Disposition of Shares.* Gain, if any, from the sale, exchange, or other disposition of Shares by a Puerto Rico Individual, including an exchange of Shares of the Fund for Shares of an affiliated investment company, will generally be treated as Puerto Rico source income and, therefore, exempt from federal income taxation.

A Puerto Rico corporation that invests in the Fund will be subject to U.S. federal income tax on a gain from a disposition of Shares only if the gain is effectively connected to a U.S. trade or business carried on by the Puerto Rico corporation.

The U.S. Code provides special rules for Puerto Rico Entities that are subject to federal income tax as partnerships.

*PFIC Rules.* The Fund will likely be treated as a passive foreign investment company ("***PFIC***") for U.S. federal income tax purposes. Under the PFIC rules, a Shareholder that is a U.S. person (i.e., a citizen or resident of the U.S., a U.S. domestic corporation or partnership, or an estate or trust that is taxed as a resident of the U.S.) (such Shareholder is referred to as a "***U.S. Shareholder***"), that disposes of its PFIC stock at a gain, is treated as receiving an "excess distribution" equal to such gain. In addition, if a U.S. Shareholder receives a distribution from a PFIC in excess of 125% of the average amount of distributions such Shareholder received from the PFIC during the three preceding taxable years (or shorter period if the U.S. Shareholder has not held the stock for three years), the U.S. Shareholder is also treated as receiving an "excess distribution" equal to such excess. In general, an "excess distribution" is taxed as ordinary income, and to the extent it is attributed to earlier years in which the PFIC stock was held, is subject to the highest applicable income tax rate and to an interest charge which the U.S. Code refers to as the "deferred tax amount."

Prop. Reg. Sec.1.1291-1(f) states that a "deferred tax amount" will be determined under Section 1291 of the U.S. Code on amounts derived from sources within Puerto Rico by Puerto Rico Individuals only to the extent such amounts are allocated to a taxable year in the Shareholder's holding period during which the Shareholder was not entitled to the benefits of Section 933 thereof. Thus, under the proposed regulations, Puerto Rico Individuals will not be subject to the PFIC provisions if they are entitled to the benefits of Section 933 of the U.S. Code for each entire taxable year that they hold Shares; provided that the dividends from the Fund qualify as Puerto Rico source income under the U.S. Code. Puerto Rico corporations are not U.S. Shareholders for purposes of the PFIC provisions.

Puerto Rico Individuals have to file a Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund with the IRS, unless an exemption from the filing requirement is applicable. If an exemption is not applicable, the informative return must be filed on or before the due date of the federal income tax return, regardless of whether the Puerto Rico Individual or such Puerto Rico Entity has the obligation to file a United States federal income tax return.

***<u>Estate and Gift Taxes</u>***

Under the provisions of the U.S. Code, the Shares will not be subject to U.S. estate and gift taxes if held by a Puerto Rico Individual who is a citizen of the U.S. who acquired his or her citizenship solely by reason of his or her Puerto Rico citizenship, birth or residence in Puerto Rico and was domiciled in Puerto Rico, in the case of estate taxes, at the time of death, and in the case of gift taxes, at the time the gift was made.

Potential investors are advised to consult their own tax advisers as to the consequences of an investment in the Fund under the tax laws of Puerto Rico and the U.S., including the consequences of the sale or redemption of Shares.

**Distribution Arrangements**

The Fund is distributed by the Distributor, a registered securities broker-dealer and member of FINRA. To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org, or 1-800-289-9999.

Pursuant to a Distribution Agreement (the "***Distribution Agreement***"), the Distributor has agreed to use reasonable efforts to sell the Shares on behalf of the Fund. Shares of the Fund are offered on a continuous basis. Pursuant to the Distribution Agreement, the Fund pays the Distributor a monthly fee for the sale and distribution and/or shareholder servicing of the Shares for which the Distributor is the holder of record (commonly known as "***12b-1 fees***") based on the average daily net assets of the Fund (excluding the proceeds of leverage), at the following annual rates:

---

| | |
|:---|:---|
| **Class** | **12b-1 Fee** |
| Class A Shares | 0.25% |
| Class I Shares |  |
| Class P Shares | 0.55% |

---

Because 12b-1 fees are charged as an ongoing fee, over time the fee will increase the cost of your investment and 12b-1 fees may cost investors more than paying other types of sales charges. With respect to Shares purchased through the Fund's Transfer Agent, Ultimus, the 12b-1 fees may be paid to third party providers for marketing and distributions expenses, subject to Board approval.

**Additional Information**

**Performance**

Financial publications may compare the Fund's performance to the performance of various indexes and investments for which reliable performance data is available. These publications may also compare the Fund's performance to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. In addition, from time to time, the Fund may advertise total return information. Total return information will be calculated according to rules established by the SEC and will not include any fees charged by Selected Dealers.

**Financial Highlights**

Because the Fund has only recently commenced operations, no financial highlights are available for the Fund at this time. In the future financial highlights will be presented in this section of the Prospectus.

**PRIVACY NOTICE**

---

| | |
|:---|:---|
| **FACTS** | WHAT DOES ATLAS U.S. GOVERNMENT MONEY MARKET FUND DO WITH YOUR PERSONAL INFORMATION |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | THE TYPES OF PERSONAL INFORMATION WE COLLECT AND SHARE DEPENDS ON THE PRODUCT OR SERVICE THAT YOU HAVE WITH US. THIS INFORMATION CAN INCLUDE:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Social Security number and income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account transactions and transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reason the Fund chooses to share and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Fund share?** | **Can you limit <br> this sharing?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | YES | NO |
| **For our marketing purposes –**<br> to offer our products and services to you | NO | We do not share |
| **For joint marketing with other financial companies** | NO | We do not share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | NO | We do not share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | NO | We do not share |
| **For our affiliates to market to you** | NO | We do not share |
| **For nonaffiliates to market to you** | NO | We do not share |
| **Questions?** | Call (855) 969-8440 | Call (855) 969-8440 |

---

**What we do**

---

| | |
|:---|:---|
| **How does the Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does the Fund collect my personal information?** | We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· open an account or give us contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide account information or give us your income information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make deposits or withdrawals from your account<br> We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sharing for affiliates' everyday business purposes – information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing |

---

**Definitions**

---

| | |
|:---|:---|
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund does not share with its affiliates. |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund does not share with nonaffiliates so they can market to you. |
| **Joint marketing** | A formal agreement between nonaffiliates financial companies that together market financial products or services to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund does not jointly market. |

---

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** 

Buchanan Office Center

Road 165 #40, Suite 201

Guaynabo, Puerto Rico 00968

(787) 781-1301

---

| | |
|:---|:---|
| **INVESTMENT ADVISER**<br> Atlas Asset Management, LLC<br> Buchanan Office Center<br> Road 165 #40, Suite 201<br> Guaynabo, Puerto Rico 00968<br>| **CUSTODIAN**<br> U.S. Bank, N.A. <br> 425 Walnut Street <br> Cincinnati, OH 45202  |
| **TRANSFER AND DIVIDEND DISBURSING AGENT<br> AND ADMINISTRATOR**<br> Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246-0707<br>| **INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM**<br> Cohen & Company, Ltd. <br> 1835 Market Street, Suite 310 <br> Philadelphia, PA 19103  |
| **LEGAL COUNSEL**<br> Thompson Hine LLP<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 | **DISTRIBUTOR**<br> Northern Lights Distributors, LLC<br> 4221 North 203rd St., Suite 100<br> Elkhorn, NE 68022-3474<br>|

---

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

The SAI, which provides a more complete discussion of several of the matters contained in this Prospectus, is incorporated by reference. To obtain a free copy of the SAI or any shareholder report, or to make any other inquiries about the Fund, you may call the Fund at (855) 969-8440 or write to the Fund at Atlas U.S. Government Money Market Fund, Inc., c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707.

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies may also be obtained upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, Washington, D.C. 20549-1520.

You may also obtain a copy of the Fund's Prospectus, SAI, annual and semi-annual reports free of charge from the Fund's website at www.atlas-am.com.

Investment Company Act File No. 811-24068

**STATEMENT OF ADDITIONAL INFORMATION**

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Ticker** | **Cusip #** |
| Class A | AAAXX | 049452105 |
| Class I | AAIXX | 049452204 |
| Class P | AAPXX | 049452303 |

---

 **June 18, 2025**

This Statement of Additional Information ("SAI") is not a prospectus but should be read in conjunction with the prospectus of the Atlas U.S. Government Money Market Fund, Inc. (the "Fund") dated June 18, 2025 (the "***Prospectus***"). This SAI is incorporated by reference in its entirety into the Prospectus. Copies of the Prospectus may be obtained without charge by contacting Atlas U.S. Government Money Market Fund, Inc., c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246-0707 or by calling (855) 969-8440.

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Strategies** | 1 |
| &nbsp;&nbsp;&nbsp;Dividend Distributions | 1 |
| &nbsp;&nbsp;&nbsp;**Principal Investment Risks** | 1 |
| &nbsp;&nbsp;&nbsp;**Additional Information Regarding Fund Investments** | 6 |
| Fund Policies | 9 |
| &nbsp;&nbsp;&nbsp;Disclosure of Portfolio Holdings | 9 |
| Management of the Fund | 11 |
| &nbsp;&nbsp;&nbsp;Leadership Structure and Board of Directors | 13 |
| &nbsp;&nbsp;&nbsp;Compensation of Independent Directors | 15 |
| &nbsp;&nbsp;&nbsp;Director and Officer Ownership of Fund Shares and Material Transactions | 15 |
| &nbsp;&nbsp;&nbsp;Code of Ethics | 15 |
| Control Persons and Principal Holders of Securities | 15 |
| Investment Advisory and Other Services | 15 |
| &nbsp;&nbsp;&nbsp;**Investment Adviser** | 15 |
| &nbsp;&nbsp;&nbsp;**Administration and Transfer Agent** | 17 |
| &nbsp;&nbsp;&nbsp;**Distributor** | 18 |
| &nbsp;&nbsp;&nbsp;Distribution and Service Plan | 18 |
| &nbsp;&nbsp;&nbsp;Payments to Financial Intermediaries by the Investment Adviser or its Affiliates | 18 |
| &nbsp;&nbsp;&nbsp;**Independent Registered Public Accounting Firm** | 19 |
| &nbsp;&nbsp;&nbsp;**Legal Counsel** | 19 |
| Additional Information | 21 |
| &nbsp;&nbsp;&nbsp;Description of Shares | 21 |
| Appendix A | A-1 |
| Appendix B | B-1 |
| Appendix C – Proxy Voting Policies | C-1 |

---

**STATEMENT OF ADDITIONAL INFORMATION**

Atlas U.S. Government Money Market Fund, Inc. (the "***Fund***") was incorporated in the Commonwealth of Puerto Rico on March 18, 2025. The Fund is an open-end management investment company and is classified as diversified under the Investment Company Act of 1940, as amended (the "***1940 Act***").

Much of the information contained in this statement of additional information ("***SAI***") expands on subjects discussed in the Fund's Prospectus. Capitalized terms not defined herein are used as defined in the Prospectus. No investment in shares of the Fund should be made without first reading the Prospectus.

 **Investment Strategies**

The Fund seeks to provide current income consistent with stability of principal and liquidity. The Fund's investment objective is not fundamental. That means that it may be changed without a shareholder vote. There can be no assurance that the Fund will achieve its investment objective.

The Fund invests directly and indirectly in a portfolio of U.S. Treasury and government securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury and government securities. Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) is invested in direct obligations of the U.S. Treasury and other securities issued or guaranteed as to principal and interest by the U.S. government or its agencies and instrumentalities. The Fund may also hold cash.

In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 ("***Rule 2a-7***") under the Investment Company Act of 1940, as amended (the "***1940 Act***"). The Fund operates as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7. "Government money market funds" are required to invest at least 99.5% of their total assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully by government securities. Government money market funds are not required to adopt a liquidity fee framework. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.

**The Fund is explicitly prohibited from investing in direct or indirect obligations of the Commonwealth of Puerto Rico or any of its instrumentalities.**

Dividend Distributions

 

The Fund intends to distribute to its shareholders substantially all of its net investment income, if any. Dividends from such net investment income will be declared and paid monthly to holders of the Fund's shares ("***Shares***"). After the issuance by the Fund of debt securities, monthly distributions to holders of shares normally will consist of all or a portion of its net investment income remaining after the payment of interest on borrowings. Please note that dividend rates will vary from month to month. The Fund may at times pay out less than the entire amount of net investment income earned in any particular period and may at times pay out such accumulated undistributed income in addition to net investment income earned in other periods in order to permit the Fund to maintain a more stable level of dividends to holders of Shares. As a result, the dividend paid by the Fund to holders of Shares for any particular period may be more or less than the amount of net investment income earned by the Fund during such period.

The record date for dividend payments to holders of Shares is selected by the Fund's Board of Directors (the "***Board***") on or prior to such record date, and the dividend payment date is the fifteenth day of the following month (or if such day is not a business day, *i.e.*, a day that the New York Stock Exchange ("***NYSE***") is open for business ("***Business Day***"), the next succeeding Business Day). Shareholders of record are entitled to dividend distributions if the trade date for purchase of Shares is on or prior to the record date for such dividend distribution. If the trade date for a purchase of Shares is subsequent to such record date, the shareholders will not be entitled to such dividend distribution. Shares redeemed with a trade date on or prior to the record date for a dividend distribution are not entitled to such dividend distribution. Net realized capital gains, if any, will be retained by the Fund, unless the Board determines that capital gains must be distributed to holders of Shares in order to ensure advantageous tax treatment for the Fund.

The per-share dividends on Class P Shares of the Fund will be lower than the per-share dividends on Class A Shares principally as a result of the higher account maintenance and distribution fees applicable to Class P Shares.

Taxable Dividends distributed to investors who are individuals will be distributed net of a 15% Puerto Rico income tax withholding, which will be automatically withheld at the source by the issuing and paying agent of the Fund.

**Principal Investment Risks**

An investment in the Fund entails certain risks and, therefore, should be undertaken only by investors capable of evaluating and bearing the risks of the Fund. There can be no assurance that the Fund's investment objectives will be achieved or that an investor will receive a return of its capital.

The value of your investment will vary over time, sometimes significantly, and you may lose money by investing in the Fund. The following information is intended to help you better understand some of the risks of investing in the Fund. It is not intended to constitute a complete list of all risks which could potentially impact an investment in the Fund. The impact of the following risks on the Fund may vary depending on the Fund's investments. The greater the Fund's investment in a particular security, the greater the Fund's exposure to the risks associated with that security.

Before investing in the Fund, you should carefully consider the risks that you assume when investing in the Fund. In addition to the risks listed below, you should evaluate all of the additional information contained in this Prospectus and consult with your financial, legal and tax advisers prior to making an investment decision with respect to the Fund.

***Investment and Market Risk.*** The Fund's investments may be adversely affected by the performance of U.S investment securities markets, which, in turn, may be influenced by a number of factors, including (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Although the Fund may be less volatile than funds that invest most of their assets in common stocks because the Fund invests in investment securities, the Fund's NAV may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Fund and **you may lose money**.

Market events (including public health crises and concerns) can have a profound economic and business effect that results in cancellations and disruptions to supply chains and customer activity, disruption and displacement of one or more sectors or industries, closing of borders and imposition of travel restrictions and quarantines, general public concern and uncertainty and, in extreme cases, exchange trading halts due to rapidly falling prices .For example, COVID-19 caused significant volatility and declines in global financial markets, including the U.S. financial markets. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in way that cannot necessarily be foreseen.

Market events such as these and other types of market events may cause significant declines in the values and liquidity of many securities and other instruments, and significant disruptions to global business activity and financial markets. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers both domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could change drastically and rapidly, and therefore adversely affect the Fund.

An investment in the Fund is designed primarily, and is suitable only, for long-term investors, and is not suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors should not view the Fund as a vehicle for trading purposes.

***Fixed-Income Securities Risk.*** The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that the value of such securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease. In addition, the Fund is subject to the risk that interest rates may exhibit increased volatility, which could cause the Fund's NAV to fluctuate more. If rising interest rates cause the Fund to lose enough value, the Fund could also face increased shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, therefore adversely affecting the Fund. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are therefore more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default.

Fixed-income securities may also be subject to valuation risk and liquidity risk. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such

security's sale. In times of market instability, valuation may be more difficult. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the Adviser would like or at the price the Adviser believes the security is currently worth.

***Interest Rate Risk.*** Generally, a fixed-income security will increase in value when prevailing interest rates fall and decrease in value when prevailing interest rates rise. Longer-term securities are generally more sensitive to interest rate changes than shorter-term securities, but they generally offer higher yields to compensate investors for the associated risks. High-yield bond prices and floating rate debt security prices are generally less directly responsive to interest rate changes than investment grade issues or comparable fixed rate securities and may not always follow this pattern. The Fund may manage interest rate risk by varying the average-weighted effective maturity of the portfolio to reflect an analysis of interest rate trends and other factors. The Fund's average-weighted effective maturity will tend to be shorter when the portfolio manager expects interest rates to increase and longer when the portfolio manager expects interest rates to fall.

***Counterparty Risk.*** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("***counterparty risk***"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund may be exposed to counterparty risk to the extent it participates in lending its securities to third parties and/or cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles. In addition, the Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements, debt securities, and derivatives (including various types of forwards, swaps, futures, and options). The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

***Credit Quality Risk.*** Through the Fund's investments in fixed-income securities, the Fund is subject to the risks associated with the credit quality of the issuers of those fixed-income securities. Credit quality measures the likelihood that the issuer or borrower will meet its obligations on a bond. One of the fundamental risks is credit risk, which is the risk that an issuer will be unable to make principal and interest payments when due, or default on its obligations. Higher credit risk may negatively impact the Fund's returns and yield. U.S. Government securities are generally considered to be the safest type of investment in terms of credit risk.

Many fixed-income securities receive credit ratings from services such as S&P, Fitch, and Moody's. These services assign ratings to securities by assessing the likelihood of issuer default. The lower a bond issue is rated by an agency, the more credit risk it is considered to represent. Lower rated instruments and securities generally pay interest at a higher rate to compensate for the associated greater risk. Interest rates can fluctuate in response to economic or market conditions, which can result in a fluctuation in the price of a security and impact your return and yield. Please refer to the "Explanation of Rating Categories" section of this Prospectus attached as Appendix B for a description of bond rating categories.

***Regulatory Risk.*** The SEC has adopted amendments to the rules that govern money market funds. These amendments may affect the Fund's investment strategies, performance, yield, expenses, operations and continued viability.

***Restrictions on the Transfer of Shares and Loss of Tax Benefits Risk.*** Shares may only be transferred by operation of law, and only to Puerto Rico Residents. In addition, shareholders of the Fund ("Shareholders") who cease to be Puerto Rico Investors (as defined in "Dividends and Taxes" below) may no longer have available the tax benefits that make the Fund an attractive investment.

***Suspension of Issuances and Redemptions Risk.*** The Fund intends to issue shares on a continuous basis and effect daily redemptions but reserves the right to postpone payment of redemption proceeds whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); or (ii) the SEC permits such suspension and so orders.

***Management Risk.*** The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

Because the Fund invests substantially all of its assets in fixed-income securities or income-generating securities, it is subject to risks such as credit risk and interest rate fluctuations. The Fund's performance may also be affected by risks of certain types of investments, such as foreign (non-U.S.) securities and derivative instruments.

***Market Risk.*** The value of the Fund's portfolio may decrease if the value of an individual security or multiple securities in the portfolio decreases or if the Adviser's belief about a security's intrinsic worth is incorrect. Further, regardless of how well individual securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund, you may lose money.

***Repurchase Agreements Risk.*** The Fund may engage in repurchase agreements, which are transactions in which the Fund sells a security to a counterparty and agrees to buy it back at a specified time and price in a specified currency. Repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver the securities when the Fund seeks to repurchase them and may be unable to replace the securities or only at a higher cost. If the buyer of securities under a repurchase agreement files for bankruptcy or becomes insolvent, the buyer may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the repurchase agreement may be severely restricted during that extension period.

While there is authority generally supporting the treatment of repurchase agreements as collateralized loans for Puerto Rico income tax purposes, such authority does not address the tax treatment of repurchase agreements that the Fund typically enters into, which contain provisions that grant the purchaser the right to sell, transfer, pledge or hypothecate the securities. The Puerto Rico Treasury Department could take the position that this type of arrangement should be viewed as a transfer of ownership of the underlying security and that the Puerto Rico courts would agree with that view. In such event, the tax-exempt interest of the securities will not constitute tax exempt income of the Fund, and the portion of the Tax- Exempt Dividends distributed by the Fund from such interest could be treated either as Taxable Dividends or Capital Gain Dividends subject to Puerto Rico income tax. See "Taxes"— "Puerto Rico Taxation"— "Impact of Repurchase Agreements on Tax-Exempt Dividends" in the prospectus.

***Changes in Applicable Law Risk.*** Legislation affecting Puerto Rico securities, assets other than Puerto Rico securities, Puerto Rico and U.S. investment companies, taxes, and other matters related to the business of the Fund are continually being considered by the Puerto Rico Legislature and the U.S. Congress. Moreover, the determinations made, and the waivers and rulings granted by the Commissioner to the Fund do not constitute a precedent binding on the Commissioner. There can be no assurance that legislation enacted, or regulations promulgated after the date hereof will not have an adverse effect on the operations of the Fund, the economic value of the Shares, or the tax consequences of the acquisition or redemption of Shares.

***Changes in United States Tax Law; No U.S. Federal Tax Ruling Risk.*** Under regulations issued under Section 937(b) of the U.S. Internal Revenue Code of 1986, as amended (the "***U.S. Code***"), income that is otherwise treated as income from sources within Puerto Rico under the general source of income rules is treated as income from United States sources and not excludable from gross income under Section 933 of the U.S. Code if it consists of income derived in a "conduit arrangement." Based on the current language of the regulations and the guidance offered therein, it is more likely than not that an investment in the Shares is not the type of transaction intended to be covered by these rules, and in accordance with this interpretation, it is more likely than not that the source of dividends on the Shares will be treated as income from sources within Puerto Rico. The Fund does not plan to request a ruling from the Internal Revenue Service (the "***IRS***") with respect to the U.S. federal income tax treatment to be accorded to an investment in the Shares, and no assurance can be given that the IRS or the courts will agree with the tax treatment described herein. You should read carefully the section entitled "Tax Consequences" beginning on page 20 of the Prospectus for a more detailed description of the tax implications any investment the Shares entails. You should also consult your tax advisor about your tax situation.

***U.S. Federal Tax Law; FATCA Rules***. Sections 1471 through 1474 of the U.S. Code (commonly known as "***FATCA***"), interpreted by the corresponding regulations, impose a 30% withholding tax at the source upon most payments of U.S. source income made to certain "foreign financial institutions" or "non-financial institutions" or "non-financial foreign entities" (each, a "***NFFE***"), unless certain certification and reporting requirements are satisfied by such NFFE, including providing information with respect to its respective investors. The regulations issued by the U.S. Treasury and the IRS, provide that the Fund is to be treated as a NFFE. Accordingly, the Fund will be required to provide the payors of such U.S. source income certain information with respect to its investors, which would then be disclosed to the IRS. However, the Fund has elected to be treated as a direct reporting NFFE, and, as such, it is required to provide such information directly to the IRS (instead of providing it to such payors) by filing Form 8966 with the IRS on or before March 31 of each year.

If the Fund were to be unable to provide such investor information to its payors or otherwise fail or be unable to comply with the legal and regulatory requirements of the U.S. Code, the Fund's U.S. source income may be reduced, inasmuch as it would be subject to such 30% withholding tax at the source. This reduction may negatively affect the amount of dividends that may be distributed by the Fund or the Fund's NAV.

U.S. federal tax law: 30% withholding on dividends from sources within the United States received by the Fund may qualify for a 10% U.S. federal income tax rate if it meets certain requirements of the U.S. Code. If the Fund claims the application of the 10% rate and does not meet these requirements, then the dividends would be subject a 30% U.S. federal income tax.

***Political and Other Risk.*** Political, legal or regulatory developments in Puerto Rico and in the United States or changes in the applicability of existing laws to the Fund could adversely affect the tax-exempt status of interest paid on securities or the tax-exempt status of that portion of the Fund's dividends that are tax-exempt. These developments could also cause the value of the Fund's investments and therefore, the Shares, to fall or jeopardize the continued viability of the Fund, resulting, in either case, in a possible loss to shareholders.

***Borrowings Risk.*** The Fund is permitted to borrow up to 5% of the Fund's total assets from banks for temporary or emergency purposes, including to meet redemptions of the Fund's shares that otherwise require the untimely disposition of securities owned by the Fund.

***Optional Redemption Risk.*** The Fund reserves the right to redeem all Class A, Class I and Class P Shares if, after one year following the commencement of the Fund's operations, the net assets of such class of common stock are less than $50 million. Ultimus Fund Solutions, LLC ("***Ultimus***," the "***Administrator***," or the "***Transfer Agent***") will be responsible for performing the calculation of the NAV per share of each class for purposes of this optional redemption feature. If the Fund exercises this right, an investor may not recover his or her entire investment in the Fund because (i) the Fund's NAV of such class may be lower than the price per share of such class paid by such investor and (ii) in the case of a redemption of Class A Shares, an investor will not recover any sales charges paid in connection with its acquisition of the Class A Shares.

***Key Personnel Risk.*** The Fund depends on the diligence, skill, and network of business contacts of the investment professionals of the Adviser to achieve the Fund's investment objectives. The Fund expects that the Adviser's team of investment professionals will source, evaluate, negotiate, structure, close and monitor the Fund's investments in accordance with the terms of the investment advisory agreement by and between the Fund and the Adviser (the "***Advisory Agreement***"). The loss of any key member of the Adviser would limit the Fund's ability to achieve its investment objectives and operate as the Fund anticipates. This could have a material adverse effect on the Fund's financial condition, results of operations and cash flows.

***Multiple Advisory Clients Risk.*** The Adviser may provide advice to separate account clients and other investment companies. The services to be provided by the Adviser will not be exclusive, and the Adviser will be free to render similar services to other parties. As such, the advice given by the Adviser to other clients may differ from the advice given to the Fund, even though the investment objectives of such other clients may be the same or similar to the Fund's investment objectives. In some instances, these practices could result in a detrimental effect on the price, volume, and/or availability of an investment for the Fund.

The Adviser may, at any time, buy or sell, or may direct or recommend that another person buys or sells, investments, securities or other property of the same kind or class that are purchased or sold by the Fund upon the recommendation

of the Adviser. The Adviser may have a general policy regarding each investment opportunity being considered for investment on behalf of and by all its respective clients looking to invest their available capital. If an investment opportunity is approved, such investment opportunity may be allocated across all clients with capital available for investment and for which such investment opportunity is suitable.

**Additional Information Regarding Fund Investments**

The following policies and limitations supplement the Fund's investment policies set forth in the Prospectus. The Fund's investments in securities and other financial instruments are subject to the other investment policies and limitations described in Prospectus and SAI. The following sections list the Fund's investment policies, limitations, and restrictions.

**<u>Fundamental Investment Limitations</u>**

<br> The investment limitations described below may be changed with respect to the Fund only by a vote of the holders of a majority of the Fund's outstanding Shares. Such majority is defined as the lesser of (a) 67% or more of the Shares present at a meeting at which the holders of more than 50% of the outstanding Shares are represented in person or by proxy, or (b) more than 50% of the outstanding Shares of the Fund.

The Fund may not:

1. Make loans to other persons, provided that the Fund may lend its portfolio securities in an amount up to 33 1/3% of total Fund assets, and provided further that, for purposes of this restriction, investment in U.S. Government obligations, short-term commercial paper, certificates of deposit, banker's acceptances, repurchase agreements and any other lending arrangement permitted by the 1940 Act, any rules and regulations promulgated thereunder or interpretations of the SEC or its staff shall not be deemed to be the making of a "loan". For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures, or other debt securities.

2. Purchase or sell real estate or real estate limited partnerships, except to the extent permitted under the 1940 Act, the rules, and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. This restriction shall not prevent the Fund from investing directly or indirectly in portfolio instruments secured by real estate or interests therein or acquiring securities of real estate investment trusts ("***REITs***") or other issuers that deal in real estate.

3. Invest in commodities or commodity contracts, except to the extent permitted under the 1940 Act, the rules, and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

4. Act as underwriter of securities, except to the extent permitted under the 1940 Act, the rules, and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. Concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules, and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

6. Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, the rules, and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

Notwithstanding any of the Fund's fundamental investment restrictions (including, without limitation, those restrictions relating to industry concentration), the Fund may purchase securities of other investment companies to the full extent permitted under Section 12 or any other provision of the 1940 Act (or any successor provision thereto) or under any regulation or order of the SEC.

With respect to senior securities, the SEC and its staff have identified various securities trading practices and derivative instruments used by mutual funds that give rise to potential senior security issues under Section 18(f) of the 1940 Act.

Rule 18f-4 under the 1940 Act ("***Rule 18f-4***") regulates the use of derivatives by the Fund. Rule 18f-4 generally permits the Fund to enter into derivatives transactions provided it complies with certain conditions. Rule 18f-4 permits the Fund to treat reverse repurchase transactions (and other similar financing transactions) either as borrowings or as "derivatives transactions" subject to the risk-based limits of Rule 18f-4 and does not require the Fund to maintain segregated assets to meet its asset coverage requirements. Rule 18f-4 also permits the Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle. These transactions will not be deemed to involve a senior security, and thus generally will not require the Fund to maintain a "segregated account" when engaging in these types of transactions, subject to certain conditions and any other restrictions that the Fund has adopted.

**<u>Non-Fundamental Investment Limitations</u>**

<br> Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowing for investment purposes) in U.S. government securities and/or repurchase agreements that are collateralized fully by U.S. government securities. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.

The Fund has a non-fundamental policy not to invest in direct or indirect obligations of the Commonwealth of Puerto Rico or any of its instrumentalities and any security, regardless of jurisdiction, which may be deemed illiquid by the Adviser.

The following descriptions from the 1940 Act may assist shareholders in understanding the above policies and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Concentration.** The SEC has presently defined concentration as investing
25% or more of an investment company's net assets in an industry or group of industries, with certain exceptions. In determining
industry classification, the Fund may use any one of the following: the Bloomberg Industry Group Classification, S&P, J.J. Kenny Municipal
Purpose Codes, FT Interactive Industrial Codes, Securities Industry Classification Codes, or the Global Industry Classification Standard.
For the purpose of determining the percentage of the Fund's total assets invested in securities of issuers having their principal
business activities in a particular industry, an asset-backed security will be classified separately based on the nature of its underlying
assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Borrowing.** The 1940 Act presently allows the Fund to borrow from any bank
(including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets, including the amount borrowed
(not including temporary borrowings not in excess of 5% of its total assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Senior Securities.** Senior securities may include any obligation or instrument
issued by the Fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does not
treat certain transactions as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment
agreements and standby commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Lending.** Under the 1940 Act, the Fund may only make loans if expressly permitted
by its investment policies. The Fund's investment policies on lending are set forth above. As of the date of this SAI, the Fund
does not engage in securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Underwriting.** Under the 1940 Act, underwriting securities involves the Fund
purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either
directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the
amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment
companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Real Estate.** The 1940 Act does not directly restrict the Fund's ability
to invest in real estate but does require that every fund have a Fundamental Investment Policy governing such investments. The Fund has
adopted a Fundamental Policy that would permit direct investment in real estate. However, the Fund has a non-fundamental investment limitation
that prohibits it from investing directly in real estate. This non-fundamental policy may be changed only by vote of the Board.

Any investment limitation that involves a maximum percentage (other than the restriction set forth above with respect to borrowing money) will not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition of securities or assets of, or borrowings by, the Fund. The 1940 Act requires that if the asset coverage for bank borrowings at any time falls below 33-1/3% of its total assets (including the amount borrowed) plus an additional 5% of its total assets for temporary purposes, the Fund will, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the net asset coverage of such borrowings shall conform to such limits.

Unless otherwise stated, the following additional investment strategies and general policies apply to the Fund and provide further information regarding the types of securities the Fund may invest in when implementing its investment objective. Some of these strategies and policies may be part of a principal strategy. Other strategies and policies may be utilized to a lesser extent. The percentage limitations included in these policies and elsewhere in this SAI normally apply only at the time of purchase of a security. If the Fund exceeds a limit as a result of market fluctuations or the sale of other securities, it will not be required to dispose of any securities. The "Glossary of Investment Terms" attached as Appendix A includes descriptions of investment terms used throughout the Prospectus and SAI.

<u>Cash Position</u>

The Fund may not always stay fully invested. For example, when the Adviser believes that market conditions are unfavorable for investing, or when it is otherwise unable to locate attractive investment opportunities, the Fund's cash or similar investments may increase. In other words, cash or similar investments generally are residual, they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When the Fund's investments in cash or similar investments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested. To the extent the Fund invests its uninvested cash through a sweep program (meaning its uninvested cash is pooled with uninvested cash of other funds and invested in certain securities such as repurchase agreements), it is subject to the risks of the account or fund into which it is investing, including liquidity issues that may delay the Fund from accessing its cash.

In addition, the Fund may temporarily increase its cash position under certain unusual circumstances, such as to protect its assets or maintain liquidity in certain circumstances to meet unusually large redemptions. The Fund's cash position may also increase temporarily due to unusually large cash inflows.

<u>Investment Companies</u>

The Fund may invest in securities issued by other investment companies. The Fund intends to limit its investments in accordance with applicable law or as permitted by Rule 12d1-4 under the 1940 Act. Among other things, such law would limit these investments so that, as determined immediately after a securities purchase is made by the Fund: (a) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (b) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group; (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund; and (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be applicable. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its proportionate share of that investment company's expenses, including advisory fees. These expenses would be in addition to the advisory fee and other expenses that the Fund bears directly in connection with its own operations. Investment companies in which the Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by the Fund and, therefore, will be borne directly by the Fund's shareholders.

To the extent applicable, the Fund intends to rely on Section 12(d)(1)(F) and Rule 12d1-4 under the 1940 Act which in conjunction with one another allow registered investment companies (such as the Fund) to exceed the limitations set forth above, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) do not exceed the limits on sales loads established by the Financial Industry Regulatory Authority, Inc. ("***FINRA***") for funds of funds, and the registered investment company "mirror votes" any securities purchased pursuant to Section 12(d)(1)(F).

<u>Portfolio Turnover</u>

Portfolio turnover rates are generally not a factor in making buy and sell decisions. Changes may be made to the Fund's portfolio, consistent with the Fund's investment objective and policies, when the portfolio manager believes such changes are in the best interests of the Fund and its shareholders. Short-term transactions may result from the purchase of a security in anticipation of relatively short-term gains, liquidity needs, securities having reached a price or yield objective, changes in interest rates or the credit standing of an issuer, or by reason of economic or other developments not foreseen at the time of the initial investment decision. The Fund may also sell one security and simultaneously purchase the same or a comparable security to take advantage of short-term differentials in bond yields or securities prices. Portfolio turnover is affected by market conditions, changes in the size of the Fund (including due to shareholder purchases and redemptions), the nature of the Fund's investments, and the investment style of the portfolio managers. Changes are normally made in the Fund's portfolio whenever the Adviser believes such changes are desirable. Due to the nature of the securities in which it invests, the Fund may have relatively high portfolio turnover compared to other funds.

<u>U.S. Government Securities</u>

The Fund may invest in U.S. Government securities. U.S. Government securities include those issued directly by the U.S. Treasury, including Treasury Inflation-Protected Securities (also known as "***TIPS***"), and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the "full faith and credit" of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer. For securities not backed by the full faith and credit of the United States, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

**Fund Policies**

Disclosure of Portfolio Holdings

The Board has adopted policies with respect to the disclosure of the Fund's portfolio holdings by the Fund, the Adviser, or their affiliates. These policies and procedures are designed to ensure that disclosures of the Fund's portfolio holdings are made consistently with the antifraud provisions of the federal securities laws and the fiduciary duties of the Fund and the Adviser. The policies provide that the Fund's portfolio holdings information generally may not be disclosed to any party prior to the information becoming public. Certain limited exceptions are described below. These policies apply to disclosures to all categories of persons, including individual investors, institutional investors, intermediaries who sell shares of the Fund, third parties providing services to the Fund (accounting agent, print vendors, etc.), rating and ranking organizations and affiliated persons of the Fund.

In addition, the Fund discloses its portfolio holdings reports on Forms N-CSR and N-PORT two months after the end of each quarter/semi-annual period. The Fund may also disclose its portfolio holdings by mailing a quarterly report to its shareholders.

The Fund may choose to make available to rating agencies such as Lipper, Morningstar, or Bloomberg earlier and more frequently on a confidential basis.

The Fund's Chief Compliance Officer is responsible for monitoring the Fund's compliance with these policies, providing regular reports (at least annually) to the Board regarding the adequacy and effectiveness of the policy, and recommending changes, if necessary.

<u>Non-Public Disclosures</u>

The Adviser may authorize the disclosure of non-public portfolio holdings information under certain limited circumstances. The Fund's policies provide that non-public disclosures of the Fund's portfolio holdings may only be made if: (i) the Fund has a "legitimate business purpose" (as determined by the President of the Fund) for making such disclosure; and (ii) the party receiving the non-public information enters into a confidentiality agreement, which includes a duty not to trade on the non-public information and describes any compensation to be paid to the Fund or any "affiliated person" of the Adviser, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser.

The Adviser will consider any actual or potential conflicts of interest between the Adviser and the Fund's shareholders and will act in the best interest of the Fund's shareholders with respect to any such disclosure of portfolio holdings information. If a potential conflict can be resolved in a manner that does not present detrimental effects to the Fund's shareholders, the Adviser may authorize the release of portfolio holdings information. Conversely, if the potential conflict cannot be resolved in a manner that does not present detrimental effects to the Fund's shareholders, the Adviser will not authorize such release.

<u>Ongoing Non-public Disclosure Arrangements</u>

As authorized by the Board and/or the Fund's executive officers, the Fund may periodically disclose non-public portfolio holdings on a confidential basis to various service providers that require such information in order to assist the Fund in its day-to-day operations, as well as public information to certain ratings organizations. In none of these arrangements does the Fund or any "affiliated person" of the Adviser receive any compensation, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser. Set forth below are the authorized ongoing arrangements as of the date of this SAI:

&nbsp;&nbsp;&nbsp;&nbsp;· Full holdings on a daily basis to the Adviser at the end of each day.

&nbsp;&nbsp;&nbsp;&nbsp;· Full holdings on a daily basis to Ultimus as Transfer Agent and Administrator of
the Fund, at the end of each day;

&nbsp;&nbsp;&nbsp;&nbsp;· Full holdings on a daily basis to U.S. Bank, N.A., as custodian for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· Full holdings to Northern Lights Distributors, LLC, as distributor of the Fund
(the "  ***Distributor*** "), on a monthly basis;

&nbsp;&nbsp;&nbsp;&nbsp;· Full holdings to Cohen & Company, Ltd., the Fund's independent registered
public accounting firm as soon as practicable following the Fund's fiscal year-end or on an as-needed basis; and

&nbsp;&nbsp;&nbsp;&nbsp;· Full holdings to Thompson Hine LLP, as legal counsel to the Fund, as necessary
for the performance of services.

These service providers are required to keep all non-public information confidential and are prohibited from trading based on the information or otherwise using the information, except as necessary in providing services to the Fund.

The Fund's Chief Compliance Officer reviews the arrangements with each recipient on an annual basis. The Board shall, on a quarterly basis, be advised of any revisions to the list of recipients of portfolio holdings and the reason for such disclosure. These policies and procedures will be reviewed for adequacy and effectiveness in connection with the Fund's compliance program under Rule 38a-1 under the 1940 Act.

A listing of the parties who will receive portfolio holdings pursuant to these procedures is maintained by the Fund's Compliance department. There can be no assurance that the policies and procedures on portfolio holdings information will protect the Fund from the potential misuse of such information by individuals or entities that come into possession of the information.

**Management of the Fund**

Overall responsibility for management of the Fund is vested with the members of the Board, who are elected by the shareholders of the Fund, unless appointed to fill a vacancy in accordance with the By-laws of the Fund and the 1940 Act. The Fund is managed by the Board in accordance with the laws of the Commonwealth of Puerto Rico. There are currently five Directors, three of whom are not "interested persons" (as defined in the 1940 Act) of the Fund (the "***Independent Directors***").

The Independent Directors are Eduardo Inclán, Fernando Nido and Jorge Padilla. The Interested Directors are Paul Hopgood and Jaime Pandal.

The following table lists each Director, his year of birth, position with the Fund, principal occupations during the past five years, and other directorships. Each Director oversees the Fund. Directors shall be elected annually at a meeting of stockholders held for that purpose as provided in the Certificate of Incorporation. The term of office of each Director shall be from the time of his election and qualification until the election of Directors next succeeding his election and until his successor shall have been elected and shall have qualified or until his death, or until he shall have resigned or until December 31 of the year in which he shall have reached eighty (80) years of age, or until he shall have been removed as provided in the Fund's By-laws, or as otherwise provided by statute or the Certificate of Incorporation. Each Director's address is c/o Atlas U.S. Government Money Market Fund, Inc., Buchanan Office Center, Road 165 No. 40, Suite 201, Guaynabo, PR 00968.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br> (Year of Birth)** | **Position(s) Held with**<br> **the Fund** | **Term of Office and Length of Time Served** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of Portfolios in Fund Complex Overseen by Director<sup>(i)</sup>** | **Other Directorships** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |
| Eduardo Inclán <br> (1975)  | Director | 1 year; <br> Since Inception  | Founder and Managing Director, Bluhaus Capital, LLC; Founder and Managing Partner, Bluhaus Small Business Fund; Director East Island Excursions, Inc.; Former Senior Vice President Investment Banking Director Santander Securities. | 2 | East Island Excursions, Inc. |
| Fernando J. Nido <br> (1959)  | Director | 1 year; Since Inception | Independent Consultant, professional services since June 2014, Former Managing Partner, Puerto Rico, Deloitte; Former Member of Puerto Rico's Board of Accountants; Former Vice Chair of Puerto Rico's CPA Association. | 2 | Trans-Oceanic Life Insurance Company and Trans-Oceanic Life Insurance Company of America |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Jorge Padilla (1956) | Director | 1 year; Since Inception | Director, Converge RE; Former Executive Director & Trustee, GDB Debt Recovery Authority; Consultant, VSC Group, LLC (February 2019 to July 2024); Former Director, Fundación CAP (March 2018 to October 2023); Former Senior Vice President and Chief Financial Officer of Universal Insurance Group, Inc.; Former President Universal Finance, Inc.; Certified Public Accountant since 1980. | 2 |
| **Interested Directors and Officers** | **Interested Directors and Officers** | **Interested Directors and Officers** | **Interested Directors and Officers** | **Interested Directors and Officers** |
| Paul Hopgood<br> (1976) <sup>(ii)</sup> | President and Director | 1 year;<br> Since Inception | President, Atlas Asset Management LLC; Former Chief Investment Officer of Santander Asset Management, LLC. | 2 |
| Jaime Pandal<br> (1983)<sup>(iii)</sup> | Vice President, Secretary, Treasurer and Director | 1 year;<br> Since Inception | Managing Director & Vice President of Atlas Asset Management, LLC; President, JAPA, LLC (Real Estate); Former Senior Portfolio Analyst of Santander Asset Management, LLC. | 2 |
| Timothy Shaloo <sup>(iv)</sup><br> 1970 | Chief Compliance Officer | 1 year;<br> Since Inception | Assistant Vice President, Compliance Officer, Northern Lights Compliance Services, LLC ("NLCS") (since 2023); Senior Compliance Analyst, NLCS (2021 -2023); Compliance Specialist, Ultimus Fund Solutions, LLC (2016 to 2021). | N/A |

---

The term of office of each Director shall be from the time of his election and qualification until the election of Directors next succeeding his election and until his successor shall have been elected and shall have qualified or until his death, or until he shall have resigned or until the last day of the calendar quarter during which he reaches 80 years of age, or until he shall have been removed. The Board may extend the retirement age for a Director who reaches 80 years of age for an additional twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund Complex consists of the Fund and the Atlas U.S. Tactical Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An "interested person" as defined by the 1940 Act. Mr. Hopgood is deemed to be an "interested" director because he is the owner of 80% of the membership interests of the Adviser and also serves as its President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An "interested person" as defined by the 1940 Act. Mr. Pandal is deemed to be an "interested" director because he serves as Managing Director and Vice President of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The address for Mr. Shaloo is Ultimus Fund Solutions, LLC, 2 Easton Oval, Suite 300, Columbus, OH 43219.

The Board believes that each Director's experience, qualifications, attributes, and skills on an individual basis and in combination with those of the other Directors lead to the conclusion that each Director should serve in such capacity. Among the attributes common to all Directors are the abilities to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the other Directors, the Adviser, other service providers, counsel and the independent registered public accounting firm, and to exercise effective business judgment in the

performance of their duties as Directors. A Director's ability to perform his duties effectively may have been attained through the Director's business, consulting and/or public service; experience as a board member of the Fund, other investment funds, or non-profit entities or other organizations; education or professional training; and/or other life experiences.

Mr. Inclán has over 22 years of experience in the finance industry including serving for over 16 years in an investment banking executive role, and over six years as founder and manager of a financial advisory and private equity firm. Mr. Inclán serves on the board of East Island Excursions, Inc., and is a manager of the $60 million Bluhaus Small Business Fund L.P. SBIC Fund.

Mr. Nido has practiced public accounting for over thirty years and now serves as an independent consultant for private business and as a director on several boards. Mr. Nido had a 33-year career at Deloitte & Touche LLP ("Deloitte"), including 23 years as a partner for Deloitte's practice in Puerto Rico until his retirement. Mr. Nido's responsibilities at Deloitte included client service delivery, professional practice quality, financial performance and attracting, developing and retaining talent. Mr. Nido currently serves as Director, Trans-Oceanic Life Insurance Company and Trans-Oceanic Life Insurance Company of America and served on the Board of X-Square Balanced Fund, LLC from January 2019 to April 2022.

