# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-005264
**Filing Date:** 2025-8
**Character Count:** 181740
**Document Hash:** 7174b6c3d6538e6b34e301ba7cf784db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005264.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001580642-25-005264

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**EFFECTIVENESS DATE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIFIED SERIES TRUST
- **CENTRAL INDEX KEY:** 0001199046

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-100654
- **FILM NUMBER:** 251234882

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-346-3324

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**Securities Act File No. 333-100654**

**Investment Company Act File No. 811-21237**

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A REGISTRATION STATEMENT**

***UNDER***

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ⌧ |
| **Pre-Effective Amendment No.** | **□** |
| **Post-Effective Amendment No. 610** | ⌧ |

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**and/or**

**REGISTRATION STATEMENT**

***UNDER***

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| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ⌧ |
| **Amendment No. 611** | ⌧ |

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**Unified Series Trust**

(Exact Name of Registrant as Specified In Charter)

**225 Pictoria Drive, Suite 450**

**Cincinnati, OH 45246**

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's Telephone Number, Including Area Code: (513) 587-3400**

**Elisabeth Dahl**

**Secretary**

**225 Pictoria Drive, Suite 450**

**Cincinnati, Ohio 45246**

**(Name and Address of Agent for Service)**

**Copies to:**

**JoAnn Strasser, Esq.**

**Thompson Hine LLP**

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

**Columbus, OH 43215-6101**

**(614) 469-3265**

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

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**EXPLANATORY NOTE**

This Post-Effective Amendment No. 610 to the Registration Statement on Form N-1A (File Nos. 333-100654 and 811-21237) of Unified Series Trust (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 610 consists only of a facing page, this explanatory note, and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 610 does not modify any other part of the Registration Statement.

PART C. OTHER INFORMATION

**Item 28.** **<u>Exhibits</u>**

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| | | |
|:---|:---|:---|
| **(a)** | **Articles of Incorporation** | **Articles of Incorporation** |
|  | 1. | [Agreement and Declaration of Trust as filed with the State of Ohio on October 17, 2002 – Filed with Registrant's initial registration statement on Form N-1A dated October 21, 2002 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544902000381/ex99a.txt) |
|  | 2. | [Amendment No. 51 to Agreement and Declaration of Trust as filed with the State of Ohio on October 8, 2024 – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28a2.htm) |
| **(b)** | [**By-laws.** Bylaws of the Registrant, as adopted on October 14, 2002 – Filed with Registrant's initial registration statement on Form N-1A dated October 21, 2002 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000103544902000381/ex99b.txt) | [**By-laws.** Bylaws of the Registrant, as adopted on October 14, 2002 – Filed with Registrant's initial registration statement on Form N-1A dated October 21, 2002 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000103544902000381/ex99b.txt) |
| **(c)** | **Instruments Defining Rights of Security Holders.** None. | **Instruments Defining Rights of Security Holders.** None. |
| **(d)** | **Investment Advisory Contracts.** | **Investment Advisory Contracts.** |
|  | 1. (a) | [Registrant's Amended and Restated Management Agreement with Crawford Investment Counsel, Inc. with regard to the Crawford Large Cap Dividend Fund – Filed with Registrant's registration statement on Form N-1A dated May 2, 2011 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544911000292/ex99d1.htm) |
|  | (b) | [Registrant's Amended and Restated Management Agreement with Crawford Investment Counsel, Inc. with regard to the Crawford Small Cap Dividend Fund – Filed with Registrant's registration statement on Form N-1A dated April 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221001935/ex99d_9.htm) |
|  | (c) | [Amended and Restated Operating Expense Limitation Agreement with Crawford Investment Counsel, Inc. regarding fee waiver and expense reimbursement with respect to the Crawford Large Cap Dividend Fund, and the Crawford Small Cap Dividend Fund – Filed with Registrant's registration statement on Form N-1A dated April 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221001935/ex99d_12.htm) |
|  | 2. (a) | [Registrant's Management Agreement with Crawford Investment Counsel, Inc. with regard to the Crawford Multi-Asset Income Fund – Filed with Registrant's registration statement on Form N-1A dated April 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221001935/ex99d_14a.htm) |
|  | (b) | [.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223002311/ex99d2b.htm)[Amended and Restated Operating Expense Limitation Agreement with Crawford Investment Counsel, Inc. regarding fee waiver and expense reimbursement with respect to the Crawford Multi-Asset Income Fund - Filed with Registrant's registration statement on Form N-1A dated April 29, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225002630/ust-crawford_ex28d2b.htm) |
|  | 3. (a) | [Registrant's Management Agreement with Channel Investment Partners LLC with regard to the Channel Short Duration Income Fund dated August 1, 2020 – Filed with Registrant's registration statement on Form N-1A dated January 27, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834421001457/fp0061555_ex9928d2a.htm) |
|  | (b) | [Assignment and Assumption Agreement among Financial Counselors, Inc., Channel Investment Partners LLC and Unified Series Trust regarding fee waiver and expense reimbursement with respect to the Channel Short Duration Income Fund – Filed with Registrant's registration statement on Form N-1A dated January 27, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834421001457/fp0061555_ex9928d2b.htm) |
|  | (c) | [Operating Expense Limitation Agreement with Channel Investment Partners LLC regarding fee waiver and expense reimbursement with respect to the Channel Short Duration Income Fund – Filed with Registrant's registration statement on Form N-1A dated January 27, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834421001457/fp0061555_ex9928d2c.htm) |
|  | 4. (a) | [Registrant's Amended and Restated Management Agreement with Pekin Hardy Strauss, Inc. with regard to Appleseed Fund – Filed with Registrant's registration statement on Form N-1A dated January 28, 2015 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000119312515023282/d831423dex99di.htm) |
|  | (b) | [Operating Expense Limitation Agreement with Pekin Hardy Strauss, Inc. regarding fee waiver and expense reimbursement with respect to the Appleseed Fund - Filed with Registrant's registration statement on Form N-1A dated January 27, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834421001462/fp0061557_ex9928d4b.htm) |

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| | |
|:---|:---|
| 5.(a) | [Registrant's Management Agreement with Dean Investment Associates, LLC with regard to the Dean Mid Cap Value Fund dated February 1, 2024 – Filed with Registrant's registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003916/ex99d5a.htm) |
| (b) | [Registrant's Management Agreement with Dean Investment Associates, LLC with regard to the Dean Small Cap Value Fund dated February 1, 2024 – Filed with Registrant's registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003916/ex99d5b.htm) |
| . (c) | [Registrant's Management Agreement with Dean Investment Associates, LLC with regard to the Dean Equity Income Fund dated February 1, 2024 – Filed with Registrant's registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003916/ex99d5c.htm) |
| (d) | [Operating Expense Limitation Agreement with Dean Investment Associates, LLC regarding fee waiver and expense reimbursement with respect to the Dean Funds dated October 24, 2023 – Filed with Registrant's registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003916/ex99d5d.htm) |
| (e) | [Investment Subadvisory Agreement between Dean Investment Associates, LLC and Dean Capital Management, LLC with regard to the Dean Mid Cap Value Fund, Dean Small Cap Value Fund, and Dean Equity Income Fund dated January 1, 2024 – Filed with Registrant's registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003916/ex99d5e.htm) |
| 6. | [Registrant's Management Agreement with SBAuer Funds, LLC with regard to the Auer Growth Fund – Filed with Registrant's registration statement on Form N-1A dated March 29, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000158064221001433/ex99d_9.htm) |
| 7. (a) | [Registrant's Management Agreement with Fisher Asset Management, LLC with regard to the Tactical Multi-Purpose Fund – Filed with Registrant's registration statement on Form N-1A dated November 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005599/ex99d9a.htm) |
| (b) | [Amended and Restated Operating Expense Limitation Agreement with Fisher Asset Management, LLC regarding fee waiver and expense reimbursement with respect to the Tactical Multi-Purpose Fund – Filed with Registrant's registration statement on Form N-1A dated December 27, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224007825/ex28-d7b.htm) |
| 8. | [Registrant's Management Agreement with Fisher Asset Management, LLC with regard to the FI Institutional Group Stock Fund for Retirement Plans, the FI Institutional Group ESG Stock Fund for Retirement Plans, the FI Institutional Group Fixed Income Fund for Retirement Plans, and the FI Institutional Group ESG Fixed Income Fund for Retirement Plans – Filed with Registrant's registration statement on Form N-1A dated December 28, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221006072/ex99d_14.htm) |
| 9. (a) | [Registrant's Management Agreement with Standpoint Asset Management, LLC with regard to the Standpoint Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated February 26, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000139834421005061/fp0062662_ex9928d21a.htm) |
| (b) | [Amended and Restated Operating Expense Limitation Agreement with Standpoint Asset Management, LLC regarding Standpoint Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated February 27, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225001186/ex9928d12b.htm) |
| (c) | [Investment Advisory Agreement between Standpoint Asset Management, LLC and Standpoint Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated February 26, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000139834421005061/fp0062662_ex9928d21c.htm) |
| 10. (a) | [Registrant's Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Select Value ETF – Filed with Registrant's registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221003284/ex99d20a.htm) |
| (b) | [Amended and Restated Operating Expense Limitation Agreement with Absolute Investment Advisers LLC with regard to the Absolute Select Value ETF – Filed with Registrant's registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221003284/ex99d20b.htm) |

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| | |
|:---|:---|
| (c) | [Registrant's Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Capital Opportunities Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99d16c.htm) |
| (d) | [Registrant's Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Convertible Arbitrage Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99d16d.htm) |
| (e) | [Registrant's Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Flexible Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99d16e.htm) |
| (f) | [Registrant's Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute CEF Opportunities – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99d16f.htm) |
| (g) | [Operating Expense Limitation Agreement with Absolute Investment Advisers LLC with regard to the Absolute Capital Opportunities Fund, Absolute Convertible Arbitrage Fund, Absolute Flexible Fund, and Absolute Strategies Fund (now Absolute CEF Opportunities) – Filed with Registrant's registration statement on Form N-1A dated September 15, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004953/ex28h8.htm) |
| (h) | [Assignment and Assumption Agreement among Absolute Investment Advisers LLC, Forum Funds, and Unified Series Trust with regard to the Absolute Capital Opportunities Fund, Absolute Convertible Arbitrage Fund, Absolute Flexible Fund, and Absolute Strategies Fund (now Absolute CEF Opportunities) – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99d16h.htm) |
| (i) | [Subadvisory Agreement between Absolute Investment Advisers LLC and St. James Investment Company, LLC with regard to the Absolute Select Value ETF – Filed with Registrant's registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221003284/ex99d21.htm) |
| (j) | [Subadvisory Agreement between Absolute Investment Advisers LLC and Kovitz Investment Group Partners, LLC with regard to the Absolute Capital Opportunities Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99d18.htm) |
| (k) | [Amended and Restated Operating Expense Limitation Agreement with Absolute Investment Advisers LLC with regard to Absolute CEF Opportunities (formerly Absolute Strategies Fund) – Filed with Registrant's registration statement on Form N-1A dated October 21, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006239/ex9928d13k.htm) |
| 11. (a) | [Registrant's Management Agreement with Ballast Asset Management, LP with regard to the Ballast Small/Mid Cap ETF – Filed with Registrant's registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834420023028/fp0059358_ex9928d24a.htm) |
| (b) | [Operating Expense Limitation Agreement with Ballast Asset Management, LP with regard to the Ballast Small/Mid Cap ETF – Filed with Registrant's registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1199046/000139834420023028/fp0059358_ex9928d24b.htm). |
| 12. (a) | [Registrant's Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Large Cap Core ETF – Filed with Registrant's registration statement on Form N-1A dated November 5, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005321/ex99d23a.htm) |
| (b) | [Operating Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Large Cap Core ETF – Filed with Registrant's registration statement on Form N-1A dated April 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224002329/ex99d18b.htm) |
| (c) | [Registrant's Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Core Plus Bond ETF – Filed with Registrant's registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222001480/ex99d_20c.htm) |
| (d) | [Operating Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Core Plus Bond ETF – Filed with Registrant's registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222001480/ex99d_20d.htm) |

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(e) [Sub-Advisory Agreement between OneAscent Investment Solutions, LLC and Teachers Advisors, LLC with regard to the OneAscent Core Plus Bond ETF – Filed with Registrant's registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1199046/000158064222001480/ex99d_20e.htm) .

(f) [Registrant's Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent International Equity ETF – Filed with Registrant's registration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004121/ex99d_20f.htm)

(g) [Registrant's Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Emerging Markets ETF – Filed with Registrant's registration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004121/ex99d_20g.htm)

(h) [Operating Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent International Equity ETF and the OneAscent Emerging Markets ETF – Filed with Registrant's registration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004121/ex99d_20h.htm)

(i) [Registrant's Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Small Cap Core ETF – Filed with Registrant's registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224002867/ex28d18i.htm)

(j) [Operating Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Small Cap Core ETF – Filed with Registrant's registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224002867/ex28d18j.htm)

13. (a) [Registrant's Management Agreement with Efficient Capital Management LLC with regard to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18a.htm)

(b) [Operating Expense Limitation Agreement with Efficient Capital Management LLC with regard to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18b.htm)

(c) [Investment Advisory Agreement between Efficient Capital Management LLC and Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18c.htm)

(d) [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and AlphaSimplex Group, LLC with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18d.htm) Redacted proprietary.

(e) [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and AQR Capital Management, LLC with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18e.htm) Redacted proprietary.

(f) [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and Aspect Capital Limited with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18f.htm) Redacted proprietary.

(g) [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and Columbia Management Investment Advisers, LLC with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18g.htm) Redacted proprietary.

(h) [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and Crabel Capital Management, LLC with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18h.htm) Redacted proprietary.

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|:---|:---|:---|
|  | (i) | [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and Welton Investment Partners LLC with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18i.htm) Redacted proprietary. |
|  | (j) | [Form of Sub-Advisory Agreement between Efficient Capital Management LLC and Winton Capital Management Limited with regard to the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28d-18j.htm) Redacted proprietary. |
|  | 14.(a) | [Registrant's Management Agreement with Quantum Advisors Private Limited with regard to the Q India Equity Fund – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28d17a.htm) |
|  | (b) | [Operating Expense Limitation Agreement with Quantum Advisors Private Limited with regard to the Q India Equity Fund - Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28d17b.htm) |
| **(e)** | **Underwriting Contracts.** | **Underwriting Contracts.** |
|  | 1. (a) | [Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC dated July 1, 2025 – Filed herewith.](ex-28e1a.htm)Redacted proprietary. |
|  | (b) | [Amendment to Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC – Filed herewith.](ex-28e1b.htm) Redacted proprietary. |
|  | 2. (a) | [Distribution Agreement between Registrant and Northern Lights Distributors, LLC – Filed herewith.](ex-28e2a.htm)Redacted proprietary. |

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**(f)** **Bonus or Profit Sharing Contracts.** None.