Mr. Padilla is a CPA with over 42 years of experience in the financial industry and has demonstrated leadership and management abilities as evidenced by the senior executive level positions he has held during his career. Mr. Padilla has 30 years of executive-level management experience in the insurance and financial services industry and has served on the boards of various corporations. Over the last nine years, Mr. Padilla has worked as a consultant to financial services organizations and is an investor in various business ventures.

Mr. Hopgood has over 24 years of experience in the asset management industry, including serving for over six years as senior portfolio manager and chief investment officer for a global asset management firm. Mr. Hopgood is President and Chief Investment Officer of the Adviser.

Mr. Pandal has over 16 years of experience in the wealth and asset management industry, which includes the responsibilities of trader and analyst. Mr. Pandal is Managing Director and Vice President of the Adviser.

Leadership Structure and Board of Directors

Overall responsibility for oversight of the Fund rests with the Board. The Fund has engaged the Adviser to manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in the operation of the Fund in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Fund's By-laws. The Board is currently composed of five members, three of whom are Independent Directors. The Board meets at regularly scheduled meetings four times each year. In addition, the Board may hold special meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, the Board has established an Audit Committee and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

The Board has appointed Mr. Hopgood to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as liaison with the Adviser, other service providers, counsel, and other Directors generally between meetings. The Chairman serves as a key point person for dealings between management and the Directors. The Chairman may also perform such other functions as may be delegated by the Board from time to time. Mr. Padilla serves as the Lead Independent Director of the Fund. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview and it allocates areas of responsibility among committees of Directors and the full Board in a manner that enhances effective oversight.

The Fund is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out the Fund's investment management and business affairs. The Adviser and other service providers employ a variety of processes, procedures,

and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. The Adviser and other service providers each have their own independent interests in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board requires senior officers of the Fund and the Adviser to report to the full Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Board and the Audit Committee also receive regular reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. The Board also receives reports from certain of the Fund's other primary service providers on a periodic or regular basis. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

The Board has a standing Audit Committee. The Audit Committee's function is to oversee the Fund's accounting and financial reporting policies and practices and to recommend to the Board any action to ensure that the Fund's accounting and financial reporting are consistent with accepted accounting standards applicable to the mutual fund industry. The members of the Audit Committee are Messrs. Inclán, Nido and Padilla.

The following tables show the dollar ranges of securities beneficially owned by the Directors in the Fund as of December 31, 2024. No Independent Director or any of his immediate family member owns beneficially or of record an interest in the Adviser or in any person directly or indirectly controlling, controlled by, or under common control with the Adviser.

---

| | | |
|:---|:---|:---|
| | **Dollar Range of Equity<br> Securities in the Fund** | **Aggregate Dollar Range of<br> Equity Securities in All<br> Registered Investment<br> Companies Overseen by<br> Director in Fund Complex<sup>\*</sup>** |
| &nbsp;&nbsp; **<u>Independent Directors</u>** | | |
| &nbsp;&nbsp; Eduardo Inclán | $0 | $0 |
| &nbsp;&nbsp; Fernando J. Nido | $0 | over $100,000 |
| &nbsp;&nbsp; Jorge Padilla | $0 | over $100,000 |
| &nbsp;&nbsp; **<u>Interested Directors</u>** |  |  |
| &nbsp;&nbsp; Paul Hopgood | $0 | over $100,000 |
| &nbsp;&nbsp; Jaime Pandal | $0 | $10,001 to $50,000 |

---

\* The Fund Complex consists of the Fund and Atlas U.S. Tactical Income Fund, Inc.

Compensation of Independent Directors

Each Independent Director receives an annual stipend from the Fund of $10,000 plus expenses for attendance at each meeting of the Board. The Independent Directors do not receive retirement or other benefits as part of their compensation.

Director and Officer Ownership of Fund Shares and Material Transactions

Certain directors and officers of the Fund are expected to purchase shares of the Fund. None of the directors and officers of the Fund have entered into any material transactions with the Fund; provided, however, that certain of the directors and officers of the Fund are employees of entities which may have entered into material agreements with the Fund, as described herein.

Code of Ethics

The Board has adopted a Code of Ethics. The Code of Ethics requires directors and officers of the Fund who are officers or employees of the Adviser and the Distributor, if any, to comply with various requirements in connection with securities transactions by such officers or employees, including obtaining pre-authorization for certain transactions. It also imposes on these directors and officers certain confidentiality obligations, limitations on outside business activities, and certain other obligations. The Code of Ethics requires Independent Directors to report to the Fund's compliance officer purchases or sales of securities by such directors, if such directors know (or should have known) that during the prior 15-day period the Fund purchased or sold such securities, or the Adviser considered purchasing or selling such security. In addition, as required by law, the Board, including a majority of the Independent Directors, has approved the Code of Ethics of the Distributor and the Adviser.

**Control Persons and Principal Holders of Securities**

<br> A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a fund or acknowledges the existence of such control. A shareholder owning of record or beneficially more than 25% of the Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have more significant effect on matters presented at a shareholders meeting than votes of other shareholders.

As of the date of this SAI, no person owns of record or beneficially 5% or more of the outstanding shares of the Fund.

**Investment Advisory and Other Services**

The following sections describe the Fund's material agreements for investment advisory, custodial and transfer agency services.

**Investment Adviser**

The Adviser is an investment advisory firm organized as a limited liability company under the laws of the Commonwealth of Puerto Rico. The Adviser is registered as an investment adviser with the SEC and the Commissioner. Its principal offices are located at Buchanan Office Center, Suite 201, Road 165 No. 40, Guaynabo, Puerto Rico 00968, and its main telephone number is (787) 781-1301. The Adviser provides the Fund with investment advisory and management services, subject to the control and oversight of the Board and the officers of the Fund. The Adviser is responsible for choosing the Fund's investments and handling its business affairs. The Adviser offers money management and investment services to institutional clients in Puerto Rico. As of June 1, 2025, the Adviser had approximately $383,491,572.99 in assets under management.

The Adviser is controlled by Paul Hopgood, who owns 80% of its membership interests.

On May 14, 2025, the Board, including a majority of the Independent Directors, approved the Advisory Agreement. As compensation for advisory services to the Fund, the Adviser is entitled to receive an annual investment advisory fee not to exceed (i) 0.20% of the average daily gross assets of the Fund (including assets purchased with the proceeds of leverage) up to $350 million or (ii) 0.15% of the average daily gross assets of the Fund (including assets purchased with the proceeds of leverage) for the next $200 million, payable monthly. For purposes of this calculation, average daily gross assets are determined at the end of each month on the basis of the average gross assets of the Fund for each Business Day during the month. The Adviser may waive its fees or pay the Fund's expenses to maintain total annual fund operating expenses at the levels set forth in "Fees and Expenses of the Fund." Any reduction in management fees or payment by the Adviser of the Fund's expenses is subject to reimbursement by the Fund within the following three fiscal years if overall expenses fall below these percentage limitations. The Adviser reserves the right to discontinue any voluntary waiver of its fees or payment of Fund expenses in the future.

Securities held by the Fund also may be held by or be appropriate investments for other advisory clients for which the Adviser acts as an adviser. Because of different objectives or other factors, a particular security may be bought for one or more clients when one or more clients are selling the same security. If purchases or sales of securities by the Adviser for the Fund or for advisory clients arise for consideration at or about the same time, transactions in such

securities will be made as far as feasible for the Fund and the respective clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of the Adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

Unless earlier terminated as described below, the Advisory Agreement continues in effect for a period of two years from the date of execution and will remain in effect from year to year thereafter, if approved annually by a majority of the Independent Directors. The Advisory Agreement is not assignable and may be terminated without penalty (i) on 60 days' written notice at the option of either party thereto or by the vote of a majority of the outstanding Shares of the Fund or (ii) at any time by a unanimous vote of the Independent Directors. The Advisory Agreement terminates automatically in the event of any assignment, as defined in the 1940 Act. The Advisory Agreement was approved by the Board, including by a majority of the Independent Directors, at a meeting held on May 14, 2025. A discussion regarding the basis for the Board's approval of the Advisory Agreement will be available in the Fund's first Form N-CSR, which will be available on the Fund's website at www.atlas-am.com.

 **Expense Limitation.** The Adviser has contractually agreed to waive the advisory fee payable by the Fund and/or pay expenses (subject to reimbursement by the Fund) in an amount equal to the amount, if any, that the Fund's normal operating expenses in any fiscal year, including the investment advisory fee, but excluding (i) any front-end contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expenses on securities sold short); (v) taxes; and (vi) extraordinary expense, such as litigation expenses exceed the annual rate of 1.75% of total assets for Class A Shares, 1.50% for Class I Shares and 2.05% for Class P Shares. Fees waived or reimbursed by the Adviser may be recouped by the Adviser from the Fund, to the extent that overall expenses fall below the expense limitation within three years following when such amounts were waived and/or reimbursed if such recoupment can be achieved within the lesser of the foregoing expense limits or the expenses limits in place at the time of the recoupment. For information about how the expense limitation affects the total expenses of the Fund, see the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus. The Adviser has agreed to continue the waiver of its fee and/or payment of expenses until at least January 31, , 2027.

The Adviser is responsible for the performance of certain administrative and management services for the Fund, including paying all compensation of and furnishing office space for officers and employees of the Fund connected with investment and economic research, trading and investment management of the Fund, as well as the compensation of all Directors of the Fund who are affiliated persons of the Adviser. The Fund pays all other expenses incurred in the operation of the Fund, including, among other things, expenses for legal and auditing services, taxes, costs of printing proxies, listing fees, if any, stock certificates and shareholders reports, charges of the Administrator, the Custodian and the Transfer Agent, charges of any paying agent, expenses of registering the Shares under Puerto Rico securities laws, fees of the Commissioner, fees and expenses of the Independent Directors, accounting and pricing costs, insurance, interest, brokerage costs, litigation and other extraordinary or non-recurring expenses, mailing and other expenses properly payable by the Fund.

The Adviser and its directors, officers and employees will not be liable for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the management of the Fund, except for willful misfeasance, bad faith, gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties under the Advisory Agreement.

**Portfolio Manager**

This section includes information about Paul Hopgood, the Fund's portfolio manager, including information concerning other accounts he manages, the dollar range of Fund shares he owns and how he is compensated as of June 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Number of Accounts** | **Accounts (Total Assets)<br> (millions)** | **Number of Other Accounts (Total Assets) <br> Subject to a Performance Fee** |
| *Paul Hopgood* |  |  |  |

---

---

| | | |
|:---|:---|:---|
| Registered Investment Companies | 1 | $72079123.91 |
| Other Pooled Investment Vehicles | 0 | 0 |
| Other Accounts | 13 | 311412449.08 |

---

In managing other investment companies, other pooled investment vehicles and other accounts, the Adviser may employ strategies similar to those employed by the Fund. As a result, these other accounts may invest in the same securities as the Fund. The SAI section entitled "Portfolio Transactions" discusses the various factors that the Adviser considers in allocating investment opportunities among the Fund and other similarly managed accounts.

<u>Compensation</u>

The portfolio manager receives base and discretionary bonus cash compensation. The bonus is not directly linked to account performance and is subject to the Adviser's profitability.

**Administration and Transfer Agent**

Ultimus serves as Administrator of the Fund. The Administrator's principal business address is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

Pursuant to an Administration Agreement with the Fund, the Administrator, subject to the overall supervision of the Board, provides facilities and personnel to the Fund in the performance of certain services including the determination of the Fund's NAV and net income.

Ultimus is also the Fund's Transfer Agent. The Transfer Agent will be responsible for maintaining a register of the Shares for holders of record and opening and maintaining Shareholder accounts.

For the services rendered to the Fund by the Administrator, the Fund pays the Administrator the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services.

**Custodian**

U.S. Bank, National Association,, with principal offices at 425 Walnut Street, Cincinnati, OH 45202 (the "***Custodian***") serves as custodian for the assets of the Fund under an agreement with the Fund, dated May 23, 2025 (the "***Custodian Agreement***"). Under the Custodian Agreement, the Custodian holds the Fund's securities and keeps all necessary accounts and records. Under the Custodian Agreement, the Custodian (1) maintains a separate account or accounts in the name of the Fund; (2) makes receipts and disbursements of money on behalf of the Fund; (3) collects and receives all income and other payments and distributions on account of the Fund's securities; and (4) responds to correspondence from security brokers and others relating to its duties. The Custodian may, with the approval of the Fund and at the Custodian's own expense, open and maintain a sub-custody account or accounts on behalf of the Fund, provided that the Custodian shall remain liable for the performance of all of its duties under the Custodian Agreement.

 ****

**Distributor**

The Fund is distributed by the Distributor, a registered broker-dealer and member of the FINRA. The Distributor has agreed to use reasonable efforts to sell the shares of the Fund, subject to the satisfaction of certain conditions. The offering of the Fund's shares is continuous.

Distribution and Service Plan

The Board has adopted a distribution and service plan (the "***12b-1 Plan***") pursuant to Rule 12b-1 under the 1940 Act. Rule 12b-1 provides in substance that a mutual fund may not engage directly or indirectly in financing any activity that is primarily intended to result in the sale of Shares of such mutual fund except pursuant to a plan adopted by the fund under Rule 12b-1. Under the 12b-1 Plan, the Fund is authorized to pay distribution fees in connection with the sale and distribution of its Shares and pay service fees in connection with the provision of ongoing services to

shareholders and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets with respect to Class A Shares and up to 0.55% of its average daily net assets with respect to Class P shares.

In approving the 12b-1 Plan in accordance with the requirements of Rule 12b-1 under the 1940 Act, the Board, including a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreements related to the 12b-1 Plan (the "***Rule 12b-1 Directors***"), considered various factors and determined that there is a reasonable likelihood that the 12b-1 Plan will benefit the Fund and its shareholders.

The 12b-1 Plan will continue in effect from year to year if specifically approved annually (a) by the majority of the Fund's outstanding voting shares or by the Board and (b) by the vote of a majority of the Rule 12b-1 Directors cast in person at a meeting called specifically for the purpose of voting on the 12b-1 Plan. While the 12b-1 Plan remains in effect, the Fund will furnish to the Board a written report of the amounts spent by the Fund under the 12b-1 Plan and the purposes for these expenditures. The 12b-1 Plan may not be amended to increase materially the amount to be spent for distribution or shareholder services without shareholder approval and all material amendments to the 12b-1 Plan must be approved by a majority of the Board and by the Rule 12b-1 Directors in a vote cast in person at a meeting called specifically for that purpose. While the 12b-1 Plan is in effect, the selection and nomination of the Independent Directors shall be made by those Independent Directors then in office, and a majority of the Board shall be comprised of Independent Directors.

Payments to Financial Intermediaries by the Investment Adviser or its Affiliates

In addition to and apart from payments made by the Fund under the 12b-1 Plan and/or Service Fees, the Adviser and its affiliates also may make payments out of their own assets to selected broker-dealer firms or other financial intermediaries that sell Class A and P Shares of the Fund for distribution, marketing, promotional, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. Payments based primarily on sales create an incentive to make new sales of shares, while payments based on assets create an incentive to retain previously sold shares. Payments based on transactional charges may include the payment or reimbursement of all or a portion of "ticket charges." Ticket charges are fees charged to salespersons purchasing through a financial intermediary firm in connection with mutual fund purchases, redemptions, or exchanges. The payment or reimbursement of ticket charges creates an incentive for salespersons of an intermediary to sell shares of the Fund over shares of funds for which there is lesser or no payment or reimbursement of any applicable ticket charge. The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries. Criteria may include, but are not limited to, the distribution capabilities of the intermediary, the overall quality of the relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets held through the intermediary, the willingness to cooperate with the Adviser's marketing efforts, access to sales personnel, and the anticipated profitability of sales through the institutional relationship. These factors and their weightings may differ from one intermediary to another and may change from time to time.

As of June 1, 2025, the broker-dealer firms with which the Adviser or its affiliates are currently negotiating agreements to make payments out of their own assets related to the acquisition or retention of shareholders for Class A and Class P Shares of the Fund and its broker-dealer subsidiaries are as follows: Oriental Financial Services Corp., Herbert J. Sims & Co., Inc., Stonecrest Partners, Nationwide Planning Associates, Inc., Kovack Securities, Inc. and First Southern, LLC.. These fees may be in addition to fees paid from the Fund's assets to them or other financial intermediaries. Any additions, modifications, or deletions to the broker-dealer firms identified that have occurred since that date are not reflected.

In addition, for all share classes, the Adviser, the Distributor, or their affiliates may pay, from their own assets, brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries' fees for providing other marketing or distribution-related services, as well as recordkeeping, sub accounting, transaction processing, and other shareholder or administrative services in connection with investments in the Fund. The Adviser or its affiliates may have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative services with respect to shareholder accounts. Contact your financial intermediary if you wish to determine whether it receives such payments.

The Adviser or its affiliates may also share certain marketing expenses with intermediaries, or pay for, or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its

affiliates may make payments to participate in intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Fund and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Fund to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Fund available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of the Fund's shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of the Fund's shares over sales of another, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Fund within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Fund in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending the Fund over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Class A and P Shares nor the amount that the Fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Class A and Class P Shares and, if applicable, when considering which share class of the Fund is most appropriate for you.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, PA 19103, serves as the Fund's independent registered public accounting firm.

***Compliance Services Provider***

NLCS, located at 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, provides compliance support services to the Fund. For its services and for the services of the Fund's Chief Compliance Officer and the Fund's Anti-Money Laundering Office the Fund pays NLCS a yearly fee.

**Legal Counsel**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH 43215, serves as legal counsel to the Fund.

***Code of Ethics***

Pursuant to the requirements of Rule 17j-1 under the 1940 Act and in order to protect against certain unlawful acts, practices and courses of business by certain individuals or entities related to the Fund, Distributor, and the Adviser have each adopted a Code of Ethics and procedures for implementing the provisions of their respective Code. The personnel of the Fund and Adviser are permitted to purchase securities including those that may be purchased, held, or sold by the Fund, subject to the Code of Ethics. Investment personnel must refrain from certain trading practices and are required to report on certain personal investment activities.

Violations of the Codes of Ethics can result in penalties, suspension, or termination of employment.

***Proxy Voting Policy***

The Fund has adopted Proxy Voting Policy and Procedures to: (1) ensure that the Fund votes proxies in the best interests of shareholders of the Fund with a view toward maximizing the value of their investments; (2) address any conflicts that may arise between Fund shareholders on the one hand, and "affiliated persons" of the Fund or of the Adviser (or its affiliates) on the other; (3) provide for oversight of proxy voting by the Board; and (4) provide for the disclosure of the Fund's proxy voting records and this Policy.

The Fund has delegated the responsibility for voting proxies on behalf of the Fund with respect to all equity securities held by the Fund to the Adviser, in accordance with this Policy, subject to oversight by the Board. The Board has reviewed the Adviser's Proxy Voting Policy and Procedures (the "***Adviser's Policy***") and has determined that it is reasonably designed to ensure that the Adviser will vote all proxies in the best interests of the Fund's shareholders, untainted by conflicts of interests. The Fund's Policy and the Adviser's Policy are attached to this SAI at Appendix C. Both Policies are subject to Board review annually.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available: (1) without charge, upon request, by calling 1 (855) 969-8440; (2) at the Fund's website (www.atlas-am.com); and (3) at the SEC's website (www.sec.gov).

*Portfolio Transactions*

The Fund purchases portfolio securities from dealers and underwriters as well as from issuers. Securities are usually traded on a net basis with dealers acting as principal for their own accounts without a stated commission. Prices paid to dealers in principal transactions generally include a "spread," which is the difference between the prices at which the dealer is willing to purchase and sell a specific security at the time. When securities are purchased in underwritten offerings, they generally include a fixed amount of compensation to the underwriter.

For purchases or sales with broker-dealer firms that act as principal, the Adviser seeks best execution. Although the Adviser may receive certain research or execution services in connection with these transactions, it will not purchase securities at a higher price or sell securities at a lower price than would otherwise be paid if no weight were attributed to the services provided by the executing dealer. The Adviser may engage in agency transactions and riskless principal transactions in over-the-counter securities in return for research and execution services. These transactions are entered into only pursuant to procedures designed to ensure that the transaction (including any applicable commissions) is a least as favorable as it would have been if effected directly with a market-maker that did not provide research or execution services.

Research services and information received from brokers or dealers are supplemental to the Adviser's own research efforts and, when utilized, are subject to internal analysis before being incorporated into its investment processes. Information and research services furnished by brokers or dealers through which or with which the Fund effects securities transactions may be used by the Adviser in advising other funds or accounts and, conversely, research services furnished to the Adviser by brokers and dealers in connection with other funds or accounts that it advises may be used in advising the Fund.

Investment decisions for the Fund and for other investment accounts managed by the Adviser are made independently of each other in light of differing considerations for the various accounts. However, the same investment decision may occasionally be made for the Fund and one or more accounts. In those cases, simultaneous transactions are inevitable. Purchases or sales are then averaged as to price and allocated between the Fund and the other account(s) as to amount in a manner deemed equitable to the Fund and the other account(s). While in some cases this practice could have a detrimental effect upon the price or value of the security as far as the Fund is concerned, or upon its ability to complete its entire order, in other cases it is believed that simultaneous transactions and the ability to participate in volume transactions will benefit the Fund.

***Portfolio Turnover***

The Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater commissions and other

transaction costs, which will be borne directly by the Fund. A 100% turnover rate would occur if all of the Fund's portfolio securities were replaced once within a one-year period.

**Additional Information**

Description of Shares

The Fund is authorized to issue 150,000,000 of Class A Shares, Class I Shares and Class P Shares at $0.01 par value per Share. The Board is authorized to classify and reclassify any unissued shares of capital stock from time to time by setting or changing the rights, preferences, and other terms and conditions of such Shares.

The Shares have no preemptive or conversion rights. Each Share has equal voting, dividend, distribution, and liquidation rights. Shareholders are entitled to one vote per Share. All voting rights for the election of directors are noncumulative, which means that the holders of more than 50% of the Shares can elect 100% of the directors then nominated for election if they choose to do so, and in such event, the holders of the remaining Shares will not be able to elect any directors.

*Valuation of Shares*

The price of your Fund shares is based on the NAV of the Fund. The Fund calculates NAV daily, as of the close of the NYSE (generally 4 p.m. Eastern time). For purposes of determining the NAV of a share, the value of the securities held by the Fund plus any cash or other assets (including interest accrued but not yet received) minus all liabilities (including borrowings and accrued interest thereon and other accrued expenses) is divided by the total number of Shares outstanding at such time. Expenses, including the fees payable to the Adviser, the Distributor and the Administrator, are accrued daily and paid monthly.

The NAV per Fund share is based solely on the value of the assets in the Fund. Your price for buying or selling Shares will be the NAV of the Fund that is next calculated after the Fund accepts your order. Your financial advisor or other selected securities dealer is responsible for making sure that your order is promptly sent to the Fund when Shares are purchased in a manner other than through the automatic distribution reinvestment program described in the following paragraph.

All distributions on Shares are reinvested automatically in full and fractional shares at the NAV per Share next determined after the declaration of such distribution. A shareholder at any time, by written notification to the Distributor or a dealer, may request to have subsequent distributions paid in cash, rather than reinvested, in which event payment will be mailed on or about the payment date.

The Board has designated the Adviser as its "Valuation Designee" for overseeing the pricing and valuation of all securities held in the Fund. The Valuation Designee operates under pricing and valuation policies and procedures established and approved by the Board. The policies and procedures set forth the mechanisms and processes to be employed on a daily basis related to the valuation of portfolio securities for the purpose of determining the NAV of the Fund.

The Valuation Designee may consult pricing services approved by the Fund's management and the Board when valuing securities. In arriving at their valuation, pricing sources may use both a grid matrix of securities values as well as the evaluations of their staff. The valuation, in either case, is based on information concerning actual market transactions and quotations from dealers or a grid matrix performed by an outside vendor that reviews certain market and security factors to arrive at a bid price for a specific security. The Adviser can override any price that it believes is not consistent with market conditions.

Generally Accepted Accounting Principles ("***GAAP****"*) provide a framework for measuring fair value and expands disclosures about fair value measurements and requires disclosures surrounding the various inputs that are used in determining the fair value of the Fund's investments. These inputs are summarized in three (3) broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Level 1</u> - Quoted prices in active markets for identical assets and liabilities at the measurement
date. An active market is one in which transactions for the asset occurs with sufficient frequency and volume to provide pricing information
on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Level 2</u> - Are significant inputs other than quoted prices included in Level 1 that are observable
(including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.), either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Level 3</u> - Significant unobservable inputs, for example, inputs derived through extrapolation that
cannot be corroborated by observable market data. These will be developed based on the best information available in the circumstances.
Level 3 inputs will consider the assumptions that market participants would use in pricing the asset, including assumptions about risk
(e.g., credit risk, model risk, etc.).

The Fund maximizes the use of observable inputs and minimizes the use of unobservable inputs, by requiring that the observable inputs be used when available. Fair value is based upon quoted market prices when available. Valuation adjustments are limited to those necessary to ensure that the financial instrument's fair value is adequately representative of the price that would be received or paid in the marketplace. These adjustments include amounts that reflect counterparty credit quality, the Fund's credit standing, constraints on liquidity, and unobservable parameters that are applied consistently.

The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results.

Therefore, the estimated fair value may materially differ from the value that could actually be realized on sale.

<u>Purchase of Shares</u>

Orders for shares received by the Fund in good order prior to the close of business on the NYSE on each day during such periods that the NYSE is open for trading are priced at the public offering price, which is NAV NAV per share computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE, or on a day it is not open for trading, are priced at the close of such NYSE on the next day on which it is open for trading at the next determined NAV value per share plus sales charges, if any. In addition to issuing shares in exchange for cash, the Fund may issue shares in exchange for securities (in kind) at its discretion.

<u>Redemption of Shares</u>

The Fund will redeem all or any portion of a shareholder's shares of the Fund when requested in accordance with the procedures set forth in the "Redemptions" section of the Prospectus. Under the 1940 Act, a shareholder's right to redeem shares and to receive payment therefore may be suspended at times including: (a) when the NYSE is closed, other than customary weekend and holiday closings; (b) when trading on that exchange is restricted for any reason; (c) when an emergency exists as a result of which disposal by the Fund of securities owned is not reasonably practicable or it is not reasonably practicable for the Fund to fairly determine the value of net assets, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or (d) when the SEC by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption.

In case of suspension of the right of redemption, payment of a redemption request will be made based on the NAV value next determined after the termination of the suspension.

Supporting documents in addition to those listed under "Redemptions" in the Prospectus will be required from executors, administrators, trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted to, stock powers, trust instruments, certificates of death, appointments as executor, the certificates of corporate authority and waiver of tax required in some states when settling estates.

**FINANCIAL STATEMENTS**

Cohen & Company, Ltd., located at 1835 Market Street, Suite 310, Philadelphia, PA 19103, is the independent registered public accounting firm for the Fund and has audited the Fund's financial statement included in this registration statement.

---

| |
|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| **FINANCIAL STATEMENTS** |
| May 30, 2025 |

---

**1**

![(LOGO)](at001_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholder and Board of Directors of<br> Atlas U.S. Government Money Market Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities of Atlas U.S. Government Money Market Fund, Inc (the "Fund") as of May 30, 2025, the related statement of operations for the one day then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of cash owned as of May 30, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor for one or more Atlas Asset Management, LLC investment companies since 2023.

![(SIGNATURE)](at002_v1.jpg)

COHEN & COMPANY, LTD.<br> Philadelphia, Pennsylvania<br> June 16, 2025

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

**2**

---

| |
|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| ***STATEMENT OF ASSETS AND LIABILITIES*** |
| **May 30, 2025** |

---

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;Cash | $101000 |
| &nbsp;&nbsp;&nbsp;Deferred Offering Costs | 13863 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 35063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 149926 |
| LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;Accrued Organizational Expenses | 35063 |
| &nbsp;&nbsp;&nbsp;Accrued Offering Costs | 13863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 48926 |
| NET ASSETS | $101000 |
| At May 30, 2025, the components of net assets were as follows: |  |
| Paid-in capital | $101000 |
| 150,000,000 shares at $0.01 Par Value |  |
| CLASS A SHARES |  |
| Shares of beneficial interest outstanding | 5000 |
| Net asset value and maximum offering price per share | $1.00 |
| CLASS I SHARES |  |
| Shares of beneficial interest outstanding | 91000 |
| Net asset value and maximum offering price per share | $1.00 |
| CLASS P SHARES |  |
| Shares of beneficial interest outstanding | 5000 |
| Net asset value and maximum offering price per share | $1.00 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp;Organizational expenses | $50065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 50065 |
| &nbsp;&nbsp;&nbsp;Less: reimbursement from Adviser | (50065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | $— |

---

***See notes to financial statements.***

**3**

---

| |
|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| ***NOTES TO FINANCIAL STATEMENT*** |
| **May 30, 2025** |

---

**(1)** **ORGANIZATION** 

The Atlas U.S. Government Money Market Fund, Inc. (the "Fund" or "Trust") is registered under the Investment Company Act of 1940, as amended (the ''1940 Act''), as a diversified, open-end investment company and operates as a Government Money Market Fund, as defined in Rule 2a-7 under the 1940 Act. The Trust was organized under the laws of the Commonwealth of Puerto Rico on March 18, 2025 and did not have any operations from that date until May 30, 2025, other than those relating to organizational matters and registration of its shares under applicable securities law.

Atlas Asset Management, LLC (the ''Adviser'') serves as the Fund's investment adviser.

The Fund issued 150,000,000 shares of beneficial interest with $0.01 par value, including Class A shares, Class I shares and Class P shares. The initial net asset value per share for Class A shares, Class I shares, and Class P shares, is $1.00 per share. The Adviser purchased the initial shares at $1.00 per share on May 30, 2025. The Fund has a primary investment objective of current income consistent with stability of principal and liquidity.

**(2)** **SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation**

The following is a summary of significant accounting policies used in preparing the financial statement. The accompanying financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

**Organizational and Offering Costs**

Organizational costs are considered expenses of the Fund as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into expense over a 12- month period using the straight- line method.

As of May 30, 2025, the Fund had incurred $50,065 in organizational costs and had $13,863 in deferred offering costs. As of May 30, 2025, all costs incurred by the Fund in connection with its offering and organization are recoupable by the Adviser and are subject to the expense limitation agreement as described in Note 3.

**4**

---

| |
|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| ***NOTES TO FINANCIAL STATEMENT, continued*** |
| **May 30, 2025** |

---

**(2)** **SIGNIFICANT ACCOUNTING POLICIES (continued)** 

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates.

**Tax Information**

It is the policy of the Fund to intend to qualify as a regulated investment company, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or excise tax is necessary.

**Indemnification**

The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**(3)** **INVESTMENT ADVISER** 

Pursuant to an advisory agreement between the Fund and the Adviser, the Adviser is entitled to receive a monthly fee equal to the annual rate of 0.20% of the average daily gross assets of the Fund up to $350 million and 0.15% of the average daily gross assets of the Fund above $350 million.

The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") until January 31, 2027, under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including offering and organizational expenses, but excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iii) borrowing costs (such as interest and dividend expense on securities sold short); (iv) taxes; and (v) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) in order to maintain the Fund's Operating Expenses at a level which is no greater than 1.75%, 1.50%

**5**

---

| |
|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| ***NOTES TO FINANCIAL STATEMENT, continued*** |
| **May 30, 2025** |

---

**(3)** **INVESTMENT ADVISER (continued)** 

and 2.05% of the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively, subject to future reimbursement by the Fund to the extent that they exceed 1.75%, 1.50% and 2.05% of the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively, (the "Expense Limitation"). The fees waived and expenses reimbursed are subject to recoupment by the Adviser within the three years after the date on which the waiver or reimbursement occurred. The Fund will make repayments to the Adviser only if the recoupment does not cause the Fund's expense ratio (after repayment is considered) to exceed both: (i) the Fund's expense limitation in place at the time such amounts were waived or reimbursed, and (ii) the Fund's current expense limitation. This agreement may be terminated only by the Fund's Board on 60 days' written notice to the Adviser. The Adviser has paid $50,065 on the Fund's behalf, which it may recapture by May 30, 2028.

**(4)** **DISTRIBUTION (12B-1) AND SHAREHOLDER SERVICING FEES** 

The Trust, with respect to the Fund, has adopted the Trust's Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 of the 1940 Act, which allows the Fund to pay Northern Lights Distributors, LLC (the "Distributor") an annual fee for distribution and shareholder servicing expenses up to 0.25% of the Fund's average daily net assets of Class A shares and 0.55% of the Fund's average daily net assets of Class P shares.

**(5)** **BENEFICIAL OWNERSHIP AND RELATED PARTY TRANSACTIONS** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. On May 30, 2025, the Investment Adviser owned 100% of the Fund.

**(6)** **INDEMNIFICATIONS** 

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

**6**

---

| |
|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| ***NOTES TO FINANCIAL STATEMENT, continued*** |
| **May 30, 2025** |

---

**(7)** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through the date of issuance of the financial statements and has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**7**

 **Appendix A**

**Glossary of Investment Terms**

This glossary provides a more detailed description of some of the types of securities, investment strategies, and other instruments in which the Fund may invest, as well as some general investment terms. The Fund may invest in these instruments to the extent permitted by its investment objective and policies. The Fund is not limited by this discussion and may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.

*Debt Securities*

***Average-Weighted Effective Maturity*** is a measure of a bond's maturity. The stated maturity of a bond is the date when the issuer must repay the bond's entire principal value to an investor. Some types of bonds may also have an "effective maturity" that is shorter than the stated date due to prepayment or call provisions. Securities without prepayment or call provisions generally have an effective maturity equal to their stated maturity. Average-weighted effective maturity is calculated by averaging the effective maturity of bonds held by a fund with each effective maturity "weighted" according to the percentage of net assets that it represents.

***Bonds*** are debt securities issued by a company, municipality, government, or government agency. The issuer of a bond is required to pay the holder the amount of the loan (or par value of the bond) at a specified maturity and to make scheduled interest payments.

***Debt securities*** are securities representing money borrowed that must be repaid at a later date. Such securities have specific maturities and usually a specific rate of interest or an original purchase discount.

***Duration*** is the time it will take investors to recoup their investment in a bond. Unlike average maturity, duration reflects both principal and interest payments. Generally, the higher the coupon rate on a bond, the lower its duration will be. The duration of a bond portfolio is calculated by averaging the duration of bonds held by a fund with each duration "weighted" according to the percentage of net assets that it represents. Because duration accounts for interest payments, a Fund's duration is usually shorter than its average maturity.

***Fixed-income securities*** are securities that pay a specified rate of return. The term generally includes short- and long-term government, corporate, and municipal obligations that pay a specified rate of interest, dividends, or coupons for a specified period of time. Coupon and dividend rates may be fixed for the life of the issue or, in the case of adjustable and floating rate securities, for a shorter period.

***Real estate investment trust ("REIT")*** is an investment trust that operates through the pooled capital of many investors who buy its shares. Investments are in direct ownership of either income property or mortgage loans.

***U.S. Government securities*** include direct obligations of the U.S. Government that are supported by its full faith and credit. Treasury bills have initial maturities of less than one year, Treasury notes have initial maturities of one to ten years, and Treasury bonds may be issued with any maturity but generally have maturities of at least ten years. U.S. Government securities also include indirect obligations of the U.S. Government that are issued by federal agencies and government sponsored entities. Unlike Treasury securities, agency securities generally are not backed by the full faith and credit of the

U.S. Government. Some agency securities are supported by the right of the issuer to borrow from the Treasury, others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations, and others are supported only by the credit of the sponsoring agency.

***Variable and floating rate securities*** have variable or floating rates of interest and, under certain limited circumstances, may have varying principal amounts. Variable and floating rate securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to some interest rate

index or market interest rate (the "underlying index"). The floating rate tends to decrease the security's price sensitivity to changes in interest rates.

*Other Investments, Strategies, and/or Techniques*

***Diversification*** is a classification given to a fund under the 1940 Act and the Puerto Rico Investment Companies Act of 2013, as amended (the "***2013 Act***"). Funds are classified as either "diversified" or "non-diversified." To be classified as "diversified" under the 1940 Act and the 2013 Act, a fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in any issuer and may not own more than 10% of the outstanding voting securities of an issuer. A fund that is classified as "no diversified" under the 1940 Act and the 2013 Act, may not invest more than 25% of its assets, including cash, in the outstanding voting securities of any single issuer. Because the appreciation or depreciation of a single security may have a greater impact on the net asset value of a fund which is classified as no diversified, its share price can be expected to fluctuate more than a comparable fund which is classified as diversified.

***Repurchase agreements*** involve the sale of a security by a fund to another party (generally a bank or dealer) in return for cash and an agreement by the fund to buy the security back at a specified price and time. This technique will be used primarily to provide cash to satisfy unusually high redemption requests, or for other temporary or emergency purposes.

***Reverse Repurchase agreements*** involve the purchase of a security by a fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the fund at a specified date or upon demand. This technique offers a method of earning income on idle cash. These securities involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security.

 **Appendix B**

The following is a description of credit ratings issued by three of the major credit rating agencies. Credit ratings evaluate only the safety of principal and interest payments, not the market value risk of lower quality securities. Credit rating agencies may fail to change credit ratings to reflect subsequent events on a timely basis. Although AAM considers security ratings when making investment decisions, it also performs its own investment analysis and does not rely solely on the ratings assigned by credit agencies.

*S&P Global Ratings*

**Description of Issue Credit Rating Definitions of S&P Global Ratings ("*S&P*")**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices.

***Long-Term Issue Credit Ratings***

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The likelihood of payment--the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The nature of and provisions of the financial obligation, and the promise S&P imputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA**

An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

**AA**

An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**

An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**

An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C**

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB**

An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B**

An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**

An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC**

An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C**

An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**

An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\*The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

***Short-Term Issue Credit Ratings***

**A-1**

A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**

A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**

A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B**

A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C**

A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D**

A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

*Fitch Ratings*

**Description of Fitch Ratings, Inc.'s ("*Fitch*" or "*Fitch Ratings*") Credit Ratings**

Fitch Ratings' credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. The agency's credit ratings cover the global spectrum of corporate, sovereign (including supranational and sub-national), financial, bank, insurance, municipal and other public finance entities and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

The terms "investment grade" and "speculative grade" have established themselves over time as shorthand to describe the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade). The terms "investment grade" and "speculative grade" are market conventions, and do not imply any recommendation or endorsement of a specific security for investment purposes. "Investment grade" categories indicate relatively low to moderate credit risk, while ratings in the "speculative" categories either signal a higher level of credit risk or that a default has already occurred.

A designation of "Not Rated" or "NR" is used to denote securities not rated by Fitch where Fitch has rated some, but not all, securities comprising an issuance capital structure.

Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are not predictive of a specific frequency of default or loss. For information about the historical performance of ratings please refer to Fitch's Ratings Transition and Default studies which detail the historical default rates and their meaning. The European Securities and Markets Authority also maintains a central repository of rating default rates.

Fitch Ratings' credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the extent that it influences the ability of an issuer to pay upon a commitment. Ratings nonetheless do not reflect

market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked bonds).

In the default components of ratings assigned to individual obligations or instruments, the agency typically rates to the likelihood of non-payment or default in accordance with the terms of that instrument's documentation. In limited cases, Fitch Ratings may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation). In such cases, the agency will make clear the assumptions underlying the agency's opinion in the accompanying rating commentary.

***Corporate Finance Obligations – Long-Term Rating Scales***

Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.

The relationship between issuer scale and obligation scale assumes an historical average recovery of between 30%-50% on the senior, unsecured obligations of an issuer. As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the same as that entity's issuer rating or IDR. At the lower end of the ratings scale, Fitch Ratings now additionally publishes explicit Recovery Ratings in many cases to complement issuer and obligation ratings.

**AAA: Highest credit quality.**

'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA: Very high credit quality.**

'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A: High credit quality.**

'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB: Good credit quality.**

'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**BB: Speculative.**

'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B: Highly speculative.**

'B' ratings indicate that material credit risk is present.

**CCC: Substantial credit risk.**

'CCC' ratings indicate that substantial credit risk is present.

**CC: Very high levels of credit risk.**

'CC' ratings indicate very high levels of credit risk.

**C: Exceptionally high levels of credit risk.**

'C' indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Note**: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' obligation rating category, or to corporate finance obligation ratings in the categories below 'CCC'.

The subscript 'emr' is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to market risk.

***Short-Term Ratings***

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

**F1: Highest short-term credit quality.**

Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2: Good short-term credit quality.**

Good intrinsic capacity for timely payment of financial commitments.

**F3: Fair short-term credit quality.**

The intrinsic capacity for timely payment of financial commitments is adequate.

**B: Speculative short-term credit quality.**

Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C: High short-term default risk.**

Default is a real possibility.

**RD: Restricted default.**

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D: Default.**

Indicates a broad-based default event for an entity, or the default of a short-term obligation.

*Moody's*

**Description of Moody's Investors Service, Inc.'s ("*Moody's*") Ratings:**

**Moody's Global Rating Scales**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually

promised payments and the expected financial loss suffered in the event of default.[1](#note_ftn1) Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.[2](#note_ftn2)

Moody's differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The (sf) indicator was introduced on August 11, 2010 and explained in a special comment entitled, "Moody's Structured Finance Rating Scale." The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however, Moody's aspire to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

***Global Long-Term Rating Scale***

**Aaa**

Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**

Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**

Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa**

Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**

Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**

Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**

Obligations rated Caa are judged to be speculative of poor standing and `are subject to very high credit risk.

**Ca**

Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**

Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Note**: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. Modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\* Note: For more information on long-term ratings assigned to obligations in default,

------

[1](#note_ftnref1)For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investors' expectations for timely payment, the ratings reflect the likelihood of impairment and the expected financial loss in the event of impairment.

[2](#note_ftnref2)For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investors' expectations for timely payment, the ratings reflect the likelihood of impairment.

please see the definition "Long-Term Credit Ratings for Defaulted or Impaired Securities" in the Other Definitions section of this publication. *\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.*

***Global Short-Term Rating Scale***

**P-1**

Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2**

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

**P-3**

Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP**

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Appendix C – Proxy Voting Policies**

**ATLAS ASSET MANAGEMENT LLC**

**PROXY VOTING POLICY**

<u>Principles</u>

Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services we provide to our advisory clients who have authorized us to address these matters on their behalf. Our guiding principles in performing proxy voting are to make decisions that favor proposals that in Atlas's view maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect Atlas's belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. Atlas has adopted the policies and procedures set out below regarding the voting of proxies.

<u>Process</u>

To implement these guiding principles for investments in publicly traded equities for which Atlas has voting power on any record date, we follow proxy voting guidelines that have been developed by Atlas portfolio management. The guidelines embody the positions and factors Atlas generally considers important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, changes in capital structure, the election of directors, executive and director compensation, corporate transactions, issues of corporate social responsibility and various shareholder proposals. The portfolio management team may use Industry Service Provider ("ISP") to provide research and voting recommendations for proxies relating to equity securities in accordance with the ISP's guidelines. The principles and positions reflected in this Policy are designed to guide the portfolio management team in voting proxies, and not necessarily in making investment decisions.

<u>Guidelines</u>

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Routine Matters* 

We generally support routine management proposals.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Board of directors* 

Elections - In vote decisions, we may take into consideration whether the company has a majority voting policy in place that we believe makes the director vote more meaningful. In the absence of a proxy contest, we generally support the board's nominees for director.

Board independence - We generally support shareholder proposals requiring that a majority percentage of the company's board members be independent directors, and promoting independent audit, compensation, and nominating/governance committees.

Board diversity - We generally support shareholder proposals urging diversity of board membership with respect to gender, race, or other factors where we believe the board has failed to take these factors into account.

Separation of Chairman and CEO - We vote on shareholder proposals to separate the referenced duties.

Director retirement age and term limits – We generally favor age and term limits.

Majority voting - We generally support proposals requesting or requiring majority voting policies in election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Corporate deals & proxy fights* 

We will seek to act on such proposals on a case-by-case basis in a manner that the portfolio management team believe is most likely to enhance the economic value of the underlying securities.

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Changes in capital structure* 

We will seek to act on such proposals on a case-by-case basis in a manner that the portfolio management team believe is most likely to protect and enhance existing rights and do not dilute voting rights and discounted to existing market valuations.

&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Executive and director's compensation* 

We generally support proposals that would provide employees with competitive equity compensation plans that would align with shareholder interests; reasonable fees to outside independent directors; employee stock purchase plans at reasonable market valuations and other proposals that may require the portfolio management team to analyze on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Auditors* 

We generally support management proposals for selection or ratification of independent auditors, unless firm has sustained credibility issues as a result of irregularities.

&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Social Issues* 

We generally support proposals that would enhance disclosure on employee and board diversity, including gender, race, among other factors.

<u>Recordkeeping</u>

Atlas must maintain the documentation described in this Policy for a period of not less than five (5) years from the end of the fiscal year, and the first two (2) years at its principal place of business. Atlas will be responsible for the following procedures and for ensuring that the required documentation is retained. Atlas may engage an ISP to retain the proxy voting records on behalf of Its clients.

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**PROXY VOTING POLICY**

 **Adopted: May 14, 2025**

The Board of Directors (the "Board") of the Atlas U.S. Government Money Market Fund, Inc. (the "Fund") acknowledges its duty to supervise the voting of proxies relating to securities held by the Fund. The power to vote proxies may be delegated to a fund's investment adviser, and it is the policy of the Fund to so delegate voting authority to Atlas Asset Management, LLC (the "Adviser"). The Adviser has accepted the delegation to vote proxies of securities held by the Fund and shall vote such proxies in accordance with the Adviser's own proxy voting policies, practices, and procedures; provided that the Adviser shall vote such proxies in what it deems to be in the best interests of the Fund's shareholders and in a manner that is consistent with this Proxy Voting Policy, as amended from time to time by the Board.