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|:---|:---|:---|
| **(g)** | **Custodian Agreements.** | **Custodian Agreements.** |
|  | 1. | [Registrant's Custodian Agreement with Huntington National Bank dated October 15, 2010 – Filed with Registrant's registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221003280/ex99g1.htm) Redacted proprietary. |
|  | 2. (a) | [Registrant's Custodian Agreement with U.S. Bank, N.A. dated September 23, 2005 – Filed with Registrant's registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221003280/ex99g2.htm) Redacted proprietary. |
|  | (b) | [Amendment to Registrant's Custodian Agreement with U.S. Bank, N.A. – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28g2b.htm) Redacted proprietary. |
|  | 3. (a) | [Registrant's Custodian and Transfer Agent Agreement with Brown Brothers Harriman & Co. – Filed with Registrant's registration statement on Form N-1A dated February 26, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834421005061/fp0062662_ex9928g4a.htm) |
|  | (b) | [Eighth Amendment to Custodian and Transfer Agent Agreement with Brown Brothers Harriman & Co. reflecting current schedule of ETFs – Filed with Registrant's registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224002867/ex28g3b.htm) |
|  | 4. (a) | [Registrant's Custodian Agreement with MUFG Union Bank, N.A. – Filed with Registrant's registration statement on Form N-1A dated February 26, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000139834421005061/fp0062662_ex9928g3.htm) |
|  | (b) | [U.S. Bank National Association Acknowledgement of Assumption of Custodial Duties – Filed with Registrant's registration statement on Form N-1A dated October 27, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005034/ex99g_4b.htm) |
|  | 5. | [Registrant's Custodian Agreement with Fifth Third Bank, National Association – Filed with Registrant's registration statement on Form N-1A dated November 9, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005382/ex99g5.htm) |

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| | | |
|:---|:---|:---|
| **(h)** | **Other Material Contracts.** | **Other Material Contracts.** |
|  | 1. (a) | [Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC – Filed with Registrant's registration statement on Form N-1A dated August 24, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221003932/ex99h1.htm) Redacted proprietary. |
|  | (b) | [Amendment to Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC (Notices) – Filed herewith.](ex-28h1b.htm) |
|  | (c) | [Amendment to Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC (Schedule A) – Filed herewith.](ex-28h1c.htm) Redacted proprietary. |
|  | 2. (a) | [Registrant's Investor Class Administrative Services Plan for the Appleseed Fund – Filed with Registrant's registration statement on Form N-1A dated January 27, 2017 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000119312517021815/d277165dex9928h6.htm) |
|  | (b) | [Side Letter Agreement with Pekin Hardy Strauss, Inc. regarding agreement to waive receipt of payments under the administrative services plan relating to the Fund's Investor Class until January 31, 2026 – Filed with Registrant's registration statement on Form N-1A dated January 28, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225000499/ex99h2b.htm) |
|  | 3. (a) | [Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC – Filed with Registrant's registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223000966/ex28h3a.htm) Redacted proprietary. |
|  | (b) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (N-CEN N-PORT) – Filed with Registrant's registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223000966/ex28h3b.htm) |
|  | (c) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Accounting) – Filed with Registrant's registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223000966/ex28h3d.htm) |
|  | (d) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Administration) – Filed with Registrant's registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223000966/ex28h3e.htm) |
|  | (e) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Derivatives) – Filed with Registrant's registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223000966/ex28h3f.htm) Redacted proprietary. |
|  | (f) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Tax Provisioning) – Filed with Registrant's registration statement on Form N-1A dated November 13 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223006155/ex28h3f.htm) Redacted proprietary. |
|  | (g) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Shareholder Servicing Fees) – Filed with Registrant's registration statement on Form N-1A dated November 13 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223006155/ex28h3g.htm) |
|  | (h) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Notices) – Filed herewith.](ex-28h3h.htm) |
|  | (i) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Schedule A) – Filed herewith.](ex-28h3i.htm) |
|  | (j) | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Tailored Shareholder Reports) – Filed with Registrant's registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224002867/ex28h3i.htm) Redacted proprietary. |
|  | 4. | [Form of Authorized Participant Agreement for ETFs – Filed with Registrant's registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834420023028/fp0059358_ex9928h9.htm) |

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| | | |
|:---|:---|:---|
|  | 5. | [Registrant's Investment Agreement with Pekin Hardy Strauss, Inc. and Simplify Exchange Traded Funds for Appleseed Fund – Filed with Registrant's registration statement on Form N-1A dated December 3, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005662/ex99h_8.htm) |
|  | 6. | [Registrant's Investment Agreement with 360 Funds for Ballast Small/Mid Cap ETF – Filed with Registrant's registration statement on Form N-1A dated December 3, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005662/ex99h_9.htm) |
|  | 7. | [Registrant's Fund of Funds Investment Agreement with Fidelity Rutland Square Trust II for Absolute Convertible Arbitrage Fund – Filed with Registrant's registration statement on Form N-1A dated September 15, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004953/ex28d16g.htm) |
|  | 8. | [Registrant's Administrative Services Plan for the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28h-8.htm) |
|  | 9. | [Registrant's Fund of Funds Investment Agreement with The Advisors' Inner Circle Fund and The Advisors' Inner Circle Fund II for Ballast Small/Mid Cap ETF – Filed with Registrant's registration statement on Form N-1A dated January 27, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225000498/ex-28h9.htm) |
| **(i)** | **Legal Opinion and Consent.** | **Legal Opinion and Consent.** |
|  | 1. | Legal opinion and consent – [The Legal Opinion of Thompson Hine was filed with Registrant's registration statement on Form N-1A dated October 21, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006239/ex99i.htm) The legal consent is not applicable. |
| **(j)** | **Other Opinions.** Consent of Independent Registered Public Accounting Firm – Not applicable. [The Consent of the Independent Registered Public Accounting Firm with respect to Post-Effective Amendment No. 607 is filed herewith.](ex-28j.htm) | **Other Opinions.** Consent of Independent Registered Public Accounting Firm – Not applicable. [The Consent of the Independent Registered Public Accounting Firm with respect to Post-Effective Amendment No. 607 is filed herewith.](ex-28j.htm) |
| **(k)** | **Omitted Financial Statements.** None. | **Omitted Financial Statements.** None. |

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**(l)** **Initial Capital Agreements.** [Letter of Investment Intent from Unified Fund Services, Inc., dated December 30, 2002 – Filed with Registrant's registration statement on Form N-1A dated December 31, 2002 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000103544902000492/ex99l.txt)

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| | | |
|:---|:---|:---|
| **(m)** | **Rule 12b-1 Plans.** | **Rule 12b-1 Plans.** |
|  | 1. | [Revised Rule 12b-1 Distribution Plan for Crawford Large Cap Dividend Fund – Filed with Registrant's registration statement on Form N-1A dated May 2, 2011 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544911000292/ex99m.htm) |
|  | 2. | [Rule 12b-1 Distribution Plan for Channel Short Duration Income Fund – Filed with Registrant's registration statement on Form N-1A dated August 30, 2005 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544905000519/fci12b1.htm) |
|  | 3. | [Rule 12b-1 Distribution Plan with respect to the Appleseed Fund – Filed with Registrant's registration statement on Form N-1A dated October 2, 2006 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544906000430/appleseedfund12b1plan.htm) |
|  | 4. | [Rule 12b-1 Distribution Plan with respect to the Auer Growth Fund – Filed with Registrant's registration statement on Form N-1A dated December 21, 2007 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544907000687/auer12b1plan.htm) |
|  | 5. | [Rule 12b-1 Distribution Plan with respect to the Investor Class Shares of the Standpoint Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated October 28, 2019 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834419018632/fp0047095_ex9928m8.htm) |
|  | 6. | [Rule 12b-1 Distribution Plan with respect to the Investor Class Shares of the Absolute Convertible Arbitrage Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99m6.htm) |
|  | 7. | [Rule 12b-1 Distribution Plan with respect to the Class A Shares of the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28m-7.htm) |
|  | 8. | [Rule 12b-1 Distribution Plan with respect to the Investor Class Shares of the Q India Equity Fund – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28m8.htm) |

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| | | |
|:---|:---|:---|
| **(n)** | **Rule 18f-3 Plans.** | **Rule 18f-3 Plans.** |
|  | 1. | [Amended and Restated Rule 18f-3 Plan for Crawford Large Cap Dividend Fund, and Crawford Small Cap Dividend Fund - Filed with Registrant's registration statement on Form N-1A dated April 28, 2015 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000119312515152766/d881493dex99n.htm) |