To ensure that the Adviser's voting policies, practices and procedures are in the best interests of the Fund's shareholders and consistent with this Proxy Voting Policy, the Adviser shall review with the Executive Committee of the Board any proposed material changes or amendments to the Adviser's proxy voting policies, practices, and procedures prior to implementation.

To ensure that the Adviser is voting proxies in accordance with this Proxy Voting Policy, the Board may require the Adviser to submit proxy voting reports to the Board as deemed necessary or appropriate by the Board.

PART C

OTHER INFORMATION

Item 28. Exhibits.

Each of the Exhibits incorporated by reference below are found in File Nos. 811-24068, 333-286213.

(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Certificate of Incorporation dated March 18, 2025, as filed with the Secretary of State of Puerto Rico previously filed with the Registrant's Registration Statement on Form N-1A on March 28, 2025 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/2063200/000158064225001973/ex99a-i.htm)

(b) [By-Laws. By-Laws of the Registrant are filed herewith](ex-28b.htm).

(c) Instruments Defining Rights of Security Holder. None other than in the Certificate of Incorporation and By-Laws of the Registrant.

(d) [Investment Advisory Contracts. Investment Advisory Agreement between Registrant and Atlas Asset Management LLC is filed herewith](ex-28d.htm).

(e) [Underwriting Contracts. Distribution Agreement between Registrant and Northern Lights Distributors, LLC is filed herewith.](ex-28e.htm)

(f) Bonus or Profit Sharing Contracts. None.

(g) [Custodian Agreements. Custody Agreement between Registrant and U.S. Bank, N.A.is filed herewith](ex-28g.htm).

(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC is filed herewith](ex-28hi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Fee Waiver and Reimbursement Agreement between Registrant and Atlas Asset Management, LLC is filed herewith](ex-28hii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC is filed herewith.](ex-28hiii.htm)

(i) [Legal Opinion and Consent of Thompson Hine LLP is filed herewith](ex-28i.htm).

(j) Other Opinions. Report of the Independent Registered Public Accounting Firm is filed with the Financial Statements in the Statement of Additional Information and incorporated by reference.

(k) Omitted Financial Statements. None.

(l) Initial Capital Agreements. None.

(m) Rule 12b-1 Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Class A Master Distribution and Shareholder Servicing Plan is filed herewith.](ex-28mi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Class P Master Distribution and Shareholder Servicing Plan is filed herewith](ex-28mii.htm) .

(n) [Rule 18f-3 Plans. Plan is filed herewith](ex-28n.htm).

(o) *Reserved.*

 

(p) Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Code of Ethics of Registrant is filed herewith](ex-28pi_mmf.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Code of Ethics of Atlas Asset Management LLC is filed herewith](ex-28pii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Code of Ethics of Northern Lights Distributors, LLC is filed herewith](ex-28piii_nld.htm) .

(q) [Powers of Attorney. Power of Attorney for Paul Hopgood, Fernando Nido, Jorge Padilla and Jaime Pandal are filed herewith](ex-28q.htm).

Item 29. Control Persons. None.

Item 30. Indemnification.

Article VI of the Registrant's By-Laws, incorporated herein by reference as Exhibit (b), provides as follows:

Each Officer and each Director of the Corporation shall be indemnified by the Fund to the fullest extent permitted under the laws of Puerto Rico and the United States. No amendment to these By-Laws or repeal of any provision hereof shall limit or eliminate the benefits provided to Directors under this provision in connection with any act or omission that occurred prior to such amendment or repeal.

Each Officer and Director of the Corporation claiming indemnification within the scope of this Article VI shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him in connection with proceedings to which he is a party in the manner and to the fullest extent permitted under applicable law without a preliminary determination as to his ultimate entitlement to indemnification (except as set forth below); provided, however, that the person seeking indemnification shall provide to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance, if it should ultimately be determined that the standard of conduct has not been met, and provided further that at least one of the following additional conditions is met: (a) the person seeking indemnification shall provide a security in form and amount acceptable to the Corporation for his undertaking; (b) the Corporation is insured against losses arising by reason of the advance; (c) a majority of a quorum of non-party Independent Directors, or independent legal counsel in a written opinion, shall determine, based on a review of facts readily available to the Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.

The Corporation may purchase insurance on behalf of an Officer or Director protecting such person to the fullest extent permitted under the laws of Puerto Rico, from liability arising from his activities as Officer or Director of the Corporation. The Corporation, however, may not purchase insurance on behalf of any Officer or Director of the Corporation that protects or purports to protect such person from liability to the Corporation or to its stockholders to which such Officer or Director would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.

The Corporation may indemnify, make advances or purchase insurance to the extent provided in this Article VI on behalf of an employee who is not an Officer or Director of the Corporation.

Section 8 of the Investment Advisory Agreement between Registrant and Atlas Asset Management, LLC (the "Adviser") incorporated herein by reference to exhibit (d)(1), provides for the indemnification of Atlas against certain losses as follows:

Limitation of Liability of the Adviser. The Adviser shall not be liable for any loss, expense, cost, or liability arising out of any error in judgment or any action or omission, including any instruction given to the Custodian unless (i) such action or omission involved an officer, director, employee, or agent of the Adviser and (ii) such loss, expense,

cost or liability arises out of the Adviser's negligence, malfeasance or bad faith or results in a material violation by the Adviser or any sub-adviser of the terms and conditions of the Ruling. The Adviser may rely on any notice or communication (written or oral) reasonably believed by it to be genuine. These limitations shall not relieve the Adviser from any responsibility or liability for any responsibility, obligation or duty that the Adviser may have under state statutes, the laws of Puerto Rico, or any federal securities law which is not waivable. Any person, even though also an officer, partner, employee, or agent of the Adviser or its affiliates, who may be or become a director, employee, or agent of the Fund shall be deemed, when rendering services to the Fund or acting with respect to any business of the Fund, to be rendering such service to or acting solely for the Fund and not as a director, employee, or agent or one under the control or direction of the Adviser or such affiliates even though paid by it. Nothing herein shall be deemed a waiver of any rights which the Fund may have pursuant to applicable securities laws or regulations.

The Master Services Agreement (the "Agreement") with Ultimus Fund Solutions, LLC (the "Administrator") provides that each of the Fund and Administrator (each an "Indemnifying Party") agree to indemnify, defend, and protect the other party, including its directors, managers, officers, employees, and other agents (collectively, the "Indemnitees" and each an "Indemnitee"), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively, "Losses") arising directly or indirectly out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to the Agreement and the activities thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of the Agreement.

Sections 11.3 and Section 11.4 of the Distribution Agreement between Registrant and Northern Lights Distributors, Inc. (the "Distributor") incorporated herein by reference to exhibit (e), provides for the indemnification of the Distributor against certain losses as follows:

11.3 Indemnification

A. Each party (the "Indemnifying Party") agrees to indemnify, defend, and protect the other party, including its trustees or directors, officers, employees, and other agents (collectively, the "Indemnitees"), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including attorney fees and investigation expenses) (collectively, "Losses") arising directly or indirectly out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities hereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

B. Notwithstanding the foregoing provisions, the Corporation, any applicable Fund, and the Advisor shall indemnify Distributor for Distributor's Losses arising from circumstances under Section 11.2.A.

C. Upon the assertion of a claim for which any party may be required to indemnify another party, the party seeking indemnification shall promptly notify the other party(ies) of such assertion, and shall keep the other party(ies) advised with respect to all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in the defense of such claim or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the indemnifying party's prior written consent.

11.4 Dealer Agreement Indemnification

A. Distributor acknowledges and agrees that certain dealers require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings, and indemnification that are not included in the Distributor's standard dealer agreement (the "Standard Dealer Agreement").

B. To the extent that Distributor is requested or required by the Corporation to enter into any Non- Standard Dealer Agreement, the Corporation shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Corporation or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

Item 31. Business and Other Connections of Investment Advisor. Atlas Asset Management, LLC serves as investment adviser to the Fund. The executive officers of the Adviser are listed in the investment adviser registration on Form ADV for the Adviser (File No. 801-119872) and are hereby incorporated herein by reference thereto.

Item 32. Principal Underwriter.

(a) Northern Lights Distributors, LLC ("NLD"), is the principal underwriter for the Fund.

NLD also acts as principal underwriter for the following open-end investment companies:

Atlas U.S. Tactical Income Fund, Inc., Boyar Value Fund, Inc., Capitol Series Trust, Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust, Humankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, OCM Mutual Fund, The North Country Funds, Texas Capital Funds Trust, The Saratoga Advantage Trust, Segall Bryant & Hamill Trust, Tributary Funds, Inc., Two Roads Shared Trust, Ultimus Managers Trust, Unified Series Trust, Valued Advisers Trust and Zacks Trust.

NLD also acts as principal underwriter for the following closed-end investment companies:

CIM Real Assets & Credit Fund, PREDEX, Princeton Everest Fund and Quantified Eckhardt Managed Futures Strategy Fund.

(b) NLD is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The principal business address of NLD is 4221 North 203rd St., Suite 100, Elkhorn, NE 68022. NLD is an affiliate of Ultimus Fund Solutions, LLC. Both NLD and Ultimus Fund Solutions, LLC are under common ownership of The Ultimus Group, LLC. To the best of Registrant's knowledge, the following are the members and officers of NLD:

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices** <br> **with Underwriter**  | **Positions and Offices** <br> **with the Fund**  |
| Kevin Guerette | President | None |
| Stephen Preston | Treasurer, Chief Compliance Officer, Financial Operations Principal, and AML Compliance Officer | None |
| William J. Strait | Secretary, General Counsel | None |
| David James | Manager | None |
| Melvin Van Cleave | Manager, Chief Information Security Officer | None |

---

(c) Not Applicable. No underwriting commissions are paid in connection with the sale of Registrant's Shares.

Item 33. Location of Accounts and Records.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Atlas Asset Management, LLC, Buchanan Office Center, Road 165 #40, Suite 201, Guaynabo PR 00968 (records
related to its services as the Registrant's investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Northern Lights Distributors, LLC, 4221 North 203rd St., Suite 100, Elkhorn, NE 68022 (records related
to its services as the Registrant's distributor).

Ultimus Fund Solutions, LLC, 4221 North 203rd St., Suite 100, Elkhorn, NE 68022 (records related to its services as the Registrant's administrator and transfer agent).

&nbsp;&nbsp;&nbsp;&nbsp;(3) U.S. Bank, N.A., 425 Walnut Street, Cincinnati, OH 45202 (records related to its services as the
Registrant's custodian).

Item 34. Management Services. None.

Item 35. Undertakings. None.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Guaynabo, Puerto Rico, on the 18th day of June, 2025.

**ATLAS U.S. GOVERNMENT** 

 **MONEY MARKET FUND, INC.**

By: <u>/s/ Paul Hopgood\*</u> 

President and Director

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

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <br><u>/s/ Paul Hopgood\*</u> <br> Paul Hopgood <br>| <br>President and Director  | <br>June 18, 2025 <br>|
| <br><u>/s/ Jaime Pandal\*</u> <br> Jaime Pandal <br>| <br>Vice-President, Secretary, Treasurer and Director  | <br>June 18, 2025 <br>|
| <br><u>/s/ Fernando Nido\*</u> <br> Fernando Nido <br>| <br>Director  | <br>June 18, 2025 <br>|
| <br><u>/s/ Jorge Padilla\*</u> <br> Jorge Padilla <br>| <br>Director  | <br>June 18, 2025 <br>|

---

\* By: <u>/s/ Philip B. Sineneng</u>

Philip B. Sineneng

Attorney in Fact pursuant to Powers of Attorney filed herewith

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
|  | <u>Exhibit No.</u> |
| [By-Laws of the Registrant](ex-28b.htm) | [28(b)](ex-28b.htm) |
| [Investment Advisory Agreement between Registrant and Atlas Asset Management, LLC](ex-28d.htm) | [28(d)](ex-28d.htm) |
| [Distribution Agreement between Registrant and Northern Lights Distributors, LLC](ex-28e.htm) | [28(e)](ex-28e.htm) |
| [Custody Agreement between Registrant and U.S. Bank, N.A.](ex-28g.htm) | [28(g)](ex-28g.htm) |
| [Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC](ex-28hi.htm) | [28(h)(i)](ex-28hi.htm) |
| [Fee Waiver and Reimbursement Agreement between Registrant and Atlas Asset Management LLC](ex-28hii.htm) | [28(h)(ii)](ex-28hii.htm) |
| [Consulting Agreement between Registrant and Northern Lights Compliance Services LLC](ex-28hiii.htm) | [28(h)(iii)](ex-28hiii.htm) |
| [Legal Opinion of Thompson Hine LLLP](ex-28i.htm) | [28(i)](ex-28i.htm) |
| [Class A Master Distribution and Shareholder Servicing Plan](ex-28mi.htm) | [28(m)(i)](ex-28mi.htm) |
| [Class P Master Distribution and Shareholder Servicing Plan](ex-28mii.htm) | [28(m)(ii)](ex-28mii.htm) |
| [Rule 18f-3 Multiple Class Plan](ex-28n.htm) | [28(n)](ex-28n.htm) |
| [Code of Ethics of Registrant](ex-28pi_mmf.htm) | [28(p)(i)](ex-28pi_mmf.htm) |
| [Code of Ethics of Atlas Asset Management LLC](ex-28pii.htm) | [28(p)(ii)](ex-28pii.htm) |
| [Code of Ethics of Northern Lights Distributors LLC](ex-28piii_nld.htm) | [28(p)(iii)](ex-28piii_nld.htm) |
| [Powers of Attorney](ex-28q.htm) | [28(q)](ex-28q.htm) |

---

## Ex-99.B

**BY-LAWS**

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**ARTICLE I**

<u>OFFICES</u>

The principal office of the Corporation in the Commonwealth of Puerto Rico shall be located at Buchanan Office Center, Suite 201, Road 165 #40, Guaynabo, Puerto Rico 00968, and its telephone number is (787) 781-1301. The Corporation may have such other offices within the Commonwealth of Puerto Rico ("Puerto Rico") as the Board of Directors may designate or as the business of the Corporation may require from time to time.

**ARTICLE II**

<u>STOCKHOLDERS</u>

**1.**  **<u>Annual Meeting</u>** 

Beginning with the year 2026, the annual meeting of the stockholders shall be held at least sixty (60) days after the end of the fiscal year of the Corporation, but never more than one hundred and twenty (120) days after such date and at such time as may be designated by the Board of Directors, for the purpose of electing Directors and for the transaction of such other business as may come before the meeting (an "Election Meeting"). If the day fixed for the annual meeting shall be a legal holiday, such meeting shall be held on the next succeeding business day.

**2.**  **<u>Special Meetings</u>** 

Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by law, may be called only by the President or by the majority of the Directors.

**3.**  **<u>Place of Meeting</u>** 

The Directors may designate any place within Puerto Rico as the place of meeting for any annual meeting or for any special meeting called by the Directors. A waiver of notice signed by all stockholders entitled to vote at a meeting may designate any place within Puerto Rico, as the place for holding such meeting. If no designation is made, or if a special meeting is otherwise called, the place of meeting shall be the principal office of the Corporation.

**4.**  **<u>Notice of Meeting</u>** 

Written or printed notice stating the place, day and hour of the meeting and, in case of a special meeting the purpose or purposes for which the meeting is called shall be delivered not less than twenty (20) nor more than fifty (50) days before the date of the meeting, either personally or by mail, by or at the direction of the President, or the Secretary, or the Director or Directors calling the meeting, to each stockholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail, addressed to the

stockholder at his address as it appears on the stock transfer books of the Corporation, with postage thereon prepaid.

Notice of any meeting of stockholders shall be deemed waived by any stockholder who shall attend such meeting in person or by proxy, or who shall, either before or after the meeting, submit a signed waiver of notice which is filed with the records of the meeting. When a meeting is adjourned to another time and place, unless the Board of Directors after the adjournment shall fix a new record date for an adjourned meeting, or the adjournment is for more than one hundred and twenty (120) days after the original record date, notice of such adjourned meeting need not be given if the time and place to which the meeting shall be adjourned were announced at the meeting at which the adjournment is taken.

**5.**  **<u>Advance Notice of Stockholder Proposals and Nominations</u>** 

At any annual or special meeting of stockholders, proposals by stockholders and persons nominated for election as Directors by stockholders shall be considered only if advance notice thereof has been timely given as provided herein and such proposals or nominations are otherwise proper for consideration under applicable law, the Certificate of Incorporation and the By-Laws of the Corporation. Notice of any proposal to be presented by any stockholder in the name of any person to be nominated by any stockholder for election as a Director of the Corporation at any meeting of stockholders shall be delivered to the Secretary of the Corporation at its principal executive office not less than thirty (30) nor more than fifty (50) days prior to the date of the meeting; provided, however, that if the date of meeting is first publicly announced or disclosed (in a public filing or otherwise) less than forty (40) days prior to the date of the meeting, such notice shall be given not more than ten (10) days after such date is first so announced or disclosed. Public notice shall be deemed to have been given more than forty (40) days in advance of the annual meeting if the Corporation shall have previously disclosed, in these by-laws or otherwise, that the annual meeting in each year is to be held on a determinable date, unless and until the Board determines to hold the meeting on a different date. Any stockholder who gives notice of any such proposal shall deliver therewith the text of the proposal to be presented and a brief written statement of the reasons why such stockholder favors the proposal and setting forth such stockholder's name and address, the number and class of all shares of each class of stock of the Corporation beneficially owned by such stockholder and any material interest of such stockholder in the proposal (other than as a stockholder). Any stockholder desiring to nominate any person for election as a Director of the Corporation shall deliver with such notice a statement in writing setting forth the name of the person to be nominated, the number and class of all shares of each class of stock of the Corporation beneficially owned by such person, the information regarding such person as would be required by paragraphs (a), (e) and (f) of Item 401 of Regulation S-K adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation subsequently adopted by the Securities and Exchange Commission substituting such provisions or applicable to the Corporation), such person's signed consent to serve as a Director of the Corporation if elected, such stockholder's name and address and the number and class of all shares of each class of stock of the Corporation beneficially owned by such stockholder (collectively, the "Qualifying Information"). As used herein, shares "beneficially owned" shall mean all shares as to which such person, together with such person's affiliates and associates (as defined in Rule 12b-2 under the Securities Exchange Act of 1934), may be deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as well as all shares as to which

such person, together with such person's affiliates and associates has the right to become the beneficial owner pursuant to any agreement or understanding, or upon the exercise of warrants, options or rights to convert or exchange (whether such rights are immediately or only after the passage of time or the occurrence of conditions). The Chairman or person presiding at the meeting in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall determine whether such notice has been duly given and shall direct that proposals and nominees not be considered if such notice has not been given.

**6.**  **<u>Closing of Transfer Books or Fixing of Record Date</u>** 

For the purpose of determining stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or stockholders entitled to receive payment of any dividend, or in order to make a determination of stockholders for any other proper purpose, the Directors of the Corporation may provide that the stock transfer books shall be closed for a stated period not to exceed, in any case, fifty (50) days. If the stock transfer books shall be closed for the purpose of determining stockholders entitled to notice of or to vote at a meeting of stockholders, such books shall be closed for at least twenty (20) days immediately preceding such meeting. In lieu of closing the stock transfer books, the Directors may fix in advance a date as the record date for any such determination of stockholders, such date in any case to be not more than fifty (50) days and, in case of a meeting of stockholders, not less than twenty (20) days prior to the date on which the particular action requiring such determination of stockholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of stockholders entitled to notice of or to vote at a meeting of stockholders, or stockholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the Resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of stockholders.

When a determination of stockholders entitled to vote at any meeting of stockholders has been made as provided in this section, such determination shall apply to any adjournment thereof.

**7.**  **<u>Voting Lists</u>** 

The Officer or agent having charge of the stock transfer books for shares of the Corporation shall make, at least twenty (20) days before each meeting of stockholders, a complete list of the stockholders entitled to vote at such meeting, or at any adjournment thereof, arranged in alphabetical order, with the address of and the number of shares held by each, which list, for a period of ten (10) days prior to such meeting, shall be kept on file at the principal office of the Corporation and shall be subject to inspection by any stockholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any stockholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence as to who are the stockholders entitled to examine such list or transfer books or to vote at the meeting of stockholders.

**8.**  **<u>Quorum</u>** 

At any meeting of stockholders more than one-half of the outstanding shares of the Corporation entitled to vote, represented in person or by proxy, shall constitute a quorum. If less than said

number of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The stockholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.

**9.**  **<u>Proxies</u>** 

At all meetings of stockholders, a stockholder may vote by proxy executed in writing by the stockholder or by his duly authorized attorney-in-fact. Such proxy shall be filed with the Secretary of the Corporation before or at the time of the meeting. No proxy shall be valid after the expiration of one year from the date thereof, unless otherwise provided in the proxy.

**10.**  **<u>Voting</u>** 

Each stockholder entitled to vote in accordance with the terms and provisions of the Certificate of Incorporation and these By-Laws shall be entitled to one vote (or fraction thereof), in person or by proxy, for each share of stock (or fraction thereof) entitled to vote held by such stockholder. Upon the demand of any stockholder, the vote for Directors and upon any question before the meeting shall be by ballot. All elections for Directors shall be decided by plurality vote (i.e. by the candidate who receives the greatest number of votes if two or more candidates compete for the same directorship): all other questions shall be decided by majority vote of those stockholders present in person or by proxy except as otherwise provided by the Certificate of Incorporation or the laws of Puerto Rico.

**11.**  **<u>Order of Business</u>** 

The order of business at all Election Meetings of the stockholders, shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Roll
Call

&nbsp;&nbsp;&nbsp;&nbsp;2. Proof
of Notice of Meeting or Waiver of Notice

&nbsp;&nbsp;&nbsp;&nbsp;3. Reading
of minutes of preceding meeting

&nbsp;&nbsp;&nbsp;&nbsp;4. Reports
of Officers

&nbsp;&nbsp;&nbsp;&nbsp;5. Reports
of Committees

&nbsp;&nbsp;&nbsp;&nbsp;6. Election
of Directors

&nbsp;&nbsp;&nbsp;&nbsp;7. Unfinished
Business

&nbsp;&nbsp;&nbsp;&nbsp;8. New
Business

**12.**  **<u>Consent of Stockholders in Lieu of Meeting</u>** 

Unless otherwise provided by law any action required to be taken at a meeting of the stockholders, or any other action which may be taken at a meeting of the stockholders, maybe taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the stockholders entitled to vote with respect to the subject matter thereof.

**ARTICLE II**

<u>BOARD OF DIRECTORS</u>

**1.**  **<u>General Powers</u>** 

Except as otherwise provided in the Certificate of Incorporation, the business and affairs of the Corporation shall be managed under the direction of the Board of Directors. All powers of the Corporation may be exercised by or under authority of the Board of Directors except as conferred on or reserved to the stockholders by law or by the Certificate of Incorporation or these By-Laws. The Directors shall in all cases act as a Board.

**2.**  **<u>Number, Tenure and Qualifications</u>** 

**3.**  **<u>Election and Term of Directors</u>** 

Directors shall be elected annually at a meeting of stockholders held for that purpose as provided in the Certificate of Incorporation. The Board of Directors may nominate any person for election as a Director not less than thirty (30) nor more than fifty (50) days before the Election Meeting, after obtaining Qualifying Information. In addition, each "Independent Director" (as such term is defined in the Code of Ethics to be adopted by the Board of Directors) may only be replaced with another Independent Director. The Independent Directors, collectively, shall at all times represent a majority of the Board.

The term of office of each Director shall be from the time of his election and qualification until the election of Directors next succeeding his election and until his successor shall have been elected and shall have qualified or until his death, or until he shall have resigned or until December 31 of the year in which he shall have reached eighty (80) years of age, or until he shall have been removed as hereinafter provided in these By-Laws, or as otherwise provided by statute or the Certificate of Incorporation.

**4.**  **<u>Resignation</u>** 

A Director may resign at any time by giving written notice to the Board, the President or the Secretary of the Corporation. Unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Board or such Officer, and the acceptance of the resignation shall not be necessary to make it effective.

**5.**  **<u>Removal of Directors</u>** 

Any Director of the Corporation may be removed only by the stockholders by a vote of seventy-five percent (75%) of the votes entitled to be cast for the election of Directors. Such vote may be effected through a declaration in writing or by proxy at a meeting called for such purpose. A meeting will be called by the Board of Directors at the written request of stockholders of record representing not less than twenty-five percent (25%) of the outstanding shares of the Fund.

**6.**  **<u>Vacancies</u>** 

Any vacancies in the Board, whether arising from death, resignation, removal, an increase in the number of Directors or any other cause, may be filled by a vote of a majority of the Directors then in office, although less than a quorum exists, or by a sole remaining Director. A Director elected to fill a vacancy caused by resignation, death or removal shall be elected to hold office for the unexpired term of his predecessor.

**7.**  **<u>Place of Meetings</u>** 

Meetings of the Board may be held at any place as the Board may from time to time determine or as shall be specified in the notice of such meeting; provided, however, that no such meeting shall be held outside of Puerto Rico.

**8.**  **<u>Regular Meetings</u>** 

A regular meeting of the Directors shall be held without other notice than these By-Laws immediately after, and at the same place as, the annual meeting of stockholders, The Directors may provide, by Resolution, the time and place for the holding of additional regular meetings without other notice than such resolution.

**9.**  **<u>Special Meetings</u>** 

Special meetings of the Directors may be called by or at the request of the President or any two Directors. The person or persons authorized to call special meetings of the Directors may fix the place for holding any special meeting of the Directors called by them.

**10.**  **<u>Notice of Special Meetings</u>** 

Notice of each special meeting of the Board shall be given by the Secretary as hereinafter provided, in which notice shall be stated the time and place of the meeting. Notice of each such meeting shall be delivered to each Director, either personally or by telephone or any standard form of telecommunication at least forty-eight (48) hours before the time at which such meeting is to be held, or by first-class mail, postage prepaid, addressed to him at his residence or usual place of business, at least five (5) days before the day on which such meeting is to be held.

**11.**  **<u>Waiver of Notice of Meetings</u>** 

Notice of any special meeting need not be given to any Director who shall, either before or after the meeting, sign a written waiver of notice which is filed with the records of the meeting. Except as otherwise specifically required by the By-Laws, a notice or waiver of notice of any meeting need not state the purposes of such meeting. The attendance of the Director at a meeting shall constitute a Waiver of Notice of such meeting, except when a Director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened.

**12.**  **<u>Quorum and Voting</u>** 

One-third, but not less than two, of the members of the entire Board shall be present in person at any meeting of the Board in order to constitute a quorum for the transaction of business at such meeting, and except as otherwise expressly required by the Certificate of Incorporation, these By-Laws, or other applicable statute, the act of a majority of the Directors present at any meeting at which a quorum is present shall be the act of the Board. In the absence of a quorum at any meeting of the Board, a majority of the Directors present thereat may adjourn such meeting to another time and place until a quorum shall be present thereat. Notice of the time and place of any such adjourned meeting shall be given to the Directors who were not present at the time of the adjournment and, unless such time and place were announced at the meeting at which the adjournment was taken, to the other Directors. At any adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally called.

**13.**  **<u>Organization</u>** 

The Board may, by resolution adopted by a majority of the entire Board, designate a Chairman of the Board, who shall preside at each meeting of the Board. In the absence or inability of the Chairman of the Board to preside at a meeting, the President or, in his absence or inability to act, another Director chosen by a majority of the Directors present, shall act as chairman of the meeting and preside thereat. The Secretary (or, in his absence or inability to act, any person appointed by the Chairman) shall act as secretary of the meeting and keep the minutes thereof.

**14.**  **<u>Written Consent of Directors in Lieu of a Meeting</u>** 

Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case maybe, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the Board or committee.

**15.**  **<u>Compensation</u>** 

No compensation shall be paid to Directors, as such, for their services, but by resolution of the Board a fixed sum and expenses for attendance at each regular or special meeting of the Board may be authorized. Nothing herein contained shall be construed to preclude any Director from serving the Corporation in any other capacity and receiving compensation therefor.

**16.**  **<u>Investment Policies</u>** 

The Board may delegate the duty of management of the assets and administration of its day to day operations to a management company and/or investment adviser that is organized and whose principal place of business is in Puerto Rico, pursuant to a written contract or contracts. It shall be the duty of the Board of Directors to ensure that the purchase, sale, retention and disposal of portfolio securities and the other investment practices of the Corporation, as implemented by any management company and/or investment adviser to the Corporation, are at all times consistent with the investment objective, policies and restrictions recited in the Prospectus of the Corporation used in connection with the initial public offering of the Corporation's common stock.

**17.**  **<u>Presumption of Assent</u>** 

A Director of the Corporation who is present at a meeting of the Directors at which action on any corporate matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the Secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the Secretary of the Corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favor of such action.

**ARTICLE IV**

<u>COMMITTEES</u>

**1.**  **<u>Executive Committee</u>** 

The Board may, by resolution adopted by a majority of the entire Board, designate an Executive Committee consisting of two or more of the Directors of the Corporation, which committee shall have and may exercise all the powers and authority of the Board with respect to all matters other than:

&nbsp;&nbsp;&nbsp;&nbsp;i. the
submission to stockholders of any action requiring authorization of stockholders pursuant to statute or the Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;ii. the
filling of vacancies on the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;iii. the
approval or termination of any contract with an investment adviser, management company or principal underwriter or distributor;

&nbsp;&nbsp;&nbsp;&nbsp;iv. the
amendment or repeal of these By-Laws or the adoption of new By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;v. the
amendment or repeal of any resolution of the Board which by its terms may be amended or repealed only by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;vi. the
declaration of dividends and the issuance of capital stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;vii. the
 approval of any merger or share exchange which does not require stockholder approval; and

&nbsp;&nbsp;&nbsp;&nbsp;viii. the
election or removal of Officers of the Corporation.

The Executive Committee shall keep written minutes of its proceedings and shall report such minutes to the Board. All such proceedings shall be subject to revision or alteration by the Board; provided, however, that third parties shall not be prejudiced by such revision or alteration.

**2.**  **<u>Other Committee of the Board</u>** 

The Board of Directors may from time to time, by resolution adopted by a majority of the whole Board, designate one or more other committees of the Board, each such committee to consist of two or more Directors and to have such powers and duties as the Board of Directors may, by resolution, prescribe.

**3.**  **<u>General</u>** 

One-third, but not less than two, of the members of any committee shall be present in person at any meeting of such committee in order to constitute a quorum for the transaction of business at such meeting, and the act of a majority present shall be the act of such committee. The Board may designate a chairman of any committee and such chairman or any two members of any committee may fix the time and place of its meetings unless the Board shall otherwise provide. In the absence or disqualification of any member of any committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. The Board shall have the power at any time to change the membership of any committee to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee. Nothing herein shall be deemed to prevent the Board from appointing one or more committees consisting in whole or in part of persons who are not Directors of the Corporation, provided however, that no such committee shall have or may exercise any authority or power the Board to the management of the business or affairs of the Corporation.

**ARTICLE V**

<u>OFFICERS</u>

**1.**  **<u>Number</u>** 

The Officers of the Corporation shall be a President, the Vice Presidents, a Secretary and a Treasurer, each of whom shall be elected by the Directors. Such other Officers and Assistant Officers as may be deemed necessary may be elected or appointed by the Directors.

**2.**  **<u>Election and Term of Office</u>** 

The Officers of the Corporation to be elected by the Directors shall be elected annually at the first meeting of the Directors. Each Officer shall hold office until his successor shall have been duly

elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.

**3.**  **<u>Removal</u>** 

Any Officer or agent elected or appointed by the Directors may be removed by the Directors whenever in their judgment the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.

**4.**  **<u>Vacancies</u>** 

A vacancy in any Officer because of death, resignation, removal, disqualification or otherwise, may be filled by the Directors for the unexpired portion of the term.

**5.**  **<u>President</u>** 

The President shall be the principal executive Officer of the Corporation and, subject to the control of the Directors, shall in general supervise and control all of the business and affairs of the Corporation. The President shall, when present, preside at all meetings of the stockholders and of the Directors. He may sign, with the Secretary or any other Officer of the Corporation thereunto authorized by the Directors, certificates for shares of the Corporation, any deeds, mortgages, bonds, contracts, or other instruments which the Directors have authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Directors or by these By Laws to some other Officer or agent of the Corporation, or shall be required by law to be otherwise signed or executed; and in general shall perform all duties incident to the office of the President and such other duties as may be prescribed by the Directors from time to time. The President or at least one Vice President shall be a resident of Puerto Rico.

**6.**  **<u>Vice President</u>** 

A Vice President shall perform such other duties as from time to time maybe assigned to him by the President or by the Directors. The Board of Directors may appoint any number of Vice Presidents.

**7.**  **<u>Secretary</u>** 

The Secretary shall keep the minutes of the stockholders' and of the Directors' meetings in one or more books provided for that purpose, see that all notices are duly given in accordance with the provisions of these By-Laws or as required, be a custodian of the corporate records and of the seal of the Corporation and keep a register of the office address of each stockholder which shall be furnished to the Secretary by such stockholder, have general charge of the stock transfer books of the Corporation and in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the President or by the Directors. The Secretary or at least one Assistant Secretary shall be a resident of Puerto Rico.

**8.**  **<u>Assistant Secretary</u>** 

The Assistant Secretary shall substitute the Secretary in his absence in which he shall keep the minutes of the stockholders and of the Directors' meetings in one or more books provided for that purpose, see that all notices are duly given in accordance with the provisions of these By-Laws or as required, be custodian of the corporate records and of the seal of the Corporation and keep a register of the post office address of each stockholder which shall be furnished to the Secretary by such stockholder, have general charge of the stock transfer books of the Corporation and in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the President or by the Directors.

**9.**  **<u>Treasurer</u>** 

If required by the Directors, the Treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Directors shall determine. He shall have charge and custody of and be responsible for all funds and securities of the Corporation; receive and give receipts for moneys due and payable to the Corporation from any source whatsoever, and deposit all such moneys in the name of the Corporation in such banks, trust companies or other depositories as shall be selected in accordance with these By-Laws and in general perform all of the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him by the President or by the Directors.

**10.**  **<u>Salaries</u>** 

The salaries of the Officers shall be fixed from time to time by the Directors and no Officer shall be prevented from receiving such salary by reason of the fact that he is also a Director of the Corporation.

**ARTICLE VI**

<u>INDEMNIFICATION</u>

Each Officer and each Director of the Corporation shall be indemnified by the Fund to the fullest extent permitted under the laws of Puerto Rico and the United States. No amendment to these By-Laws or repeal of any provision hereof shall limit or eliminate the benefits provided to Directors under this provision in connection with any act or omission that occurred prior to such amendment or repeal.

Each Officer and Director of the Corporation claiming indemnification within the scope of this Article VI shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him in connection with proceedings to which he is a party in the manner and to the fullest extent permitted under applicable law without a preliminary determination as to his ultimate entitlement to indemnification (except as set forth below); provided, however, that the person seeking indemnification shall provide to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance, if it should ultimately be determined that the standard of conduct has not been met, and provided further that at least one of the following additional conditions is met: (a) the person seeking indemnification shall provide a security in form

and amount acceptable to the Corporation for his undertaking; (b) the Corporation is insured against losses arising by reason of the advance; (c) a majority of a quorum of non-party Independent Directors, or independent legal counsel in a written opinion, shall determine, based on a review of facts readily available to the Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.

The Corporation may purchase insurance on behalf of an Officer or Director protecting such person to the fullest extent permitted under the laws of Puerto Rico, from liability arising from his activities as Officer or Director of the Corporation. The Corporation, however, may not purchase insurance on behalf of any Officer or Director of the Corporation that protects or purports to protect such person from liability to the Corporation or to its stockholders to which such Officer or Director would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.

The Corporation may indemnify, make advances or purchase insurance to the extent provided in this Article VI on behalf of an employee who is not an Officer or Director of the Corporation.

**ARTICLE VII**

<u>CONTRACTS, LOANS, CHECKS AND DEPOSITS</u>

**1.**  **<u>Contracts</u>** 

The Directors may authorize any Officer or Officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Corporation, and such authority may be general or confined to specific instances.

**2.**  **<u>Loans</u>** 

No loans shall be contracted on behalf of the Corporation and no evidences of indebtedness shall be issued in its name unless authorized by a Resolution of the Directors. Such authority may be general or confined to specific instances.

**3.**  **<u>Checks, Drafts. Etc.</u>** 

All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by such Officer or Officers, agent or agents of the Corporation and in such manner as shall from time to time be determined by Resolution of the Directors.

**4.**  **<u>Deposits</u>** 

All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositaries as the Directors may select.

**ARTICLE VIII**

<u>CERTIFICATES FOR SHARES AND THEIR TRANSFER</u>

**1.**  **<u>Certificates for Shares</u>** 

Certificates representing shares of the Corporation shall be in such form as shall be determined by the Directors. Such certificates be signed by the President and by the Secretary or by such other Officers authorized by law and by the Directors. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the stockholders, the number of shares and date of issue shall be entered on the stock transfer books of the Corporation. All certificates surrendered to the Corporation for transfer shall be canceled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and canceled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the Corporation as the Directors may prescribe. If such certificate is manually signed by one Officer or manually countersigned by a Transfer Agent, any other signature on the certificate may be a facsimile. In case any Officer or Transfer Agent who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such Officer or Transfer Agent before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such Officer or Transfer Agent at the date of the issue.

**2.**  **<u>Transfer of Shares</u>** 

<br> Upon surrender to either the Corporation or the Transfer Agent of the Corporation of a Certificate of Shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, and cancel the old certificate; every such transfer shall be entered on the transfer books of the Corporation which shall be kept at the Transfer Agent's principal office.<br>

The Corporation shall be entitled to treat the holder of record of any share as the holder in fact thereof, and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share on the part of any other person whether or not it shall have express or other notice thereof, except as expressly provided by the laws of Puerto Rico.<br>

**ARTICLE IX**

<u>FISCAL YEAR</u>

The fiscal year of the Corporation shall be fixed by the Board of Directors.

**ARTICLE X**

<u>DIVIDENDS</u>

The Directors may from time to time declare, and the Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law.

**ARTICLE XI**

<u>SEAL</u>

The Directors shall provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the Corporation, the year of incorporation and the words "Corporate Seal" and "Puerto Rico."

**ARTICLE XII**

<u>DEPOSITORIES AND CUSTODIANS</u>

**1.**  **<u>Depositories</u>** 

The funds of the Corporation shall be deposited with such banks or other companies as the Board of Directors of the Corporation may time to time determine.

**2.**  **<u>Custodians</u>** 

All securities and other investments shall be deposited in the safekeeping of such banks or other companies as the Board of Directors of the Corporation may from time to time determine.

**ARTICLE XIII**

<u>INDEPENDENT PUBLIC ACCOUNTANTS</u>

The firm of independent certified public accountants which shall audit the financial statements of the Corporation which are filed with the Commissioner of Financial Institutions shall be selected annually by the Board of Directors.

**ARTICLE XIV**

<u>ANNUAL STATEMENT</u>

The financial statements of the Corporation shall be audited by an independent firm of certified public accountants at the close of each annual period of the Corporation or at such other times as may be directed by the Board. A report to the stockholders based upon each such examination shall be mailed to each stockholder of the Corporation of record on such date with respect to each report as may be determined by the Board, at his address as the same appears on the books of the Corporation. Such annual statement shall also be available at the annual meeting of stockholders, if any, and within twenty (20) days after the meeting (or, in the absence of an annual meeting, within twenty (20) days after the end of the month of October following the end of the fiscal year), be placed on file at the Corporation's principal office. Each such report shall show the assets and liabilities of the Corporation as of the close of the annual or quarterly period covered by the report and the securities in which the funds of the Corporation were then invested. Such report shall also show the Corporation's income and expenses for the period from the end of the Corporation's preceding fiscal year to the close of the annual or quarterly period covered by the report, and shall set forth such other matters as the Board shall determine.

## Ex-99.D

**INVESTMENT ADVISORY AGREEMENT**

AGREEMENT made as of June 18, 2025 (this "Agreement") by and between the Atlas U.S. Government Money Market Fund, Inc. (the "Fund"), a corporation organized under the laws of the Commonwealth of Puerto Rico ("Puerto Rico"), and Atlas Asset Management, LLC (the "Adviser"), a limited liability company duly organized and having its principal office and principal place of business in Puerto Rico.