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| | | |
|:---|:---|:---|
|  | 2. | [Rule 18f-3 Plan for the Appleseed Fund –Filed with Registrant's registration statement on Form N-1A dated January 28, 2011 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544911000072/fund18f.htm) |
|  | 3. | [Rule 18f-3 Plan for Standpoint Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated October 28, 2019 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834419018632/fp0047095_ex9928n6.htm) |
|  | 4. | [Rule 18f-3 Plan for Absolute Convertible Arbitrage Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99n4.htm) |
|  | 5. | [Rule 18f-3 Plan for Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28n-5.htm) |
|  | 6. | [Rule 18f-3 Plan for Q India Equity Fund – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28n6.htm) |
| **(o)** | **Reserved.** | **Reserved.** |
| **(p)** | **Codes of Ethics.** | **Codes of Ethics.** |
|  | 1. | [Registrant's Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated October 21, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006239/ex9928p1.htm) |
|  | 2. | [Code of Ethics for Senior Executive Officers – Filed with Registrant's registration statement on Form N-1A dated November 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005599/ex99p2.htm) |
|  | 3. | [Code of Ethics adopted by Ultimus Fund Distributors, LLC and Northern Lights Distributors, LLC, as distributors to Registrant – Filed with Registrant's registration statement on Form N-1A dated November 13 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223006155/ex28p3.htm) |
|  | 4. | [Dean Investment Associates, LLC and Dean Financial Services, LLC Code of Ethics and Insider Trading Policy - Filed with Registrant's registration statement on Form N-1A dated December 3, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005662/ex99p_4.htm) |
|  | 5. | [Dean Capital Management, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated December 3, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005662/ex99p_5.htm) |
|  | 6. | [Fisher Asset Management, LLC Code of Ethics - Filed with Registrant's registration statement on Form N-1A dated December 27, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224007824/ex28p6.htm) |
|  | 7. | [Pekin Hardy Strauss, Inc. Code of Ethics - Filed with Registrant's registration statement on Form N-1A dated January 28, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225000499/ex99p7.htm) |
|  | 8. | [Channel Investment Partners LLC Code of Ethics - Filed with Registrant's registration statement on Form N-1A dated July 31, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834420014778/fp0056031_ex9928p11.htm) |
|  | 9. | [SBAuer Funds, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated March 29, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000158064221001433/ex99p_13.htm) |
|  | 10. | [Crawford Investment Counsel, Inc. Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated April 29, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225002630/ust-crawford_ex28p10.htm) |
|  | 11. | [Standpoint Asset Management, LLC Code of Ethics – Filed with Registrant's registration on Form N-1A dated February 27, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064225001186/ex9928p11.htm) |
|  | 12. | [Absolute Investment Advisers LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003917/ex99p12.htm) |
|  | 13. | [St. James Investment Company, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 27, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223003820/ex99p_14.htm) |
|  | 14. | [Ballast Asset Management, LP Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834420023028/fp0059358_ex9928p20.htm) |

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| | | |
|:---|:---|:---|
|  | 15. | [OneAscent Investment Solutions, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated November 5, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005321/ex99p.htm) |
|  | 16. | [Teachers Advisors, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated December 27, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224007823/ex99p.htm) |
|  | 17. | [Kovitz Investment Group Partners, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99p18.htm) |
|  | 18. | [Efficient Capital Management LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-18.htm) |
|  | 19. | [AlphaSimplex Group, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-19.htm) |
|  | 20. | [AQR Capital Management, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-20.htm) |
|  | 21. | [Aspect Capital Limited Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-21.htm) |
|  | 22. | [Columbia Management Investment Advisers, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-22.htm) |
|  | 23. | [Crabel Capital Management, LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-23.htm) |
|  | 24. | [Welton Investment Partners LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-24.htm) |
|  | 25. | [Winton Capital Management Limited Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28p-25.htm) |
|  | 26. | [Quantum Advisors Private Limited Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28p26.htm) |
| **(q)** | **Proxy Voting Policies.** | **Proxy Voting Policies.** |
|  | 1. | [Registrant's Revised Proxy Voting Policy – Filed with Registrant's registration statement on Form N-1A dated July 1, 2011 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544911000441/proxy.htm) |
|  | 2. | [Proxy Voting Policy and Procedures adopted by Crawford Investment Counsel, Inc. – Filed with Registrant's registration statement on Form N-1A dated December 29, 2003 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000103544903000505/ex99q.txt) |
|  | 3. | [Proxy Voting Policy and Procedures adopted by Channel Investment Partners LLC – Filed with Registrant's registration statement on Form N-1A dated July 31, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834420014778/fp0056031_ex9928q3.htm) |
|  | 4. | [Proxy Voting Policy and Procedures adopted by Pekin Hardy Strauss, Inc. as adviser to Appleseed Fund – Filed with Registrant's registration statement on Form N-1A dated October 2, 2006 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544906000430/appleseedproxy.htm) |
|  | 5. | [Proxy Voting Policy and Procedures adopted by Dean Investment Associates, LLC as adviser to the Dean Funds – Filed with Registrant's registration statement on Form N-1A dated March 7, 2007 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544907000171/deanproxy.htm) |
|  | 6. | [Proxy Voting Policy and Procedures adopted by SBAuer Funds, LLC as adviser to the Auer Growth Fund – Filed with Registrant's registration statement on Form N-1A dated December 21, 2007 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000103544907000687/sbauerproxy.htm) |
|  | 7. | [Proxy Voting Policy adopted by Fisher Asset Management, LLC as adviser to the Tactical Multi-Purpose Fund and each of the FI Institutional Group Funds – Filed with Registrant's registration statement on Form N-1A dated December 27, 2018 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834418018582/fp0037999_ex9928q10.htm) |

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| | |
|:---|:---|
| 8. | [Proxy Voting Policy adopted by Standpoint Asset Management, LLC as adviser to Standpoint Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated October 28, 2019 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834419018632/fp0047095_ex9928q14.htm) |
| 9. | [Proxy Voting Policy adopted by Absolute Investment Advisers, LLC as adviser to Absolute Select Value ETF, Absolute Capital Opportunities Fund, Absolute Convertible Arbitrage Fund, Absolute CEF Opportunities and Absolute Flexible Fund – Filed with Registrant's registration statement on Form N-1A dated July 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003917/ex99q9.htm) |
| 10. | [Proxy Voting Policy adopted by Ballast Asset Management, LP as adviser to the Ballast Small/Mid Cap ETF – Filed with Registrant's registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834420023028/fp0059358_ex9928q14.htm) |
| 11. | [Proxy Voting Policy adopted by OneAscent Investment Solutions, LLC as adviser to OneAscent Large Cap Core ETF, the OneAscent Core Plus Bond ETF, the OneAscent Small Cap Core ETF, the OneAscent International Equity ETF and the OneAscent Emerging Markets ETF – Filed with Registrant's registration statement on Form N-1A dated April 29, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224002329/ex99q12.htm) |
| 12. | [Proxy Voting Policy adopted by Dean Capital Management, LLC as sub-adviser to each of the Dean Funds – Filed with Registrant's registration statement on Form N-1A dated November 18, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222005823/ex99q14.htm) |
| 13. | [Proxy Voting Policy adopted by Kovitz Investment Group Partners, LLC as sub-adviser to the Absolute Capital Opportunities Fund – Filed with Registrant's registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223004699/ex99q15.htm) |
| 14. | [Proxy Voting Policy adopted by St. James Investment Company, LLC as sub-adviser to the Absolute Select Value ETF – Filed with Registrant's registration statement on Form N-1A dated July 27, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223003820/ex99q_16.htm) |
| 15. | [Proxy Voting Policy adopted by Efficient Capital Management, LLC as adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-15.htm) |
| 16. | [Proxy Voting Policy adopted by AlphaSimplex Group, LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-16.htm) |
| 17. | [Proxy Voting Policy adopted by AQR Capital Management, LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-17.htm) |
| 18. | [Proxy Voting Policy adopted by Aspect Capital Limited as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-18.htm) |
| 19. | [Proxy Voting Policy adopted by Columbia Management Investment Advisers, LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-19.htm) |
| 20. | [Proxy Voting Policy adopted by Welton Investment Partners LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-20.htm) |
| 21. | [Proxy Voting Policy adopted by Winton Capital Management Limited as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant's registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224003456/ex28q-21.htm) |
| 22. | [Proxy Voting Policy adopted by Quantum Advisors Private Limited as adviser to the Q India Equity Fund – Filed with Registrant's registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064224006149/ex28q22.htm) |
| **Item 29.** | Persons Controlled by or Under Common Control with Registrant |

---

The Dean Funds' investment adviser, Dean Investment Associates LLC, is wholly owned and controlled by C.H. Dean, LLC. The C.H. Dean Companies, LLC holds the controlling interest in C.H. Dean, LLC. The Funds' sub-adviser, Dean Capital Management, LLC, is controlled, by virtue of a 30% ownership in the sub-adviser, by C.H. Dean LLC. As of June 30, 2025, Dennis D. Dean Trust dated 7/25/23 and Terence M. Dean Trust dated 2/24/16 were deemed to control The C.H. Dean

Companies, LLC and its wholly owned subsidiary, C.H. Dean, LLC by virtue of their controlling ownership interest in the companies. As of June 30, 2025, The C.H. Dean Companies, LLC owned 1.58%, the Dennis D. Dean Trust owned 1.33% and the Terence M. Dean Trust owned 1.60% of the Dean Mid Cap Fund. Further, as of June 30, 2025, the Dennis D. Dean Trust owned 0.40% and the Terence M. Dean Trust owned 0.34% of the Dean Small Cap Fund. As of June 30, 2025, the Terence M Dean Trust owned 0.76% of the Dean Equity Income Fund. As a result, the Dean Mid Cap Fund, Dean Small Cap Fund, and Dean Equity Income Fund may be deemed to be under common control with its investment adviser and sub-adviser. Each of the above-named companies is organized under the laws of Ohio.

Fisher Asset Management, LLC, d/b/a Fisher Investments is a wholly-owned subsidiary of the holding company Fisher Investments, Inc. Mr. Fisher is the founder, Chairman, and Co-Chief Investment Officer of the Adviser, and is the majority shareholder of Fisher Investments, Inc. As such, he controls the Adviser. As of December 28, 2024 the Adviser owned 100% of the shares of the Tactical Multi-Purpose Fund, and it is anticipated that substantially all of the shares of the Fund will be owned either by the Adviser or by clients of the Adviser as to whose accounts the Adviser has discretionary investment and voting authority. As a result, the Tactical Multi-Purpose Fund may be deemed to be under common control with its investment adviser. As of December 28, 2024 the Adviser owned 100% of the shares of the FI Institutional Group Stock Fund for Retirement Plans, the FI Institutional Group ESG Stock Fund for Retirement Plans, the FI Institutional Group Fixed Income Fund for Retirement Plans, the FI Institutional Group ESG Fixed Income Fund for Retirement Plans. As a result, each of these Funds may be deemed to be under common control with its investment adviser. Fisher Asset Management, LLC is organized under the laws of Delaware and Fisher Investments, Inc. is organized under the laws of California.

Mr. John H. Crawford, III, Mr. John H. Crawford, IV, and Mr. David B. Crawford each own more than 25% of the Crawford Funds' investment adviser, Crawford Investment Counsel, Inc. As such, they control the Adviser. As of March 31, 2024, more than 25% of the shares of the Funds were owned either by the Adviser or by clients of the Adviser as to whose accounts the Adviser has discretionary investment and voting authority and it is anticipated that this will be the case in the future. As a result, the Crawford Large Cap Dividend Fund, the Crawford Small Cap Dividend Fund, and the Crawford Multi-Asset Income Fund may be deemed to be under common control with Crawford Investment Counsel, Inc., which is organized under the laws of Georgia.

Mr. Robert C. Auer owns 70% of the Auer Growth Fund's investment adviser, SBAuer Funds, LLC, and, as of February 28, 2025, owned 4.16% of Auer Growth Fund (the "Auer Fund"). As a result, the Auer Fund may be deemed to be under common control with SBAuer Funds, LLC, which is organized under the laws of Indiana.

**Item 30.** Indemnification.

Article VI, Section 6.4 of the Declaration of Trust of Unified Series Trust, an Ohio business trust, provides that:

<u>Indemnification of Trustees, Officers, etc.</u> Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the 1940 Act, the Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

The Distribution Agreement with Ultimus Fund Distributors, LLC provides that the Trust, on behalf of each Fund, agrees to indemnify and hold harmless Distributor and each person who has been, is, or may hereafter be a director, officer, employee, shareholder or control person of Distributor against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys' fees) reasonably incurred by any of them in connection with the matters to which the Agreement relates, except a loss resulting from the failure of Distributor or any such other person to comply with applicable law or the terms of this Agreement, or from willful misfeasance, bad faith or negligence, including clerical errors and mechanical failures, on the part of any of such persons in the performance of Distributor's duties or from the reckless disregard by any of such persons of Distributor's obligations and duties under this Agreement, for all of which exceptions Distributor shall be liable to the Trust.

The Distribution Agreement with Ultimus Fund Distributors, LLC further provides that the Distributor agrees to indemnify and hold harmless the Trust and each person who has been, is, or may hereafter be a Trustee, officer, employee, shareholder or control person of the Trust against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys' fees) reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the statements not misleading, on the part of Distributor or any agent or employee of Distributor or any other person for whose acts Distributor is responsible, unless such statement or omission was made in reliance upon written information furnished by the Trust; (ii) Distributor's failure to exercise reasonable care

and diligence with respect to its services, if any, rendered in connection with investment, reinvestment, automatic withdrawal and other plans for Shares; and (iii) Distributor's failure to comply with applicable laws and the Rules of FINRA.

The Distribution Agreement with Northern Lights Distributors, LLC provides that the Trust agrees to indemnify and hold harmless the Distributor and each of its managers and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933 Act against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable counsel fees and disbursements incurred in connection therewith), arising by reason of any person acquiring any Shares or Creation Units, based upon (i) the ground that the registration statement, prospectus, shareholder reports or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements made not misleading, (ii) the Trust's failure to maintain an effective registration statement and prospectus with respect to Shares of the Fund that are the subject of the claim or demand, (iii) the Trust's failure to properly register Fund Shares under applicable state laws, (iv) instructions given by the Trust, the Trust's failure to perform its duties hereunder or any inaccuracy of its representations, (v) any claim brought under Section 11 of the 1933 Act, or (vi) all actions taken by Distributor hereunder resulting from Distributor's reliance on instructions received from an officer, agent or approved service provider of the Trust.

The Distribution Agreement with Northern Lights Distributors, LLC further provides that the Distributor covenants and agrees that it will indemnify and hold harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act, against any loss, liability, damages, claim or expense (including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees and disbursements incurred in connection therewith) arising out of or based upon any Disqualifying Conduct by Distributor in connection with the offering and sale of any Shares.

The Registrant may maintain a standard trustees and officers liability policy. The policy, if maintained, would provide coverage to the Registrant, its trustees and officers, and may cover the advisers and their affiliates, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

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

1. Crawford
 Investment Counsel, Inc. ("Crawford") serves as the investment adviser for the Crawford Large Cap Dividend Fund, the
 Crawford Small Cap Dividend Fund, and Crawford Multi-Asset Income Fund, each a series of the Trust. John H. Crawford III serves as
 Founder, Chief Investment Officer and Portfolio Manager of Crawford. Further information about Crawford can be obtained from the
 Form ADV Part 1 available on the Investment Adviser Public Disclosure website ("IAPD").

2. Dean
 Investment Associates, LLC ("Dean"), serves as investment adviser to the Dean Funds. Stephen M. Miller serves as President
 and Chief Operating Officer of Dean, and each of Debra E. Rindler and Pamela Miller are executive officers. Further information about
 Dean can be obtained from its Form ADV Part 1 available on the IAPD.