**WHEREAS**, the Fund is a diversified, leveraged, open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

**WHEREAS**, the Fund's board of directors ("Board") has established shares of Class A, Class I and Class P common stock (the "Shares");

**WHEREAS**, the Fund desires to retain the Adviser to furnish investment advisory services to the Fund; and

**WHEREAS**, the Adviser has full capacity and is willing to provide investment advisory services to the Fund on the terms and conditions set forth herein and is registered as an investment adviser under the provisions of the 1940 Act, the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act") or under the Puerto Rico Uniform Securities Act, as applicable;

**NOW, THEREFORE**, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Appointment</u>** 

The Fund hereby appoints the Adviser as investment adviser of the Fund for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services set forth herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Duties as Investment Adviser</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision of the Board, the Adviser will provide or arrange for the provision of a complete and continuous investment program for the Fund, including investment research and/or management with respect to securities and investments and cash equivalents of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser agrees that in placing orders with brokers and dealers, it will attempt to obtain the best price and most favorable execution; provided that the Adviser may, in its discretion, purchase and sell Fund securities to and from brokers and dealers who provide the Fund with research analysis, statistical or pricing advice, or similar services. In selecting brokers and dealers, the Adviser will consider the full range and quality of a broker's or dealer's services. Factors considered by the Adviser in selecting brokers and dealers may include the following: (i) the level of commissions; (ii) the speed in effecting trades; (iii) the size of the order; (iv) the trading

characteristics of the security; (v) the availability of accurate information affecting choices as to the most favorable market center for execution and the availability of technical aids to process such information; (vi) the cost and difficulty of achieving an execution in a particular market center; and (vii) the research and other services provided by that broker or dealer to the Adviser (and the Adviser's arrangements relating thereto) that are expected to enhance the Adviser's general fund manager capabilities, notwithstanding that the Fund may not be the direct or exclusive beneficiary of those services. While the Adviser may generally seek the best price in placing orders, the Fund may not necessarily be paying the lowest price available. Commission rates are one factor considered together with other factors. The Adviser will not be obligated to seek in advance competitive bidding for the most favorable commission rate applicable to any particular transaction for the Fund or to select any broker or dealer on the basis of its purported "posted" commission rate. The Adviser, in its discretion, may cause the Fund to pay a commission for effecting a transaction for the Fund in excess of the amount another broker or dealer would have charged for effecting that transaction, provided that the Adviser has determined in good faith that such commission is reasonable in relation to the value of the brokerage and/or research provided by the broker or dealer to the Adviser. The Adviser will not purchase securities at a higher price or sell securities at a lower price than would otherwise be paid if no weight was attributed to the services provided by the executing dealer. Research services furnished by the brokers or dealers through which the Adviser effects securities transactions may be used by the Adviser in advising its other clients (including persons affiliated with the Adviser), and conversely, such research services furnished to the Adviser in connection with other clients may be used in advising the Fund. The Adviser will seek to allocate the opportunity to purchase or sell a security or investment among advisory clients, although there can be no assurance of equality of treatment among all clients or that any investment will be proportionally allocated among clients according to any particular or predetermined standards or criteria. Where, because of prevailing market conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the Fund, transactions for the Fund may be reported with the average price of these transactions. The Adviser may, on an aggregated basis, purchase or sell the same security for more than one client to obtain a favorable price to the extent permitted by applicable law. These orders may be averaged as to price and allocated as to amount according to each client's daily purchase or sale orders or some other basis deemed equitable by the Adviser. The Fund recognizes that in some cases this procedure may adversely affect the results obtained for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may engage on behalf of the Fund in securities and other transactions with its affiliates (or other dealers), transactions in securities for which one of its affiliates, as that term is defined under the 1940 Act, was a member of the underwriting syndicate, transactions in securities of which one of its affiliates or other advisory clients of the Adviser is the issuer, and investment in or deposits with such affiliates. In no instance will portfolio securities or other investments be purchased from or sold to the Adviser or any affiliated person or with any party with whom the Adviser has entered into an agreement pursuant to Paragraph 3 of this Agreement or affiliated person thereof, except in accordance with such procedures as are determined necessary or appropriate by the Board, and particularly the Independent Directors (as defined in the Fund's Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser will, directly or through its agents, maintain or oversee the maintenance of all books and records with respect to the securities transactions conducted by it on behalf of the Fund, or from any sub-adviser retained directly by the Adviser, or otherwise required under the provisions of the 1940 Act, and will furnish to the Board with such periodic and special reports as the Board may reasonably request. The Adviser hereby agrees that all books and records which it maintains for the Fund are the property of the Fund and will be maintained in accordance with the provisions of the 1940 Act, and it agrees to preserve for six years, the first two years in an easily accessible place, any books and records that it maintains for the Fund, and further agrees to surrender promptly to the Fund any books and records that it maintains for the Fund upon request by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall vote all proxies solicited by or with respect to the issuers of securities invested in by the Fund, subject to such policies and procedures as the Board of Directors in a manner which best serves the interests of the Fund's shareholders. The Adviser may delegate proxy voting to a third-party company provided, however, that the Adviser remains liable for the proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Retention by the Adviser of a Sub-Investment Adviser</u>** 

Subject to approval by the Board of Directors and Fund shareholders, the Adviser may enter into one or more agreements with another party in which such other party may render advice and assistance in connection with any or all of its duties specified in Paragraph 2 of this Agreement; provided that the Adviser will retain responsibility for the activities of such other party with respect to the Fund. The Adviser will disclose fully to the Board in advance and describe in the Prospectus the terms of any agreement entered into pursuant to this Paragraph including, but not limited to, the compensation to be paid, and will notify the Board in advance of any change in the terms of such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Further Duties</u>** 

In all matters relating to the performance of this Agreement, the Adviser will act in conformity with (i) the Articles of Incorporation of the Fund or any supplement thereto, (ii) any By-Laws and/or Code of Ethics, or other procedures or policies of the Fund adopted by and the Board, the current Prospectus, the Ruling, and application for registration as an investment company under the Act, and (iii) will comply with the requirements of the 1940 Act and any other applicable laws and regulations of the United States and Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Services Not Exclusive</u>** 

The services furnished by the Adviser hereunder are not to be deemed exclusive and the Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Adviser, who may also be a director, officer, or employee of the Fund, to engage in any other business or to devote his or her time and attention in part to the

management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Expenses</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Fund will bear all expenses of the Adviser, except those expenses specifically assumed by the Adviser, incurred in the Fund's operations and the offering of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses borne by the Fund will include, but not be limited to, the following (which shall be in addition to the fees payable to, and expenses incurred on behalf of the Fund by, the Adviser under this Agreement): (1) the costs (including brokerage commissions, if any) of securities purchased or sold by the Fund and any losses incurred in connection therewith; (2) organizational expenses, including legal expenses, of the Fund, whether or not advanced by the Adviser; (3) filing fees and expenses relating to the registration of the Fund under the laws of Puerto Rico; (4) fees and salaries payable to the Independent Directors; (5) all expenses incurred in connection with the Independent Directors' services, including travel expenses; (6) taxes (including any income or franchise taxes) and governmental fees (including transfer taxes); (7) costs of any liability, uncollectible items of deposit and any other insurance or fidelity bonds; (8) any costs, expenses, or losses arising out of a liability of or claim for damages or other relief asserted against the Fund for violation of any law; (9) any Fund legal fees and disbursements, including legal fees of counsel for the Independent Directors, if one is retained; (10) accounting and auditing expenses; (11) fees and disbursements of custodians and securities depositories; (12) expenses of printing and distributing reports to Shareholders; (13) any extraordinary expenses, including reasonable fees and disbursements of litigation counsel, and indemnification expenses incurred by the Fund; (14) fees, voluntary assessments, and other expenses incurred in connection with membership in investment company or trade organizations; (15) costs of preparing, printing, mailing and tabulating proxies and costs of meetings of Shareholders, the Board and any committees thereof; (16) the cost of investment company literature and other publications provided to the Board; (17) costs of mailing, stationery and communications equipment; (19) interest charges on borrowings; and (18) the cost of preparing, printing, and mailing certificates, if any, representing Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund, on behalf of the Adviser, may pay directly any expense incurred by the Fund in its normal operations and, if any such payment is consented to by the Adviser and acknowledged as otherwise payable by the Adviser pursuant to this Agreement, the Fund may reduce the fee payable to the Adviser pursuant to Paragraph 7 hereof by such amount. To the extent that such deductions exceed the fee payable to the Adviser on any monthly payment date, such excess shall be carried forward and deducted in the same manner from the fee payable on succeeding monthly payment dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser agrees to pay all its own expenses incurred in connection with this Agreement, including any compensation for services provided to the Fund by its officers, directors and/or employees who are affiliated with the Adviser or its affiliates and any compensation for services rendered by any person retained pursuant to Paragraph 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The payment or assumption by the Adviser of any expense of the Fund that the Adviser is not required by this Agreement to pay or assume shall not obligate the Adviser to pay or assume the same or any similar expense of the Fund on any subsequent occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Compensation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For services related to the Fund, the Adviser will receive an annual investment advisory fee not to exceed (i) 0.20% of the average daily gross assets of the Fund up to $350 million, (ii) 0.15% of the average daily gross assets of the Fund for the next $200 million, payable monthly, it being understood that the Adviser shall pay any fees related to the engagement of sub-advisers, or consultants, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fee for each calendar month shall be accrued daily and payable monthly to the Adviser on or before the last business day of the next succeeding calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement becomes effective or terminates before the end of any month, the fees paid from the assets of the Fund for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion which such period bears, to the full month in which such effectiveness or termination occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>Limitation of Liability of the Adviser</u>** 

The Adviser shall not be liable for any loss, expense, cost, or liability arising out of any error in judgment or any action or omission, including any instruction given to the custodian unless (i) such action or omission involved an officer, director, employee, or agent of the Adviser and (ii) such loss, expense, cost or liability arises out of the Adviser's negligence, malfeasance or bad faith or results in a material violation by the Adviser or any sub-adviser of the terms and conditions of the Ruling. The Adviser may rely on any notice or communication (written or oral) reasonably believed by it to be genuine. These limitations shall not relieve the Adviser from any responsibility or liability for any responsibility, obligation or duty that the Adviser may have under state statutes, the laws of Puerto Rico, or any federal securities law which is not waivable. Any person, even though also an officer, partner, employee, or agent of the Adviser or its affiliates, who may be or become a director, employee, or agent of the Fund shall be deemed, when rendering services to the Fund or acting with respect to any business of the Fund, to be rendering such service to or acting solely for the Fund and not as a director, employee, or agent or one under the control or direction of the Adviser or such affiliates even though paid by it. Nothing herein shall be deemed a waiver of any rights which the Fund may have pursuant to applicable securities laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>Duration and Termination</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved during a duly

called in-person meeting of the Board of Directors by a majority of the Board, including a majority of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, this Agreement shall continue automatically for successive annual periods; provided that such continuance is specifically approved <u>at least annually</u> by a majority vote of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of penalty, by a majority vote of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Adviser or by the Adviser at any time, without the payment of any penalty, on 60 days' written notice to the Fund. This Agreement will automatically terminate in the event of its assignment, except that the rights and obligations hereunder may be transferred to another person if all of the following conditions are met: (i) the transferee is a person directly or indirectly controlling, controlled by, or under common control with the Adviser ("Affiliate"), (ii) such Affiliate is organized and has its principal place of business in Puerto Rico, (iii) in the opinion of counsel to the Fund, such transfer would not constitute an assignment within the meaning of the provisions of the 1940 Act, and (iv) the Board must have received at least 30 days' prior written notice of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary herein provided, in the event of a breach by the Fund of its obligations hereunder, the recourse of the Adviser shall be limited to the assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>Amendment of this Agreement</u>** 

No provision of this Agreement may be changed, waived, discharged, or terminated orally, except by an instrument signed by the party against whom enforcement of the change, waiver, discharge, or termination is sought, and no amendment of this Agreement shall be effective until approved by vote of a majority of the Fund's outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**  **<u>Governing Law</u>** 

This Agreement shall be construed in accordance with the 1940 Act and the laws of the Commonwealth of Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>Miscellaneous</u>** 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**IN WITNESS WHEREOF**, the parties hereto have caused this instrument to be executed by their officers designated as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **ATLAS U.S. GOVERNMENT MONEY <br> MARKET FUND, INC.** | **ATLAS U.S. GOVERNMENT MONEY <br> MARKET FUND, INC.** | **ATLAS ASSET MANAGEMENT, LLC,** investment adviser for Atlas U.S. Government Money Market Fund, Inc. | **ATLAS ASSET MANAGEMENT, LLC,** investment adviser for Atlas U.S. Government Money Market Fund, Inc. |
| By: | /s/ Paul Hopgood | By: | /s/ Paul Hopgood |
| Paul Hopgood | Paul Hopgood | Paul Hopgood | Paul Hopgood |
| President | President | President | President |

---

## Ex-99.E

**Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be<br> competitively harmful if publicly disclosed.**

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (this "**Agreement**"), dated May 14, 2025, is made by and among **Atlas U.S. Government Money Market Fund, Inc.** (the "**Corporation**"), **Atlas Asset Management LLC** (the "**Advisor**"), and **Northern Lights Distributors, LLC**, a limited liability company organized under the laws of the state of Nebraska ("**Distributor**").

**<u>Background</u>**

The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and it desires that Distributor act as the Corporation's principal underwriter and distribute shares of beneficial interest (the "**Shares**") of each of its series listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Distributor is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

1. Applicable
Law

For the duties and responsibilities under this Agreement, each party is currently abiding, and will continue to abide, by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the U.S. Securities and Exchange Commission ("**SEC**") and its authorized regulatory agencies and organizations, including the Financial Industry Regulatory Authority, Inc. ("**FINRA**"); and all other self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law**").

2. Appointment
of Distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** The
Corporation retains Distributor to act as the exclusive agent for the distribution of the Shares on behalf of each Fund and to perform
the distribution services as set forth below (collectively, the "**Services** "). Distributor accepts such employment to
perform the Services. While this Agreement is in force, the Corporation shall not sell any Shares except on the terms set forth in this
Agreement. Notwithstanding any other provision hereof, the Corporation may terminate, suspend, or withdraw the offering of Shares whenever,
in its sole discretion, it deems such action to be desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** Distributor
does not agree to sell any specific number of Shares. Distributor, as agent for the Corporation, undertakes to sell Shares on a reasonable
efforts basis only against orders therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** The
Corporation reserves the right to issue any Shares at any time directly to existing holders of Shares ()"**Shareholders** ")
or to other persons at not less than the public offering price (as defined below) and to issue Shares in exchange for substantially all
the assets of any corporation or trust or for the shares of any corporation or trust.

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 1 of 18

3. Distribution
Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** Distributor
will have the right, as agent for the Corporation, to enter into dealer agreements with responsible investment dealers, and to sell Shares
to such investment dealers against orders therefor at the public offering price (as defined below) stated in the Corporation's
effective Registration Statement on Form N-1A under the 1940 Act and the Securities Act of 1933, each as amended (the "**Securities Act** "), including the then-current prospectus and statement of additional information (the "**Registration Statement** ").
Upon receipt of an order to purchase Shares from a dealer with whom Distributor has a dealer agreement, Distributor will promptly cause
such order to be filled by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Distributor
will also have the right, as agent for the Corporation, to sell such Shares to the public against orders therefor at the public offering
price (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** Distributor
will also have the right to take, as agent for the Corporation, all actions which, in Distributor's reasonable judgment, are necessary
to carry into effect the distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** The
" **public offering price**" for the Shares of each Fund shall be the respective net asset value ()"**NAV** ")
of the Shares of that Fund then in effect, plus any applicable sales charge determined in the manner set forth in the Registration Statement
or as permitted by the 1940 Act and the rules and regulations promulgated by the SEC or other applicable regulatory agency or self- regulatory
organization under the oversight of the SEC. In no event shall any applicable sales charge exceed the maximum sales charge permitted
by the Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.*** The
NAV of the Shares of each Fund shall be determined in the manner provided in the Registration Statement, and when determined shall be
applicable to transactions as provided for in the Registration Statement. The NAV of the Shares of each Fund shall be calculated by the
Corporation or by another entity on behalf of the Corporation. Distributor shall have no duty to inquire into or liability for the accuracy
of the NAV per Share as calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.6.*** On
every sale, the Corporation shall receive the applicable NAV of the Shares promptly, but in no event later than the third business day
following the date on which Distributor shall have received an order for the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.7.*** Upon
receipt of purchase instructions, Distributor will transmit such instructions to the Corporation or its transfer agent for the issuance
and registration of the Shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.8.*** Distributor,
as agent of and for the account of the Corporation, may repurchase the Shares at such prices and upon such terms and conditions as shall
be specified in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.9.*** Distributor
shall maintain membership with the National Securities Clearing Corporation ()"**NSCC**") and any other similar successor
organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through FundSERV. The Distributor
shall not be responsible for any operational matters associated with FundSERV or networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.10.*** Distributor
will review all proposed advertising materials and sales literature for compliance with

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 2 of 18

Applicable Law and shall file such materials with appropriate regulators as required by current laws and regulations. Distributor agrees to furnish the Corporation with any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.11.*** Distributor
shall prepare or cause to be prepared reports for the Board of Directors (the "**Board**") of the Corporation regarding
its activities under this Agreement as reasonably requested by the Corporation's Board, including reports regarding the use of
assets accrued pursuant to a Rule 12b-1 plan adopted by the Corporation, if any.

4. Allocation
of Charges and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Distributor
shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** In
the performance of its obligations under this Agreement, Distributor will pay only the costs incurred in qualifying as a broker or dealer
under state and federal laws and in establishing and maintaining its relationships with the dealers selling the Shares. All other costs
in connection with the offering of the Shares will be paid by the Corporation, a Fund, or the Advisor in accordance with agreements between
them as permitted by Applicable Law. These costs include, but are not limited to, distribution fees, shareholder servicing fees, set-up
costs, or other fees or compensation paid to the dealers or others selling or servicing the Shares, licensing fees, filing fees (including
to FINRA), travel expenses, and such other expenses as may be incurred by Distributor on behalf of the Corporation or a Fund.

5. Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** The
Corporation, a Fund, or the Advisor shall pay for the Services to be provided by Distributor under this Agreement in accordance with,
and in the manner set forth in, the fee letter attached to this Agreement ()"**Fee Letter** "), which may be amended from
time to time. The Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** If
this Agreement becomes effective subsequent to the first day of a month or terminates before the last day of a month, Distributor's
compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation
of the fees as set forth in the Fee Letter. The Corporation, a Fund, or the Advisor shall promptly pay Distributor's compensation
for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** In
the event that the SEC, FINRA, or any other regulator or self-regulatory authority adopts regulations and requirements relating to the
payment of fees to underwriters or which would result in any material increases in costs to provide the Services under this Agreement,
the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and provide for additional
compensation for Distributor as mutually agreed to by the parties.

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 3 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** In
the event that any fees are disputed, the Corporation, a Fund, or the Advisor shall, on or before the due date, pay all undisputed amounts
due hereunder and notify Distributor in writing of any disputed fees which it is disputing in good faith. Payment for such disputed fees
shall be due on or before the tenth (10<sup>th</sup>) business day after the day on which Distributor provides to the Corporation documentation
which reasonably supports the disputed charges.

6. Maintenance
of Books and Records; Record Retention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Distributor
shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by Applicable
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Ownership
of Records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor
agrees that all such books, records, and other data (except computer programs and procedures) developed to perform the Services (collectively,
" **Client Records**") shall be the property of the Corporation or a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Distributor
agrees to provide the Client Records of the Corporation or a Fund upon reasonable request, and to make such books and records available
for inspection by the Corporation, a Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Distributor
agrees to furnish to the Corporation or a Fund, at the expense of the Corporation or Fund, all Client Records in the electronic or other
medium in which such material is then maintained by Distributor as soon as practicable after any termination of this Agreement. Unless
otherwise required by Applicable Law, Distributor shall promptly turn over to the Corporation or Fund, or, upon the written request of
the Corporation or Fund, destroy the Client Records maintained by Distributor pursuant to this Agreement. If Distributor is required
by Applicable Law to maintain any Client Records, it will provide the Corporation or Fund with copies as soon as reasonably practical
after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.*** Distributor
agrees to keep confidential all Client Records, except when requested to divulge such information by duly constituted authorities or
court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.4.*** If
Distributor is requested or required to divulge such information by duly constituted authorities or court process, Distributor shall,
unless prohibited by law, promptly notify the Corporation or Fund of such request(s) so that the Corporation or Fund may seek an appropriate
protective order.

7. Effective
Date

This Agreement shall become effective as of the date first written above with respect to each Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences operation) (the "**Agreement Effective Date**").

8. Subcontracting

Distributor may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Distributor shall not be relieved of any of its obligations under this Agreement by the

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 4 of 18

appointment of such subcontractor, that Distributor shall be responsible, to the extent provided in Section 11, for all acts of a subcontractor.

9. Term;
Amendments; Successor Investment Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 9, for
a period of two (2) years from the date first written above (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Agreement shall renew for successive one (1) year periods (a "**Renewal Term**") subject to annual approval of such continuance by the Board of the Corporation, including the approval of a majority
of the Directors of the Corporation who are not interested persons of the Corporation or of Distributor by vote cast in person at a meeting
called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Assignment.* This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment, as that term is
defined in the 1940 Act, by Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Termination.* Either the Corporation or Distributor may at any time terminate this Agreement with respect to any Fund on sixty (60) days'
written notice delivered or mailed by registered mail, postage prepaid, to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Final Payment **.*** Any unpaid compensation or reimbursement of expenses is due to Distributor within 15 calendar days of the termination
date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Transition.* Upon termination of this Agreement, Distributor will cooperate with any reasonable request of the Corporation to effect a prompt
transition to a new underwriter selected by the Corporation. Distributor shall be entitled to collect from the Corporation, a Fund and/or
the Advisor, in addition to the compensation described in the applicable Fee Letter, the amount of all of Distributor's cash disbursements
reasonably made for services in connection with Distributor's activities in effecting such termination, including, without limitation,
the delivery to the Corporation or its designees the Corporation's property, records, instruments, and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.***  ***Amendments.*** This Agreement may be amended only if such amendment is approved (i) by Distributor and (ii) by the Board of the Corporation,
including the approval of a majority of the Directors of the Corporation who are not interested persons of the Corporation or of Distributor
by vote cast in person at a meeting called for the purpose of voting on such approval.

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 5 of 18

10. Additional
Funds or Classes of Shares

In the event that the Corporation establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become a Fund or class of shares of a Fund (if applicable), under this Agreement and shall be added to Schedule A, subject to approval by the Board of the Corporation, including the approval of a majority of the Directors of the Corporation who are not interested persons, by vote cast in person at a meeting called for the purpose of voting on such approval.

11. Standard
of Care; Limits of Liability; Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied
duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its
obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising directly or indirectly out of such
party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise directly or indirectly
out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations
and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Limits
of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor
shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
Services or duties pursuant to any instruction, notice, or other instrument that Distributor reasonably believes to be genuine and to
have been signed or presented by a duly authorized representative of the Corporation or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
under its own initiative, in good faith and in accordance with the standard of care set forth herein, in performing its duties or the
Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any
default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever caused by events beyond Distributor's
reasonable control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any
error, action or omission by the Corporation or other past underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Distributor
may apply to the Corporation at any time for instructions and may consult with counsel for the Corporation or a Fund, counsel for the
Corporation's independent Directors, and with accountants and other experts with respect to any matter arising in connection with
Distributor's duties or the Services. Distributor shall not be liable or accountable for any action taken or omitted by it in good
faith in accordance with such instruction or with the reasonable opinion of such counsel, accountants, or other experts qualified to
render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
copy of the Corporation's Declaration of Corporation is on file with the Secretary of the State of incorporation, and notice is
hereby given that this instrument is executed on

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 6 of 18

behalf of the Corporation and not the Directors individually and that the obligations of this instrument are not binding upon any of the Directors, officers, or Shareholders individually, and that such obligations are binding only upon the assets and property of the Corporation (or if the matter relates only to a particular Fund, then that particular Fund), and Distributor shall look only to the assets of the Corporation (or the particular Fund), for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Distributor
shall not be held to have notice of any change of authority of any officer, agent, representative, or employee of the Corporation, the
Advisor, or any of the Corporation's other service providers, until receipt of written notice from the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
Board has and retains primary responsibility for oversight of all compliance matters relating to the Funds, including, but not limited
to, compliance with the 1940 Act and the USA PATRIOT Act of 2001. Distributor's monitoring and other functions hereunder shall
not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To
the maximum extent permitted by law, the Corporation agrees to limit Distributor's liability for the Corporation's Losses
(as defined below) to an amount that shall not exceed the total compensation received by Distributor under this Agreement during the
most recent rolling 12-month period or, if the Agreement is in effect for less than a year at the time of liability, then the most recent
one-month period annualized. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* In
no event shall Distributor be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary
damages or lost profits, whether or not such damages were foreseeable or Distributor was advised of the possibility thereof. The parties
acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its trustees
or directors, officers, employees, and other agents (collectively, the "**Indemnitees** "), and shall hold the Indemnitees
harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including
attorney fees and investigation expenses) (collectively, "**Losses**") arising directly or indirectly out of (1) the Indemnifying
Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own
willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law by the Indemnifying Party or its affiliated persons
or agents relating to this Agreement and the activities hereunder; and (3) any material breach by the Indemnifying Party or its affiliated
persons or agents of this Agreement.

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 7 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
the foregoing provisions, the Corporation, any applicable Fund, and the Advisor shall indemnify Distributor for Distributor's Losses
arising from circumstances under Section 11.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon
the assertion of a claim for which any party may be required to indemnify another party, the party seeking indemnification shall promptly
notify the other party(ies) of such assertion, and shall keep the other party(ies) advised with respect to all developments concerning
such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in
the defense of such claim or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification
shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except
with the indemnifying party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. Dealer
Agreement Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor
acknowledges and agrees that certain dealers require that Distributor enter into dealer agreements (the "**Non-Standard Dealer Agreements**") that contain certain representations, undertakings, and indemnification that are not included in the Distributor's
standard dealer agreement (the "**Standard Dealer Agreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* To
the extent that Distributor is requested or required by the Corporation to enter into any Non- Standard Dealer Agreement, the Corporation
shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor
Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard
Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement to the extent that the Distributor
is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by the Distributor
under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification the Distributor provides
to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor
Indemnitees against any liability to the Corporation or its shareholders to which the Distributor Indemnitees would otherwise be subject
by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under
the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard
Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.5.*** The
provisions of this Section 11 shall survive termination of this Agreement.

12. Force
Majeure

No party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 8 of 18

of God, insurrection, war, riots, or (unless such failures are within such party's reasonable control) failure of the mails, transportation, communication, or power supply.

13. Representations
and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* It
is duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* To
the extent required by Applicable Law, it is duly registered with all appropriate regulatory agencies or self-regulatory organizations
and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* It
has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities
contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* This
Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* Whenever,
in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that,
to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, it shall promptly
notify the other parties of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Representations of the Corporation.*** The Corporation represents and warrants, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* (1)
as of the close of business on the Agreement Effective Date, each Fund that is then in existence has authorized unlimited shares, (2)
no Shares of the Corporation will be offered to the public until the Corporation's Registration Statement under the Securities
Act and the 1940 Act has been declared or becomes effective, and (3) the Shares are validly authorized and, when issued in accordance
with the description in the Registration Statement, will be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* It
shall cause the Advisor, prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past
or present, for each Fund to cooperate with Distributor and to provide it with such information, documents, and advice relating to the
Fund as appropriate or requested by Distributor, in order to enable Distributor to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* To
the knowledge of the Corporation and the Fund, the Corporation's Agreement and

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 9 of 18

Declaration of Corporation (the "**Declaration of Corporation**"), Bylaws, Registration Statement and any advertising materials and sales literature prepared by the Corporation or its agent are true and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Any
officer of the Corporation shall be considered an individual who is authorized to provide Distributor with instructions and requests
on behalf of the Corporation (an "**Authorized Person**") (unless such authority is limited in a writing from the Corporation
and received by Distributor) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any
previously designated Authorized Person, and to certify to Distributor the names of the Authorized Persons from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
Corporation owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and service marks, trademark
and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual
property (collectively, "**Intellectual Property**") necessary for or used in the conduct of the Corporation's business
and for the offer, issuance, distributions and sale of the Shares in accordance with the terms of the Registration Statement and this
Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned, held
or licensed by any third party.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3.***  ***Representation of the Distributor.*** The Distributor represents and warrants, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that the various procedures and systems Distributor has implemented with regard to safeguarding
from loss or damage attributable to fire, theft, or any other cause the records and other data of the Corporation and Distributor's
records, data, equipment facilities, and other property used in the performance of its obligations hereunder, are adequate and that Distributor
will make such changes therein as are required for the secure performance of its obligations hereunder.

14. Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage
of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other parties with pertinent information
concerning the professional liability insurance coverage that it maintains. Such

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 10 of 18

information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***Notice of Claims.*** As it relates to the Services provided under this Agreement, each party shall notify the other parties of any material
claims against the notifying party under such insurance, whether or not the party is covered by insurance, and, if requested by the non-notifying
party, the notifying party shall aggregate and disclose all outstanding claims against the notifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.3.***  ***Notice of Termination.*** A party shall promptly notify the other parties should any of the notifying party's insurance coverage
be canceled or reduced. Such notification shall include the date of change and the reasons therefore.

15. Information
Provided By The Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Corporation will furnish to Distributor the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* copies
of the Declaration of Corporation and any amendments thereto, certified by the proper official of the state in which such document has
been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* a
copy of the Corporation's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* certified
copies of resolutions of the Board covering the approval of this Agreement, authorization of a specified officer of the Corporation to
execute and deliver this Agreement and authorization for specified officers of the Corporation to instruct Distributor thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* a
list of all the officers of the Corporation, together with specimen signatures of those officers who are authorized to instruct Distributor
in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* the
Funds' most recent audited financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* the
Corporation's Registration Statement on Form N-1A and all amendments thereto filed with the SEC pursuant to the Securities Act
and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* copies
of the current plan of distribution adopted by the Corporation under Rule 12b-1 under the 1940 Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*H.* contact
information for each Fund's service providers, including but not limited to, the Fund's administrator, custodian, transfer
agent, independent accountants, legal counsel and chief compliance officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*I.* a
copy of procedures adopted by the Corporation in accordance with Rule 38a-1 under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*J.* any
material correspondence or other communication by the SEC, FINRA, any

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 11 of 18

government or self-regulatory organization or its staff relating to the Funds, including any related to examinations of the Corporation or the Funds, requests by the SEC for amendments to the Registration Statement or any advertising or sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Corporation will furnish to Distributor any amendments
to the items listed in Section 15.1 and promptly provide notice of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* any
material correspondence or other communication by the SEC, FINRA, any government or self-regulatory organization or its staff relating
to the Funds, including any related to examinations of the Corporation and any requests by the SEC for amendments to the Registration
Statement or any advertising or sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* the
happening of any event which makes untrue any statement of material fact made in the Registration Statement or which requires the making
of a change in such Registration Statement in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* if
the Corporation determines to suspend the sale of Shares at any time in response to conditions in the securities markets or otherwise
or to suspend the redemption of Shares of any Fund at any time as permitted by Applicable Law, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* the
commencement of any litigation or proceedings against the Corporation or any of its officers or directors in connections with the issue
and sales of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.3.***  ***Filings.*** The Corporation shall provide Distributor with draft Registration Statements prior to the filing of each such annual filing.
In addition, the Corporation shall forward copies of any SEC filings, including Registration Statements, to Distributor within one business
day of such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.4.***  ***Advertising.*** The Corporation represents that it will not use or authorize the use of any advertising or sales material unless and until such
materials have been approved and authorized for use by the Distributor.

16. Compliance
with Law and Rules of FINRA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.*** The
Corporation assumes full responsibility for the preparation and contents of each prospectus of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.*** Distributor
will require each dealer with whom Distributor has a dealer agreement to conform to the applicable provisions hereof and the Registration
Statement with respect to the public offering price of the Shares, and neither Distributor nor any such dealer shall withhold the placing
of purchase orders so as to make a profit thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.*** Distributor
agrees to furnish to the Corporation sufficient copies of any agreements, plans or other materials it intends to use in connection with
any sales of Shares in reasonably adequate

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 12 of 18

time for the Corporation to file and clear them with the proper authorities before they are put in use, and not to use them until so filed and cleared. At the request of the Fund, Distributor will assume responsibility for the review and clearance of all advertisements and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.*** Distributor,
at its own expense, will qualify as dealer or broker, or otherwise, under all Applicable Law required in order that the Shares may be
sold in such states as may be mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.5.*** Distributor
shall not make or permit any representative, broker, or dealer to make, in connection with any sale or solicitation of a sale of the
Shares, any representations concerning the Shares except those contained in the then current Registration Statement covering the Shares
and in printed information approved by the Corporation as information supplemental to such Registration Statement. Copies of the then
effective Registration Statement and any such printed supplemental information will be supplied by the Corporation to Distributor in
reasonable quantities upon request.

17. Privacy
and Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that any party
discloses (a "**Disclosing Party**") to another party (a "**Receiving Party** "), whether in writing, electronically,
or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to clients or Shareholders (each either
existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* any
information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols,
routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* any
unpublished information concerning research activities and plans, customers, clients, Shareholders, strategies and plans, costs, operational
techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* any
unpublished financial information, including information concerning revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Customer
Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Corporation. "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as
amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the
" **GLB Act** ").

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 13 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. Treatment
of Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
party agrees that at all times during and after the term of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential
Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable
and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Each
party agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential
Information solely for the purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without
limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable care used for its own confidential and
proprietary information to avoid disclosure or use of Confidential Information under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
Receiving Party may disclose or provide access only to its responsible employees or agents who have a need to know and are under adequate
confidentiality agreements or arrangements, and the Receiving Party or its employees may make copies of Confidential Information only
to the extent reasonably necessary to carry out the obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use and will cooperate with the Disclosing
Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.4.***  ***Severability.*** This provision and the obligations under this Section 17 shall survive termination of this Agreement.

18. Press
Release

Within the first 60 days of the Agreement Effective Date, the Corporation agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Distributor; provided that Distributor must obtain the Corporation's prior written consent prior to publication of such release, which consent may only be reasonably denied by the Corporation.

19. Non-Exclusivity

The services of Distributor rendered to the Corporation are not deemed to be exclusive. Except to the extent necessary to perform Distributor's obligations under this Agreement, nothing herein shall be deemed to limit Distributor's right, or the right of any of Distributor's managers, officers, or employees (who also may be a Directors, officer or employee of the Corporation), or persons who are otherwise affiliated persons of the Corporation to engage in any other business or to devote time and attention to the management or other aspects

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 14 of 18

of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person. Nothing in this Agreement shall prevent Distributor or any affiliated person (as defined in the 1940 Act) of Distributor from acting as distributor for any other person, firm or corporation (including other investment companies) or in any way limit or restrict Distributor or any such affiliated person from buying, selling or trading any securities for its or their own account or for the accounts of others from whom it or they may be acting; provided, however, that Distributor expressly represents that it will undertake no activities which, in its reasonable judgment, will adversely affect the performance of its obligations to the Corporation under this Agreement.

20. Arbitration

In the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties, the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA. The parties further agree that any contract, agreement or understanding between a party and its designees shall contain a provision binding the designee to the terms of this Arbitration Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.*** Arbitration
will be held in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA, except (a) in the event
that FINRA is unwilling to accept jurisdiction of the matter, such arbitration will be held in accordance with the rules and regulations
of the American Arbitration Association under the Commercial Arbitration Procedures then in effect, and (b) in the event that a non-party
to this Agreement brings an arbitration relating to or arising out of this Agreement, then the entire dispute shall be arbitrated in
whichever arbitration forum such arbitration is brought, and the parties and their designees agree to submit to the jurisdiction of such
arbitration forum. In the event that (x) a non-party initiates a judicial proceeding relating to, or arising out of, this Agreement,
and (y) such claim cannot be compelled to arbitration, and (z) a party or its designee asserts a claim against another party or its designee
in connection with such proceeding, then the entire dispute shall be litigated in that court, and the parties and their designees agree
to submit to the jurisdiction of the court in that judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.*** If
the arbitration is brought by a party, the number of arbitrators will be three (3), and they will be selected in accordance with the
rules and regulations of the Code of Arbitration Procedure adopted by FINRA, or the American Arbitration Association under the Commercial
Arbitration Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall be attorneys specializing in securities
law. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16, to the exclusion of state laws inconsistent
therewith, and judgment upon the award may be entered in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.3.*** The
parties and their respective designees will each bear their own expenses, including legal and expert fees, if any, with respect to the
arbitration. The arbitrator will designate the party and/or designee to bear the costs of the arbitration forum and arbitrator's
fees or the respective amounts of such costs to be borne by each party and/or their designees. Any costs or fees, including attorneys
fees, involved in enforcing the award shall be fully assessed against and paid by the party and/or designee resisting or preventing enforcement
of the award.

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 15 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.4.*** Nothing
in this Section 20 will prevent the parties from resorting to judicial proceedings or otherwise for injunctive relief to prevent or limit
irreparable harm or injury to such a party.

21. Notices

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. If
to the Corporation:

Atlas Asset Management, LLC<br> Attn: Paul Hopgood<br> Buchanan Office Center<br> 40 Carr 165 Suite 201<br> Guaynabo, PR 00968<br> E-mail: <u>phopgood@atlas-am.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2. If
to Distributor:

Northern Lights Distributors, LLC<br> Attn: General Counsel<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022<br> Facsimile: (513) 587-3437<br> E-mail: <u>legal@ultimusfundsolutions.com</u>

22. General
Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1.***  ***Incorporation by Reference.*** This Agreement and its schedules, exhibits, and other documents incorporated by reference express the entire understanding
of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any schedule, exhibit or other appendices hereto, this Agreement shall
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of Nebraska and the applicable provisions of
the 1940 Act. To the extent that the applicable laws of the state of Nebraska, or any of the provisions herein, conflict with the applicable
provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.4.***  ***Questions of Interpretation.*** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise
derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation
thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or
orders of the SEC issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act, reflected in any provision
of this Agreement

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 16 of 18

is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining
portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties
shall be construed and enforced as if this Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

*Signatures are located on the next page.*

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 17 of 18

The parties duly executed this Agreement as of May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.** |  | **Northern Lights Distributors, LLC** |
| By: | /s/ Paul Hopgood | By: | /s/ Kevin Guerette |
| Name: | Paul Hopgood | Name: | Kevin Guerette |
| Title: | President | Title: | President |
|  | **Atlas Asset Management LLC** |  |  |
| By: | /s/ Paul Hopgood |  |  |
| Name: | Paul Hopgood |  |  |
| Title: | President |  |  |

---

Northern Lights Distribution<br> Agreement, May 14, 2025 Page 18 of 18

**SCHEDULE A<br> to the<br> Distribution Agreement<br> between<br> Atlas U.S. Government Money Market Fund, Inc.,<br> Atlas Asset Management LLC<br> and**

**Northern Lights Distributors, LLC<br> dated May 14, 2025**

**<u>Fund Portfolio(s)</u>**

Atlas U.S. Government Money Market Fund, Inc.

**<u>Distribution Fee Letter</u><br> for<br> each Fund listed on Schedule A<br> a series of<br> Atlas U.S. Government Money Market Fund, Inc.**

This Distribution Fee Letter appends that certain Distribution Agreement (the "**Distribution Agreement**") dated May 14, 2025, by and among **Atlas U.S. Government Money Market Fund, Inc.**, a corporation organized under the laws of the Commonwealth of Puerto Rico (the "**Corporation**"), **Atlas Asset Management LLC**, a limited liability company organized under the laws of the Commonwealth of Puerto Rico (the "**Advisor**"), and **Northern Lights Distributors, LLC**, a limited liability company organized under the laws of the state of Nebraska ("**Distributor**"). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Distribution Agreement.

**<u>Service Fees:</u>**

**[REDACTED]**

**<u>Advertising Review Fees:</u>**

**[REDACTED]**

1. Reimbursable
Expenses

**[REDACTED]**

2. Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated by a party, until the expiration of the Distribution
Agreement's Initial Term (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall renew for successive 1-year periods (each a "**Renewal Term**") subject to annual approval of such continuance by the Board of the Corporation, including the approval of a majority
of the Directors of the Corporation who are not interested persons of the Corporation or of Distributor by vote cast in person at a meeting
called for the purpose of voting on such approval.

3. Fee
Increases

**[REDACTED]**

4. Amendment

The parties may only amend this Fee Letter by written amendment signed by all parties.

*Signatures are located on the next page.*

<sup>1</sup> Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

Atlas U.S. Government Money Market Fund, Inc.<br> Distribution Fee Letter Page 2 of 3

The parties duly executed this Distribution Fee Letter dated May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.** |  | **Northern Lights Distributors, LLC** |
|  | On behalf of |  |  |
| By: | /s/ Paul Hopgood | By: | /s/ Kevin Guerette |
| Name: | Paul Hopgood | Name: | Kevin Guerette |
| Title: | President | Title: | President |
|  | **Atlas Asset Management LLC** |  |  |
| By: | /s/ Paul Hopgood |  |  |
| Name: | Paul Hopgood |  |  |
| Title: | President |  |  |

---

Atlas U.S. Government Money Market Fund, Inc.<br> Distribution Fee Letter Page 3 of 3

## Ex-99.G

**Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**, a Commonwealth of Puerto Rico corporation (the "Fund"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is classified as diversified under the 1940 Act; and

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

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

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

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

**ARTICLE I**

**CERTAIN DEFINITIONS**

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

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

1.02 <u>"Board of Directors"</u> shall mean the directors from time to time serving under the Fund's Certificate of Incorporation and By-laws, as amended from time to time.

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

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

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

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

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

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

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

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

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

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

1.13 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

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

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

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

**ARTICLE II.** 

**APPOINTMENT OF CUSTODIAN**

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

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

(a) A
copy of the Fund's certificate of incorporation, certified by the Secretary;

(b) A
copy of the Fund's bylaws, certified by the Secretary;

(c) A
copy of the resolution of the Board of Directors of the Fund appointing the Custodian, certified by the Secretary;

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

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

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

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

**ARTICLE III.** 

**CUSTODY OF CASH AND SECURITIES**

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

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

3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities
Depositories or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Eligible Foreign Custodians that are members of the Sub-Custodian's network to hold Securities and cash of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
after the initial appointment of Sub-Custodians by the Board of Directors in connection with this Agreement, the Custodian wishes to
appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the necessary determinations as to any
such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
performing its delegated responsibilities as foreign custody manager to place or maintain the Fund's assets with a Sub-Custodian,
the Custodian will determine that the Fund's assets will be subject to reasonable care, based on the standards applicable to custodians
in the country in which the Fund's assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping
of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2)
under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
the end of each calendar quarter after the date of this Agreement, the Custodian shall provide written reports notifying the Board of
Directors of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the
Fund's arrangements. Such reports shall include an analysis of the custody risks associated with maintaining assets with any Eligible
Securities Depositories. The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub-Custodian
arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) With
respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Fund that it agrees to exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian further
warrants that the Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors
relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal
controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices;
(ii) whether the Sub-Custodian has the requisite

financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the
appropriateness of maintaining the Fund's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's
network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian or Eligible Foreign Custodian's
members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository.
The Custodian must promptly notify the Fund or its investment adviser of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities to which
the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures are required
to collect such income, the Fund and Custodian shall consult as to the measurers and as to the compensation and expenses of the Custodian
relating to such measures.

3.04 <u>Delivery of Assets to Custodian</u>. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein
and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance
hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and
deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account") of the
Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian
or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or Securities Depository shall, by
book-entry, identify such Securities as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such Securities
upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository
Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the
Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities
upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred
to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the
account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository
in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in
such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from
(i) the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct on the part of the
Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have
against a Book-Entry System or Securities Depository. At its election, the Fund shall be subrogated to the rights of the Custodian with
respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising
from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made whole for any such
loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;(g) With
respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby
warrants to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its
duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund,
such reports as are available concerning the Custodian's internal accounting controls and financial strength, and (iii) require
any Sub-Custodian to exercise

due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;(a) For
the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities
(other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any
Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of
such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section
3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are
required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts,
against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to
in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that
is a member of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government securities, against delivery of
the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System
or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) In
payment of the redemption price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;(e) For
the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account of
the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, director and legal fees;
and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated
as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;(f) For
transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934
Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities
exchange (or of any similar organization

or organizations) regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(g) For
transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(h) For
the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) For
any other proper purpose, but only upon receipt, in addition to Written Instructions, declaring such purpose to be a proper trust purpose,
and naming the person or persons to whom such payment is to be made.

3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers check
or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
an offeror's depository agent in connection with tender or other similar offers for Securities of the Fund; provided that, in any
such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(d) To
the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees
of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate
face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) For
exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the issuer
of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including
surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided that,

in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon
receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(h) In
the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities and
cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(i) For
delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Fund shall have specified
to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;(j) For
delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt
by the Custodian of the amounts borrowed;

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) For
delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934
Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities
exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(m) For
delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(n) For
any other proper corporate purpose, but only upon receipt , in addition to Written Instructions, specifying the Securities to be delivered,
declaring such purpose to be a proper Fund purpose, and naming the person or persons to whom delivery of such Securities shall be made;
or

&nbsp;&nbsp;&nbsp;&nbsp;(o) To
brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in
any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior
to receiving payment for such securities except as may arise from the Custodian's own gross negligence or willful misconduct.

3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled either by law or pursuant
to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities that may mature or be
called, redeemed, or retired, or otherwise become payable;

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender
interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute,
as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations of
any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Fund at such time, in such manner
and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold
for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository, all
rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) In
general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the sale,
exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to any ADRs the Fund may purchase and own and which
the Custodian custodies, the Fund understands that the holding of American Depository Receipts (" <u>ADRs</u> ") may require
the disclosure of beneficial ownership information (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians,
or local tax authorities in foreign jurisdictions to avoid tax penalties and obtain the most preferential tax treatment for the Fund.
The Fund acknowledges and consents to any and all disclosures or releases of beneficial information, described above, by the Custodian
to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian from any liability for doing so.

3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities

Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Fund, including
(i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities
and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in
physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor
and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii)
canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement.
The Custodian shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be required by the
1940 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Fund and in compliance with the
rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours of the Custodian
be made available upon request for inspection by duly authorized officers, employees or agents of the Fund and employees or agents of
the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1
and 31a-2 under the 1940 Act.

3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

3.12 <u>Other Reports by Custodian</u>. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer

of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of the Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

**ARTICLE V.**

**REDEMPTION OF FUND SHARES**

5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the funds are required to redeem Shares of the Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Fund may designate.

5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934 Act and a
member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules
of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or
any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection
with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection with
financial futures contracts (or options thereon) purchased or sold by the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered investment
companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
other proper Fund purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such segregated account
and declaring such purposes to be proper Fund purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto

(as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the Fund.

7.02 <u>Overdrafts</u>. The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time)

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

8.01 <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now
conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid
and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and
has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order
or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit
its execution or performance of this Agreement.

8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now
conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(b) It
is a U.S. Bank as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a
valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and
has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order
or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit
its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or

genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Forms N-CEN, N-PORT, N-CSR and any other reports required by the SEC or any future registration statement on Form N-1A, and any other reports required by the SEC or any future registration statement on Form N-1A, and (ii) the fulfillment by the Fund of any other requirements of the SEC.

**ARTICLE X.**

**INDEMNIFICATION**

10.01 <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's directors, officers and employees.

10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
order that the indemnification provisions contained in this Article X shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts
concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor
promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor
shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the
indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and
the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this
Article X. The indemnitee shall in no case confess any claim or make any compromise in any

case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, although the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law and regulation, or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

12.02 Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and

integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

12.03 The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

12.04 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**ARTICLE XIII.** 

**EFFECTIVE PERIOD; TERMINATION**

13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date last written below and will continue in effect for a period of three (3) years.

13.02 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice
at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
to Section 13.03, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving 90 days'
prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Custodian may terminate this Agreement immediately if the continued service of the Fund would cause the Custodian or any of its affiliates
to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent
jurisdiction, provided that in such event the Custodian shall, to the extent it is legally permitted and able to do so, provide reasonable
assistance to transition the Fund to a successor service provider.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian
by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent
jurisdiction.

13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Fund elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Fund agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All miscellaneous costs associated with a) through c) above

13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Directors, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the

Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company (i) is a "bank" as defined in the 1940 Act, and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.

**ARTICLE XIV.**

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund(s) involving any class action litigation that impacts any security the Fund(s) may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund(s).

**ARTICLE XV.**

**MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Directors' oversight responsibility with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of any Fund that deviates from the investment strategy set out in the current prospectus, or if it (or any

Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement. Further, the Fund agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Fund of its primary day-to-day responsibility for assuring such compliance.

15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Directors.

15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors.

15.04 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Atlas U.S. Government Money Market Fund, Inc.

c/o Atlas Asset Management LLC

Buchanan Office Center

40 Carr. 165, Suite 201

Guaynabo, PR 00968

Attn: Paul Hopgood, President

Tel: (787) 781-1301

Email: <u>phopgood@atlas-am.com</u>

With a copy to:

Philip B. Sineneng

Thompson Hine LLP

41 S. High Street, Suite 1700

Columbus, OH 43215

Tel: (614) 469-3200

Fax: (614) 469-3361

Email: <u>Philip.Sineneng@ThompsonHine.com</u>

15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.11 <u>References to Custodian</u>. The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

---

| | | | |
|:---|:---|:---|:---|
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** | **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Paul Hopgood | By: | /s/ Gregory Farley |
| Name: | Paul Hopgood | Name: | Gregory Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 05/22/2025 | Date: | May 23, 2025 |

---

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

**<u>[REDACTED]</u>**

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

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.* 

---

| | |
|:---|:---|
| ⌧ YES | U.S. Bank is authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by the Fund. |
| □ NO | U.S. Bank is NOT authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by the Fund. |

---

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

---

| | |
|:---|:---|
| By: | /s/ Paul Hopgood |

---

Name: Paul Hopgood

Title: President

Date: 05/22/2025

## Ex-99.H

**Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this "**Agreement**"), dated May 14, 2025, is between **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund** or **Corporation**"), a corporation organized under the laws of the Commonwealth of Puerto Rico, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Corporation is an open-end management investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and it desires that Ultimus perform certain services for each of its series listed on Schedule A (as amended from time to time) (individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

1. Retention
of Ultimus

The Fund retains Ultimus to act as the service provider on behalf of each Fund for the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
Administration Addendum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⌧ Transfer
Agent and Shareholder Servicing Addendum

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus
 shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
 to perform its obligations under this Agreement. Ultimus shall also pay all compensation
 of any officers of the Fund who are affiliated persons of Ultimus, except when such person
 is serving as the Fund's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The
 Fund, on behalf of each Fund, assumes and shall pay or cause to be paid all other expenses
 of the Fund or a Fund not otherwise allocated under this Section 2, including, without limitation:
 organization costs; taxes; expenses for legal and auditing services; the expenses of preparing
 (including typesetting), printing and mailing reports, prospectuses, statements of additional
 information, information statements, proxy statements and related materials; all expenses
 incurred in connection with issuing and redeeming shares; the costs of custodial services;
 the cost of initial and ongoing registration or qualification of the shares under U.S. federal
 and state securities laws; fees and reimbursable expenses of Directors who are not affiliated
 persons of Ultimus or the investment adviser(s) to the Fund; insurance premiums; interest;
 brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees
 and charges of investment advisers to the Fund.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The
 Fund, on behalf of each Fund, shall pay for the Services to be provided by Ultimus under
 this Agreement in accordance with, and in the manner set forth in, the fee letter attached
 to each addendum (each a "**Fee Letter** "), which may be amended from time
 to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If
 this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation
 for that part of the month in which the Agreement is in effect shall be prorated in a manner
 consistent with the calculation of the fees as set forth in the applicable Fee Letter. If
 this Agreement terminates before the last day of a month, Ultimus' compensation for
 that part of the month in which the Agreement is in effect shall be equal to a full calendar
 month's worth of fees as calculated in a manner consistent with the calculation of
 the fees as set forth in the applicable Fee Letter. The Fund shall promptly pay Ultimus'
 compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In
 the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
 Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other
 regulator or self-regulatory authority adopts regulations and requirements relating to the
 payment of fees to service providers or which would result in any material increases in costs
 to provide the Services under this Agreement, the parties agree to negotiate in good faith
 amendments to this Agreement in order to comply with such requirements and provide for additional
 compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In
 the event that any fees are disputed, the Fund shall, on or before the due date, pay all
 undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which
 it is disputing in good faith. Payment for such disputed fees shall be due on or before the
 tenth (10<sup>th</sup>) business day after the day on which Ultimus provides to the Fund
 documentation which reasonably supports the disputed charges.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Fund, on behalf of each Fund, agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable
 travel and lodging expenses incurred by officers and employees of Ultimus in connection with
 attendance at meetings of the Fund's Board of Directors (the "**Board** ")
 or any committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All
 freight and other delivery charges incurred by Ultimus in delivering materials on behalf
 of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** All
 direct telephone, telephone transmission and telecopy or other electronic transmission expenses
 incurred by Ultimus in communication with the Fund, the Fund's investment adviser(s)
 or custodian, counsel for the Fund or a Fund, counsel for the Fund's independent Directors,
 the Fund's independent accountants, dealers or others as required for Ultimus to perform
 the Services;

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 2 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The
 cost of obtaining secondary security market quotes and other securities data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** The
 cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** All
 fees and expenses incurred in connection with any licensing of software, subscriptions to
 databases, custom programming or systems modifications required to provide any special reports
 or services requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** Any
 expenses Ultimus shall incur at the direction of an officer of the Fund thereunto duly authorized
 other than an employee or other affiliated person of Ultimus who may otherwise be named as
 an authorized representative of the Fund for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A
 reasonable allocation of the costs associated with the preparation of Ultimus' Service
 Organization Control 1 Reports ()"**SOC 1 Reports** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** Any
 additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations
 under this Agreement.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus
 shall maintain and keep current the accounts, books, records and other documents relating
 to the Services as may be required by applicable law, rules, and regulations, including Federal
 Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 agrees that all such books, records, and other data (except computer programs and procedures)
 developed to perform the Services (collectively, "**Client Records**") shall
 be the property of the Fund or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 agrees to provide the Client Records to the Fund or a Fund, at the expense of the Fund or
 Fund, upon reasonable request, and to make such books and records available for inspection
 by the Fund, a Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus
 agrees to furnish to the Fund or a Fund, at the expense of the Fund or Fund, all Client Records
 in the electronic or other medium in which such material is then maintained by Ultimus as
 soon as practicable after any termination of this Agreement. Unless otherwise required by
 applicable law, rules, or regulations, Ultimus shall promptly turn over to the Fund or Fund
 or, upon the written request of the Fund or Fund, destroy the Client Records maintained by
 Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or regulation
 to maintain any Client Records, it will provide the Fund or Fund with copies as soon as reasonably
 practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus
 agrees to keep confidential all Client Records, except when requested to divulge such information
 by duly constituted authorities or court process.

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 3 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If
 Ultimus is requested or required to divulge such information by duly constituted authorities
 or court process, Ultimus shall, unless prohibited by law, promptly notify the Fund or Fund
 of such request(s) so that the Fund or Fund may seek, at the expense of the Fund or Fund,
 an appropriate protective order.

**6.** **Subcontracting** 

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This
 Agreement shall become effective as of the date first above written with respect to each
 Fund in existence on such date (or, if a particular Fund is not in existence on that
 date, on the date such Fund commences operation) (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each
 Addendum shall become effective as of the date first written in the Addendum with respect
 to each Fund in existence on such date (or, if a particular Fund is not in existence
 on that date, on the date such Fund commences operation).

**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either
 party as provided under this Section 8, for a period of three (3) years from the date first
 above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement shall automatically
 renew for successive two-year periods (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate the Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause** "
 shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 material breach of this Agreement by the Non-Terminating Party that has not been cured or
 remedied within 30 days after the Non-Terminating Party receives written notice of such breach
 from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Non-Terminating Party takes a position regarding compliance with Federal Securities Laws
 that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days'
 prior written notice of such disagreement, and the parties fail to come to agreement on the
 position within the 30-day notice period;

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 4 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 final and unappealable judicial, regulatory, or administrative ruling or order in which the
 Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct
 of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 authorization or commencement of, or involvement by way of pleading, answer, consent, or
 acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United
 States Code, as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Termination of Administration Services.* Because the core fee for fund accounting services is subsumed
 within the core fee for fund administration services, should the Fund at any time cease to
 employ Ultimus as administrator for the Fund and the Funds, Ultimus may terminate this Agreement
 upon written notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement at the end of the Initial Term or a
 Renewal Term by providing written notice of termination to the other party at least 120 days
 prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination by the Fund or Fund other than termination under Section
 8.3.A-C is deemed an "**Early Termination.**" The Fund or Fund that provides
 a notice of early termination is subject to an "**Early Termination Fee** "
 equal to the pro rated fee amount due to Ultimus through the end of the then-current term
 as calculated in the applicable Fee Letter, including the repayment of any negotiated discounts
 provided by Ultimus during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment **.*** Any unpaid compensation, reimbursement of expenses, or Early Termination
 Fee is due to Ultimus within 15 calendar days of the termination date provided in the notice
 of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Transition.* Upon termination of this Agreement, Ultimus will cooperate with any reasonable request
 of the Fund to effect a prompt transition to a new service provider selected by the Fund. Ultimus
 shall be entitled to collect from the Fund, in addition to the compensation described in
 each applicable Fee Letter, (1) the amount of all of Ultimus' cash disbursements reasonably
 made for services in connection with Ultimus' activities in effecting such termination,
 including, without limitation, the delivery to the Fund or its designees of the Fund's
 property, records, instruments, and documents, and (2) a reasonable de-conversion fee as
 mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Liquidation.* Upon
 termination of this Agreement due to the liquidation of the Fund or a Fund, Ultimus shall
 be entitled to collect from the Fund, in addition to the compensation described in each applicable
 Fee Letter, (1) the amount of all of Ultimus' cash disbursements reasonably made
 for services in connection with Ultimus' activities in effecting such termination,
 including, without limitation, the delivery to the Fund or its

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 5 of 17

designees of the Fund's property, records, instruments, and documents, and (2) a reasonable de-conversion fee as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause
 shall not constitute a waiver of its right to subsequently terminate this Agreement for the
 same or any other cause.

**9.** **Additional Funds or Classes of Shares** 

In the event that the Fund establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become, at the discretion of the Fund and Ultimus, a Fund or class of shares of a Fund (as applicable) under this Agreement and shall be added to Schedule A and the applicable Fee Letter(s) as appropriate.

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement
 and the parties do not assume any implied duties. Each party shall use its best efforts in
 the performance of its duties and act in good faith in performing the Services or its obligations
 under this Agreement. Each party shall be liable for any damages, losses or costs arising
 directly or indirectly out of such party's failure to perform its duties under this
 Agreement to the extent such damages, losses or costs arise directly or indirectly out of
 its willful misfeasance, bad faith, gross negligence in the performance of its duties, or
 reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
 Services or duties pursuant to any oral, written, or electric instruction, notice, request,
 record, order, document, report, resolution, certificate, consent, data, authorization, instrument,
 or item of any kind that Ultimus reasonably believes to be genuine and to have been signed,
 presented, or furnished by a duly authorized representative of the Fund or any Fund (other
 than an employee or other affiliated persons of Ultimus who may otherwise be named as an
 authorized representative of the Fund for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
 under its own initiative, in good faith and in accordance with the standard of care set forth
 herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using
 valuation information provided by the Fund's approved third-party pricing service(s)
 or the investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio
 holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any
 default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever
 caused by events beyond Ultimus' reasonable control, including, without limitation,
 corrupt, faulty or inaccurate data provided to Ultimus by third-parties;

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 6 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 error, action or omission by the Fund or other past or current service provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any
 failure to properly register any Fund's shares in accordance with the Securities Act
 or any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 may apply to the Fund at any time for instructions and may consult with counsel for the Fund
 or a Fund, counsel for the Fund's independent Directors, and with accountants and other
 experts with respect to any matter arising in connection with Ultimus' duties or the Services.
 Ultimus shall not be liable or accountable for any action taken or omitted by it in good
 faith in accordance with such instruction or with the reasonable opinion of such counsel,
 accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
 copy of the Fund's Agreement and Declaration of Fund (the "**Declaration of Fund** ")
 is on file with the Secretary of State (or equivalent authority) of the state in which the
 Fund is organized, and notice is hereby given that this instrument is executed on behalf
 of the Fund and not the Directors individually and that the obligations of this instrument
 are not binding upon any of the Directors, officers or shareholders individually but are
 binding only upon the assets and property of the Fund (or if the matter relates only to a
 particular Fund, that Fund), and Ultimus shall look only to the assets of the Fund (or the
 particular Fund, as applicable), for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 shall not be held to have notice of any change of authority of any officer, agent, representative
 or employee of the Fund or any Fund, the Fund's or any Fund's investment adviser
 or any of the Fund's or Fund's other service providers until receipt of written
 notice thereof from the Fund or Fund (as applicable). As used in this Agreement, the term
 "**investment adviser**" includes all sub-advisers or persons performing similar
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
 Board has and retains primary responsibility for oversight of all compliance matters relating
 to the Funds, including, but not limited to, compliance with the Investment Company Act,
 the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "),
 the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations
 of each Fund relating to the portfolio investments as set forth in the prospectus and statement
 of additional information. Ultimus' monitoring and other functions hereunder shall not
 relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To
 the maximum extent permitted by law, the Fund agrees to limit Ultimus' liability for
 the Fund's Losses (as defined below) to an amount that shall not exceed the total compensation
 received by Ultimus under this Agreement during the most recent rolling 12-month period or
 the actual time period this Agreement has been in effect if less than 12 months. This limitation
 shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not** 

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 7 of 17

**such damages were foreseeable or Ultimus was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties for use in delivering Ultimus' Services to the Fund or a Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect
 the other party, including its Directors, directors, managers, officers, employees, and other
 agents (collectively, the "**Indemnitees**" and each an "**Indemnitee** "),
 and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses,
 damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees
 and investigation expenses) (collectively, "**Losses**") arising directly
 or indirectly out of (1) the Indemnifying Party's failure to exercise the standard
 of care set forth above unless such Losses were caused in part by the Indemnitees own willful
 misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined
 below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement
 and the activities thereunder; and (3) any material breach by the Indemnifying Party or its
 affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
 the foregoing provisions, the Fund or Fund shall indemnify Ultimus for Ultimus' Losses
 arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon
 the assertion of a claim for which either party may be required to indemnify the other, the
 Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep
 the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding
 the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall
 not relieve the Indemnifying Party of its indemnification obligations hereunder except to
 the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The
 Indemnifying Party shall have the option to participate with the Indemnitee in the defense
 of such claim or to defend against said claim in its own name or in the name of the Indemnitee.
 The Indemnitee shall in no case confess any claim or make any compromise in any case in which
 the Indemnifying Party may be required to indemnify the Indemnitee except with the Indemnifying
 Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The
 provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 8 of 17

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
 is a corporation, partnership, Fund, or other entity duly organized and validly existing
 in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To
 the extent required by Applicable Law (defined below), it is duly registered with all appropriate
 regulatory agencies or self-regulatory organizations and such registration will remain in
 full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For
 the duties and responsibilities under this Agreement, it is currently and will continue to
 abide by all applicable U.S. federal and state laws, including, without limitation, U.S.
 federal and state securities laws; regulations, rules, and interpretations of the SEC and
 its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory
 organizations governing the transactions contemplated under this Agreement (collectively,
 "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It
 has duly authorized the execution and delivery of this Agreement and the performance of the
 transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This
 Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
 reorganization, moratorium, and other laws of general application affecting the rights and
 remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever,
 in the course of performing its duties under this Agreement, it determines that a violation
 of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable
 Law may have occurred, or with the passage of time could occur, it shall promptly notify
 the other party of such violation.

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 9 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Fund.*** The Fund represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1)
 as of the close of business on the Agreement Effective Date, each Fund that is then in existence
 has authorized unlimited shares, and (2) no shares of any Fund will be offered to the public
 until the Fund's registration statement under the Securities Act of 1933, as amended
 (the "**Securities Act** "), and the Investment Company Act, has been declared
 or becomes effective and all required state securities law filings have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It
 shall cause the investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel,
 independent accountants, and other service providers and agents, past or present, for each
 Fund to cooperate with Ultimus and to provide it with such information, documents, and advice
 relating to the Fund as appropriate or requested by Ultimus, in order to enable Ultimus to
 perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* The
 Fund's Agreement and Declaration of Fund, Bylaws, registration statement and each Fund's
 organizational documents, and prospectus are true and accurate and will remain true and accurate
 at all times during the term of this Agreement in conformance with applicable U.S. federal
 and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each
 of the employees of Ultimus that serves or has served at any time as an officer of the Fund,
 including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall
 be covered by the Fund's Directors & Officers/Errors & Omissions insurance
 policy (the "**Policy**") and shall be subject to the provisions of the Fund's
 Declaration of Fund and Bylaws regarding indemnification of its officers. The Fund shall
 provide Ultimus with proof of current coverage, including a copy of the Policy, and shall
 notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* Any
 officer of the Fund shall be considered an individual who is authorized to provide Ultimus
 with instructions and requests on behalf of the Fund (an "**Authorized Person** ")
 (unless such authority is limited in a writing from the Fund and received by Ultimus) and
 has the authority to appoint additional Authorized Persons, to limit or revoke the authority
 of any previously designated Authorized Person, and to certify to Ultimus the names of the
 Authorized Persons from time to time.

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this
 Agreement professional liability insurance coverage of the type and amount reasonably customary
 in its industry. Upon
 request, a party shall furnish the other party with pertinent information concerning the
 professional liability insurance coverage that it maintains. Such information shall include
 the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance
 coverage be canceled or reduced. Such notification shall include the date of change and the
 reasons therefore.

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 10 of 17

**14.** **Information Provided by the Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Fund
 will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies
 of the Declaration of Fund and of any amendments thereto, certified by the proper official
 of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
 Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified
 copies of resolutions of the Board covering the approval of this Agreement, authorization
 of a specified officer of the Fund to execute and deliver this Agreement and authorization
 for specified officers of the Fund to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a
 list of all the officers of the Fund, together with specimen signatures of those officers
 who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the
 Fund's registration statement and all amendments thereto filed with the SEC pursuant
 to the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the
 Fund's notification of registration under the Investment Company Act on Form N-8A as
 filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the
 Fund's current prospectus and statement of additional information for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an
 accurate, current list of shareholders of each existing series of the Fund, if applicable,
 showing each shareholder's address of record, number of shares owned and whether such
 shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies
 of the current plan of distribution adopted by the Fund under Rule 12b-1 under the Investment
 Company Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies
 of the current investment advisory agreement and current investment sub-advisory agreement(s),
 if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies
 of the current underwriting agreement for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact
 information for each Fund's service providers, including, but not limited to, the Fund's
 administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter
 and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a
 copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the Investment
 Company Act.

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 11 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will furnish
 to Ultimus any amendments to the items listed in Section 14.1.

**15.** **Compliance with Law** 

The Fund assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund or a Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
 shall mean all information that either party discloses (a "**Disclosing Party** ")
 to the other party (a "**Receiving Party** "), whether in writing, electronically,
 or orally and in any form (tangible or intangible), that is confidential, proprietary, or
 relates to clients or shareholders (each either existing or potential). Confidential Information
 includes, but is not limited to:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any
 information concerning technology, such as systems, source code, databases, hardware, software,
 programs, applications, engaging protocols, routines, models, displays, and manuals;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any
 unpublished information concerning research activities and plans, customers, clients, shareholders,
 strategies and plans, costs, operational techniques;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any
 unpublished financial information, including information concerning revenues, profits and
 profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer
 Information (as defined below).

 

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive
 property of the Fund. "**Customer Information**" shall mean all non-public,
 personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended,
 and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board
 Regulation P) (collectively, the "**GLB Act** ").

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.***  ***Treatment of Confidential Information*** 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each
 party agrees that at all times during and after the terms of this Agreement, it shall use,
 handle, collect, maintain, and safeguard Confidential Information in accordance with (1)
 the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act,

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 12 of 17

as applicable and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without
 limiting the foregoing, the Receiving Party shall apply to any Confidential Information at
 least the same degree of reasonable care used for its own confidential and proprietary information
 to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each
 party further agrees that:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Receiving Party will hold all Confidential Information it obtains in strictest confidence
 and will use and permit use of Confidential Information solely for the purposes of this Agreement
 or as otherwise provided for in this Agreement, and consistent therewith, may disclose or
 provide access to its responsible employees or agents who have a need to know and are under
 adequate confidentiality agreements or arrangements and make copies of Confidential Information
 to the extent reasonably necessary to carry out its obligations under this Agreement;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding
 the foregoing, the Receiving Party may release Confidential Information as permitted or required
 by law or approved in writing by the Disclosing party, which approval shall not be unreasonably
 withheld and may not be withheld where the Receiving Party may be exposed to civil or criminal
 liability or proceedings for failure to release such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally,
 Ultimus may provide Confidential Information typically supplied in the investment company
 industry to companies that track or report price, performance or other information regarding
 investment companies; and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure
 or use, and will cooperate with the Disclosing Party to protect all proprietary rights in
 any Confidential Information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
 of this Agreement.

 ****

**17.** **Press Release** 

Within the first 60 days following the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Fund's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Fund.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Fund are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a Directors, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage in any other business

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 13 of 17

or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19.** **Arbitration** 

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable U.S. federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**20.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.***  ***If to the Fund:*** 

Atlas U.S. Government Money Market Fund, Inc.

Attn:

Buchanan Office Center

Road 165 #40, Suite 201

Guaynabo, Puerto Rico 00968

Email:

With a copy to:

Kevin R. Bettsteller, Esq.

DLA Piper LLP (US)

2000 Avenue of the Stars

Suite 400 North Tower

Los Angeles, CA 90067

Email: <u>kevin.bettsteller@dlapiper.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.***  ***If to Ultimus:*** 

 ****

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u>

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 14 of 17

**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents
 incorporated by reference express the entire understanding of the parties and supersede any
 other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any Appendices or Addendum
 thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend or waive all or part of this Agreement by written amendment
 or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.***  ***Assignments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except
 as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall
 not be assignable by either of the parties except by the specific written consent of the
 non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
 terms and provisions of this Agreement shall become automatically applicable to any investment
 company that is the successor to the Fund because of reorganization, recapitalization, or
 change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Unless
 this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may,
 to the extent permitted by law and in its sole discretion, assign all its rights and
 interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially
 all of its business, provided that Ultimus provides the Fund at least 90 days' prior
 written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This
 Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
 respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of
 Ohio and the applicable provisions of the Investment Company Act. To the extent that the
 applicable laws of the state of Ohio, or any of the provisions herein, conflict with the
 applicable provisions of the Investment Company Act, the latter shall control.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only
 and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of
 which when executed shall be deemed to be an original, but such counterparts shall together
 constitute but one and the same instrument. A signed copy of this Agreement delivered by
 email or other means of electronic transmission will be deemed to have the same legal effect
 as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict
 with any law or otherwise invalid, the remaining portion or portions shall be considered
 severable and

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 15 of 17

not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

 ****

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 16 of 17

The parties duly executed this Agreement as of May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Paul Hopgood | <br> By: | /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Ultimus Master Services Agreement <br> May 14, 2025 Page 17 of 17

**SCHEDULE A**

**to the**

**Master Services Agreement**

**between**

**Atlas U.S. Government Money Market Fund, Inc.**

**and**

**Ultimus Fund Solutions, LLC**

**dated May 14, 2025**

**<u>Fund Portfolio(s)</u>**

Atlas U.S. Government Money Market Fund, Inc.

**<u>Fund Accounting Addendum</u>**

**for**

**Atlas U.S. Government Money Market Fund, Inc.**

This Fund Accounting Addendum, dated May 14, 2025, is between **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement dated May 14, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Accounting Services</u>**

**1.** **Performance of Daily Accounting Services** 

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate
 the net asset value per share utilizing prices obtained from the sources described in subsection
 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain
 security prices from independent pricing services, or if such quotes are unavailable, then
 obtain such prices from each Fund's investment adviser or its designee, per the valuation
 policy approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** verify
 and reconcile with the Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** compute,
 as appropriate, each Fund's net income and realized capital gains, dividend payables,
 dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** review
 daily the net asset value calculation and dividend factor (if any) for each Fund prior to
 release to shareholders, check and confirm the net asset values and dividend factors for
 reasonableness and deviations, and distribute net asset values and/or yields to NASDAQ and
 such other entities as directed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** determine
 unrealized appreciation and depreciation on securities held by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** accrue
 income of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** amortize
 premiums and accrete discounts on securities purchased at a price other than face value,
 if requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** update
 fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable
 interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** record
 investment trades received in proper form from each Fund or its authorized agents on the
 industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** calculate
Fund expenses based on instructions from each Fund's administrator;

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Accounting Addendum Page 1 of 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** accrue
 expenses of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** determine
 the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
 and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide
 accounting reports in connection with each Fund's regular annual audit and other audits
 and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide
 such periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** prepare
 and maintain the following records upon receipt of information in proper form from each Fund
 or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3)
 dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription and
 redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily
 expense accruals; (10) daily income accruals, (11) securities and monies borrowed or loaned
 and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17.*** provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.18.*** provide
 accounting information to each Fund's independent registered public accounting firm
 for preparation of the Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.19.*** cooperate
 with, and take all reasonable actions in the performance of its duties under this Agreement,
 so that all necessary information is made available to each Fund's independent public
 accountants in connection with any audit or the preparation of any report requested by the
 Fund.

**2.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus
 may provide additional special reports upon the request of the Fund or a Fund's investment
 adviser, which may result in an additional charge, the amount of which shall be agreed upon
 by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** Ultimus
 may provide such other similar services with respect to a Fund as may be reasonably requested
 by the Fund, which may result in an additional charge, the amount of which shall be agreed
 upon between the parties prior to such services being provided.

***Signatures are located on the next page.***

 ****

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Accounting Addendum Page 2 of 3

The parties duly executed this Fund Accounting Addendum as of May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | /s/ Paul Hopgood | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Accounting Addendum Page 3 of 3

**<u>Fund Accounting Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**Atlas U.S. Government Money Market Fund, Inc.**

This Fund Accounting Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund**") for the Funds listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**") pursuant to that certain Master Services Agreement dated May 14, 2025, and the Fund Accounting Addendum dated May 14, 2025 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

**[REDACTED]**

**2.** **Monthly Per Trade and T+0 Processing Fees** 

**[REDACTED]**

**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect until the expiration of the Master
 Services Agreement's Initial Term (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically
 renew for successive two-year periods (each a "**Renewal Term**") unless Ultimus,
 the Fund, or the Adviser gives written notice of termination at least 120 days prior to the
 end of the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Fund may terminate the Agreement entirely or on behalf of a Fund as
 set forth in the Agreement. Any such termination shall be treated as a termination of this
 Fee Letter with respect to each Fund as to which the termination applies, in which case the
 Adviser shall be responsible for payment of any amounts required to be paid under the Agreement,
 including, without limitation, any applicable Early Termination Fee, any reimbursements for
 cash disbursements made by Ultimus and any fee for post-termination de-conversion or liquidation
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement with respect to a Fund shall
 subject the Adviser to paying an "**Early Termination Fee**" equal to the
 fee amounts due to Ultimus through the end of the then-current term as calculated in this
 Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during
 the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Liquidation.*** Upon termination of the Agreement with respect to a Fund due to the liquidation of
 the Fund or a Fund, Ultimus shall be entitled to collect from the Fund or the Adviser the
 compensation described in this Fee Letter through the end of the then-current term, the amount
 of all of Ultimus' cash disbursements reasonably made for services in connection
 with Ultimus' activities in effecting such termination, including, without limitation,
 the delivery to the Fund or its designees of the Fund's property, records, instruments,
 and documents, and a reasonable fee for post-termination liquidation services as mutually
 agreed to by Ultimus and the Fund.

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Accounting Fee Letter Page 1 of 3

**4.** **Fee Increases** 

**[REDACTED]**

**5.** **Reimbursable Expenses** 

**[REDACTED]**

**6.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

***Signatures are located on the next page.***

 ****

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Accounting Fee Letter Page 2 of 3

The parties duly executed this Fund Accounting Fee Letter dated May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Paul Hopgood | <br> By: | /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

The undersigned investment adviser (the "**Adviser**") hereby acknowledges and agrees to the terms of the Agreement.

---

| | |
|:---|:---|
|  | **Atlas Asset Management LLC** |
| <br> By: | /s/ Paul Hopgood |
| Name: | Paul Hopgood |
| Title: | President |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Accounting Fee Letter Page 3 of 3

**<u>Fund Administration Addendum</u>**

**for**

**Atlas U.S. Government Money Market Fund, Inc.**

This Fund Administration Addendum, dated May 14, 2025, is between **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund**"), on its own behalf and on behalf of the Funds listed in Schedule A to that certain Master Services Agreement dated May 14, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

With respect to each Fund electing Fund Administration Services, Ultimus shall provide the following services subject to, and in compliance with the objectives, policies and limitations set forth in the Fund's Registration Statement, the Fund's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Fund's Board:

1. Monitor
 the performance of administrative and professional services rendered to the Fund by others,
 including its custodian, transfer agent, fund accountant and dividend disbursing agent as
 well as legal, shareholder servicing and other services performed for the Fund;

2. Upon
 request, assist each Fund in the evaluation and selection of other service providers, such
 as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties
 may be affiliates of Ultimus);

3. Prepare
 and maintain the Fund's operating expense budget to determine proper expense accruals to
 be charged to each Fund in order to calculate its daily net asset value;

4. Prepare,
 or cause to be prepared, expense and financial reports, including Fund budgets, expense reports,
 expense and profit/loss projections and fee waiver/expense reimbursement projections on a
 periodic basis;

5. Prepare
 authorization for the payment of Fund expenses and pay, from Fund assets, all bills of the
 Fund;

6. Determine
 income and capital gains available for distribution and calculate distributions required
 to meet regulatory, income, and excise tax requirements, to be reviewed by the Fund's independent
 public accountants;

7. Monitor
 the calculation of performance data for dissemination to information services covering the
 investment company industry, for sales literature of the Fund and other appropriate purposes;

8. Provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies;

9. Determine,
 after consultation with legal counsel for the Fund and the Fund's investment adviser,
 the jurisdictions in which Shares of the Fund shall be registered or qualified for sale;
 facilitate, register, or prepare applicable notice or other filings with respect to, the
 Shares with the various state and territories of the United States and other securities commissions,
 provided that all fees for the registration of Shares or for qualifying or continuing the
 qualification of the Fund shall be paid by the Fund;

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Addendum Page 1 of 4

10. In
 consultation with legal counsel to the Fund, the investment adviser, officers of the Fund
 and other relevant parties, prepare and disseminate materials for meetings of the Board,
 including agendas and selected financial information as agreed upon by the Fund and Ultimus
 from time to time; attend and participate in Board meetings to the extent requested by the
 Board; and prepare or cause to be prepared minutes of the meetings of the Board;

11. In
 consultation with legal counsel for the Fund, assist in and monitor the preparation, filing,
 printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. amendments
 to the Fund's Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. periodic
 reports to the Directors, shareholders and the SEC, including but not limited to annual reports
 and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. notices
 pursuant to Rule 24f-2 (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. proxy
 materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. reports
 to the SEC on Forms N-CEN, N-CSR, N-PORT, N-23c-3 and N-PX (as applicable).

12. Monitor
 sales of Shares and ensure that the Shares are properly and duly registered with the SEC;

13. Monitor
 Fund holdings and operations for  **<u>post-trade compliance</u>** with the Prospectus
 and Statement of Additional Information, SEC statutes, rules, regulations and policies and
 pursuant to advice from the Fund's independent public accountants and Fund counsel,
 provide periodic compliance reports to each investment adviser or sub-adviser to the Fund,
 and assist the Fund, the Adviser and each sub-adviser to the Fund (collectively referred
 to as "**Advisers**") in preparation of periodic compliance reports to the
 Fund, as applicable.

**Special Reports and Services**

1. Ultimus
 may provide additional special reports upon the request of the Fund or a Fund's investment
 adviser, which may result in an additional charge, the amount of which shall be agreed upon
 by the parties prior to the reports being made available.

2. Ultimus
 may provide such other similar services with respect to a Fund as may be reasonably requested
 by the Fund, which may result in an additional charge, the amount of which shall be agreed
 upon between the parties prior to such services being provided.

**Additional Regulatory Services**

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, (i) the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933, (ii) the drafting of proxy statements and related materials in connection with the Fund's shareholder meetings, and (iii) the preparation of materials for, attendance at, and drafting of minutes for organizational and special Board meetings.

**Legal Representation**

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Fund or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Fund acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Fund to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Fund's behalf. The Fund acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Addendum Page 2 of 4

Fund, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Addendum Page 3 of 4

The parties duly executed this Fund Administration Addendum as of May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Paul Hopgood | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Addendum Page 4 of 4

**<u>Fund Administration Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**Atlas U.S. Government Money Market Fund, Inc.**

This Fund Administration Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund**") for the Funds listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**") pursuant to that certain Master Services Agreement dated May 14, 2025, and the Fund Administration Addendum dated May 14, 2025 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

**[REDACTED]**

**2.** **Reimbursable Expenses** 

**[REDACTED]**

**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect until the expiration of the Master
 Services Agreement's Initial Term (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically
 renew for successive two-year periods (each a "**Renewal Term**") unless Ultimus,
 the Fund, or the Adviser gives written notice of termination at least 120 days prior to the
 end of the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Fund may terminate the Agreement entirely or on behalf of a Fund as
 set forth in the Agreement. Any such termination shall be treated as a termination of this
 Fee Letter with respect to each Fund as to which the termination applies, in which case the
 Adviser shall be responsible for payment of any amounts required to be paid under the Agreement,
 including, without limitation, any applicable Early Termination Fee, any reimbursements for
 cash disbursements made by Ultimus and any fee for post-termination de-conversion or liquidation
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement with respect to a Fund shall
 subject the Adviser to paying an "**Early Termination Fee**" equal to the
 fee amounts due to Ultimus through the end of the then-current term as calculated in this
 Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during
 the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Liquidation.*** Upon termination of the Agreement with respect to a Fund due to the liquidation of
 the Fund or a Fund, Ultimus shall be entitled to collect from the Fund or the Adviser the
 compensation described in this Fee Letter through the end of the then-current term, the amount
 of

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Fee Letter Page 1 of 3

all of Ultimus' cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including, without limitation, the delivery to the Fund or its designees of the Fund's property, records, instruments, and documents, and a reasonable fee for post-termination liquidation services as mutually agreed to by Ultimus and the Fund.

**4. Fee Increases**

**[REDACTED]**

**5. Amendment**

The parties may only amend this Fee Letter by written amendment signed by all the parties.

***Signatures are located on the next page.***

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Fee Letter Page 2 of 3

The parties duly executed this Fund Administration Fee Letter dated May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Paul Hopgood | <br> By: | /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

The undersigned investment adviser (the "**Adviser**") hereby acknowledges and agrees to the terms of the Agreement.

---

| | |
|:---|:---|
|  | **Atlas Asset Management LLC** |
| <br> By: | <br> /s/ Paul Hopgood |
| Name: | Paul Hopgood |
| Title: | President |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Fund Administration Fee Letter Page 3 of 3

**<u>Transfer Agent and Shareholder Services Addendum</u>**

**for**

**Atlas U.S. Government Money Market Fund, Inc.**

This Transfer Agent and Shareholder Services Addendum, dated May 14, 2025, is between **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement, dated May 14, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Fund with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process
shareholder purchase, redemption, exchange, and transfer orders in accordance with conditions set forth in the applicable Fund's
prospectus(es) applying all applicable redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set
up of account information, including address, account designations, dividend and capital gains options, taxpayer identification numbers,
banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist
shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue
trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934, as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue
quarterly statements for shareholders, interested parties, broker firms, branch offices and registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act
as a service agent and process income dividend and capital gains distributions, including the purchase of new shares, through dividend
reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act
(" **FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record
the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the total number of shares of each Fund which
are authorized, based upon data provided to it by the Fund, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform
such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide
cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012), as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding
taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce,
print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms required by U.S. federal authorities with respect
to distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer
and perform all other customary services of a transfer agent, including, but not limited to, answering routine customer inquiries regarding
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process
all standing instruction orders (Automatic Investment Plans ()"**AIPs**") and Systematic Withdrawal Plan ()"**SWPs** "))
including the debit of shareholder bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Fund with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make
information available to shareholder servicing unit and other remote access units regarding trade date, share price, current holdings,
yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce
detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide
mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond
as appropriate to all inquiries and communications from shareholders relating to shareholder accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services to the Fund's direct shareholders and to operate the
Fund's customer identification program for these shareholders, in each case in accordance with the written procedures developed
by Ultimus and adopted or approved by the Board and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the U.S. federal and applicable state authorities, including the SEC, and to
the Funds' auditors. Applicable state authorities are those governmental agencies located in states in which the Fund is registered
to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play rules.

**4.** **Dealer/Load Processing** 

For each Fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide
reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account
for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Addendum Page 2 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate
fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track
sales and commission statistics by dealer and provide for payment of commissions on direct shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying
appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred Sales Charges ()"**CDSCs** ")
automatically during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain
 all shareholder records for each account in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** as
dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the Fund's custodian of the estimated
amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled
by reason of any dividend or distribution and in the case of shareholders entitled to receive additional shares of the Fund by reason
of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders
a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue
customer statements on a scheduled cycle, and provide duplicate second and third-party copies if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record
shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain
account documentation files for each shareholder.

**6.** **uTRANSACT Web Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Provide
and maintain an internet portal for shareholders and registered investment advisers to access and perform various online capabilities
on their investment accounts with the Funds.

**7.** **PLAID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Provide
 online bank account verification services using third-party PLAID technology.

**8.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Ultimus
shall perform other services for the Fund that are mutually agreed upon in a writing signed by the parties for mutually agreed fees,
if any, and all reimbursable expenses incurred by Ultimus; provided, however that the Fund may retain third parties to perform such other
services. These services may include performing internal audit examination; mailing the annual reports of the Funds; preparing an annual
list of shareholders; and mailing notices of shareholders' meetings, proxies, and proxy statements.

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Addendum Page 3 of 5

**9.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** process
accounts through Networking and the purchase, redemption, transfer and exchange of shares in such accounts through Fund/SERV (Networking
and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's
participants, including the Fund), in accordance with, instructions transmitted to and received by Ultimus by transmission from NSCC
on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as
hereinafter defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.*** issue
instructions to each Fund's custodian for the settlement of transactions between the Fund and NSCC (acting on behalf of its broker-dealer
and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.*** provide
account and transaction information from the affected Fund's records on an appropriate computer system in accordance with NSCC's
Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.*** maintain
shareholder accounts through Networking.

***Signatures are located on the next page.***

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Addendum Page 4 of 5

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| <br> By: | <br> /s/ Paul Hopgood | <br> By: | <br> /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Addendum Page 5 of 5

**<u>Transfer Agent and Shareholder Services Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**Atlas U.S. Government Money Market Fund, Inc.**

This Transfer Agent and Shareholder Services Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Atlas U.S. Government Money Market Fund, Inc.** (the "**Fund**") for the Funds listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**") pursuant to that certain Master Services Agreement dated May 14, 2025, and the Transfer Agent and Shareholder Services Addendum dated May 14, 2025 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

**[REDACTED]**

**2.** **Reimbursable Expenses** 

**[REDACTED]**

**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated under Section
 3.3 below, until the expiration of the Master Services Agreement's Initial Term (the
 "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** After the Initial Term, this Fee Letter shall automatically renew for successive
 two-year periods (each a "**Renewal Term**") unless Ultimus, the Fund, or
 the Adviser gives written notice of termination at least 120 days prior to the end of the
 Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Fund may terminate the Agreement entirely or on behalf of a Fund as
 set forth in the Agreement. Any such termination shall be treated as a termination of this
 Fee Letter with respect to the Fund(s), in which case the Adviser shall be responsible for
 payment of any amounts required to be paid under the Agreement, including, without limitation,
 any applicable Early Termination Fee, any reimbursements for cash disbursements made by Ultimus
 and any fee for post-termination de-conversion or liquidation services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement with respect to a Fund shall
 subject the Adviser to paying an "**Early Termination Fee**" equal to the
 fee amounts due to Ultimus through the end of the then-current term as calculated in this
 Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during
 the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Deconversion.* [REDACTED]** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.6.***  ***Liquidation.*** Upon termination of the Agreement with respect to a Fund due to the liquidation of
 the Fund or the Fund, Ultimus shall be entitled to collect from the Fund or the Adviser the
 compensation described in this Fee Letter through the end of the then-current term, the amount
 of all of Ultimus' cash disbursements reasonably made for services in connection with
 Ultimus'

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Fee Letter Page 1 of 3

activities in effecting such termination, including, without limitation, the delivery to the Fund or its designees of the Fund's property, records, instruments, and documents, and a reasonable fee for post-termination liquidation services as mutually agreed to by Ultimus and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.7.***  ***Restructuring.* [REDACTED]** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Fee Increases** 

**[REDACTED]**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

***Signatures are located on the next page.***

 ****

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Fee Letter Page 2 of 3

The parties duly executed this Transfer Agent and Shareholder Services Fee Letter dated May 14, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Atlas U.S. Government Money Market Fund, Inc.**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Paul Hopgood | By: | /s/ Gary Tenkman |
| Name: | Paul Hopgood | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

The undersigned investment adviser (the "**Adviser**") hereby acknowledges and agrees to the terms of the Agreement.

---

| | |
|:---|:---|
|  | **Atlas Asset Management LLC** |
| By: | /s/ Paul Hopgood |
| Name: | Paul Hopgood |
| Title: | President |

---

Atlas U.S. Government Money Market Fund, Inc. <br> Transfer Agent and Shareholder Services Fee Letter Page 3 of 3

## Ex-99.H

**FEE WAIVER AND REIMBURSEMENT AGREEMENT**

THIS FEE WAIVER AND REIMBURSEMENT AGREEMENT (the "Agreement") made as of June 18, 2025 by and between Atlas U.S. Government Money Market Fund, Inc. (the "Fund"), a corporation created under the laws of the Commonwealth of Puerto Rico ("Puerto Rico"), and Atlas Asset Management LLC ("AAM"), a limited liability company organized and having its principal office and principal place of business in Puerto Rico, in its capacity as investment adviser of the Fund.

WHEREAS, AAM has entered into an investment advisory agreement with the Fund whereby AAM provides investment advisory services to the Fund;

WHEREAS, the Fund has requested that AAM waive all or a portion of its investment advisory fee and/or pay all or a portion of the ordinary operating expenses of the Fund relating to services rendered to the Fund in the ordinary course of business, defined to include all expenses necessary or appropriate for the operation of the Fund and including AAM's investment advisory or management fee detailed in the Advisory Agreement, any Rule 12b-l fees and/or shareholder services fees and other expenses described in the Advisory Agreement (together, the "Operating Expenses"), but does not include: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iii) borrowing costs (such as interest and dividend expense on securities sold short); (iv) taxes; and (v) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) in order to maintain the Fund's Operating Expenses at a level which is no greater than 1.75%, 1.50% and 2.05% of the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively, subject to future reimbursement by the Fund;

WHEREAS, AAM understands and intends that the Fund may rely on this Agreement in preparing its Prospectus and in accruing the expenses of the Fund for purposes of calculating net asset value and for other purposes, and expressly permits the Fund to do so; and

NOW, THEREFORE, AAM agrees to waive all or a portion of its investment advisory fee and/or pay Operating Expenses of the Fund to the extent necessary in order to ensure that Operating Expenses do not exceed 1.75%, 1.50% and 2.05% of the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively.

In the event that the current Operating Expenses of the Fund, as accrued each month, exceed 1.75%, 1.50% and 2.05% of the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively, AAM will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a "Fund Reimbursement Payment").

The Fund agrees to reimburse AAM for the waived fees and/or Fund Reimbursement Payments paid by AAM pursuant to this Agreement at such time as the Total Expenses for the Fund fall below the amounts set forth above for the annual period; provided that such reimbursement does not cause the Fund's Total Expenses to exceed 1.75%, 1.50% and 2.05% of

the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively, and the reimbursement is made within three (3) years after AAM paid the expense.

This Agreement shall be effective through January 31, 2027, and may be renewed for successive one year periods upon approval by a majority of the Board of Directors of the Fund. of the Trust.

This Agreement may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Fund, upon sixty (60) days' written notice to AAM. This Agreement may not be terminated by AAM without the consent of the Board upon thirty (30) days written notice. This Agreement will automatically terminate if the Advisory Agreement for the Fund is terminated and the Fund continues to operate under the management of a new investment adviser, with such termination effective upon the effective date of the Advisory Agreement's termination for the Fund. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party. 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.

Upon termination or expiration of this Agreement, the Fund shall be responsible for any amounts due to AAM provided that such reimbursement does not cause the Fund's Total Expenses to exceed 1.75%, 1.50% and 2.05% of the Fund's daily gross assets for Class A Shares, Class I and Class P Shares, respectively, and the reimbursement is made within three (3) years after AAM paid the expense.

IN WITNESS WHEREOF, the AAM and the Fund have agreed to this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **ATLAS ASSET MANAGEMENT LLC** | **ATLAS ASSET MANAGEMENT LLC** |
| By: | /s/ Paul Hopgood |
| Name: Paul Hopgood | Name: Paul Hopgood |
| Title: Member | Title: Member |
| **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** | **ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.** |
| By: | /s/ Paul Hopgood |
| Name: Paul Hopgood | Name: Paul Hopgood |
| Title: President | Title: President |

---

## Ex-99.H

**Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

![(NORTHERN LIGHT LOGO)](at006_v2.jpg)

**AMENDED AND RESTATED**

**CONSULTING AGREEMENT**

THIS AMENDED AND RESTATED CONSULTING AGREEMENT (this "Agreement") dated May 14, 2025 (the "Effective Date"), is entered into by and between ATLAS U.S. TACTICAL INCOME FUND, INC., ATLAS U.S GOVERNMENT MONEY MARKET FUND, INC., each a registered investment company, and each having its office and principal place of business at Buchanan Office Center, Road 165 #40, Suite 201, Guaynabo, Puerto Rico 00968 (each a "Company" and together the "Companies"), and NORTHERN LIGHTS COMPLIANCE SERVICES, LLC, a Nebraska limited liability company having its office and principal place of business at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022 ("NLCS"). This Agreement replaces and supersedes all prior understandings and agreements between the parties hereto for the services described below.

WHEREAS, each Company is an investment company registered with the United States Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act");

WHEREAS, each Company is offering shares of beneficial interest in separate investment portfolios (each a "Fund"; and collectively, the "Funds");

WHEREAS, NLCS is in the business of assisting registered investment companies in complying with the Federal Securities Laws (as defined in Rule 38a-1 under the Investment Company Act ("Rule 38a-1")) and meeting their responsibilities as outlined in Rule 38a-1.

WHEREAS, NLCS also is in the business of assisting registered investment companies in complying with the Liquidity Rule (as defined in Rule 22e-4 under the Investment Company Act "Rule 22e-4") and meeting certain of their Liquidity Program Administration ("LPA") responsibilities as outlined in Rule 22e-4; and

WHEREAS, each Company desires to enlist the services of NLCS on the terms and conditions set forth and as more specifically described in this Agreement, and NLCS is willing to provide such services on said terms and conditions.

NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, each Company and NLCS agree as follows:

1. SERVICES

NLCS will provide each Company with compliance services in three separate phases as follows:

**Phase I - Risk Management and Policies and Procedures Review**

As part of the risk management and policies and procedures review, NLCS will perform the services listed below:

&nbsp;&nbsp;&nbsp;&nbsp;A. Evaluation
of Internal Control Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct
 interviews with certain employees throughout the business lines of each Company who are responsible
 for the day-to-day operations of each Company in relation to compliance with the Federal
 Securities Laws by each Company and each investment adviser, principal underwriter, administrator,
 and transfer agent of each Company (collectively the "Service Providers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assess
 from the interviews the operational risks and compliance with stated policies and procedures
 of each Company and its Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review
 internal audit and other reports maintained by each Company and, to the extent practicable,
 its Service Providers, related to compliance with the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Review
 any written policies and procedures provided pursuant to Section 1(b) below to assess the
 appropriateness of such documents with respect to compliance with the Federal Securities
 Laws by each Company and its Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;B. Review
of each Company's Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct
 a detailed review and assessment of each Company's policies and procedures pertaining
 to compliance with the Federal Securities Laws. This review will cover among other things,
 each Company's policies and procedures relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Pricing
 of portfolio securities and Fund shares, with a focus on the following items within the pricing
 policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Monitoring
 for circumstances that may necessitate the use of fair value prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Establishing
 criteria for determining when market quotations are no longer reliable for a particular portfolio
 security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Providing
 a methodology or methodologies by which the Funds determine the current fair value of the
 portfolio securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Reviewing
 the appropriateness and accuracy of the methodology used in valuing securities, including
 making any necessary adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Processing
 of Fund shares, with a focus on the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Segregation
 of investor orders received before the Fund prices its shares from those that were received
 after the Fund prices its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Methodology
 used by the Fund to protect itself and its shareholders against late trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Identification
 of affiliated persons to ensure that any transactions with affiliated persons are executed
 in compliance with the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Protection
 of nonpublic information, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prohibitions
 against trading portfolio securities on the basis of information acquired by analysts or
 portfolio managers employed by each Company or its Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Disclosure
 to third parties of material information about the Funds' portfolios, trading strategies,
 or pending transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchase
 or sale of Fund shares by each Company or its Service Providers' personnel based on
 material, nonpublic information about the Funds' portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Compliance
 with fund governance requirements, including the procedures to guard against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Improperly
 constituted board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Failure
 of the board to properly consider matters entrusted to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Failure
 of the board to request and consider information required by the Investment Company Act from
 each Company and its Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The
 excessive short-term trading of mutual fund shares that may be harmful to the Fund, including
 a focus on the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consistency
 of policies and procedures with the Fund's disclosed policies regarding market timing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Monitoring
 of shareholder trades or flows of money in and out of the Fund in order to detect market
 timing activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Enforcement
 of the Fund's policies regarding marketing timing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prevention
 of short-term trading waivers that would harm the Fund or its shareholders or subordinate
 the interests of the Fund or its shareholders to any affiliated person or associated person
 of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Reporting
 to the Fund's board regarding all waivers granted, so that
the board can determine whether the waivers were proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Document
 retention and business continuity.

Each Fund assumes responsibility for ensuring that the Fund complies with all applicable requirements of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended, the Investment Company Act and any laws, rules and regulations of governmental authorities with jurisdiction over the Fund. The services of NLCS are intended to assist each Company and each Fund in carrying out their responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Review
 of Policies and Procedures of each Company's Service Providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct
 a review of the policies and procedures of the following Service Providers to each Company,
 as they relate to each Company's compliance with the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Investment Adviser Review</u> 

The review of the policies and procedures of each Fund's investment adviser shall cover, among other things, to the extent applicable to such Fund, policies and procedures governing and/or applicable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Portfolio
 management processes, including allocation of investment opportunities among clients and
 consistency of portfolios with clients' investment objectives, disclosures by the Fund, and
 applicable regulatory restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Trading
 practices, including procedures by which the Fund satisfies its best execution obligation,
 uses client brokerage to obtain research and other services ("soft dollar arrangements"),
 and allocates aggregated trades among clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Portfolio
 trading of the Fund and personal trading activities of supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 accuracy of disclosures made to investors, clients, and regulators, including account statements
 and advertisements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Safeguarding
 of client assets from conversion or inappropriate use by advisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 accurate creation of required records and their maintenance in a manner that secures them
 from unauthorized alteration or use and protects them from untimely destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Marketing
 of advisory services, including the use of solicitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Processes
 to value client holdings and assess fees based on those valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Safeguards
 for the privacy protection of client records and information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Business
 continuity plans.

It is understood that the chief compliance officer of each Fund's investment adviser is primarily responsible for compliance by such organization with Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and for overseeing, with respect to the portfolios they advise, each of the foregoing items. Nothing contained herein shall be construed to require NLCS to perform any service that could cause NLCS to be deemed an investment adviser for purposes of the Investment Company Act or the Advisers Act or that could cause a Fund to act in contravention of the Fund's prospectus or any provision of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Underwriter Review</u> 

The review of the policies and procedures of each Fund's underwriter shall cover, among other things, to the extent applicable to such Fund, policies and procedures governing and/or applicable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 accuracy of disclosures made to investors, clients, and regulators, including account statements
 and advertisements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 accurate creation of required records and their maintenance in a manner that secures them
 from unauthorized alteration or use and protects them from untimely destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Portfolio
 trading of the Fund and personal trading activities of supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Fund's selling agreement process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Payments
 of 12b-1 fees to selling brokers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 prevention of money laundering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Advertising
 review process, submission of materials to FINRA and the maintenance of advertising review
 records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Business
 continuity plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Fund Administrator, Fund Accounting and Fund Transfer Agent Review</u> 

The review of the policies and procedures of each Fund's administrator, fund accountant and transfer agent shall cover, among other things, to the extent applicable to such Fund, policies and procedures governing and/or applicable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Maintenance
 of Fund records including board materials and correspondence with regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Portfolio
 trading of the Fund and personal trading activities of supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Processes
 to ensure timely filing of Fund reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Auditors
 comments noted in SSAE 18 reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 prevention of money laundering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Business
 continuity plans.

In conducting its review of the policies and procedures of each Company's Service Providers, as they relate to each Company's compliance with the Federal Securities Laws, NLCS may rely on summaries, reviews or statements prepared by the chief compliance officers of a Service Provider or a third party.

Each Service Provider is responsible for proper development and implementation of its policies and procedures. Although NLCS performs a review of each Service Provider's policies and procedures, NLCS cannot ensure that all necessary policies are adopted and implemented by such Service Provider.

**Phase II - Amending and Drafting of Policies and Procedures for each Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Based
 on the analysis performed under Phase I of the engagement, NLCS will recommend amendments
 and draft policies and procedures for each Company intended to address areas of weakness
 identified in Phase I, including amending the policies and procedures as they pertain to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consistency
 with regulatory expectations of risk based policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintaining
 compliance with the SEC's regulations, under Rule 38a-1 under the Investment Company
 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Consistency
 within the structure, organization, and format of the policies and procedures.

Any amendments to each Company's policies and procedures drafted by NLCS will be based on industry best practices and regulatory pronouncements. Upon completion of Phase II, each Company will have customized policies and procedures that are designed to assist each Company in complying with Rule 38a-1 under the Investment Company Act. These procedures will be compiled in a manual that also will describe the overall implementation of each Company's Compliance Program (the "Compliance Program Manual"). This Compliance Program Manual will serve as each Company's primary policy and procedures manual.

**Phase III – Ongoing Monitoring and Board Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;E. Once
 each Company's Compliance Program Manual is complete, each Company's Chief Compliance
 Officer, (as provided by NLCS – see Section 3 below) will present it to the Board of
 Directors of each Company (the "Board") for approval.

Thereafter, each Company's Chief Compliance Officer will create any appropriate records and monitor each Company's Compliance Program for effectiveness, including ongoing dialogue with key compliance personnel at each Company's Service Providers.

Each Company's Chief Compliance Officer will conduct an annual review to assess compliance with each Company's Compliance Program and its overall effectiveness, and will prepare a written report to the Board annually that addresses the operation of the policies and procedures of each Company and its Service Providers, any material changes made to those policies and procedures since the date of the last report, and any material changes to the policies and procedures recommended as a result of the annual review, and each "Material Compliance Matter" as defined in Rule 38a-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. NLCS
 will also supply each Company with an Anti-Money Laundering Officer ("AMLO")
 who shall perform the Anti-Money Laundering Officer Services as described on the attached **Schedule C**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Intentionally Omitted** 

3. STAFFING

Subject to the terms and conditions of this Agreement, NLCS will provide the services of the individual identified on the attached **Schedule B**, as may be amended from time to time by NLCS in its sole discretion (the "Chief Compliance Officer"), who shall be appointed by the Board as the Chief Compliance Officer for each Company and each Fund of the Companies. In addition, NLCS will provide support staff to the Chief Compliance Officer to assist him in all aspects of his duties under this Agreement. The Chief Compliance Officer will lead the engagement and will have overall supervisory responsibility for the ongoing obligations hereunder.

4. ENGAGEMENT
TIMELINE AND SCOPE

The timeline for the services, although subject to change, will be as follows:

**ON-SITE**

&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Compliance Services.* The on-site portion will consist primarily of reviewing the policies and procedures
 identified in Phase I above as well as interviews of the relevant personnel throughout the
 different business lines of each Company.

Visits to Service Providers of each Company, which may be conducted on location or virtually as NLCS deems appropriate, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On-site
 visit to each Fund's administrator, fund accountant and transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On-site
 visit to each Fund's principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On-site
 visit to each Fund's investment adviser. For clarity, the investment adviser is responsible
 for on-site visits to each Fund's sub-adviser(s), if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Visits
 to each of the foregoing Service Providers will include consultation with the chief compliance
 officer of the respective Service Provider.

**OFF-SITE**

The off-site portion of this engagement will consist of NLCS devoting significant time reviewing notes from its visits with the Service Providers, continuing follow-up and communication with necessary Service Provider personnel, each Company's officers, legal advisors, etc. and preparing any amendments and proposing drafts of policies and procedures as may be required under Phase II.

5. PAYMENT

In consideration of the timely and satisfactory performance of the services described in Sections 1 through 4, NLCS shall be compensated in the manner and amount prescribed by the attached **Schedule A**.

If NLCS shall be requested by a Company or is required by governmental summons, subpoena, investigation, examination or other legal or regulatory process to perform services outside the scope of the Services (such services, hereinafter referred to as "Extraordinary Services"), the Company or Companies shall compensate NLCS for the performance of such Extraordinary Services at NLCS's then current standard hourly billing rate for NLCS's professional time as set forth on **Schedule A** and reimburse NLCS for any reimbursable expenses, including attorneys' fees, incurred by NLCS in connection therewith. By way of example, and without intending to limit the foregoing, if a Company shall request that NLCS assist a Fund's adviser in preparing for and/or responding to any information request or audit of any regulatory authority, the same shall constitute an Extraordinary Service, and NLCS shall, if it elects to provide such assistance, be entitled to be compensated at NLCS's then current standard hourly billing rate for NLCS's professional time and reimbursed for any reimbursable expenses incurred in connection therewith. Additionally, in the event NLCS is requested, pursuant to subpoena or other legal process, or advised by its own legal counsel or legal counsel to a Company in advance of having received any such request, to prepare for, provide testimony or produce any documents relating to its engagement under this Agreement, in connection with or anticipation of judicial or

administrative proceedings to which NLCS is not a party, or in which NLCS is or may become a named party because of its engagement under this Agreement, NLCS shall promptly notify each Company and shall be compensated by each Company at NLCS's then current standard hourly billing rate for NLCS's professional time and reimbursed for any reimbursable expenses, including attorneys' fees, incurred in responding to such request.

Notwithstanding the foregoing, and for the avoidance of doubt, the parties acknowledge and agree that the Chief Compliance Officer's participation in responding to inquiries of the SEC made as part of any routine examination of each Company's compliance policies and procedures by the SEC, will not be considered Extraordinary Services for purposes of this Section 5. Moreover, except to the extent NLCS reasonably believes and/or is advised by its own legal counsel that its failure to perform or delay in performing Extraordinary Services would likely result in liability to NLCS, NLCS shall seek the Board's prior written approval before engaging in such Extraordinary Services. Any failure by NLCS to obtain the Board's prior written approval in such circumstances will void each Company's obligation as set forth in this Section 5 to pay NLCS for the performance of such Extraordinary Services.

6. INDEPENDENT
CONTRACTOR

NLCS shall act as an independent contractor and not as an agent of a Company. NLCS shall make no representation as an agent of a Company, except that the Chief Compliance Officer and AMLO shall each act as an appointed officer of each Company and each shall be empowered with full responsibility and authority to develop and enforce appropriate policies and procedures for each Company.

NLCS does not offer legal or accounting services and does not purport to replace the services provided by legal counsel or that of a certified public accountant. If contracts are provided, they will be forms only and the provision of such contracts does not constitute and should not be deemed to be legal advice. The representatives of NLCS are experts, and as such will make every reasonable effort to provide the services described in this Agreement. However, there is no guarantee that work performed by NLCS will be favorably received by any regulatory agency.

Though NLCS's work may involve analysis of accounting and financial records, at no time will work performed by NLCS be deemed to be an audit of a Company in accordance with generally accepted auditing standards or otherwise, nor will any work performed by NLCS consist of a review of the internal controls of each Company.

Except to the extent necessary to perform NLCS's obligations under this Agreement, nothing herein shall be deemed to limit or restrict NLCS's right, or the right of any of NLCS's managers, officers or employees who also may be a director, officer or employee of a Company or a Fund (including, without limitation, the Chief Compliance Officer and AMLO), or who are otherwise affiliated persons of a Company or a Fund, to engage in any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, company, firm, trust, association or individual.

7. CONFIDENTIALITY

NLCS and each Company agree that all books, records, information, and data pertaining to the business of the other party, any Fund, or any Service Provider that is exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any other person, except that NLCS may release such information to the Board as contemplated by this Agreement and as permitted or required by law or approved in writing by each Company, which approval shall not be unreasonably withheld and may not be withheld where NLCS may be exposed to civil or criminal liability or proceedings for failure to release such information. This provision shall not preclude NLCS from sharing its compliance reports about each Company with other Service Providers to each Company.

Except as provided in the immediately preceding paragraph, in accordance with Title 17, Chapter II, part 248 of the Code of Federal Regulations (17 CFR 248.1 – 248.30) ("Reg S-P"), NLCS will not directly, or indirectly through an affiliate, disclose any non-public personal information as defined in Reg S-P, received from each Company, any Fund, or any Service Provider to any person that is not affiliated with each Company, such Fund, or such Service Provider; provided, however, that, notwithstanding the foregoing, NLCS may disclose such information to an affiliate of NLCS if, but only to the extent, such affiliate has agreed to be bound by the same limits on non-disclosure as set forth herein.

8. PROPRIETARY
INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Proprietary Information of NLCS.* Each Company acknowledges that the databases, computer programs,
 screen formats, report formats, interactive design techniques, and documentation manuals
 maintained by NLCS on databases under the control and ownership of NLCS or a third party
 constitute copyrighted, trade secret, or other proprietary information (collectively, "NLCS
 Proprietary Information") of substantial value to NLCS or the third party. Each Company
 agrees to treat all NLCS Proprietary Information as proprietary to NLCS and further agrees
 that it shall not divulge any NLCS Proprietary Information to any person or organization
 except as may be provided under this Agreement or as may be directed by NLCS or as may be
 duly requested by regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Proprietary Information of Each Company*. NLCS acknowledges that all information regarding each Company's
 portfolios, arrangements with brokerage firms, compensation paid to or by each Company, trading
 strategies and all such related information (collectively, "Company Proprietary Information")
 constitute proprietary information of substantial value to each Company. NLCS agrees to treat
 all Company Proprietary Information as proprietary to each Company and further agrees that
 it shall not divulge any Company Proprietary Information to any person or organization except
 as may be provided under this Agreement or as may be directed by a Company or as may be duly
 requested by regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Each
 party shall take reasonable efforts to advise its employees of their obligations pursuant
 to this Section 8.

9. INDEMNIFICATION,
RELIANCE, AND LIMITATION OF LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Indemnification of NLCS*. Each Company shall agree to indemnify and hold NLCS and each of its managers,
 directors, officers, employees, agents and any person who controls NLCS within the meaning
 of Section 15 of the Securities Act harmless from and against any and all losses, damages,
 costs, charges, reasonable counsel fees, payments, expenses and liabilities arising out of
 or attributable to: (i) each Company's breach of any obligation, representation, warranty,
 term or condition of this Agreement, (ii) each Company's lack of good faith, gross
 negligence or willful misconduct with respect to each Company's performance under or
 in connection with this Agreement, (iii) any untrue statement, or alleged untrue statement,
 of a material fact or any omission, or alleged omission, to state a material fact required
 to be stated, in any registration statement or prospectus of any Fund, or (iv) all reasonable
 actions taken by NLCS hereunder in good faith without gross negligence, willful misconduct
 or reckless disregard of its duties. Each Company agrees to cover NLCS legal fees as they
 are incurred in accordance with its indemnification obligations hereunder. NLCS shall not
 be liable for, and shall be entitled to rely upon, and may act upon information, records
 and reports generated by each Company, advice of each Company, or of counsel for each Company
 and upon statements of each Company's independent accountants, and shall be without
 liability for any action reasonably taken or omitted pursuant to such records and reports
 or advice; provided that such action is not, to the knowledge of NLCS, in violation of applicable
 federal or state laws or regulations, and, provided further, that such action is taken without
 gross negligence, bad faith, willful misconduct or reckless disregard of its duties. Each
 Company shall hold NLCS harmless in regard to any liability incurred by reason of the inaccuracy
 of such information provided by each Company any Fund or their Service Providers or for any
 action reasonably taken or omitted in good faith reliance on such information.

Additionally, and without limiting each Company's indemnification obligations under this Section 9(A), to the extent that the Chief Compliance Officer or AMLO incur any liability in connection with the performance of their duties under this Agreement, they shall be covered under the Directors and Officers Errors and Omissions insurance policy of each Company, in accordance with the terms therein and the deductibles applicable to such policy shall be paid by each Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Indemnification of Each Company*. NLCS shall indemnify and hold each Company and each of its directors,
 officers, employees, agents, and any person who controls each Company within the meaning
 of Section 15 of the Securities Act harmless from and against any and all losses, damages,
 costs, charges, reasonable counsel fees, payments, expenses and liabilities arising out of
 or attributable to NLCS's refusal or failure to comply with the terms of this Agreement,
 or which arise out of NLCS's lack of good faith, gross negligence or willful misconduct
 with respect to NLCS's performance under or in connection with this Agreement; provided,
 however, that in no event shall NLCS be liable to indemnify each Company for: (i) indirect,
 exemplary, incidental, special or consequential damages or costs, including loss of profit
 or goodwill, whether foreseeable or not, even if NLCS has been advised of the possibility
 of such damages; (ii) penalties, interest, fines, assessments, or taxes assessed by a governing,
 regulatory

or taxing authority against each Company; (iii) third party claims against each Company or any Fund; or (iv) damages to the extent they arise because each Company has failed to perform its responsibilities under this Agreement, or each Company, any Fund, or any Service Provider contributed or acted as an intervening cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Reliance*.
 Except to the extent that NLCS may be liable pursuant to this Section 9, NLCS shall not be
 liable for any action taken or failure to act in good faith in reliance upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. advice
 of each Company or any Fund or of counsel to each Company or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any
 written instruction or resolution of the Board, and NLCS may rely upon the genuineness of
 any such document, copy or facsimile thereof reasonably believed in good faith by NLCS to
 have been validly executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any
 signature, instruction, request, letter of transmittal, certificate, opinion of counsel,
 statement, instrument, report, notice, consent, order, or other document reasonably believed
 in good faith by NLCS to be genuine and to have been signed or presented by each Company
 or other proper party or parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. reasonable
 actions taken by NLCS based on information provided by, each Company, any Fund, or any Service
 Provider.

NLCS shall not be under any duty or obligation to inquire into the validity or invalidity or authority or lack of authority of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which NLCS reasonably believes in good faith to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Errors of Others*. NLCS shall not be liable for the errors of any Service Provider, or any errors
 in information provided by an investment adviser or custodian to each Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Limitation of NLCS Liability.* For all claims of damages relating to NLCS's performance under
 this Agreement, including penalties and interest, and regardless of the form of claim or
 action, whether in contract, tort, strict liability or otherwise, including, without limitation,
 claims for any NLCS error or other breach of its obligations hereunder, NLCS's total
 liability shall not exceed an amount equal to the fees paid under this Agreement during the
 immediately preceding twelve (12) month period (or the actual time period NLCS has been engaged
 if such time period is less than twelve (12) months).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *Limitation of Shareholder and Board Liability*. The officers of each Company and the shareholders
 of the Funds shall not be liable for any obligations of each Company or of the Funds under
 this Agreement, and NLCS agrees that, in asserting any rights or claims under this Agreement,
 it shall look only to the assets and property of each Company and/or the Fund to which NLCS's
 rights or claims relate in settlement of such rights or claims, and not to the officers of
 each Company or the shareholders of such Fund. It is expressly agreed that the obligations
 of each Company and the Funds

hereunder shall not be binding upon any of the directors, shareholders, nominees, officers, agents or employees of each Company or any Fund personally, but bind only the property of each Company and applicable Fund(s). The execution and delivery of this Agreement have been authorized by the Board and signed by the officers of each Company, acting as such, and neither such authorization by the Board nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of each Company and the applicable Fund(s).

10. OBLIGATIONS
OF EACH COMPANY AND EACH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
 Company shall maintain insurance coverage for each Company, including a fidelity bond as
 required by Rule 17g-1 under the Investment Company Act, and commercially reasonable errors
 and omissions, directors and officers and professional liability insurance. Promptly following
 execution of this Agreement, the Chief Compliance Officer and AMLO shall be named as an insured
 persons under all such policies and bonds as officers of each Company, such coverage to be
 effective from the later of the Effective Date of this Agreement or their respective appointments
 as officers of each Company. Additionally, each Company shall cause the Chief Compliance
 Officer and AMLO to be covered by each Fund's directors and officers liability insurance
 policy and use reasonable efforts to ensure that such coverage be (i) reinstated should the
 policy be cancelled; (ii) continued after the Chief Compliance Officer and AMLO (respectively)
 cease to serve as officers of each Company on substantially the same terms as coverage is
 provided for all other officers after such persons are no longer officers; and (iii) continued
 in the event each Company merges or terminates, on substantially the same terms as coverage
 is provided for all other officers (and for a period of no less than six years). Each Company
 shall furnish details of such coverage to NLCS upon its request, including a copy of the
 policy, the identity of the carrier, coverage levels and deductible amounts. Each Company
 will notify NLCS of any modification, reduction or cancellation of such coverage or of any
 material claims made against such coverage. Each Company shall cause the Chief Compliance
 Officer and the AMLO to be named as officers in each Company's corporate resolutions
 such that the Chief Compliance Officer and AMLO are each subject to the provisions of each
 Company's organizational documents and bylaws (collectively, as amended from time to
 time, "Organizational Documents") regarding indemnification of its officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 Company will ensure that prior to the effectiveness of a Fund's initial registration
 statement, the investment adviser for such Fund will appoint a chief compliance officer pursuant
 to Rule 206(4)-7 under the Advisers Act, to fulfill all required duties thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. With
 regard to each Fund, each Company shall timely deliver to NLCS copies of, and shall promptly
 furnish NLCS with all amendments or supplements to: (i) the Fund's Organizational Documents;
 (ii) the Fund's current registration statement, as amended or supplemented, filed with
 the U.S. Securities and Exchange Commission ("SEC") pursuant to the Securities
 Act, or the Investment Company Act (the "Registration

Statement"); (iii) the Fund's current prospectus and statement of additional information; (iv) each plan of distribution or similar document that may be adopted by the Fund under Rule 12b-1 under the Investment Company Act and each current shareholder service plan or similar document adopted by the Fund; (v) copies of the Fund's current annual and semi-annual reports to shareholders; and (vi) all policies, programs, and procedures adopted by the Fund. In addition, each Company agrees to authorize and direct each Fund's applicable third-party Service Providers to cooperate fully with NLCS and provide in a timely manner any reasonable request for information from NLCS insofar as such information relates to any policy, procedure, contract or other matter subject to NLCS's ongoing services as herein set forth.

11. REPRESENTATIONS
AND WARRANTIES

Each Company covenants, represents and warrants to NLCS that: (i) it is a corporation duly organized and in good standing under the laws of the state of its organization; (ii) it is empowered under applicable laws and by its Organizational Documents to enter into this Agreement and perform its duties and obligations hereunder; (iii) all requisite corporate proceedings have been taken to authorize it to enter into this Agreement and perform its duties and obligations hereunder; (iv) it is, or will be within a reasonable date, a registered investment company under the Investment Company Act; (v) this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of each Company, enforceable against each Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and (vi) a registration statement under the Securities Act and Investment Company Act is or will be effective and will remain effective and appropriate state securities law filings will be or have been made and will continue to be made with respect to each Company and each Fund.

12. TERM
AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Term*.
 This Agreement shall become effective on the Effective Date and shall continue for a period
 of one (1) year (the "Initial Term"). This Agreement shall automatically continue
 for successive one-year periods (each a "Renewal Term") subject to approval of
 the Board, including approval by a majority of the independent officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Termination*.
 This Agreement may be terminated with respect to a Company and/or with respect to any Fund
 by the Board, by vote of a majority of the outstanding voting securities of a Company, or
 by NLCS at any time and for any reason upon not less than sixty (60) days' advanced
 written notice. Additionally, either party may terminate this Agreement upon not less than
 30 days' advanced written notice if the other is alleged to have materially breached
 this Agreement; provided that the party who is alleged to have breached this Agreement shall
 be afforded 30 days to cure the alleged breach. This Agreement also will terminate in accordance
 with Section 13(B) if the Board chooses to engage its own chief compliance officer following
 a decision by NLCS to dismiss the Chief Compliance Officer. If the Chief Compliance Officer
 voluntarily resigns, NLCS may elect to terminate this Agreement upon written notice to the
 Board that NLCS is not able to present the Board with a suitable candidate to replace the
 Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Insolvency*.
 NLCS may terminate this Agreement immediately and without notice upon: (i) the issuance by
 any federal, state or local regulatory or administrative body of any administrative or regulatory
 sanction or penalty against each Company, (ii) a petition in bankruptcy is filed by or against
 a Company, (iii) if a Company has made an assignment for the benefit of creditors, (iv) if
 a Company has voluntarily or involuntarily been adjudicated as bankrupt, (v) or if a petition
 is filed for the reorganization of a Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Fees Resulting From Termination.* In the event of a termination of this Agreement, each Company
 shall pay NLCS all compensation and fees owing through the date of termination or the date
 that the provision of services cease, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Reimbursement of Expenses Incurred by NLCS in Effecting Any Termination*. In addition to the fees owing
 in accordance with Section 5, if this Agreement is terminated for any reason, NLCS shall
 be entitled to collect from each Company the amount of all of NLCS's reasonable labor
 charges and cash reimbursements for services in connection with NLCS's activities in
 effecting such termination, including, without limitation, the labor costs and expenses associated
 with delivery of any compliance records of each Company or any Fund from its computer systems,
 and the delivery to each Company, any Fund, and/or their designees of related records, instruments
 and documents, or any copies thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 provisions of Sections 5, 7, 8, 9, 12(F) and 14 shall survive any termination of this Agreement.

13. EXCEPTIONS
RESULTING FROM BOARD ACTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination*.
 If the Board dismisses a Company's Chief Compliance Officer, this Agreement will either
 end immediately (subject to the provisions of Section 12) or, at the discretion of both parties,
 NLCS may present an alternative Chief Compliance Officer for Board consideration and approval
 to continue the Chief Compliance Officer duties set forth under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Prevention of Termination*. If NLCS wishes to dismiss the Chief Compliance Officer under the terms
 of NLCS's arrangement with the Chief Compliance Officer, NLCS, to the extent possible,
 will present its plan of action to the Board prior to taking such action. Under such circumstances,
 NLCS may, at its own discretion, offer to present another Chief Compliance Officer candidate
 to the Board that would work through NLCS. If the Board approves the new Chief Compliance
 Officer, this Agreement will continue and be deemed amended to reflect the new Chief Compliance
 Officer. If the Board chooses to engage its own chief compliance officer as a result of NLCS
 dismissing the Chief Compliance Officer under this Agreement, this Agreement will terminate,
 and each Company will be obligated to pay NLCS only for fees and reimbursable expenses accrued
 up to the point in time when the Board's new chief compliance officer officially assumes
 responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Change in Compensation*. If the Board decides to increase the Chief Compliance Officer's
 compensation or provide a bonus to the Chief Compliance Officer, then the fees paid to NLCS
 by each Company will increase proportionately for any amounts it deems due to the Chief Compliance
 Officer above the amounts due to NLCS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Resignation by Chief Compliance Officer*. If the Chief Compliance Officer voluntarily resigns, NLCS
 may, but shall not be obligated to, present an alternative Chief Compliance Officer for Board
 consideration and approval to continue performing duties under this Agreement. If the Board
 chooses to end its relationship with NLCS as a result of such voluntary resignation by the
 Chief Compliance Officer, this Agreement will terminate, and each Company will be obligated
 to pay NLCS only for fees and reimbursable expenses accrued up to the point in time when
 the Chief Compliance Officer's resignation becomes effective.

14. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Amendments*.
 Except as otherwise provided herein, no provisions of this Agreement may be amended or modified
 in any manner except by a written agreement properly authorized and executed by both parties
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Waiver.* A party may by written instrument signed on behalf of such party: (i) extend the time
 for the performance of any of the obligations or other acts of another party due to it, (ii)
 waive any inaccuracies in the representations and warranties made to it contained in this
 Agreement, or (c) waive compliance with any covenants, obligations, or conditions in its
 favor contained in this Agreement. No claim or right arising out of this Agreement can be
 waived by a party, in whole or in part, unless made in a writing signed by such party. Neither
 any course of conduct or dealing nor failure or delay by any party in exercising any right,
 power, or privilege under this Agreement will operate as a waiver of such right, power, or
 privilege, and no single or partial exercise of any such right, power, or privilege will
 preclude any other or further exercise of such right, power, or privilege or the exercise
 of any other right, power, or privilege. A waiver given by a party will be applicable only
 to the specific instance for which it is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Binding Effect; Assignment.* This Agreement shall be binding upon and inure to the benefit of
 the parties hereto and their respective successors and permitted assigns. Neither this Agreement,
 nor any right, duty nor obligation of any party hereunder, may be assigned or delegated by
 any party (in whole or in part) without the prior written consent of the other party hereto.
 Any purported assignment of rights or delegation of obligations in violation of this Section
 will be void. References to a party in this Agreement also refer to such party's successors
 and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *No Third-Party Beneficiaries.* Except as set forth in Section 9 hereof, nothing in this Agreement
 is intended or shall be construed to give any person, other than the parties hereto, their
 successors and permitted assigns, any legal or equitable right, remedy or claim under or
 in respect of this Agreement or any provision contained herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Relationship of the Parties/No Fiduciary Duties.* The parties shall perform all obligations under
 this Agreement as independent contractors, and nothing contained in this Agreement shall
 be deemed to create any association, partnership, joint venture, or relationship of principal
 and agent or master and servant between the parties to this Agreement or any affiliates or
 subsidiaries thereof, or to provide either party with the right, power or authority, whether
 express or implied, to create any such duty or obligation on behalf of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *No Recourse Against Nonparty Affiliates.* All claims, obligations, liabilities, or causes
 of action (whether in contract, common or statutory law, equity or otherwise) that arise
 out of or relate to this Agreement, or the negotiation, execution, or performance of this
 Agreement, may be made only against the parties that are signatories to this Agreement, as
 the case may be ()"*Contracting Parties* "). No Person who is not a Contracting
 Party, including any officer, employee, member, partner or manager signing this Agreement
 or any certificate delivered in connection herewith or therewith on behalf of any Contracting
 Party ()"*Nonparty Affiliates*") shall have any liability (whether in contract,
 tort, common or statutory law, equity or otherwise) for any claims, obligations, liabilities
 or causes of action arising out of, or relating in any manner to, this Agreement or based
 on, in respect of, or by reason of this Agreement or the negotiation, execution, performance,
 or breach of the Agreement; and, to the maximum extent permitted by law, each Contracting
 Party hereby waives and releases all such liabilities, claims, causes of action, and obligations
 against any such Nonparty Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *Governing Law*. This Agreement shall be construed and the provisions hereof interpreted under and
 in accordance with the laws of the state of Nebraska. Any dispute, controversy, proceeding
 or claim arising out of or relating to: (i) this Agreement or the subject matter hereof,
 (ii) the breach, termination, enforcement, interpretation or validity of this Agreement,
 including the determination of the scope or applicability of this Agreement to arbitration,
 or (iii) the relationship among the parties hereto or thereto, in each case, whether in contract,
 tort, common or statutory law, equity or otherwise (collectively, a "*Dispute* "),
 shall be brought exclusively in either (1) the United States District Court for Nebraska,
 to the extent that such court has subject matter jurisdiction, or (2) the Nebraska State
 District Court in Douglas County, Nebraska (the "*Designated Court* "). Each
 of the parties hereto hereby irrevocably submits with regard to any such action or proceeding
 for itself and in respect of its property, generally and unconditionally, to the personal
 jurisdiction of the Designated Court and agrees that it will not bring any action whether
 in tort, contract, common or statutory law, equity or otherwise arising out of or relating
 to this Agreement or the subject matter hereof in any court other than the Designated Court.
 Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense,
 counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a)
 any claim that it is not personally subject to the jurisdiction of the Designated Court,
 (b) any claim that it or its property is exempt or immune from jurisdiction of the Designated
 Court or from any legal process commenced in such Designated Court (whether through service
 of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution
 of judgment or otherwise), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the fullest extent permitted by applicable law, any claim that (i) the suit, action or proceeding in such Designated Court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such Designated Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Entire Agreement*. This Agreement, including all schedules and exhibits, constitutes the entire
 agreement between the parties hereto and supersedes any prior agreements, understandings,
 representations and warranties with respect to the subject matter hereof whether oral or
 written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *Counterparts*.
 The parties may execute this Agreement on any number of counterparts, and all of the counterparts
 taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. *Further Assurances.* From and after the Effective Date, the parties shall do or cause to be done
 all such reasonable acts and things as may be necessary, proper or advisable, consistent
 with all applicable laws, to make effective the transactions herein contemplated. Without
 limiting the foregoing, each party shall execute and deliver, or cause to be executed and
 delivered, such further documents and instruments, in each case as may be necessary or proper
 and reasonable to carry out the provisions and purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. *Severability*.
 If any part, term or provision of this Agreement is held to be illegal, in conflict with
 any law or otherwise invalid, the remaining portion or portions shall be considered severable
 and not be affected by such determination, and the rights and obligations of the parties
 shall be construed and enforced as if this Agreement did not contain the particular part,
 term or provision held to be illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. *Force Majeure.* Neither party shall be liable to the other for failure to perform if the failure
 results from a cause beyond its control, including, without limitation, fire, electrical,
 mechanical, or equipment breakdowns, delays by third party vendors and/or communications
 carriers, civil disturbances or disorders, terrorist acts, strikes, acts of governmental
 authority or new governmental restrictions, or acts of God.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. *Headings*.
 Section and paragraph headings in this Agreement are included for convenience only and are
 not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. *Notices*.
 All notices and other communications hereunder shall be in writing and shall be deemed duly
 given (a) on the date of delivery if delivered personally, (b) on the fifth Business Day
 following the date of mailing, if mailed by registered or certified mail, return receipt
 requested, postage prepaid to the party to receive such notice, (c) if dispatched via a nationally
 recognized overnight courier service (delivery receipt requested) with charges paid by the
 dispatching party, on the later of (i) the first Business Day following the date of dispatch,
 or (ii) the scheduled date of delivery by such service, or (d) on the date sent by electronic
 mail if sent during normal business hours of the recipient during a Business Day, and otherwise
 on the next Business Day,

if sent after normal business hours of the recipient, provided that in the case of electronic mail, each notice or other communication shall be confirmed within one Business Day by dispatch of a copy of such notice pursuant to one of the other methods described herein, at the following addresses, or such other address as a party may designate from time to time by notice in accordance with this Section.

---

| | |
|:---|:---|
| **To the Companies:**<br>Atlas U.S. Tactical Income Fund, Inc.<br> Atlas U.S. Government Money Market Fund, Inc.<br> Attn: Paul Hopgood, President<br> Buchanan Office Center, Suite 201<br> Road 165 #40<br> Guaynabo, Puerto Rico 00968<br> <u>phopgood@atlas-am.com</u> | **To NLCS:**<br>Northern Lights Compliance Services, LLC<br> Attn: Legal Department<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022<br> <u>legal@ultimusfundsolutions.com</u> |
| With a copy to: |  |
| JoAnn M. Strasser, Esq.<br> Thompson Hine LLP<br> 41 S. High Street<br> Suite 400 North Tower<br> Columbus, OH 43215<br> <u>JoAnn.Strasser@ThompsonHine.com</u> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. *Distinction of Funds*. Notwithstanding any other provision of this Agreement, the parties agree that
 the assets and liabilities of each Fund of each Company are separate and distinct from the
 assets and liabilities of each other Fund and that no Fund shall be liable or shall be charged
 for any debt, obligation or liability of any other Fund, whether arising under this Agreement
 or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. *Representation of Signatories*. Each of the undersigned expressly warrants and represents that they have
 full power and authority to sign this Agreement on behalf of the party indicated and that
 their signature will bind the party indicated to the terms hereof.

**Signature Page Follows**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized persons, as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **ATLAS U.S. TACTICAL INCOME FUND, INC.** | **ATLAS U.S. TACTICAL INCOME FUND, INC.** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** |
| By: | /s/ Paul Hopgood | By: | /s/ Martin Dean |
|  | Paul Hopgood |  | Martin R. Dean |
|  | President |  | President |

---

**Schedule A**

**FEES**

This **Schedule A** is part of the Amended and Restated Consulting Agreement (the "Agreement"), dated May 14, 2025, entered into by and between Atlas U.S. Tactical Income Fund, Inc., Atlas U.S. Government Money Market Fund, Inc. (each a "Company" and together the "Companies"), and Northern Lights Compliance Services, LLC ("NLCS"). Capitalized terms used herein that are not otherwise defined shall have the same meanings ascribed to them in the Agreement.

1. <u>Standard Service Fees</u>:

**[REDACTED]**

2. <u>Due Diligence Fee</u>:

**[REDACTED]**

3. <u>Procedures Development and Review</u>:

**[REDACTED]**

4. <u>Additional Service Fees</u>:

**[REDACTED]**

Schedule A \| Page 1

**Schedule A**

**FEES**

**5.**  **<u>Liquidity Program Administration Fees (optional service)</u>:** 

**[REDACTED]**

6. <u>Anti-Money Laundering Fees</u>:

**[REDACTED]**

7. <u>Reimbursable Expenses</u>:

**[REDACTED]**.

8. <u>Payment Terms</u>:

NLCS will invoice each Company for all annualized fees owing to NLCS under the terms of the Agreement on a quarterly basis in advance. Invoices for Extraordinary Services and reimbursable expenses will be billed on a monthly basis in arrears. Each NLCS invoice shall include the amount due and a brief description of the services rendered. The payment of all fees and the reimbursement of all reimbursable expenses shall be due and payable within thirty (30) days of receipt of an invoice from NLCS (the "Due Date"). Interest may accrue, at the maximum amount permitted by law, on any invoice balance that remains unpaid after its Due Date.

Schedule A \| Page 2

**Schedule B**

**CHIEF COMPLIANCE OFFICER**

Timothy Shaloo

Schedule B \| Page 1

**Schedule C**

**ANTI-MONEY LAUNDERING SERVICES**

1) <u>Appointment of Anti-Money Laundering Officer</u>. NLCS will provide the services of a compliance officer, who shall be appointed by the Board as the Anti-Money Laundering Officer (the "AMLO") for each Company and each Fund. The AMLO will have overall responsibility for administering and overseeing compliance with each Company's anti-money laundering ("AML") program.

2) <u>AML Compliance</u>. As part of the AML program, the AMLO shall, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;a) Assist
 each Company in identifying its AML vulnerabilities and identify the risk factors relating
 to the AML requirements;

&nbsp;&nbsp;&nbsp;&nbsp;b) Review
 the adequacy of each Company's AML program and the effectiveness of its implementation
 and, as necessary, make recommendations regarding updating each Company's AML program
 to accommodate changes in regulatory requirements and each Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Provide
 ongoing AML training for appropriate persons;

&nbsp;&nbsp;&nbsp;&nbsp;d) Perform
 testing of certain control procedures, including collecting and organizing relevant data
 and reviewing reports, investigating exceptions, and making inquiries of each Company's
 personnel and relevant Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Arrange
 for independent testing of the Funds' AML programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Monitor
 and review AML responsibilities that have been delegated to Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Conduct
 on-site visits of appropriate Service Providers as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;h) Oversee
 (to the extent not delegated to Service Providers) suspicious activity reporting (on form
 SAR-SF);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Assist
 each Company's personnel in responding to Section 314(a) information requests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Report
 to the Board.

Notwithstanding the indemnification provisions of the Agreement, to the extent that the AMLO incurs any liability in connection with the performance of the services set forth in this **Schedule C** (or any omission with respect thereto), he or she will be covered under the Directors and Officers Errors and Omissions insurance policy of each Company, in accordance with the terms therein and all deductibles applicable to such policy shall be covered by each Company.

Schedule C \| Page 1

**Schedule C**

**ANTI-MONEY LAUNDERING SERVICES**

3) <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Representations and Warranties of NLCS</u>. NLCS represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It
 has access to the necessary facilities, equipment, and personnel with the requisite knowledge
 and experience to assist the AMLO in the performance of his or her duties and obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. It
 shall make available a person who is competent and knowledgeable regarding the Federal Securities
 Laws and is otherwise reasonably qualified to act as an AMLO and who will, in the exercise
 of his or her duties to each Company, act in good faith and in a manner reasonably believed
 by him or her to be in the best interests of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It
 shall compensate the AMLO fairly, subject to the Board's right under any applicable
 regulations (e.g., Rule 38a-1 under the Investment Company Act) to approve the designation,
 termination and level of compensation of the AMLO. In addition, it shall not retaliate against
 the AMLO should the AMLO inform the Board of a compliance failure or take aggressive action
 to ensure compliance with the Federal Securities Laws by each Company or a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. It
 shall report to the Board promptly if it learns of AMLO malfeasance or in the event the AMLO
 is terminated as an AMLO, as the case may be, by another investment company or if the AMLO
 is terminated by NLCS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. It
 shall report to the Board if at any time the AMLO is subject to the disqualifications set
 forth in Section 15(b)(4) of the Exchange Act or Section 9 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Representations and Warranties of Each Company</u>. Each Company represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 AMLO shall be covered by each Company's Directors and Officers/Errors and Omissions
 Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 AMLO is a named officer in each Company's corporate resolutions and, though not specifically
 named in each Company's Organizational Documents, subject to their provisions regarding
 indemnification of its officers.

4) <u>Removal of AMLO</u>. The Board retains the right and authority to remove the AMLO designated by NLCS at any time, with or without cause, without payment of any penalty. If the Board dismisses the AMLO, NLCS may present alternative AMLO candidate(s) for Board consideration and approval to continue the services set forth in this **Schedule C**.

If NLCS wishes to dismiss the AMLO under the terms of NLCS's arrangement with such person, or if such person resigns from NLCS, NLCS will present its plan of action to the Board

Schedule C \| Page 2

**Schedule C**

**ANTI-MONEY LAUNDERING SERVICES**

prior to taking such action. Under such circumstances, NLCS may, at the Board's discretion, offer to present a candidate to the Board that would work through NLCS.

5) <u>Consent to Examination</u>. In connection with the AML program administered by NLCS, NLCS hereby consents to federal regulators' examination of information and records retained by NLCS to the extent such information and records relate to the AML program and to federal regulators' inspection of NLCS for purposes of the AML program.

Schedule C \| Page 3

## Ex-99.I

![(IMAGE)](at002_v2.jpg)

June 18, 2025<br>Atlas U.S. Government Money Market Fund, Inc.<br> Buchanan Office Center<br> Road 165 #40, Suite 201<br> Guaynabo, PR 00968

Re: Atlas U.S. Government Money Market Fund, Inc., File Nos. 333-286213 and 811-24068

Gentlemen:

This letter is in response to your request for our opinion in connection with the filing of Pre-Effective Amendment No. 1 to the Registration Statement, File Nos. 333-286213 and 811-24068 (the "Registration Statement"), of Atlas U.S. Government Money Market Fund, Inc. (the "Fund").

We have examined a copy of the Fund's Certificate of Incorporation, the Fund's By-laws, the Fund's record of the various actions by the Directors thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Fund and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof. The opinions expressed herein are limited to matters of United States Federal law as such laws exist today; we express no opinion as to the effect of any applicable law of any other jurisdiction.

Based upon the foregoing, we are of the opinion that the shares of the following series of the Fund, if issued in accordance with the then-current Prospectus and Statement of Additional Information, will be legally issued, fully paid and non-assessable:

We give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Pre-Effective Amendment No. 1 to the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Fund and its shareholders, and may not be relied upon by any other person or organization without our prior written approval.

---

| |
|:---|
| Very truly yours, |
| /s/ Thompson Hine LLP |
| THOMPSON HINE LLP |

---

AJD/PBS

---

| | | |
|:---|:---|:---|
| **Thompson Hine llp** | 41 South High Street | www.ThompsonHine.com |
| **Attorneys at Law** | Suite 1700 | O: 614.469.3200 |
|  | Columbus, Ohio 43215-6101 | F: 614.469.3361 |

---

## Ex-99.M

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**CLASS A**

**MASTER DISTRIBUTION AND SHAREHOLDER SERVICING PLAN**

**PURSUANT TO RULE 12B-1**

**UNDER THE INVESTMENT COMPANY ACT OF 1940**

**Adopted May 14, 2025**

**WHEREAS**, Atlas U.S. Government Money Market Fund, Inc. was incorporated in the Commonwealth of Puerto Rico (the "Fund"), and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company; and

**WHEREAS**, the Fund is authorized to issue Class A shares, Class I and Class P shares (the "Shares"); and

**WHEREAS,** the Fund desires to adopt a Plan of Distribution and Shareholder Servicing Plan (the "Plan") with respect to the Class A Shares; and

**WHEREAS,** The Fund has entered into a Distribution Agreement (the "Agreement") with Northern Lights Distributors, LLC, (the "Distributor"), a registered securities broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA") , pursuant to which the Distributor has agreed to act as exclusive agent for the distribution of and to use reasonable efforts to sell the Shares of the Fund, on a continuous basis.