3. Dean
 Capital Management, LLC ("DCM"), serves as sub-adviser to the Dean Funds. Douglas Leach, Steven Roth and Kevin Laub serve
 as portfolio managers and are owners and members of Dean Capital Management, LLC. Further information about DCM can be obtained from
 its Form ADV Part 1 available on the IAPD.

4. Channel
 Investment Partners LLC ("Channel") serves as the investment adviser to the Channel Short Duration Income Fund. Mr. Matthew
 Duch is the sole owner, Managing Member, President, Chief Investment Officer and Chief Compliance Officer of Channel. Further information
 about Channel can be obtained from the Form ADV Part 1 available on the IAPD.

5. Pekin
 Hardy Strauss, Inc. ("Pekin") serves as investment adviser to the Appleseed Fund. Brandon Hardy, William Pekin, Adam
 Strauss, and Joshua Strauss all are executive officers. Further information about Pekin can be obtained from its Form ADV Part 1
 available on the IAPD.

6. SBAuer
 Funds, LLC ("SBA") serves as investment adviser to the Auer Growth Fund. Mr. Ronald Brock is an executive officer of
 SBA. Mr. Robert Auer and Sheaff Brock Capital Management, LLC are owners of SBA. Mr. David Gilreath and Mr. Ronald Brock are members
 of Sheaff Brock Investment Advisors, LLC ("Sheaff Brock"). Further information about SBA and Sheaff Brock can be obtained
 from their respective Forms ADV Part 1 available on the IAPD.

7. Fisher
 Asset Management, LLC d/b/a Fisher Investments, the adviser to the Tactical Multi-Purpose Fund and each of the FI Institutional Group
 Funds, provides investment advisory services for large corporations, pension plans, endowments, foundations, governmental agencies
 and individuals. To the knowledge of Registrant, none of the directors or officers of Fisher Investments is or has been at any time
 during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. Further
 information about Fisher Asset Management can be obtained from its Form ADV Part 1 available on the IAPD.

8. Standpoint
 Asset Management, LLC ("Standpoint") serves as the adviser to the Standpoint Multi-Asset Fund. Standpoint Group, LLC
 is the majority owner of Standpoint. Eric Crittenden, William Bologna, Courtney Stover, Shawn Serikov, and Matthew Kaplan, who are
 operators and employees of Standpoint, own Standpoint Group, LLC. Further information about Standpoint can be obtained from its Form
 ADV Part 1 available on the IAPD.

9. Absolute
 Investment Advisers LLC ("Absolute") serves as the adviser to the Absolute Select Value ETF, the Absolute Capital Opportunities
 Fund, the Absolute Convertible Arbitrage Fund, the Absolute Flexible Fund, and Absolute CEF Opportunities. Absolute is owned and
 controlled by James Compson and Brian Hlidek, who are employees of Absolute. Further information about Absolute can be obtained from
 its Form ADV Part 1 available on the IAPD.

10. St.
 James Investment Company, LLC ("St. James") serves as the subadviser to the Absolute Select Value ETF. St. James is owned
 and controlled by Robert Mark through Sibelius Holdings, LLC of which he is the sole controlling member, and Larry Redell. Further
 information about St. James can be obtained from its Form ADV Part 1 available on the IAPD.

11. Ballast
 Asset Management, LP ("Ballast") serves as the adviser to the Ballast Small/Mid Cap ETF. Ballast is owned and controlled
 by Inverdale Capital Management, LLC, which is owned and controlled by Ryan Martin and William Hardy. Further information about Ballast
 can be obtained from its Form ADV Part 1 available on the IAPD.

12. OneAscent
 Investment Solutions, LLC ("OAIS") serves as the adviser to the OneAscent Large Cap Core ETF, the OneAscent Core Plus
 Bond ETF, the OneAscent Small Cap Core ETF the OneAscent International Equity ETF and the OneAscent Emerging Markets ETF. OAIS is
 owned and controlled by OneAscent Holdings, LLC ("OAH"). Harry N. Pearson is the majority owner of OAH. Further information
 about OAIS can be obtained from its Form ADV Part 1 available on the IAPD.

13. Teachers
 Advisors, LLC ("TAL") serves as the subadviser to the OneAscent Core Plus Bond ETF. TAL is owned and controlled by Nuveen
 Finance, LLC which is a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is a subsidiary, and represents the asset
 management division, of Teachers Insurance and Annuity Association of America ("TIAA"). TIAA is the ultimate
 principal owner of TA. Further information about TAL can be obtained from its Form ADV Part 1 available on the IAPD.

14. Kovitz
 Investment Group Partners, LLC ("Kovitz") serves as the subadviser to the Absolute Capital Opportunities Fund. Kovitz
 is owned and controlled by Focus Operating, LLC which is owned and controlled by Focus Financial Partners, LLC, which is owned and
 controlled by Focus Financial Partners Inc. Further information about Kovitz can be obtained from its Form ADV Part 1 available on
 the IAPD.

15. Efficient
 Capital Management LLC ("Efficient") serves as the adviser to the Efficient Enhanced Multi-Asset Fund. Efficient
 is owned and controlled by Efficient Capital Holdings, LLC ("ECH"). ECH is owned and controlled by Jaffarian
 Management Company, LLC, which is in turn controlled by Ernest Lee Jaffarian, and Trula Madsen Jaffarian. Further information
 about Efficient can be obtained from its Form ADV Part 1 available on the IAPD.

16. AlphaSimplex
 Group, LLC ("AlphaSimplex") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. AlphaSimplex
 is owned and controlled by Virtus Partners, Inc. ("VPI"). VPI is owned and controlled by Virtus Investment
 Partners, Inc. Further information about AlphaSimplex can be obtained from its Form ADV Part 1 available on the IAPD.

17. AQR
 Capital Management, LLC ("AQR") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. AQR is
 owned and controlled by AQR Capital Management Holdings, LLC ("AQR Holdings"). AQR Holdings is owned by AQR Capital Management
 Group, L.P. ("AQR Group") and Topspin Acquisition, LLC, and is controlled by AQR Group. AQR Group is controlled
 directly and indirectly by Clifford Scott Asness. Further information about AQR can be obtained from its Form ADV Part
 1 available on the IAPD.

18. Aspect
 Capital Limited ("Aspect") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Anthony Todd
 James owns a controlling interest in Aspect. Further information about Aspect can be obtained from its Form ADV Part 1
 available on the IAPD.

19. Columbia
 Management Investment Advisers, LLC ("CMIA") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. CMIA
 is owned and controlled by Ameriprise Financial, Inc., a publicly traded company. Further information about CMIA can be
 obtained from its Form ADV Part 1 available on the IAPD.

20. Crabel
 Capital Management, LLC ("Crabel") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Crabel
 Investments Group, LLC ("CIG") owns a controlling interest in Crabel. CIG is owned and controlled by Crabel Holdings

---

| | |
|:---|:---|
|  | LLC which is in turn owned and controlled by William Harrison Crabel. Further information about Crabel can be obtained from its Form ADV Part 1 available on the IAPD. |
| 21. | Welton Investment Partners LLC ("Welton") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Welton Investment Corporation ("WIC") owns a controlling interest in Welton. WIC is owned and controlled by The Welton Family Trust Dated January 28, 1992. Further information about Welton can be obtained from its Form ADV Part 1 available on the IAPD. |
| 22. | Winton Capital Management Limited ("Winton") serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Winton Group Limited ("WGL") owns a controlling interest in Winton. WGL is owned and controlled by David Winton Harding. Further information about Winton can be obtained from its Form ADV Part 1 available on the IAPD. |
| 23. | Quantum Advisors Private Limited ("Quantum") serves as the adviser to the Q India Equity Fund. Quantum is owned and controlled by HWIC Asia Fund Class Q Shares ("HWC Asia") and Ajit Dayal. HWC Asia is owned and controlled by United States Fire Insurance Company, which is in turn controlled by Crum & Forster Holdings Corp. Further information about Quantum can be obtained from its Form ADV Part 1 available on the IAPD. |