**NOW THEREFORE**, the Fund hereby adopts this Plan and approves the retention of the Distributor and the payment of certain fees as follows:

1. <u>Distribution Activities and Shareholder Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Distribution Activities</u>. The Fund is authorized to engage in, directly or indirectly through the Distributor or otherwise, and to perform, or
cause to be performed, activities related to the distribution of Class A Shares of the Fund, which activities may include, but are not
limited to, the following ("Distribution Activities"): (a) the making of payments, including payment of incentive compensation,
to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that are engaged in the
sale of Class A Shares of the Fund, or that may be advising shareholders of the Fund regarding the purchase, sale or retention of Class
A Shares of the Fund; (b) incurring expenses of maintaining personnel (including personnel of organizations with which the Fund has entered
into agreements related to this Plan) who engage in or support distribution of Class A Shares of the Fund; (c) incurring costs of preparing,
printing and distributing prospectuses and statements of additional information and reports of the Fund for recipients other than existing
shareholders of the Fund; (d) incurring costs of formulating and implementing marketing and promotional activities, including, but

not limited to, sales seminars, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising; (e) incurring costs of preparing, printing and distributing sales literature; (f) incurring costs of obtaining such information, analyses and reports with respect to marketing and promotional activities as the Fund may, from time to time, deem advisable; and (g) incurring costs of implementing and operating this Plan. The Fund is authorized to engage in Distribution Activities related to the distribution of Class A Shares of the Funds, either directly or indirectly through persons with whom the Fund has entered into agreements related to this Plan, including, without limitation, the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shareholder Services</u>. In order to facilitate and/or enhance the Fund's and/or the Fund's
 Distribution Activities related to the Fund's Class A Shares, the Fund may pay fees
 (or otherwise incur expenses) (subject to the limitations set forth in Section 2 hereof)
 for Shareholder Services. For purposes of this Plan "Shareholder Services" shall
 mean those services of securities dealers or other financial intermediaries, financial institutions,
 investment advisers and others rendered in connection with the holding of Class A Shares
 of the Fund for shareholders in omnibus accounts or as shareholders of record or in providing
 shareholder support or administrative services to the Fund and its shareholders or that are
 rendered to shareholders of the Fund's Class A Shares and not otherwise provided by
 the Fund's transfer agent, including, but not limited to, allocated overhead, office
 space and equipment, telephone facilities and expenses, answering routine inquiries regarding
 the Fund processing shareholder transactions, and in providing such other shareholder services
 as the Fund may reasonably request.

2. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Distribution and Shareholder Service Fees</u>. The Fund is authorized to pay fees (or otherwise incur
 expenses) for Distribution Activities and Shareholder Services at an aggregate, annualized
 rate not to exceed the lesser of (i) the "Maximum Authorized Rate" and (ii) the
 "Currently Approved Rate" (each as set forth opposite the Fund named on <u>Exhibit A</u> attached hereto). The "Maximum Authorized Rate" shall mean the maximum
 rate authorized by the Board under this Plan and the "Currently Approved Rate"
 shall mean that portion of the Maximum Authorized Rate that is currently authorized for payment
 by the Fund, as may be amended from time to time. The applicable rate shall be applied to
 the average daily net assets attributable to Class A Shares of the Fund. In no event shall
 the rate paid for Distribution Activities exceed 0.25% and the rate paid for Shareholder
 Services exceed 0.25% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Fees in Relation to Expenses</u>. The amount of fees payable by the Fund pursuant to this Section
 2 may be greater or lesser than the expenses actually incurred by the Fund or by the Distributor
 or other financial intermediary on behalf of the Fund in connection with the performance
 of Distribution Activities and Shareholder Services.

3. <u>Authority of the Distributor</u>. The Fund is hereby authorized and directed to retain the services
 of the Distributor to act as its principal underwriter, and, in such capacity, the Distributor
 is authorized to engage in Distribution Activities and/or Shareholder Services for and on
 behalf of the Fund and to enter into agreements with securities dealers, financial intermediaries,
 financial institutions, investment advisers, and others to engage in Distribution Activities
 and/or Shareholder Services for and on behalf of the Fund and to receive for itself or for
 the benefit of such third parties (and to the extent received for the benefit of such third
 parties to pay to such third parties) the fees authorized to be paid by the Fund pursuant
 to Section 2 hereof. The Distributor also is authorized to make payments to the investment
 adviser of the Fund for reimbursement of marketing related expenses and/or compensation for
 administrative assistance.

4. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 Plan shall become effective with respect to the Fund listed on <u>Exhibit A</u> attached
 hereto (which may be amended from time to time) on May 14, 2025 with respect to Class A Shares
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Unless
 terminated as herein provided, this Plan shall continue in effect for one year from the effective
 date and shall continue in effect for successive periods of one year thereafter, but only
 so long as each such continuance is specifically approved by votes of a majority of both:
 (i) the Directors of the Board; and (ii) the Independent Directors, cast in person at a meeting
 called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This
 Plan may be terminated with respect to the Fund at any time, without payment of any penalty,
 by the vote of a majority of the Independent Directors or by vote of a majority of the outstanding
 voting securities of the Class A Shares of the Fund; and <u>Exhibit A</u> attached
 hereto shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Fund subject to this Plan may terminate any agreement related to this Plan, without payment
 of any penalty, by the vote of a majority of the Independent Directors or by vote of a majority
 of the outstanding voting securities of the Class A Shares of the Fund, upon sixty (60) days
 written notice to the other parties to such agreement. In addition, any agreement related
 to this Plan shall terminate automatically in the event of its assignment.

5. <u>Amendments</u>.
 All material amendments to this Plan (including, without limitation, material amendments
 to <u>Exhibit A</u> attached hereto) must be approved in the manner provided for
 annual renewal of this Plan in Section 4(b) hereof. In addition, this Plan (including, without
 limitation, <u>Exhibit A</u> attached hereto) may not be amended to increase materially
 the amount of expenditures provided for in Sections 2 and 3 hereof unless such amendment
 is approved by a vote of the majority of the outstanding voting securities of the Class A
 Shares of the Fund to which the increase applies.

6. <u>Selection and Nomination of Independent Directors</u>. While this Plan is in effect, the selection
 and nomination of the Independent Directors shall be made solely at the discretion of the
 Independent Directors.

7. <u>Quarterly Reports</u>. The Board shall review, at least quarterly, a written report of the amounts
 expended pursuant to this Plan and any related agreement and the purposes for which such
 expenditures were made.

8. <u>Recordkeeping</u>.
 The Fund shall preserve copies of this Plan and any related agreement and all reports made
 pursuant to Section 7 hereof, for a period of not less than six years from the date of this
 Plan, the agreements or such reports, as the case may be, the first two years in an easily
 accessible place.

9. <u>Limitation of Liability</u>. A copy of the Agreement and Certificate of Incorporation is on file with
 the Commonwealth of Puerto Rico, Dept. of State and notice is hereby given that this Plan
 is executed on behalf of the directors of the Fund as directors and not individually and
 that the obligations of this Plan are not binding upon the directors, the shareholders of
 the Fund, but are binding only upon the assets and property of the Fund.

10. <u>Incorporation by Reference</u>. <u>Exhibit A</u> to this Plan (as the same may be amended from time
 to time) shall be deemed part of this Plan and is incorporated herein by this reference.

11. <u>Defined Terms</u>. As used in this Plan, the terms "majority of the outstanding voting securities,"
 "assignment," and "interested person" shall have the meanings ascribed
 to those terms in the 1940 Act.

**Exhibit A**

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**CLASS A**

**MASTER DISTRIBUTION AND SHAREHOLDER SERVICING PLAN**

**DATED May 14, 2025**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Maximum<br> Authorized Rate** | &nbsp;&nbsp;**Currently<br> Approved Rate** | &nbsp;&nbsp;**Distributor** |
| &nbsp;&nbsp;Atlas U.S. Government Money Market Fund, Inc.<br>Class A Shares | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;Northern Lights Distributors, LLC |

---

**ACKNOWLEDGED AND APPROVED BY:**

---

| | | | |
|:---|:---|:---|:---|
| **Atlas U.S. Government Money Market** | **Atlas U.S. Government Money Market** | **Northern Lights Distributors, LLC** | **Northern Lights Distributors, LLC** |
| **Fund, Inc.** | **Fund, Inc.** | | |
| By: | /s/ Paul Hopgood | By: | /s/ Kevin M. Guerette |
| Paul Hopgood | Paul Hopgood | Kevin M. Guerette | Kevin M. Guerette |
| President | President | President | President |

---

## Ex-99.M

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**CLASS P**

**MASTER DISTRIBUTION AND SHAREHOLDER SERVICING PLAN**

**PURSUANT TO RULE 12B-1**

**UNDER THE INVESTMENT COMPANY ACT OF 1940**

**Adopted May 14, 2025**

**WHEREAS**, Atlas U.S. Government Money Market Fund, Inc. was incorporated in the Commonwealth of Puerto Rico (the "Fund"), and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company; and

**WHEREAS**, the Fund is authorized to issue Class A shares, Class I and Class P shares (the "Shares"); and

**WHEREAS,** the Fund desires to adopt a Plan of Distribution and Shareholder Servicing Plan (the "Plan") with respect to the Class P Shares; and

**WHEREAS,** The Fund has entered into a Distribution Agreement (the "Agreement") with Northern Lights Distributors, LLC, (the "Distributor"), a registered securities broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA") , pursuant to which the Distributor has agreed to act as exclusive agent for the distribution of and to use reasonable efforts to sell the Shares of the Fund, on a continuous basis.

**NOW THEREFORE**, the Fund hereby adopts this Plan and approves the retention of the Distributor and the payment of certain fees as follows:

1. <u>Distribution Activities and Shareholder Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Distribution Activities</u>. The Fund is authorized to engage in, directly or indirectly through the Distributor or otherwise, and to perform, or
cause to be performed, activities related to the distribution of Class P Shares of the Fund, which activities may include, but are not
limited to, the following ("Distribution Activities"): (a) the making of payments, including payment of incentive compensation,
to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that are engaged in the
sale of Class P Shares of the Fund, or that may be advising shareholders of the Fund regarding the purchase, sale or retention of Class
P Shares of the Fund; (b) incurring expenses of maintaining personnel (including personnel of organizations with which the Fund has entered
into agreements related to this Plan) who engage in or support distribution of Class P Shares of the Fund; (c) incurring costs of preparing,
printing and distributing prospectuses and statements of additional information and reports of the Fund for recipients other than existing
shareholders of the Fund; (d) incurring costs of formulating and implementing marketing and promotional activities, including, but

not limited to, sales seminars, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising; (e) incurring costs of preparing, printing and distributing sales literature; (f) incurring costs of obtaining such information, analyses and reports with respect to marketing and promotional activities as the Fund may, from time to time, deem advisable; and (g) incurring costs of implementing and operating this Plan. The Fund is authorized to engage in Distribution Activities related to the distribution of Class P Shares of the Funds, either directly or indirectly through persons with whom the Fund has entered into agreements related to this Plan, including, without limitation, the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shareholder Services</u>. In order to facilitate and/or enhance the Fund's and/or the Fund's
 Distribution Activities related to the Fund's Class P Shares, the Fund may pay fees
 (or otherwise incur expenses) (subject to the limitations set forth in Section 2 hereof)
 for Shareholder Services. For purposes of this Plan "Shareholder Services" shall
 mean those services of securities dealers or other financial intermediaries, financial institutions,
 investment advisers and others rendered in connection with the holding of Class P Shares
 of the Fund for shareholders in omnibus accounts or as shareholders of record or in providing
 shareholder support or administrative services to the Fund and its shareholders or that are
 rendered to shareholders of the Fund's Class P Shares and not otherwise provided by
 the Fund's transfer agent, including, but not limited to, allocated overhead, office
 space and equipment, telephone facilities and expenses, answering routine inquiries regarding
 the Fund processing shareholder transactions, and in providing such other shareholder services
 as the Fund may reasonably request.

2. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Distribution and Shareholder Service Fees</u>. The Fund is authorized to pay fees (or otherwise incur
 expenses) for Distribution Activities and Shareholder Services at an aggregate, annualized
 rate not to exceed the lesser of (i) the "Maximum Authorized Rate" and (ii) the
 "Currently Approved Rate" (each as set forth opposite the Fund named on <u>Exhibit A</u> attached hereto). The "Maximum Authorized Rate" shall mean the maximum
 rate authorized by the Board under this Plan and the "Currently Approved Rate"
 shall mean that portion of the Maximum Authorized Rate that is currently authorized for payment
 by the Fund, as may be amended from time to time. The applicable rate shall be applied to
 the average daily net assets attributable to Class P Shares of the Fund. In no event shall
 the rate paid for Distribution Activities exceed 0.55% and the rate paid for Shareholder
 Services exceed 0.55% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Fees in Relation to Expenses</u>. The amount of fees payable by the Fund pursuant to this Section
 2 may be greater or lesser than the expenses actually incurred by the Fund or by the Distributor
 or other financial intermediary on behalf of the Fund in connection with the performance
 of Distribution Activities and Shareholder Services.

3. <u>Authority of the Distributor</u>. The Fund is hereby authorized and directed to retain the services
 of the Distributor to act as its principal underwriter, and, in such capacity, the Distributor
 is authorized to engage in Distribution Activities and/or Shareholder Services for and on
 behalf of the Fund and to enter into agreements with securities dealers, financial intermediaries,
 financial institutions, investment advisers, and others to engage in Distribution Activities
 and/or Shareholder Services for and on behalf of the Fund and to receive for itself or for
 the benefit of such third parties (and to the extent received for the benefit of such third
 parties to pay to such third parties) the fees authorized to be paid by the Fund pursuant
 to Section 2 hereof. The Distributor also is authorized to make payments to the investment
 adviser of the Fund for reimbursement of marketing related expenses and/or compensation for
 administrative assistance.

4. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 Plan shall become effective with respect to the Fund listed on <u>Exhibit A</u> attached
 hereto (which may be amended from time to time) on May 14, 2025 with respect to Class P Shares
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Unless
 terminated as herein provided, this Plan shall continue in effect for one year from the effective
 date and shall continue in effect for successive periods of one year thereafter, but only
 so long as each such continuance is specifically approved by votes of a majority of both:
 (i) the Directors of the Board; and (ii) the Independent Directors, cast in person at a meeting
 called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This
 Plan may be terminated with respect to the Fund at any time, without payment of any penalty,
 by the vote of a majority of the Independent Directors or by vote of a majority of the outstanding
 voting securities of the Class P Shares of the Fund; and <u>Exhibit A</u> attached
 hereto shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Fund subject to this Plan may terminate any agreement related to this Plan, without payment
 of any penalty, by the vote of a majority of the Independent Directors or by vote of a majority
 of the outstanding voting securities of the Class P Shares of the Fund, upon sixty (60) days
 written notice to the other parties to such agreement. In addition, any agreement related
 to this Plan shall terminate automatically in the event of its assignment.

5. <u>Amendments</u>.
 All material amendments to this Plan (including, without limitation, material amendments
 to <u>Exhibit A</u> attached hereto) must be approved in the manner provided for
 annual renewal of this Plan in Section 4(b) hereof. In addition, this Plan (including, without
 limitation, <u>Exhibit A</u> attached hereto) may not be amended to increase materially
 the amount of expenditures provided for in Sections 2 and 3 hereof unless such amendment
 is approved by a vote of the majority of the outstanding voting securities of the Class P
 Shares of the Fund to which the increase applies.

6. <u>Selection and Nomination of Independent Directors</u>. While this Plan is in effect, the selection
 and nomination of the Independent Directors shall be made solely at the discretion of the
 Independent Directors.

7. <u>Quarterly Reports</u>. The Board shall review, at least quarterly, a written report of the amounts
 expended pursuant to this Plan and any related agreement and the purposes for which such
 expenditures were made.

8. <u>Recordkeeping</u>.
 The Fund shall preserve copies of this Plan and any related agreement and all reports made
 pursuant to Section 7 hereof, for a period of not less than six years from the date of this
 Plan, the agreements or such reports, as the case may be, the first two years in an easily
 accessible place.

9. <u>Limitation of Liability</u>. A copy of the Agreement and Certificate of Incorporation is on file with
 the Commonwealth of Puerto Rico, Dept. of State and notice is hereby given that this Plan
 is executed on behalf of the directors of the Fund as directors and not individually and
 that the obligations of this Plan are not binding upon the directors, the shareholders of
 the Fund, but are binding only upon the assets and property of the Fund.

10. <u>Incorporation by Reference</u>. <u>Exhibit A</u> to this Plan (as the same may be amended from time
 to time) shall be deemed part of this Plan and is incorporated herein by this reference.

11. <u>Defined Terms</u>. As used in this Plan, the terms "majority of the outstanding voting securities,"
 "assignment," and "interested person" shall have the meanings ascribed
 to those terms in the 1940 Act.

**Exhibit A**

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**CLASS P**

**MASTER DISTRIBUTION AND SHAREHOLDER SERVICING PLAN**

**DATED May 14, 2025**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Maximum<br> Authorized Rate** | &nbsp;&nbsp;**Currently<br> Approved Rate** | &nbsp;&nbsp;**Distributor** |
| &nbsp;&nbsp;Atlas U.S. Government Money Market Fund, Inc.<br>Class P Shares | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;Northern Lights Distributors, LLC |

---

**ACKNOWLEDGED AND APPROVED BY:**

---

| | | | |
|:---|:---|:---|:---|
| **Atlas U.S. Government Money Market** | **Atlas U.S. Government Money Market** | **Northern Lights Distributors, LLC** | **Northern Lights Distributors, LLC** |
| **Fund, Inc.** | **Fund, Inc.** | | |
| By: | /s/ Paul Hopgood | By: | /s/ Kevin M. Guerette |
| Paul Hopgood | Paul Hopgood | Kevin M. Guerette | Kevin M. Guerette |
| President | President | President | President |

---

## Ex-99.N

**Atlas U.S. Government Money Market Fund, Inc.**

**RULE 18f-3 MULTIPLE CLASS PLAN**

This Multiple Class Plan (the "Plan") is adopted in accordance with Rule 18f-3 (the "Rule") under the Investment Company Act of 1940, as amended (the "Act"), by Atlas U.S. Government Money Market Fund, Inc. (the "Fund") that has multiple classes of shares. A majority of the Directors, including a majority of the Directors who are not interested persons of the Fund (as defined in the Act), having determined that the Plan is in the best interests of the shareholders of the Fund and have approved the Plan.

The provisions of the Plan are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Description of Classes.</u> Each class of shares of the Fund shall represent interests in the same portfolio of investments
 of the Fund, shall have no exchange privileges or conversion features within the Fund unless an exchange or conversion feature is
 described in the Fund's Prospectus, and shall be identical in all respects, except that, as provided for in the Fund's
 Prospectus, each class shall differ with respect to: (i) Rule 12b-1 Plans that may be adopted with respect to the class; (ii) distribution
 and related services and expenses; (iii) differences relating to sales loads, purchase minimums, eligible investors and exchange
 privileges; and (iv) the designation of each class of shares. The classes of shares designated by the Fund are set forth in <u>Appendix A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Allocation of Income and Class Expenses.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 class of shares shall have the same rights, preferences, voting powers, restrictions and limitations, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) expenses
 related to the distribution of a class of shares or to the services provided to shareholders of a class of shares shall be borne
 solely by such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 following expenses attributable to the shares of a particular class will be borne solely by the class to which they are attributable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) asset-based
 distribution, account maintenance and shareholder service fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extraordinary
 non-recurring expenses including litigation and other legal expenses relating to a particular class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 other expenses as the Trustees determine were incurred by a specific class and are appropriately paid by that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Income,
 realized and unrealized capital gains and losses, and expenses that are not allocated to a specific class pursuant to this Section
 2, shall be allocated to each class of the Fund on the basis

of the net asset value of that class in relation to the net asset value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Investment
 advisory fees, custodial fees, and other expenses relating to the management of the Fund's assets shall not be allocated on
 a class-specific basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Voting Rights.</u> Each class of shares will have exclusive voting rights with respect to matters that exclusively affect such class
 and separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests
 of any other class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Class Designation.</u> Subject to the approval by the Directors of the Fund, the Fund may alter the nomenclature for the designations
 of one or more of its classes of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Additional Information.</u> This Plan is qualified by and subject to the terms of the Fund's then current Prospectus for the applicable
 class of shares of the Fund; provided, however, that none of the terms set forth in any such Prospectus shall be inconsistent with
 the terms of this Plan. The Fund's Prospectus contains additional information about each class of shares and the multiple class
 structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date.</u> This Plan is effective on May 14, 2025, provided that this Plan shall not become effective with respect to the Fund
 or a class of shares unless first approved by a majority of the Directors, including a majority of the Directors who are not interested
 persons of the Fund (as defined in the Act). This Plan may be terminated or amended at any time with respect to the Fund or a class
 of shares thereof by a majority of the Directors, including a majority of the Directors who are not interested persons of the Fund
 (as defined in the Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous.</u> Any
 reference in this Plan to information in the Fund's Prospectus shall mean information in the Fund Prospectus, as the same may
 be amended or supplemented from time to time, or in the Fund's Statement of Additional Information, as the same may be amended
 or supplemented from time to time.

**IN WITNESS WHEREOF,** the Fund has executed this Multi-Class Plan as of the 14th day of May, 2025.

ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.

---

| |
|:---|
| /s/ Paul Hopgood |
| By: Paul Hopgood, President |

---

**Atlas U.S. Government Money Market Fund, Inc.**

**RULE 18f-3 MULTIPLE CLASS PLAN**

**APPENDIX A**

Atlas U.S. Government Money Market Fund, Inc., Class A

Atlas U.S. Government Money Market Fund, Inc., Class I

Atlas U.S. Government Money Market Fund, Inc., Class P

## Ex-99.P

**ATLAS U.S. GOVERNMENT moneY MARKET FUND, INC.**

**CODE OF ETHICS**

**Adopted Under Rule 17j-1**

This Code of Ethics (the "Code") is adopted under Rule 17j-1, under the Investment Company Act of 1940 (the "1940 Act"), and Rule 204 A-1, under the Investment Advisers Act of 1940 (the "Advisers Act"), and has been approved by the Board of Directors of Atlas U.S. Government Money Market Fund, Inc. (the "Fund").

This Code is designed to prevent fraud by reinforcing fiduciary principles that must govern the conduct of employees. This Code sets forth standards of conduct expected of employees, and addresses conflicts that arise from personal trading. employees (1) must adhere to fiduciary standards, (2) have obligations to clients, (3) may be required to restrict their personal trading, and (4) may be required to report their personal securities transactions and holdings.

Questions concerning this Code should be referred to the Chief Compliance Officer.

While affirming its confidence in the integrity and good faith of all of its officers and Directors, the Fund recognizes that the knowledge of present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions which may be possessed by certain of its officers, employees and Directors could place such individuals, if they engage in personal transactions in securities which are eligible for investment by the Fund, in a position where their personal interest may conflict with that of the Fund.

In view of the foregoing and of the prohibitions of Rule 17j-1(b) under the 1940 Act, the Fund has determined to adopt this Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for or the appearance of such a conflict), and to establish reporting requirements and enforcement procedures.

I. Statement
of General Principles.

In recognition of the Fund and confidence placed in the Fund by its shareholders, and to give effect to the Fund's belief that its operations should be directed to the benefit of its shareholders, the Fund hereby adopts the following general principles to guide the actions of its Directors, officers, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The interests of the Fund's shareholders are paramount, and all of the Fund's personnel must conduct themselves and their operations to give maximum effect to this tenet by assiduously placing the interests of the shareholders before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All personal transactions in securities by the Fund's personnel must be accomplished so as to avoid even the appearance of a conflict of interest on the part of such personnel with the interests of the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All of the Fund's personnel must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with respect to the Fund, or that otherwise bring into question the person's independence or judgment.

II. Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Access Person" shall mean (i) each Director or officer of the Fund or its investment adviser or sub-advisers, (ii) each employee of the Fund or its investment adviser (or of any company in a control relationship to the Fund) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Fund or any series thereof (each a "Fund"), or whose functions relate to the making of any recommendations with respect to such purchases or sales, (iii) any natural person in a control relationship to the Fund or its investment adviser who obtains information concerning recommendations made to or by the Fund with respect to the purchase or sale of a security by any Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; (iv) each director, officer or general partner of any principal underwriter for the Fund, but only where such person in the ordinary course either makes, participates in, or obtains information regarding the purchase or sale of securities by the Fund(s), or whose functions relate to the making of recommendations regarding securities to the Fund(s); and (v) any natural person in a control relationship with a Fund or the Fund's adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Beneficial ownership" of a security is to be determined in the same manner as it is for purposes of Section 16 of the Securities Exchange Act of 1934. This means that a person should generally consider himself the beneficial owner of any securities in which he has a direct or indirect pecuniary interest. In addition, a person should consider himself the beneficial owner of securities held by his spouse, his minor children, a relative who shares his home, or other persons by reason of any contract, arrangement, understanding or relationship that provides him with sole or shared voting or investment power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Independent Director" means a Director of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Initial Public Offering" ("IPO") means an offering of Securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Portfolio Manager" means an individual who is involved in making the purchase or sale decisions of securities for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Private Placement" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) of the Securities Act of 1933 or pursuant to Rules 504, 505 or 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Special Purpose Investment Personnel" means each Access Person who, in connection with his or her regular functions (including, where appropriate, attendance at Board meetings and other meetings at which the official business of the Fund is discussed or carried on), obtains contemporaneous information regarding the purchase or sale of a security by a Fund. Special Purpose Investment Personnel shall occupy this status only with respect to those securities as to which he or she obtains such contemporaneous information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) "Purchase or sale of a security" includes, among other things, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) "Review Officer" means the officer of the Fund or the adviser designated from time to time to receive and review reports of purchases and sales by Access Persons. It is recognized that a different Review Officer may be designated with respect to the Fund and the adviser and sub-advisers. The Review Officer shall be the Fund's CCO or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, shares issued by registered, open-end mutual Fund (other than ETFs) and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) A Security "held or to be acquired" by the Fund means (A) any Security which, within the most recent fifteen days, (i) is or has been held by any Fund, or (ii) is being or has been considered by a Fund's investment adviser or sub-adviser for purchase by a Fund; (B) and any option to purchase or sell and any Security convertible into or exchangeable for any Security described in (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) A Security is "being purchased or sold" by the Fund from the time when a purchase or sale program has been communicated to the person who places the buy and sell orders for the Fund until the time when such program has been fully completed or terminated.

III. Prohibited
Purchases and Sales of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Access Person shall, in connection with the purchase or sale, directly or indirectly, by such person of a Security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) employ any device, scheme, or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) engage in any act, practice or course of business which would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No Portfolio Manager may purchase or sell, directly or indirectly, any Security as to which such person is a Portfolio Manager in which he had (or by reason of such transaction acquires) any Beneficial Ownership at any time within 15 calendar days before or after the time that the same (or a related) Security is being purchased or sold by the Fund, except that pre-approval may be sought for such purchase or sale from the Chief Compliance Officer after such Security has been sold for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No Special Purpose Investment Personnel may *profit* in the purchase and sale, or sale and purchase of a Security as to which he or she is a Special Purpose Investment Personnel within 30 days of acquiring Beneficial Ownership of that Security.

IV. Additional
Restrictions and Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pre-approval of Private Placements – Investment Personnel must obtain approval from the Review Officer before acquiring beneficial ownership of any securities offered in connection with an IPO or a Private Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investment Personnel may not purchase Initial Public Offerings (IPO's), except insofar as pre-approval is sought and obtained from the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No Access Person shall accept or receive any gift of more than de minimis value from any person or entity that does business with or on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Each Access Person (other than the Fund's Independent Directors and its Directors and officers who are not currently affiliated with or employed by the Fund's investment adviser or principal underwriter) who is not required to provide such information under the terms of a code of ethics described in Section VII hereof must provide to the Review Officer a complete listing of all securities owned by such person as of the end of a calendar quarter. The initial listing must be submitted no later than 10 days of the date upon which such person first becomes an Access Person of the Fund, and each update thereafter must be provided no later than 30 days after the start of the subsequent year.

V. Reporting
Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Access Person (other than the Fund's Independent Directors) shall report all transactions in Securities in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership. Reports shall be filed with the Review Officer quarterly. The Review Officer shall submit confidential quarterly reports with respect to his or her own personal securities transactions to an officer designated to receive his or her reports ("Alternate Review Officer"), who shall act in all respects in the manner prescribed herein for the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The date of the transaction, the title and the number of shares or the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The date the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event no reportable transactions occurred during the quarter, the report should be so noted, returned signed, and dated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Access Person who would otherwise be required to report his or her transactions under this Code shall not be required to file reports pursuant to this Section V where such person is required to file reports pursuant to a code of ethics described in Section VII, hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An Independent Director shall report transactions in Securities only if the Director knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as a Director, should have known, that during the 15-day period immediately preceding or following the date of the transaction, such security was purchased or sold, or was being considered for purchase or sale, by the Fund. (The "should have known" standard implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting a Fund's investment objectives, or that any knowledge is to be imputed because of prior knowledge of the Fund's portfolio holdings, market considerations, or the Fund's investment policies, objectives, and restrictions.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Each Independent Director shall report the name of any publicly owned company (or any company anticipating a public offering of its equity securities) and the total number of its shares beneficially owned by him or her if such total ownership is more than 1/2 of 1% of the company's outstanding shares. Such report shall be made promptly after the date on which the Director's ownership interest equaled or exceeded 1/2 of 1%.

VI. Review
and Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Review Officer shall compare all reported personal securities transactions with completed portfolio transactions of the Fund and a list of securities being considered for purchase or sale by the Fund's adviser(s) and sub-adviser(s) to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Review Officer shall give such person an opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Review Officer determines that a violation of this Code may have occurred, he shall submit his written determination, together with the confidential monthly report and any additional explanatory material provided by the individual, to the President of the Fund and outside counsel, who shall make an independent determination as to whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the President and outside counsel find that a violation has occurred, the President shall impose upon the individual such sanctions as he or she deems appropriate and shall report the violation and the sanction imposed to the Board of Directors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No person shall participate in a determination of whether he has committed a violation of the Code or of the imposition of any sanction against him/herself. If a securities transaction of the President is under consideration, any Vice President shall act in all respects in the manner prescribed herein for the President.

VII. Investment
Adviser's or Principal Underwriter's Code of Ethics.

Each investment adviser (including, where applicable, any sub-adviser), and principal underwriter (where applicable) of the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Submit to the Board of Directors of the Fund a copy of its code of ethics adopted pursuant to Rule 17j-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Promptly report to the appropriate Fund in writing any material amendments to such code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Promptly furnish to the Fund upon request copies of any reports made pursuant to such Code by any person who is an Access Person as to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Shall immediately furnish to the Fund, without request, all material information regarding any violation of such Code by any person who is an Access Person as to the Fund.

VIII. Annual
Written Report to the Board.

At least once a year, the Review Officer will provide the Board a written report that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Issues Arising Under the Code - The Report will describe any issue(s) that arose during the previous year under the Code, including any material Code violations, and any resulting sanction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certification - The Report will certify to the Board that the Fund has adopted measures reasonably necessary to prevent its personnel from violating the Code currently and in the future.

IX. Records.

The Fund shall maintain records in the manner and to the extent set forth below, which records may be maintained under the conditions described in Rule 31a-2 under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an Access Person pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A copy of each annual report to the Board will be maintained for at least five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities in an IPO or a Private Placement, shall be preserved for at least five years after the end of the fiscal year in which the approval is granted.

X. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Confidentiality. All reports of securities transactions and any other information filed with the Fund pursuant to this Code shall be treated as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Interpretation of Provisions. The Board may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Periodic Review and Reporting. The President of the Fund shall report to the Board at least annually as to the operation of this Code and shall address in any such report the need (if any) for further changes or modifications to this Code.

## Ex-99.P

![(ATLAS LOGO)](at003_v2.jpg)

**ATLAS ASSET MANAGEMENT LLC**

**CODE OF ETHICS**

As of May 14, 2021

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

Pursuant to with the provisions 17 CFR §275.204A-1 of the Investment Advisers Act of 1940, Atlas Asset Management LLC ("Atlas"), as a registered investment advisor, is required to establish, maintain and enforce a written Code of Ethics.

This Code of Ethics ("Code") has been initially approved and adopted by the Board of Directors of Atlas Asset Management LLC ("Atlas") on May 14, 2021, and thereafter will be amended, when deemed necessary.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **General Statement** 

Atlas is committed to maintain the highest standards of business and fiduciary obligations. This Code is designed to detect and prevent conflicts of interest between Atlas advisory clients and employees, officers and directors of Atlas. Altas has established an Insider Trading Policy, which should be read together with this Code.

All persons subject to this Code must at all time conduct themselves and their activities in accordance with the following standards:

● <u>Knowledge and Compliance of the Law</u> - all persons must comply with all Federal and local applicable securities laws, rules and regulations.

● <u>Independence and Objectivity</u> - these standards are crucial since the advisor has to be fully aligned with the client's best interest. Specifically, you must avoid serving our own personal interests ahead of the interest of the clients.

● <u>Misrepresentation</u> - avoids intentionally and purposely omits facts, misrepresent an investment or fail to disclose conflicts of interest.

● <u>Misconduct</u> - you must not take advantage of your position of trust and responsibility at Atlas. You are prohibited from taking personal advantage of your knowledge of recent or impending Securities activities of Atlas' clients.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Applicability of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;A. Personal
 Accounts of  ***Access Persons*** .

This Code of Ethics applies to all Personal Accounts of ***All Access Persons***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Access Persons*** is defined a every employee of Atlas, every trustee, director and officer
 of Atlas who in the normal course his/her duties, makes, participates in, or has access to
 information regarding the selection or recommendations of purchase or sale on any of Atlas
 clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***Access Person's*** spouse (other than legally separated or divorced spouse of the  ***Access Person***) and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 individuals who live in the  ***Access Person's*** household and over whose
 purchases, sales, or other trading activities the Access Person exercises control or investment
 discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 persons to whom the  ***Access Person*** provides primary financial support, and either
 (i) whose financial affairs the  ***Access Person*** controls, or (ii) for whom the
 Access Person provides discretionary advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Acknowledgement of Receipt of Code of Ethics.** You must acknowledge receipt of this Code of Ethics upon becoming an Access Person by executing **Appendix A**, and returning an executed copy to the designated CCO no later than thirty (30) days after you receive this Code of Ethics. You must also acknowledge receipt of any amendment or modification to this Code of Ethics by executing **Appendix A** and returning an executed copy to the designated CCO no later than thirty (30) days after you receive an amended or modified Code of Ethics.

At least once a year, Access Person must complete the Annual Certification of Compliance Form, as set forth in **Appendix B**, no later than (30) days after the end of each calendar year. The purpose of the Annual Certification is to confirm you have read and understand this Code, that you have complied with the requirements of the Code, and that you have disclosed or reported all personal Securities Transactions required to be disclosed or reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Holding Reports**

All ***Access Persons*** must submit, by executing **Appendix C**, to Atlas' Chief Compliance Officer a report of the Access Person's current securities holding including the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each reportable security in which the  ***Access Persons*** has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 name of any broker, dealer or bank with which the  ***Access Person*** maintains an
 account in which any securities are held for the Access Person's direct or indirect
 benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 date the access person submits the report.

The ***Access Person*** must submit the holdings report: (i) no later than 10 days after the person becomes an Access Person, and the information must be current, as of a date no more than 45 days prior to the date the person becomes an ***Access Person,*** and (ii) at least once a year thereafter on a date Atlas select, and the information must be current as of a date no more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Transaction Reports**

**Access Persons** are required to submit to the Atlas' Chief Compliance Officer or designated person quarterly securities transactions reports that include the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Content of transaction reports**. Each transaction report must contain, at a minimum, the following
 information about each transaction involving a reportable security in which the  ***Access*** 

***Person*** had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;a. The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each reportable
 security involved;

&nbsp;&nbsp;&nbsp;&nbsp;b. The
 nature of the transaction (i.e. purchase , sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The
 price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;d. The
 name of the broker, dealer or bank with through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;e. The
 date the  ***Access Person*** submits the report.

The ***Access Person*** must submit a transaction report no later than 30 days after the end of each calendar quarter, which report must cover, at a minimum, all transactions during the quarter. Each Access Person must arrange for the Chief Compliance Officer to receive directly from the broker-dealer or bank a duplicate copy of each periodic account statements and trade confirmation containing each Security.

The following are exceptions to the Reporting Requirements (i) any report with respect to securities held in accounts over which the ***Access Person*** had no direct or indirect influence or control; (ii) a transaction report with respect to transactions effected pursuant to an Automatic Investment Plan; (iii) A transaction report if the report would duplicate information contained in broker trade confirmations or account statements that you hold in your records so long as you receive the confirmations or statements not later that 30- days after the end of the applicable calendar quarter.

Independent Directors are require to report their Securities Transaction to the Atlas Chief Compliance Officer only in cases where the Independent Director knew or, in the ordinarily course of fulfilling his or her official duties should have known, during the 15-day period immediately preceding or following the date a Securities transaction was being considered for purchase and/or sold or was being considered for purchase or sale by any of Atlas clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Annual Reports.** Atlas CCO must review the Code at least annually, in light of legal and business developments and experiences in implementing the Code. The annual report will be presented to the Atlas Board of Directors during a meeting. The Report must at least include (i) any changes made to the Code, (ii) any material violation of the Code and (iii) any recent changes related to the industry or developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Personal Investing Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General**

It is the responsibility of each Access Person to ensure that a particular securities transaction, including Private Placements) being considered for his or her Personal Account is not subject to a restriction contained in this Code of Ethics or otherwise prohibited by any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Pre-trade approval requirements**

An Access Person must obtain the prior <u>written</u> approval of the Chief Compliance Officer before engaging in the following types of transactions; such person must complete a Trade Authorization Request Form (Appendix B):

&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
 or indirect acquisition of beneficial ownership in a security in an initial public offering;
 and

&nbsp;&nbsp;&nbsp;&nbsp;2. Direct
 or indirect acquisition of beneficial ownership in a security in a limited offering (which
 includes any offering that is exempt under the Securities Act of 1933 such as interests in
 hedge funds or other pooled investment vehicles, restricted securities, private placements,
 etc.)

&nbsp;&nbsp;&nbsp;&nbsp;3. Direct
 or indirect acquisition of beneficial ownership involving Mutual Funds managed by Atlas.

Any approval given under this paragraph will remain in effect for 24 hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Prohibitions on Trading in certain securities**

&nbsp;&nbsp;&nbsp;&nbsp;1. Do
 not Trade List. In the event that trading in the securities of an issuer would give rise
 to or appear to give rise to a conflict of interest, such issuer will be added to Atlas'
 Not Trade List. **Access Person** are prohibited from trading in the securities of an
 issuer on the Do not Trade List for as long as the issuer remains in the List. Atlas's
 Chief Executive Officer and Chief Compliance Officer retain absolute discretion in determining
 when to add and/or remove issuers form the Do Not Trade List. A current copy of the List
 is available to the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Non Public information** 

In addition to other provisions of this Code of Ethics and Atlas' Compliance Manual (Section 9 Privacy Policy), Access Persons should know that Atlas has a duty to safeguard material, non-public information about securities/investments and safeguards of confidential information. All Access Persons must keep confidential at all time any non-public information that they may obtain in the course of their employment or functions at Atlas. Also, you must not reveal any information related to the investment intentions, activities

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Gifts and Entertainment** 

From time to time, Atlas Access Persons may be offered, or may want to give gifts from/ o clients, vendors, brokers (counterparties), or other persons not affiliated with Atlas. The acceptance of a gift, or the offering of a gift is subject to the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Extraordinary or extravagant gifts** are not permissible and must be declined or returned. Gifts must
 be appropriate in nature.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts of a nominal value** (i.e. gifts whose reasonable value is no more than one hundred dollars
 ($100.00) per calendar year from a single giver per individual) may be accepted or given.
 Anything of value received or given above the $100 limit required written approval from the
 CCO. Generally, you may only accept gifts.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Gifts must be tangible (** meaning noncash or a cash equivalent **)**; and

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Gifts must not be pre-conditioned** to an action on your part.

You may also accept customary business lunches, dinners and entertainment at which both you and the giver are present (e.g., sporting events), and promotional items (e.g., pens, mugs, T-Shirts, key chains, calendars). These items will not count towards the annual one hundred dollar ($100.00) limit from a

single giver. Meals and Entertainment should only be considered business entertainment if given in connection with a legitimate business meeting.

You are not permitted to accept any gifts from an outside vendor who is currently doing business with Atlas in its capacity or as service provider of the Atlas clients or who is seeking future business with Atlas, in such capacity, unless you have obtained the prior approval of the designated CCO.

Travel and accommodation costs given or received are prohibited, unless is part of a normal business activity permitted by the SEC. If you receive any gift that might be prohibited under this Code, you must inform the designated CCO.

Unless permitted by applicable law and pre approved pursuant to this Code, no person shall offer or deliver to any public servant or former public servant of government agencies or members of his/her family unit, with which Atlas wished to establish or has established, a contractual, commercial or financial relationship, directly or indirectly, goods of monetary value, contributions, gifts, gratuities, favors, services, donations, loans or shares with any commercial entity or judicial business. This prohibition shall be extended for one (1) year from the date the public servant ceased functions. The period should cover the period preceding and following the execution of the contract.

All Access Persons, as defined in the Code, must report within five calendar days of any gifts given or received to the CCO of Atlas, regardless of the amount. This includes entertainment such as dinners and sporting events. It does not include the receipt of promotional items of nominal value.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Outside Business Activities** 

Access persons must not engage in any business activity, which may represent a conflict of interest or might interfere, or appear to interfere, with making decisions in the best interest of the Atlas clients.

Access persons must receive **prior written approval** from the CCO before engaging in any outside business activity. Some of these outside business activities, but not limited to, are: (i) be engaged in any other business than Atlas; (ii) be employed or compensated by any other person for business-related activities, other than Atlas; (iii) serve as an employee of another organization other than Atlas; (iv) serve as an executor or trustee; (v) own Securities, or have direct or indirect financial interest, in any other organization of which Securities are not publicly trades; (vi) invest in limited or general partnerships holding Securities, or limited offerings (private placement) of Securities; or (vii) give testimony as a compensated or uncompensated expert witness for either party for a dispute in litigation or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Record keeping requirements** 

**A. <u>Review and Availability</u>.** All information supplied under this Code will be reviewed by the designated CCO. All information supplied will be available for inspection by the Atlas Board of Directors, Legal Counsel, Atlas management, and any regulatory body having appropriate jurisdiction.

**B. <u>Record Retention</u>.** The following records shall be available for examination by representatives of the U.S. Securities Exchange Commission:

&nbsp;&nbsp;&nbsp;&nbsp;1. A
 copy of the Code and any other Code which is, or at any time within the past five (5) years
 has been, in effect must be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 records of any violation of such Code(s) of Ethics and of any action taken as a result of
 such violation must be maintained in an easily accessible place for a period of not less
 than five (5) years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;3. A
 copy of each report made by any Access Person pursuant to such Code(s) of Ethics, including
 any information provided in lieu of such reports, must be preserved for a period of not less
 than five (5) years following the end of the fiscal year in which the report is made, or
 the information is provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;4. A
 list of all persons who are, or within the past five (5) years have been, required to make
 reports pursuant to such, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;5. A
 list of names of all persons who are, or within the past five (5) years have been, responsible
 for reviewing any transaction or holding reports filed pursuant to such Code(s) must be maintained
 in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;6. A
 copy of each report made to the Board of the Atlas pursuant to such Code(s) must be maintained
 for at least five (5) years after the end of the fiscal year in which it was made, the first
 two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;7. Any
 other document or record that is required to be maintained in connection with this Code will
 be maintained as required by the applicable law, rule or regulation.

**X. <u>Amendment to the Code</u>.** The CCO may amend or modify this Code at any time, provided that any amendment or modification related to Atlas must be approved by the Board of Directors within six months of amendments or modifications.

**APPENDIX A** 

**ACKNOWLEDGMENT OF RECEIPT OF CODE OF ETHICS** 

I acknowledge that I have received the Code of Ethics amended and restated as of, May 14, 2021, adopted by Atlas and represent that I have read, understand and will comply wit the Code of Ethics in all respects as it pertains to me.

---

| |
|:---|
| Signature |
| Print Name |
| Date |

---

**APPENDIX B**

**ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CODE OF ETHICS** 

I certify that during the past year I have fully comply with all applicable provisions of the Code of Ethics amended and restated as of May , 2021 adopted by Atlas, including all applicable requirements (e.g. disclosures, pre clearance and reporting requirements) as set forth in the Code.

---

| |
|:---|
| Signature |
| Print Name |
| Date |

---

**APPENDIX C**

**PERSONAL SECURITIES HOLDINGS**

In accordance with Section of the Code of Ethics IV, please list all investments held by broker/dealers, banks, financial institutions, issuers, or maintained in certificate form. You must arrange for Atlas Chief Compliance Officer to receive duplicate statements and confirmation of all your accounts.

1. Name of Employee:  

2. If different than #1, name of the person in whose name the account is held:  

3. Relationship of (2) to (1):  

4. Financial Institution at which Account is maintained:  

5. Account Number:  

6. Email address of the Broker:  

7. For each account, attach the most recent account statement listing securities for that account. If you own securities that are not listed in an attached account statement, list them below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Name of Security | Quantity | Value | Custodian |
| a. |  |  |  |  |
| b. |  |  |  |  |
| c. |  |  |  |  |

---

(Attach separate sheet if necessary)

Please select one and sign:

□ I
 certify that this Form and the attached statements (if any) constitute all of the securities
 in my Access Person and Related Accounts.

□ At
this time I have no accounts or securities to report.

---

| |
|:---|
| Signature |
| Print Name |
| Date |

---

**APPENDIX D**

**TRADE AUTHORIZATION REQUEST**

1. Name
 of Access Person

2. Account
 number requesting authorization:

3. If
 different than #1, the name of the person in whose account the trade will occur:

4. Relationship
 of (3) to (1):

5. Name
 the firm at which the account is held:

6. Name
 of Security:

7. Maximum
 number of shares or units to be purchased or sold or amount of bond:

8. Check if applicable: ___ Purchase ___ Sale ___ Market Order <br> ___ Limit Order ________ Price of Limit Order

9. Do
 you possess material non-public information regarding the security or the issuer of the security?<sup>1</sup>

___ YES ___ NO

10. To
 your knowledge, are the securities or "equivalent" securities (i.e., securities issued by the same entity as the issuer
 of a security, and all derivative instruments, such as options and warrants) held by Atlas advisory client?