---

**Item 32.** Principal Underwriters.

1. (a) Ultimus
 Fund Distributors, LLC is the principal underwriter for some series of the Trust. Ultimus Fund Distributors, LLC serves as a principal
 underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

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| | |
|:---|:---|
| Axxes Private Markets Fund<br> Beacon Pointe Multi-Alternative Fund<br> Booster Income Opportunities Fund<br> Bruce Fund, Inc.<br> CM Advisors Family of Funds<br> Caldwell & Orkin Funds, Inc.<br> Cantor Select Portfolios Trust<br> Cantor Fitzgerald Infrastructure Fund<br> Capitol Series Trust<br> CAZ Strategic Opportunities Fund<br> Centaur Mutual Funds Trust<br> Chesapeake Investment Trust<br> Commonwealth International Series Trust<br> Conestoga Funds<br> Connors Funds<br> Dynamic Alternatives Fund<br> Eubel Brady & Suttman Mutual Fund Trust<br> Exchange Place Advisors Trust<br> Fairway Private Equity & Venture Capital Opportunities Fund<br> Fairway Private Markets Fund<br> Flat Rock Enhanced Income Fund<br> HC Capital Trust<br> Hussman Investment Trust<br> James Advantage Funds<br> Johnson Mutual Funds<br>| Lind Capital Partners Municipal Credit Income Fund<br> MidBridge Private Markets Fund<br> MSS Series Trust<br> New Age Alpha Funds Trust<br> New Age Alpha Variable Funds Trust<br> Oak Associates Funds<br> OneAscent Capital Opportunities Fund<br> OneFund Trust<br> Papp Investment Trust<br> Peachtree Alternative Strategies Fund<br> Private Debt & Income Fund<br> RM Opportunity Trust<br> Schwartz Investment Trust<br> Segall Bryant & Hamill Trust<br> The Cutler Trust<br> The Investment House Funds<br> Williamsburg Investment Trust<br> Ultimus Managers Trust<br> Unified Series Trust<br> Valued Advisers Trust<br> VELA Funds<br> Volumetric Fund<br> Waycross Independent Trust<br> XD Fund Trust<br> Yorktown Funds<br> 83 Investment Group Income Fund |

---

(b) The
 officers of Ultimus Fund Distributors, LLC are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Position with Distributor** | **Position with Registrant** |
| Kevin M. Guerette | President | None |
| Douglas K. Jones | Vice President | None |
| Stephen L. Preston | Vice President, Chief Compliance Officer, Financial Operations Principal and AML Compliance Officer | None |
| Melvin Van Cleave | Chief Information Security Officer | None |

---

The address of the Distributor and each of the above-named persons is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

(c) Not
 applicable.

2. (a) Northern
 Lights Distributors, LLC is the principal underwriter for some series of the Trust. Northern Lights Distributors serves as a principal
 underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: Atlas U.S. Tactical
 Income Fund, Boyar Value Fund Inc., 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, North Country Funds, 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, CIM Real Assets & Credit Fund, Princeton Everest Fund, Segall Bryant & Hamill Trust (ETF), The Saratoga
 Advantage Trust, Texas Capital Funds Trust, THOR Financial Technologies Trust, Tributary Funds, Inc., Two Roads Shared Trust, Zacks
 Trust, Ultimus Manager's Trust (ETF), Capitol Series Trust (ETF), Valued Advisers Trust (ETF), and Unified Series Trust (ETF).

(b) The
 officers of Northern Lights Distributors, LLC are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Distributor** | **Position with Registrant** |
| Kevin Guerette | President | None |
| Bill Strait | Secretary, General Counsel, and Manager | None |
| Stephen Preston | Treasurer, FINOP, CCO and AML Officer | None |
| David James | Manager | None |
| Melvin Van Cleave | Chief Information Security Officer | None |

---

The address of the Distributor and each of the above-named persons is 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022-3474.

(c) Not
 applicable.

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

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Will maintain physical possession of the accounts, books, and other documents required to be maintained by Rule 31a-(b)(1), 31a-1(b) (2), and 31a-1(b)(4) through 31a-1(b)(11).

Huntington National Bank

41 South High Street

Columbus, OH 43215

U.S. Bank, National Association

1555 N. Rivercenter Drive

Milwaukee, WI 53212

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Fifth Third Bank, National Association

38 Fountain Square Plaza

Cincinnati, Ohio 45263

Will maintain physical possession of accounts, books, and other documents required to be maintained by Rule 31(b)(3) for each separate series for which the entity acts as custodian.

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Northern Lights Distributors, LLC

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Will maintain physical possession of the accounts, books, and other documents required to be maintained by a principal underwriter by Rule 31a-1(d) for each separate series for which the entity acts as principal underwriter.

Pekin Hardy Strauss, Inc.

227 West Monroe Street

Suite 3625

Chicago, IL 60606

SBAuer Funds, LLC<br> 580 E Carmel Dr, Ste 350

Carmel, IN 46032

Crawford Investment Counsel, Inc.<br> 600 Galleria Parkway SE

Suite 1650

Atlanta, GA 30339

Dean Investment Associates, LLC<br> 3500 Pentagon Blvd., Suite 200

Beavercreek, OH 45431

Dean Capital Management, LLC<br> 7400 West 130th Street, Suite 350<br> Overland Park, KS 66213

Channel Investment Partners LLC

3101 Wilson Blvd., Ste 500

Arlington, VA 22201

Fisher Asset Management, LLC

6504 International Pkwy, Suite 1200

Plano, TX 75093

Standpoint Asset Management, LLC

4250 N. Drinkwater Blvd., Suite 300

Scottsdale, AZ 85251

Absolute Investment Advisers LLC

82 S. Barrett Square, Unit 2G

Rosemary Beach, FL 32461

St. James Investment Company, LLC

535 S. Kimball Avenue, Suite 140

Southlake, TX 76092

Ballast Asset Management, LP

3879 Maple Avenue, Suite 300

Oaklawn Building

Dallas, TX 75201

OneAscent Investment Solutions, LLC

23 Inverness Center Parkway

Birmingham, AL 35242

Teachers Advisors, LLC

730 Third Avenue

New York, NY 10017

Kovitz Investment Group Partners, LLC

71 S. Wacker Drive, Suite 1860

Chicago, IL 60606

Efficient Capital Management LLC

4355 Weaver Parkway, Suite 200

Warrenville, IL 60555

AlphaSimplex Group, LLC

200 State Street

Boston, MA 02109

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

3<sup>rd</sup> Floor

Greenwich, CT 06830

Aspect Capital Limited

10 Portman Square

London

United KingdomW1H 6AZ

Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Crabel Capital Management, LLC

1999 Avenue of the Stars, Suite 2550

Los Angeles, CA 90067

Welton Investment Partners LLC

Eastwood Building

San Carlos Between 5<sup>th</sup> and 6<sup>th</sup>

Carmel, CA 93921

Winton Capital Management Ltd.

1 Hooper's Court

Knightsbridge, London

United Kingdom SW3 1AF

Quantum Advisors Private Limited

1st Floor, Apeejay House,

3 Dinshaw Vachha Road, Backbay Reclamation,

Churchgate, Mumbai, India 400020

Each adviser (or sub-adviser) will maintain physical possession of the accounts, books and other documents required to be maintained by Rule 31a-1(f) at the address listed above for each separate series of the Trust that the adviser manages.

**Item 34.** Management Services - None.

**Item 35.** Undertakings

Registrant hereby undertakes, if requested by the holders of at least 10% of the Registrant's outstanding shares, to call a meeting of shareholders for the purpose of voting upon the question of removal of a trustee(s) and to assist in communications with other shareholders in accordance with Section 16(c) of the Securities Exchange Act of 1934, as though Section 16(c) applied.

Registrant hereby undertakes to furnish each person to whom a prospectus is delivered with a copy of its latest annual report to shareholders, upon request and without charge.