___ YES ___ NO

11. To
 your knowledge, are there any outstanding purchases or sell orders for this security or any equivalent security by Atlas advisory
 client?

___ YES ___ NO

12. To
 your knowledge, are the securities or equivalent securities being considered for purchase or sale by the Atlas advisory clients?

___ YES ___ NO

<sup>1</sup> Please note that Employees generally are not permitted to acquire or sell Securities when they possess material non-public information regarding the Security or the issuers of the Security.

13. Are
 the securities being acquired in an initial public offering?<sup>2</sup>

___YES ___NO

14. Are
 the securities being acquired in a Limited Offering or Private Placement?<sup>3</sup>

___ YES ___ NO

15. Have
 Atlas purchased or sold these securities or equivalent securities within the past three (3) calendar days or do you expect the account
 to purchase or sell these securities or equivalent securities within three (3) calendar days of your purchase or sale?

___ YES ___ NO

16. Have
 you or any related account covered by the preauthorization provisions of the Code purchased or sold these securities or equivalent
 securities within the past thirty (30) days?

___ YES ___ NO

*I certify that I will not effect the transaction(s) described above unless and until pre-clearance approval is obtained from the Compliance Department. I further certify that, except as described on an attached page, to the best of my knowledge, the proposed transaction(s) will not result in a conflict of interest with any account managed by Atlas. I further certify that, to the best of my knowledge, there are no pending orders for any Security listed above or any related Security for Atlas advisory client for with I am considered an Access Person. The proposed transaction(s) are consistent with all firm policies regarding employee personal Securities transactions.* 

---

| |
|:---|
| Signature |
| Print Name |
| Date |

---

<sup>2</sup> Please note that Employees generally are not permitted to acquire securities in an initial public offering for their own or Related Accounts.

<sup>3</sup> Please note that generally, the acquisition of Securities in a private placement are discouraged and may be denied.

## Ex-99.P

![(LOGO)](at004_v2.jpg)

**Subsidiaries of**

**The Ultimus Group, LLC**

***Ultimus Fund Solutions, LLC***

***Ultimus Fund Distributors, LLC***

***Northern Lights Distributors, LLC***

***Blu Giant, LLC***

***Gemini Fund Services, LLC***

***Northern Lights Compliance Services, LLC***

June 20, 2023 1

![(LOGO)](at005_v2.jpg)

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| I. | Introduction | 3.0 |
| II. | Definitions | 4.0 |
| III. | General Principles | 6.0 |
| IV. | Standards of Business Conduct | 7.0 |
| V. | Prohibition Against Insider Trading | 8.0 |
| VI. | Personal Securities Transactions | 13.0 |
| VII. | Interested Transactions | 16.0 |
| VIII. | Gifts and Entertainment | 16.0 |
| IX. | Protecting the Confidentiality of Client Information | 17.0 |
| X. | Service as a Director | 19.0 |
| XI. | Certification | 19.0 |
| XII. | Records | 20.0 |
| XIII. | Reporting Violations and Sanctions | 20.0 |
| XIV. | Ethics Training | 21.0 |
| Schedule A – Frequently Asked Questions about Code of Ethics | Schedule A – Frequently Asked Questions about Code of Ethics | 22.0 |

---

June 20, 2023 2

**I.**  **<u>Introduction</u>** 

This Code of Ethics (this "Code") has been adopted by certain subsidiaries of The Ultimus Group, LLC, including, Ultimus Fund Solutions, LLC, Ultimus Fund Distributors, LLC ("UFD"), Blu Giant, LLC, Gemini Fund Services, LLC, Northern Lights Compliance Services, LLC and Northern Lights Distributors, LLC ("NLD"), collectively, "Ultimus Companies" and each an "Ultimus Company".

This Code establishes rules of conduct for "Supervised Persons" of Ultimus. As explained further in the "Definitions" included with this Code (see Article II, Definitions), "Supervised Persons" include our employees and officers, as well as certain independent contractors and certain registered representatives. The general ethical principles and personal securities reporting provisions of this Code apply to all employees and other "Access Persons" of Ultimus, although many provisions of this Code are written to specifically address the duties and obligations of registered and access persons of UFD and NLD, because of its status as a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). This Code is based upon the principle that the Ultimus Companies and its Supervised Persons owe a fiduciary duty to their clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with their respective company, and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

This Code is designed to ensure that the high ethical standards long maintained by the Ultimus Companies continue to be applied. The purpose of this Code is to preclude activities that may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct.

In meeting any fiduciary responsibilities to its clients, the Ultimus Companies expect every employee to demonstrate the highest standards of ethical conduct. The Ultimus Companies' reputation for fair and honest dealing with its clients has taken considerable time to build. This standing could be seriously damaged as the result of even a single Securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Strict compliance with the provisions of the Code shall be considered a basic condition of employment and employees should understand that any breach of the provisions of this Code may constitute grounds for disciplinary action, including termination of their employment.

This Code addresses specific elements of the Ultimus Companies' fiduciary obligations. However, it cannot, and is not intended to, address all circumstances in which fiduciary obligations will arise. Accordingly, the Ultimus Companies expect all Supervised Persons to adhere strictly to the specific requirements of this Code and other firm policies and procedures, but to also think beyond them and to conduct themselves with honesty and integrity in accordance with the Ultimus Companies' fiduciary obligations.

Each Ultimus Company, through its compliance officers, legal counsel, and/or other designated personnel, is responsible for the day-to-day administration of this Code with respect to those Access Persons under the direct supervision and control of such Ultimus Company. Note that some Ultimus Companies may impose greater restrictions than those described in this Code, and those restrictions have been noted where possible within this Code. All questions regarding specific restrictions should be directed to the Chief Compliance Officer of the relevant Ultimus Company (as applicable, each such individual is referred to herein as the "Chief Compliance Officer") or to such Ultimus Company's designated legal counsel.

June 20, 2023 3

To the extent a Supervised Person is registered as a representative or an access person of UFD or NLD, such persons are encouraged to seek the guidance from such Ultimus Company's respective Chief Compliance Officer for all questions regarding the application of specific restrictions to their activities. It is each Supervised Person's responsibility to understand this Code as well as its requirements and application as they relate to both personal and work-related activities.

The Chief Compliance Officer will periodically report to senior management of the Ultimus Companies to document compliance with this Code.

The Ultimus Companies have engaged MyComplianceOffice Technologies ("MCT"), formerly Schwab Compliance Technologies, Inc., which provides an automated system for administration of the Code. The MCT system provides a means of making all reports and certifications required under the Code in an electronic format. The MCT system will send automatic reminders via email to all persons covered by the Code in order to ensure deadlines are not missed. Should you have any questions about the Code or the MCT system, please contact the Chief Compliance Officer or his/her designee.

For answers to commonly asked questions about your obligations under this Code, please refer to Schedule B for a list of "Frequently Asked Questions" and the applicable responses.

**II.**  **<u>Definitions</u>** 

For the purposes of this Code, the following definitions shall apply:

● "Access Person" means any Supervised Person who: has access to nonpublic information regarding any clients' purchase or sale of Securities, or nonpublic information regarding the portfolio holdings; provided, that individuals who are Supervised Persons solely as a result of their service as a non-employee director, manager, or officer or their engagement as an independent contractor shall not be considered "Access Persons" for purposes of this Code.

● "Account" means accounts of any Access Person and includes accounts of the Access Person's Family Members and any account in which he or she has a direct beneficial interest, such as trusts and custodial accounts subject to control by the Access Person or other accounts in which the Access Person exercises influence or control or has investment discretion; provided, that an employee's employer 401(k) account shall be excluded from the "Accounts" covered under this Code.

● "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, in determining whether a person is the beneficial owner of a Security for purposes of Section 16 of such Act and the rules and regulations thereunder. Generally, "Beneficial Ownership" means ownership of Securities or Securities accounts by or for the benefit of a person, or such person's "Family Member," including any account in which the person or family member of that person holds a direct or indirect beneficial interest, retains discretionary investment authority or exercises a power of attorney.

● "Control" means the power to exercise a controlling influence over the management or policies of any of the Ultimus Companies. See Section 2(a)(9) of the Investment Company Act of 1940, as amended (the "Investment Company Act").

● "Designated Custodian" refers to the custodial firms where a direct feed or ByAllAccounts authentication can be established with our third-party vendor, MCT.

June 20, 2023 4

● "Family Member" means any person's spouse, child or other relative, whether related by blood, marriage, or otherwise, who either resides with, is financially dependent upon, or whose investments are controlled or partially controlled by that person. The term also includes any unrelated individual whose investments are controlled or partially controlled by that person, such as a "significant other."

● "Fund" means an investment company registered under the Investment Company Act, including open-end and closed-end investment companies and exchange traded funds.

● "Initial Public Offering" means an offering of Securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.

● "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, 505 or 506 under the Securities Act of 1933, as amended.

● "Reportable Security" means any Security, except that it does not include: (i) transactions and holdings in direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) transactions and holdings in shares of other types of open-end registered mutual funds, other than exchange-traded funds ("ETFs"); (v) transactions in units of a unit investment trust if the unit investment trust is invested exclusively in mutual funds; and (vi) transactions and holdings in a spouse's retirement plan controlled by the spouse's employer, provided the employee does not participate in the investment decisions or provide any advice with respect to the allocation of such Account.

● "Security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. See Section 202(a)(18) of the Investment Advisers Act of 1940, as amended (the "Advisers Act").

● "Supervised Person" means managers, officers and partners of Ultimus (or other persons occupying a similar status or performing similar functions); employees of Ultimus; independent contractors accessing non-public information regarding the Ultimus' clients during such contractor's engagement with Ultimus; and any other person who provides advice on behalf of Ultimus and is subject to Ultimus' supervision and control.

June 20, 2023 5

● "Third Party Managed Account" refers to an Account where a third party has investment management discretion regarding Securities transactions pursuant to a written, executed investment management agreement or advisory agreement addressing the Account or otherwise. Whether an Account is considered a Third-Party Managed Account rests in the discretion of the Chief Compliance Officer or his or her designee, in consultation with the legal department, based on its assessment of the risks presented by such arrangement. No Access Person shall consider an Account to be a Third-Party Managed Account until he or she has received approval from the Chief Compliance Officer or his/her designee. The Chief Compliance Officer reserves the right to revoke approval of a Third-Party Managed Account at any time, for any reason.

**III.**  **<u>General Principles</u>** 

This Code is designed to promote the following general principles:

● The Ultimus Companies and their Supervised Persons have a duty at all times to place the interests of clients first.

● The Ultimus Companies and their Supervised Persons have a duty of loyalty to clients.

● Access persons must conduct their personal securities transactions in a manner that avoids an actual or potential conflict of interest or any abuse of trust and responsibility.

● Access persons may not use knowledge about current or pending client or portfolio transactions for the purpose of personal profit.

● Information concerning clients (including former clients) must be kept confidential, including the client's identity, holdings, and other non-public information.

● Independence in the investment decision-making process is paramount.

● Supervised Persons may not give or receive gifts or participate in entertainment beyond the parameters set forth in this Code to avoid even the appearance of favoritism or impropriety.

The Chief Compliance Officer may grant exceptions to certain provisions contained in this Code only in those situations when it is clear beyond dispute that the interests of the clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

June 20, 2023 6

**IV.**  **<u>Standards of Business Conduct</u>** 

The Ultimus Companies place the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in the Ultimus Companies and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures intended to achieve these goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

In addition to adhering strictly to the specific requirements of this Code and all other Ultimus Companies policies and procedures, the Ultimus Companies expect all Supervised Persons to respect and comply with applicable federal and state securities laws and regulations. This includes prohibiting any activity that directly or indirectly:

● Defrauds a client in any manner;

● Misleads a client, including any statement that omits material facts;

● Operates or would operate as a fraud or deceit on a client;

● Functions as a manipulative practice with respect to a client; or

● Functions as a manipulative practice with respect to securities.

The Ultimus Companies and their employees are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. This involves more than acting with honesty and good faith alone. It means, where applicable, that the Ultimus Companies have an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. While the Ultimus Companies are not themselves registered investment advisers, such policies and procedures are contained in this Code. This Code also contains policies and procedures with respect to personal securities transactions of all Access Persons as defined herein. These procedures cover transactions in a Reportable Security in which an Access Person has Beneficial Ownership in or Accounts over which the Access Person exercises control as well as transactions by the Access Person's Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest** 

Conflicts of interest may come about any time there exists an incentive to favor one party over another. Given the nature of the Ultimus Companies' businesses and business relationships between Ultimus Companies, conflicts can arise in various contexts. Where possible, our objective is to avoid any conflict between the Ultimus Companies, Supervised Persons, and the client. For example, a conflict may arise when there is an opportunity to give preferential treatment to one client or portfolio relative to other clients or portfolios. A conflict can also come into play when there is an opportunity to take advantage of information, particularly regarding current or pending client or portfolio trades, for personal profit. Other conflicts may not always be clear-cut.

As an integral part of the Ultimus Companies' fiduciary obligation, Supervised Persons are obligated to avoid conflicts of interest wherever possible and to fully disclose all facts concerning any conflict that may arise. Questions regarding a potential conflict should be fully vetted with the Chief Compliance Officer or his/her designee and appropriate legal counsel before any further action is taken.

June 20, 2023 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Confidentiality** 

The Ultimus Companies and their Supervised Persons share a duty to ensure the confidentiality of client information, including account numbers, client holdings, and securities transactions. Supervised Persons may not misuse or disclose such information, whether within or outside of the Ultimus Companies, except to authorized persons who require the information for legitimate business purposes or to fulfill their responsibilities. To ensure this duty is fulfilled, the Ultimus Companies have adopted this Code as well as its Employee Policies and Procedures and information securities policies, and the Ultimus Privacy Policy. All Supervised Persons are required to adhere to each of these policies, as relevant. As explained further in Section IX, all Supervised Persons are prohibited from disclosing confidential information concerning the Ultimus Companies, including any trade secrets or other proprietary information, including materials marked for internal use only.

**V.**  **<u>Prohibition Against Insider Trading</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Introduction** 

Trading Securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose Supervised Persons and the Ultimus Companies to stringent penalties. Criminal sanctions may include significant fines and/or imprisonment. The SEC can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three times the illicit windfall, and/or issue an order permanently barring you from the securities industry. Finally, Supervised Persons and the Ultimus Companies may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to Securities trading and information handling by Supervised Persons and their Family Members.

The law of insider trading is continuously developing. An individual legitimately may be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems. You must notify the Chief Compliance Officer immediately if you have any reason to believe that a violation of this Code has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Policy** 

Ultimus Companies prohibit employees and Supervised Persons from effecting securities transactions while in the possession of material, non-public information. Employees are also prohibited from disclosing such information to others. The prohibition against insider trading applies not only to the security to which the inside information directly relates, but also to related securities, such as options or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***What is <u>Material Information</u>?*** 

Information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's Securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer or his/her designee.

June 20, 2023 8

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information also may relate to the market for a company's Securities. Information about a significant order to purchase or sell Securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to the Ultimus Companies' client Securities holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***What is <u>Nonpublic Information</u>?*** 

Information is non-public when it has not been disseminated in a manner making it available to investors generally. Information is public once it has been publicly disseminated, such as when it is reported on the Dow Jones or other news services or in widely disseminated publications, and investors have had a reasonable time to react to the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Identifying Inside Information*** 

Before executing any trade for yourself or others, you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

● Report the information and proposed trade immediately to the Chief Compliance Officer.

● Do not purchase or sell the Securities on behalf of yourself or others.

● Do not communicate the information inside or outside the Ultimus Companies, other than to the Chief Compliance Officer.

● After the Chief Compliance Officer has reviewed the issue and consulted with legal counsel as necessary, the Ultimus Companies will determine whether the information is material and nonpublic and, if so, what action the Ultimus Companies will take.

You should consult with the Chief Compliance Officer before taking any action. This degree of caution will protect you, our clients, and the Ultimus Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Contacts with Public Companies*** 

Although the Ultimus Companies do not typically have contact with public companies, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information.

June 20, 2023 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Tender Offers*** 

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's Securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Supervised Persons of the Ultimus Companies and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Restricted/Watch Lists*** 

Although the Ultimus Companies do not typically receive confidential information from portfolio companies, they may, if they receive such information take appropriate procedures to establish restricted or watch lists in certain Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Guidelines** 

The foregoing is just a synopsis of the insider trading prohibition. Because the law in this area is complex, Ultimus has adopted the following guidelines which are designed to prevent violations of the insider trading rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***When Ultimus is an Insider*** 

Ultimus may be deemed an insider when it comes into possession of inside information through its various activities. Ultimus will remain an insider as long as it has inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Treatment of Customer Information*** 

Ultimus considers confidential all information concerning its customers including, by way of example, their financial condition, prospects, plans and proposals. The fact that Ultimus has been engaged by a company as well as the details of that engagement may also be confidential. Ultimus' reputation is one of its most important assets. The misuse of customer information can damage that reputation as well as customer relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***What to do if you learn Inside Information*** 

It is not illegal to learn inside information. Ultimus may learn material non-public information from its customers and is permitted to use that information in a lawful manner to advise and assist them. It is, however, illegal for you to trade on such information or to pass it on to others who have no legitimate business reason for receiving such information.

If you believe you have learned inside information, contact your supervisor immediately so that Ultimus may address the insider trading issues and preserve the integrity of Ultimus' activities. Do not trade on the information or discuss the possible inside information with any other person at Ultimus. If you become aware of a breach of these policies or of a leak of inside information, advise your supervisor immediately.

June 20, 2023 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Investigation of Trading Activities.*** 

From time to time, FINRA Regulation and the SEC request information from Ultimus concerning trading in specific securities. Requests for information should be referred directly to your supervisor. You may be asked to sign a sworn affidavit that, at the time of such trading, you did not have any inside information about the securities in question. Your employment may be terminated if you refuse to sign such an affidavit. Ultimus may submit these affidavits to the FINRA Regulation or the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Steps You Can Take to Preserve the Confidentiality of Material Non-Public Information*** 

If you access inside information, the following are steps you must take to preserve the confidentiality of inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Material
inside information should be communicated only when there exists a justifiable reason to do so on a "need to know" basis
inside or outside Ultimus. Before such information is communicated to persons within Ultimus, your department, or another person you
believe needs to know, contact your supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Do
not discuss confidential matters in elevators, hallways, restaurants, airplanes, taxis, or any place where you can be overheard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Do
not leave sensitive memoranda on your desk or in other places where they can be read by others. Do not leave a computer terminal without
exiting the file in which you are working.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Do
not read confidential documents in public places or discard them where they can be retrieved by others. Do not carry confidential documents
in an exposed manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. On
drafts of sensitive documents use code names or delete names to avoid identification of participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Do
not discuss confidential business information with spouses, other relatives, or friends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Avoid
even the appearance of impropriety. Serious repercussions may follow from insider trading and the law proscribing insider trading can
change. Since it is often difficult to determine what constitutes insider trading, you should consult with your supervisor whenever you
have questions about this subject.

June 20, 2023 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Confidentiality Procedures*** 

The designated supervisors are responsible for implementing and enforcing Ultimus' procedures to protect the confidentiality of actual or potential inside information. Ultimus' activities are considered confidential and may only be shared with those outside the department on a need-to-know basis. Some procedures for maintaining confidentiality include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain
all paper files in a locked and secured area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limit
access to computer files to only authorized persons with passwords to control access to the files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Employees
must refrain from discussing in public areas or with others outside Ultimus (including family members, friends, etc.) any activities
that are not publicly known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use
code names or delete names on sensitive drafts that identify projects or clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.***  ***Restricted List*** 

Ultimus may maintain a restricted list when necessary and publish the restricted list to employees of Ultimus. The restricted list may include any issues where Ultimus has material, non-public information. Ultimus will record the date and time when an issue is added to and removed from the restricted list.

The type of restriction will be included on the restricted list. Restrictions will generally include the following classes of securities of the issuer: common stock, preferred stock, options, and any security convertible into the common stock of the issuer. Debt issues will be included where appropriate. The designated supervisor will monitor daily trading to identify transactions in securities of issuers on the restricted list and take action as necessary which may include inquiring regarding the solicited or unsolicited nature of transactions; canceling transactions; or taking other appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.***  ***Your Own Securities Trading*** 

If you maintain brokerage accounts and you have not already done so, please advise your supervisor immediately. This includes accounts in which you have a financial interest or direct the trading.

**CONCLUSION**

Ultimus has a vital interest in its reputation, the reputation of its associates, and in the integrity of the securities markets. Insider trading destroys that reputation and integrity. Ultimus is committed to preventing insider trading and to punishing any employee who engages in this practice or fails to comply with the above steps designed to preserve confidentiality of inside information. These procedures are a vital part of Ultimus' compliance efforts and must be adhered to.

June 20, 2023 12

**VI.**  **<u>Personal Securities Transactions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Policy** 

The following principles governing personal investment activities by Access Persons have been adopted:

● The interests of client accounts will at all times be placed first;

● All personal Securities transactions will be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

● Access Persons must not take inappropriate advantage of their positions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Covered Accounts** 

The specific procedures relating to maintaining Accounts that can transact business in Reportable Securities are set forth below and apply not only to Access Persons themselves, but also to their Family Members. It is the responsibility of the Access Person to adhere to the "Reporting Requirements" set forth in Section VI.E below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Designated Custodians*** 

Except as set forth below, Access Persons must maintain personal brokerage and trading accounts with a custodian where a direct feed or ByAllAccounts authentication can be established with MCT. Accounts trading in shares of open- end investment companies (i.e., mutual funds) (excluding ETFs) may also be custodied directly with the respective fund company. If you are a new Access Person, you must transfer your Account to a custodian where a direct feed or ByAllAccounts authentication can be established with MCT within thirty (30) days from becoming an Access Person unless otherwise approved by the Chief Compliance Officer or his/her designee. You are responsible for costs associated with transferring your personal Account. All new brokerage and trading Accounts must be established with a custodian where a direct feed or ByAllAccounts authentication can be established with MCT.

The Chief Compliance Officer, at his/her discretion, may approve the maintenance of a personal brokerage or trading account through a custodian that is not a "Designated Custodian"; provided, that any Access Person who receives such approval shall be responsible for authenticating such Account in the MCT system to ensure that transaction information on any such Accounts are electronically downloaded into the MCT system for review and monitoring purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Pre-Clearance Required for Participation in IPOs*** 

No Access Person shall acquire any Beneficial Ownership in any Securities in an Initial Public Offering for his or her Account, as defined herein without the prior written approval of the Chief Compliance Officer or his/her designee after being provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Supervised Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

June 20, 2023 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Pre-Clearance Required for Private or Limited Offerings*** 

No Access Person shall acquire Beneficial Ownership of any Securities in a Limited Offering or private placement without the prior written approval of the Chief Compliance Officer or his/her designee who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting Requirements** 

Every Access Person shall provide initial and annual holdings reports and quarterly transaction reports relating to their Account(s) to the Chief Compliance Officer or his/her designee that must contain the information described below. Access Persons are responsible for reporting on any new Account(s) within thirty (30) days of the assignment of an account number to such Account from the brokerage firm/custodian and the availability of an account statement. No transactions may occur in any new Account prior to its approval by the Chief Compliance Officer or his/her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Initial Holdings Report*** 

Every Access Person shall, no later than ten (10) days after the person becomes an Access Person, file an initial holdings report through MCT containing the following information:

● The title and exchange ticker symbol or CUSIP number, type of Security, number of shares and principal amount (if applicable) of each Security in which the Access Person had any direct or indirect Beneficial Ownership when the person becomes an Access Person;

● The name of any broker, dealer or bank, account name, account number and location with whom the Access Person maintained an Account in which any Securities were held; and

● The date that the report is submitted by the Access Person.

The information submitted must be current as of a date no more than thirty (30) days before the person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Annual Holdings Report*** 

Every Access Person shall, no later than January 30th each year, file an annual holdings report containing the same information required in the initial holdings report as described above. The information submitted must be current as of a date no more than thirty (30) days before the annual report is submitted.

June 20, 2023 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Quarterly Transaction Reports*** 

Every Access Person must, no later than thirty (30) days after the end of each calendar quarter, file a quarterly transaction report containing the following information:

● With respect to any transaction during the quarter in a Reportable Security in which the Access Person had any direct or indirect Beneficial Ownership:

○ The date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount (if applicable) of each Reportable Security;

○ The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

○ The price of the Reportable Security at which the transaction was effected;

○ The name of the broker, dealer or bank with or through whom the transaction was effected; and

○ The date the report is submitted by the Access Person.

The quarterly transaction report must also contain the name of the broker, dealer or bank with whom the Access Person established any account during the period in which Securities are held and the date the Account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Exempt Transactions*** 

An Access Person may not need to submit an initial holdings report, an annual holdings report, or a quarterly transaction report with respect to transactions effected for Securities held in any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Monitoring and Review of Personal Securities Transactions*** 

The Chief Compliance Officer or his/her designee will monitor and review all reports required under this Code for compliance with Ultimus' policies regarding personal Securities transactions and applicable SEC rules and regulations. The Chief Compliance Officer may also initiate inquiries of Access Persons regarding personal Securities trading. Access Persons are required to cooperate with such inquiries and any monitoring or review procedures employed by Ultimus. Any transactions for any accounts of the Chief Compliance Officer will be reviewed and approved by other compliance or legal personnel responsible for oversight of this Code. The Chief Compliance Officer shall routinely, via the MCT system, identify all Access Persons who are required to file reports pursuant to this Code and will inform such Access Persons of their reporting obligations. The Chief Compliance Officer may exempt temporary or part-time employees or independent contractors from certain reporting requirements of this Code if they are determined not to be an Access Person.

● **Employee Transactions in employer 401(k) Account—** While an employee participating in the 401(k) plan ordinarily is not required to report transactions occurring in such employee's respective 401(k) account, the Chief Compliance Officer or his/her designee reserves the right to monitor such accounts for any abusive trading practices that would violate this Code

June 20, 2023 15

**VII.**  **<u>Interested Transactions</u>** 

No Supervised Person shall recommend any Securities transactions for a client.

**VIII.**  **<u>Gifts and Entertainment</u>** 

Giving, receiving or soliciting gifts or entertainment in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Ultimus has adopted the policies set forth below to guide Supervised Persons in this area.

Registered representatives and access persons of NLD and UFD are subject to the Gifts and Entertainment policies and procedures of the broker dealers. Please refer to the relevant section(s) in those manuals and direct any questions to the appropriate compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Policy** 

The Ultimus Companies' policy with respect to gifts and entertainment is as follows:

● Supervised Persons should not accept or provide any gifts, entertainment or favors that might influence the decisions the Supervised Persons or the recipients must make in business transactions involving the Ultimus Companies, or that others might reasonably believe would influence those decisions. Entertainment that satisfies these requirements and conforms to generally accepted business practices is permissible.

● Modest gifts and favors which would not be regarded by others as improper, may be accepted or given on an occasional basis.

● Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts or entertainment of even nominal value, the law or rule must be followed.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting Requirements** 

● Any Supervised Person who accepts, directly or indirectly, anything of value (other than attendance fees or travel related reimbursements in connection with the participation at an industry related conference or seminar) from any person or entity that does business with or on behalf of the Ultimus Companies, including gifts and gratuities, must disclose such acceptance within the MCT reporting system.

● This reporting requirement applies to all entertainment, regardless of whether you are accompanied by the person or representative of the entity that does business with the Ultimus Companies; however, this reporting requirement does not apply to bona fide dining if, during such dining, you are accompanied by the person or representative of the entity that does business with the Ultimus Companies.

● This gift reporting requirement is for the purpose of helping the Ultimus Companies monitor the activities of its employees. However, the reporting of a gift does not relieve any Supervised Person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift, please consult the Chief Compliance Officer.

June 20, 2023 16

**IX.**  **<u>Protecting the Confidentiality of Client Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Confidential Client Information** 

In the course of providing its services, the Ultimus Companies may gain access to non-public information about its clients. Such information may include a person's status as a client, personal financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients, advice provided by the Ultimus Companies to clients, and data or analyses derived from such non-public personal information (collectively referred to as "Confidential Client Information"). All Confidential Client Information, whether relating to the Ultimus Companies' current or former clients, is subject to this Code's policies and procedures. Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Non-Disclosure of Confidential Client Information** 

All information regarding the Ultimus Companies' clients is confidential. Information may only be disclosed when the disclosure is consistent with the Ultimus Companies' policies and the client's direction. The Ultimus Companies does not share Confidential Client Information with any third parties, except in the following circumstances:

● As necessary to provide service that the client requested or authorized, or to maintain and service the client's account. The Ultimus Companies will require that any financial intermediary, agent or other service provider utilized by the Ultimus Companies (such as broker-dealers or sub-advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by the Ultimus Companies only for the performance of the specific service requested by the Ultimus Companies;

● As required by regulatory authorities or law enforcement officials who have jurisdiction over the Ultimus Companies, or as otherwise required by any applicable law. In the event the Ultimus Companies is compelled to disclose Confidential Client Information, the Ultimus Companies shall provide prompt notice to the clients affected, so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained, the Ultimus Companies shall disclose only such information, and only in such detail, as is legally required; or

● To the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

June 20, 2023 17

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Employee Responsibilities** 

All employees are prohibited, either during or after the termination of their employment from disclosing Confidential Client Information to any person or entity outside of the Ultimus Companies, including Family Members, except under the circumstances described above. A Supervised Person is permitted to disclose Confidential Client Information only to such other Supervised Persons who need to have access to such information to deliver services to the client.

Supervised Persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with the Ultimus Companies, must return any and all such documents to the Ultimus Companies.

Any Supervised Person who violates the non-disclosure policy described above will be subject to disciplinary action, including possible termination, whether or not he or she benefited from the disclosed information.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Security of Confidential Client Information** 

The Ultimus Companies enforce the following policies and procedures to protect the security of Confidential Client Information:

● The Ultimus Companies restrict access to Confidential Client Information to those Supervised Persons who need to know such information to provide the Ultimus Companies' services to clients.

● Any Supervised Person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day.

● All electronic or computer files containing any Confidential Client Information shall be secured from access by unauthorized persons in accordance with the Ultimus Companies' cybersecurity policy and procedures.

● Any conversations involving Confidential Client Information, if appropriate at all, must be conducted by Supervised Persons in private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Privacy Policy** 

The Ultimus Companies have adopted a privacy policy to comply with SEC Regulation S-P, which requires the adoption of policies and procedures to protect the "nonpublic personal information" of natural person clients. "Nonpublic personal information," under Regulation S-P includes personally identifiable financial information and any list, description, or grouping that is derived from personally identifiable financial information. Personally identifiable financial information is defined to include information supplied by individual clients, information resulting from transactions and information obtained in providing products or services. The policies and procedures adopted by the Ultimus Companies serve to safeguard the information of natural person clients.

June 20, 2023 18

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Enforcement and Review of Confidentiality and Privacy Policies** 

The Chief Compliance Officer, in conjunction with the Ultimus Companies' legal department, is responsible for reviewing, maintaining and enforcing the Ultimus Companies' confidentiality and privacy policies and is also responsible for conducting appropriate employee training to ensure adherence to these policies. Any exceptions to this policy require the written approval of the legal department.

**X.**  **<u>Service as a Director</u>** 

Except with respect to Supervised Persons solely as a result of their service as a non-employee director, manager, or officer, or their engagement as an independent contractor, no Supervised Person shall serve on the board of directors of any publicly traded company without prior authorization by the Chief Compliance Officer or a designated supervisory person based upon a determination that such board service would be consistent with the interest of the Ultimus Companies' clients. Where board service is approved the Ultimus Companies shall implement a "Chinese Wall" or other appropriate procedure to isolate such person from making decisions relating to the company's securities.

**XI.**  **<u>Certification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Certification** 

All Supervised Persons will be provided with a copy of this Code and must initially certify in writing to the Chief Compliance Officer that they have: (i) received a copy of this Code; (ii) read and understand all provisions of this Code; (iii) agreed to abide by this Code; and (iv), reported all account holdings as required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Amendments** 

All Supervised Persons shall receive any amendments to this Code and agree to abide by this Code as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Certification** 

All Supervised Persons must annually certify in writing to the Chief Compliance Officer that they have: (i) read and understood all provisions of this Code, as amended; (ii) complied with all requirements of this Code; and (iii) submitted all holdings and transaction reports as required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Further Information** 

Supervised Persons should contact the Chief Compliance Officer regarding any inquiries pertaining to this Code or the policies established herein.

June 20, 2023 19

**XII.**  **<u>Records</u>** 

The Chief Compliance Officer, in conjunction with the Ultimus Companies' legal department, shall maintain and cause to be maintained in a readily accessible place the following records:

● A copy of any code of ethics adopted by the Ultimus Companies that is or has been in effect during the past five years;

● A record of any violation of any code of ethics adopted by the Ultimus Companies and any action that was taken as a result of such violation for a period of five years from the end of the fiscal year in which the violation occurred;

● A record of all written acknowledgements of receipt of the Code and amendments thereto for each person who is currently, or within the past five years was, a Supervised Person which shall be retained for five years after the individual ceases to be a Supervised Person;

● A copy of each report made pursuant to Investment Company Act Rule 17j-1, including any brokerage confirmations, account statements or data feeds made in lieu of these reports;

● A list of all persons who are, or within the preceding five years have been, Access Persons; and

● A record of any decision and reasons supporting such decision to approve a Supervised Persons' acquisition of Securities in Initial Public Offerings and Limited Offerings within the past five years after the end of the fiscal year in which such approval is granted.

**XIII.**  **<u>Reporting Violations and Sanctions</u>** 

All Supervised Persons shall promptly report to the Chief Compliance Officer or his/her designee all apparent violations of this Code. Any retaliation for the reporting of a violation under this Code will constitute a violation of this Code.

The Chief Compliance Officer shall promptly report to senior management all apparent material violations of this Code. When the Chief Compliance Officer finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of the securities laws or rules, he/she may, in his/her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

Senior management shall consider reports made to it hereunder and shall determine whether or not this Code has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the employee's employment. In accordance with the Defend Trade Secrets Act of 2016 and other applicable law, nothing in this Code restricts disclosure of trade secrets to the government in relation to the investigation of a known or reasonably suspected violation of applicable law.

If a Supervised Person does not wish to report an apparent violation or unethical behavior to the Chief Compliance Officer, such Supervised Person can utilize the Ultimus Whistleblower/AlertLine ("AlertLine").

June 20, 2023 20

Unethical behavior can include violations of federal, state or local laws; any material violation of this Code; billing for services not performed or for goods not delivered; and other fraudulent financial reporting. Illegal or dishonest activities may be related to: diversity, equal opportunity and respect in the workplace; employee relations (inappropriate behavior/unfair employment practices); health and safety; misuse or misappropriation of assets or information; violations of SEC and FINRA rules and policies; and/or policy and process integrity.

The AlertLine is not a substitute for meaningful communication between the Supervised Person and their manager. The Chief Compliance Officer or the Supervised Person's manager is often the best and safest option for discussing concerns of an ethical nature. If, however, a Supervised Person believes that to be inappropriate in their case, they can report ethical misconduct or simply get more information by using the link available on the Ultimus Intranet homepage, logging on directly to <u>https://ultimusfundsolutions.ethicspoint.com</u> or by calling the AlertLine at **1-844-711-0263.**

The AlertLine is confidential, easy to use, and is operated by a third-party provider, which specializes in this type of service. Supervised Persons will have two options for reporting concerns: 1.) Online by logging on to the website at <u>https://ultimusfundsolutions.ethicspoint.com</u> and filling in important information fields regarding the nature of the report, or 2.) Call the AlertLine number at **1-844-711-0263** to speak with a live operator, who will ask relevant questions. Calls are toll-free and both methods are available 24 hours a day, seven days a week. Regardless of which method an employee chooses, the AlertLine system will prepare a report and forward it to the appropriate person for review and, if necessary, investigation.

**XIV.**  **<u>Ethics Training</u>** 

The Chief Compliance Officer or his/her designee will provide training to all Supervised Persons on at least an annual basis regarding the topics included in this Code. It shall be the responsibility of the Chief Compliance Officer to ensure that evidence of any communication and training conducted, including specified dates and attendees. Such training can be provided in-person or electronically, at the Chief Compliance Officer's discretion.

June 20, 2023 21

**Schedule A**

**Frequently Asked Questions About Code of Ethics**

**<u>Persons Subject to Code:</u>**

*1.* *Why are some Code requirements applicable to "Supervised Persons" while others refer to "Access Persons"? As an Ultimus employee, what applies to me?* 

Under applicable regulatory requirements, certain provisions of the Code are required to be applicable to "Supervised Persons" while others are focused on "Access Persons". You are a "Supervised Person" if you are an employee or officer of Ultimus, an independent contractor working with Ultimus who obtains confidential information regarding the Ultimus' clients as part of your engagement, or you provide advice on behalf of Ultimus and you are subject to Ultimus' supervision and control. "Access Persons" are a subset of this group who are given access to nonpublic information regarding any client's purchase or sale of Securities. In reality, because of the close affiliation of subsidiaries within The Ultimus Group, LLC, almost every "Supervised Person" will also be considered an "Access Person". Non-employee directors/managers and registered representatives of UFD or NLD are the primary examples of individuals who would be considered "Supervised Persons" but not "Access Persons".

**Bottom Line:** If you are an Ultimus employee, <u>all</u> provisions of the Code apply to you.

**<u>Accounts Covered by Code:</u>**

*1.* *What accounts do I need to disclose on MCT?* 

Any Account of an employee or their Family Members and any Account in which he or she has Beneficial Ownership, such as trust and custodial accounts or other accounts in which you exercise investment discretion should be disclosed. Please note that for this purpose, "Family Member" includes not only relatives by blood, marriage, or otherwise, but also an unrelated individual who either resides with, is financially dependent upon, or whose investments are controlled by you, such as a "significant other". Any questions regarding the coverage of non-Family Members will be reviewed on a case-by-case basis.

There are limited exceptions to this definition that include your employer 401(k) account and any account that you do not exercise control over, as further explained in Section VI.E.5 of the Code. For example, if you are the beneficiary of a trust but have no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management, such "blind trust" account would be excluded from the disclosure requirement.

Ultimus does not need information about your non-brokerage accounts, which would include accounts held directly at a mutual fund, college savings plan accounts, checking and savings accounts maintained at a bank, credit union or trust company, unless these accounts maintain Security holdings.

June 20, 2023 22

*2.* *What if I am a beneficiary on an account?* 

If you are named as a beneficiary on an account or trust but have no knowledge or control of the specific actions taken by the trustee and no right to intervene in the trustee's management, you would not have to disclose the trust account. If you have more contact with the account or trust, you may need to disclose the account on MCT. These situations will be reviewed on a case-by-case basis.

*3.* *How do I disclose a personal brokerage or trading Account in MCT?* 

On your first day of employment, you will receive an email from MCT prompting you to login and complete the required attestations as a new employee. One of your attestations will require you to disclose any accounts you or any Family Member have.

*4.* *Are there restrictions on the custodians that can hold my trading Account?* 

Yes, please refer to Section VI.B.1 which contains Ultimus' policy on custodians. Please note that the Chief Compliance Officer has discretion to make exceptions in his or her sole discretion.

*5.* *Why do my personal brokerage and trading Accounts have to be held at specific custodians?* 

It is so that Ultimus can obtain automated daily feeds of trade activities in Accounts, which assists us in administering the Code effectively and efficiently.

*6.* *If my Family Member or I have Accounts at firms where a direct feed or ByAllAccounts authentication cannot be established, will they have to be moved?* 

Yes, the Account must be transferred within 30 days from initial commencement of employment unless otherwise authorized by the Chief Compliance Officer or his/her designee.

*7.* *What happens if a direct feed or ByAllAccounts authentication cannot be maintained for any reason, including but not limited to issues related to multi-factor authentication (MFA) requirements?* 

If a direct feed or ByAllAccounts authentication cannot be maintained, you must transfer the Account within 30 days of the date of the last feed received by MCT to a custodian where a direct feed or ByAllAccounts authentication can be maintained unless otherwise authorized by the Chief Compliance Officer or his/her designee.

*8.* *If my current brokerage firm charges me a fee to move my Account, will Ultimus pay that fee?* 

No, you will have to pay any fees associated with transferring your Account.

**<u>Pre-Approval:</u>**

*1.* *Can I buy shares of an Initial Public Offering (IPO)?* 

You may not acquire shares of an IPO unless you receive prior written approval from the Chief Compliance Officer or his/her designee through the MCT system. You are required to provide full details of the proposed transaction and certify that this opportunity did not arise through activities on behalf of a client. Please note, this restriction applies to spouses, children, and other Family Members and their Accounts. This also applies to private or Limited Offerings.

June 20, 2023 23

**<u>Reporting Requirements:</u>**

1. *What are my quarterly reporting obligations?* 

On an ongoing basis, you will be prompted to certify your understanding and compliance with the reporting requirements of the Code on a quarterly basis. Reporting through MCT to confirm your covered Accounts and investments/transactions is also completed on a quarterly basis.

**<u>Schwab CT Administration:</u>**

*1.* *What is my MCT password?* 

If you have forgotten your MCT password, please click on the "forgot password" link on the MCT login page and a new password will be emailed to you. Your compliance department will not have your password.

*2.* *How do I know if I've completed all my compliance affirmations in MCT?* 

The Home page of MCT will show you any outstanding items. Should an item be listed, you must click on that item and complete any required actions.

**<u>Code Violations:</u>**

*1.* *What are the repercussions of a violation of the Code of Ethics?* 

Each violation of the Code is considered in relation to the facts and circumstances to determine the materiality of a particular violation. The Chief Compliance Officer will report to senior management all apparent material violations of the Code. Senior management shall consider any Code violations and determine what sanctions, if any, should be imposed. Possible sanctions include reprimands, monetary fines or assessments, or suspension or termination of an employee's employment with Ultimus.

**<u>Additional Questions:</u>**

*1.* *Who can I contact for additional information on Ultimus' Code of Ethics requirements?* 

Should you have any questions please contact the appropriate compliance department:

Corporate Compliance Contacts (for all non-Distributor related Compliance questions):

● Kristin McCann (631) 470-2636

● Gaetana Klement (631) 470-2793

Distributor Compliance Contacts:

● Steve Preston (513) 587-3409

● Gary Danahy (402) 896-7290

● Greg Evans (513) 869-4294

June 20, 2023 24

## Ex-99.Q

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**Power of Attorney**

KNOWN ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of JAIME PANDAL, PHILIP SINENENG and BERNARD BRICK his true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all Registration Statements applicable to Atlas U.S. Government Money Market Fund, Inc. and any amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission and the states, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | &nbsp;&nbsp;<u>Title</u> | &nbsp;&nbsp;<u>Date</u> |
| /s/ Paul Hopgood | &nbsp;&nbsp;Director | &nbsp;&nbsp;May 14, 2025 |
| Paul Hopgood |  |  |

---

SWORN AND SUBSCRBED before me by Paul Hopgood of legal age, single, consultant, and resident of Guaynabo, whom I attest to having identified by means of Driver's Licence issued by the Commonw[e]alth of Puerto Rico.

Today, <u>5/4/2025</u> in <u>Guaynabo</u>, Puerto Rico.

<u>/s/ José David Hernández Dávila</u>

Attorney-Notary

[NOTARIAL STAMP AND SEAL]

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**Power of Attorney**

KNOWN ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of PAUL HOPGOOD, PHILIP SINENENG and BERNARD BRICK his true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all Registration Statements applicable to Atlas U.S. Government Money Market Fund, Inc. and any amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission and the states, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | &nbsp;&nbsp;<u>Title</u> | &nbsp;&nbsp;<u>Date</u> |
| /s/ Fernando J. Nido | &nbsp;&nbsp;Director | &nbsp;&nbsp;May 14, 2025 |
| Fernando J. Nido |  |  |

---

Affidavit No. <u>316</u>

Sworn and subscribed before me by Fernando J. Nido, of legal age, married, certified public accountant, and resident of San Juan, Puerto Rico, who is personally known to me. In Guaynabo, Puerto Rico, this 14th day of May 2025.

---

| |
|:---|
| /s/ Mario E. Dávila Acevedo |
| NOTARY PUBLIC |

---

[NOTARIAL SEAL AND STAMP]

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**Power of Attorney**

KNOWN ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of PAUL HOPGOOD, PHILIP SINENENG and BERNARD BRICK his true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all Registration Statements applicable to Atlas U.S. Government Money Market Fund, Inc. and any amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission and the states, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | &nbsp;&nbsp;<u>Title</u> | &nbsp;&nbsp;<u>Date</u> |
| /s/ Jorge Padilla | &nbsp;&nbsp;Director | &nbsp;&nbsp;May 14, 2025 |
| Jorge Padilla |  |  |

---

Affidavit No. <u>317</u>

Sworn and subscribed before me by Jorge Padilla, of legal age, married, certified public accountant, and resident of San Juan, Puerto Rico, who is personally known to me. In Guaynabo, Puerto Rico, this 14th day of May 2025.

---

| |
|:---|
| /s/ Mario E. Dávila Acevedo |
| NOTARY PUBLIC |

---

[NOTARIAL SEAL AND STAMP]

**ATLAS U.S. GOVERNMENT MONEY MARKET FUND, INC.**

**Power of Attorney**

KNOWN ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of PAUL HOPGOOD, PHILIP SINENENG and BERNARD BRICK his true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all Registration Statements applicable to Atlas U.S. Government Money Market Fund, Inc. and any amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission and the states, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
|  | Vice President, Secretary, |  |
| /s/ Jaime Pandal | Treasurer & Director | May 14, 2025 |
| Jamie Pandal |  |  |

---

Sworn and subscribed before me by JAIME PANDAL FERNANDEZ, of legal age, married, employee, resident of San Juan, whom I identify by personal knowledge, in San Juan, Puerto Rico, this 14th day of May, 2025

---

| | |
|:---|:---|
| Affi #: 570 | /s/ Amber Lee Velez Burr |
|  | NOTARY |

---

[NOTARIAL SEAL AND STAMP]