Registrant hereby undertakes to carry out all indemnification provisions of its Declaration of Trust in accordance with Investment Company Act Release No. 11330 (Sept. 4, 1980) and successor releases.

Insofar as indemnifications for liability arising under the Securities Act of 1933, as amended ("1933 Act"), may be permitted to trustees, officers and controlling person of the Registrant pursuant to the provision under Item 30 herein, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Cincinnati and the State of Ohio on August 20, 2025.

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| | |
|:---|:---|
| UNIFIED SERIES TRUST | UNIFIED SERIES TRUST |
| By: | /s/ Martin R. Dean\*\* |
|  | Martin R. Dean, President |

---

Attest:

---

| | |
|:---|:---|
| By: | /s/ Zachary Richmond\*+ |
|  | Zachary Richmond, Treasurer and<br> Chief Financial Officer |

---

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David R. Carson\*\* | Interested Trustee | August 20, 2025 |
| David R. Carson |  |  |
| /s/ Martin R. Dean\*\* | President | August 20, 2025 |
| Martin R. Dean |  |  |
| /s/ Zachary Richmond\*+ | Treasurer and CFO | August 20, 2025 |
| Zachary Richmond |  |  |
| /s/ Daniel Condon\* | Trustee | August 20, 2025 |
| Daniel Condon |  |  |
| /s/ Ronald Tritschler\* | Trustee | August 20, 2025 |
| Ronald Tritschler |  |  |
| /s/ Kenneth Grant\* | Trustee | August 20, 2025 |
| Kenneth Grant |  |  |
| /s/ Catharine B. McGauley\*\*\* | Trustee | August 20, 2025 |
| Catharine B. McGauley |  |  |
| /s/ Freddie Jacobs, Jr.\*\*\*\* | Trustee | August 20, 2025 |
| Freddie Jacobs, Jr. |  |  |
| /s/ Elisabeth A. Dahl |  |  |
| Elisabeth A. Dahl, Attorney in Fact |  |  |

---

---

| | |
|:---|:---|
| \* | [Signed pursuant to a Power of Attorney dated May 14, 2018 (+and May 17, 2018) and filed with Registrant's registration statement on Form N-1A dated July 27, 2018 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834418010596/fp0034571_ex99poa.htm) |
| \*\* | [Signed pursuant to a Power of Attorney dated November 16, 2021 and filed with Registrant's registration statement on Form N-1A dated November 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005599/poa.htm) |
| \*\*\* | [Signed pursuant to a Power of Attorney dated October 25, 2022 and filed with Registrant's registration statement on Form N-1A dated November 18, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222005823/ex99poa.htm) |
| \*\*\*\* | [Signed pursuant to a Power of Attorney dated October 18, 2022 and filed with Registrant's registration statement on Form N-1A dated November 18, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222005823/ex99poa.htm) |

---

EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit Number | Description |
| EX.28.e.1.a. | [Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC dated July 1, 2025 – Redacted proprietary.](ex-28e1a.htm) |
| EX.28.e.1.b. | [Amendment to Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC – Redacted proprietary.](ex-28e1b.htm) |
| EX.28.e.2.a. | [Distribution Agreement between Registrant and Northern Lights Distributors, LLC – Redacted proprietary.](ex-28e2a.htm) |
| EX.28.h.1.b | [Amendment to Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC (Notices)](ex-28h1b.htm) |
| EX.28.h.1.c. | [Amendment to Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC (Schedule A) – Redacted proprietary.](ex-28h1c.htm) |
| EX.28.h.3.h. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Notices)](ex-28h3h.htm) |
| EX.28.h.3.i. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Schedule A)](ex-28h3i.htm) |
| EX.28.j. | [The Consent of the Independent Registered Public Accounting Firm with respect to Post-Effective Amendment No. 607.](ex-28j.htm) |

---

## Ex-99.E

**<u>DISTRIBUTION AGREEMENT</u>**

This Agreement made as of July 1, 2025 by and between Unified Series Trust, an Ohio business trust (the "Trust"), and Ultimus Fund Distributors, LLC, an Ohio limited liability company ("Distributor").

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

WHEREAS, Distributor is a broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority ("FINRA"); and

WHEREAS, the Trust and Distributor are desirous of entering into an agreement providing for the distribution by Distributor of shares of beneficial interest (the "Shares") of each series of shares of the Trust listed on Schedule A attached hereto (the "Fund"), as such Schedule A may be amended from time to time;

NOW, THEREFORE, in consideration of the premises and agreements of the parties contained herein, the parties agree as follows:

1. <u>Appointment.</u> 

The Trust hereby appoints Distributor as its exclusive agent for the distribution of the Shares, and Distributor hereby accepts such appointment under the terms of this Agreement. While this Agreement is in force, the Trust shall not sell any Shares except on the terms set forth in this Agreement. Notwithstanding any other provision hereof, the Trust may terminate, suspend or withdraw the offering of Shares whenever, in its sole discretion, it deems such action to be desirable.

2. <u>Sale and Repurchase of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributor
will have the right, as agent for the Trust, 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 in subparagraph 2(d) hereof) stated in the
Trust's effective Registration Statement on Form N-lA under the Act and the Securities Act of 1933, as amended, 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 Trust. All
dealer agreements shall be in such form as has been approved by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor
will also have the right, as agent for the Trust, to sell such Shares to the public against orders therefor at the public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributor
will also have the right to take, as agent for the Trust, all actions which, in Distributor's reasonable judgment, are necessary to carry
into effect the distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
public offering price for the Shares of each Fund shall be the respective net asset value 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 Act and the
rules and regulations of the

Securities and Exchange Commission promulgated thereunder. In no event shall any applicable sales charge exceed the maximum sales charge permitted by the Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
net asset value 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 net asset value of the Shares of each Fund shall
be calculated by the Trust or by another entity on behalf of the Trust. Distributor shall have no duty to inquire into or liability for
the accuracy of the net asset value per Share as calculated.

&nbsp;&nbsp;&nbsp;&nbsp;(f) On
every sale, the Trust shall receive the applicable net asset value 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;(g) Upon
receipt of purchase instructions, Distributor will transmit such instructions to the Trust or its transfer agent for the issuance and
registration of the Shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Nothing
in this Agreement shall prevent Distributor or any affiliated person (as defined in the 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 Trust under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Distributor,
as agent of and for the account of the Trust, may repurchase the Shares at such prices and upon such terms and conditions as shall be
specified in the Registration Statement.

3. <u>Sale of Shares by the Trust.</u> 

The Trust reserves the right to issue any Shares at any time directly to the holders of Shares ("Shareholders"), to sell Shares to its Shareholders or to other persons at not less than net asset value 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.

4. <u>Basis of Sale of Shares.</u> 

Distributor does not agree to sell any specific number of Shares. Distributor, as agent for the Trust, undertakes to sell Shares on a best efforts basis only against orders therefor.

5. <u>Rules of FINRA, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
providing services hereunder, Distributor will comply with the Rules of FINRA, the federal securities laws and the rules thereunder and
the securities laws and regulations of each state and other jurisdiction in which it sells, directly or indirectly, any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 dealers shall withhold the placing
of purchase orders so as to make a profit thereby.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributor
agrees to furnish to the Trust sufficient copies of any agreements, plans or other materials it intends to use in connection with any
sales of Shares in reasonably adequate time for the Trust 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;(d) Distributor,
at its own expense, will qualify as dealer or broker, or otherwise, under all applicable state or federal laws required in order that
Shares may be sold in such States as may be mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 prospectus and statement of additional information
covering the Shares and in printed information approved by the Trust as information supplemental to such prospectus and statement of
additional information. Copies of the then effective prospectus and statement of additional information and any such printed supplemental
information will be supplied by the Trust to Distributor in reasonable quantities upon request.

6. <u>Records to be supplied by Trust.</u> 

The Trust shall furnish to Distributor copies of all information, financial statements and other papers which Distributor may reasonably request for use in connection with the distribution of the Shares, and this shall include, but shall not be limited to, one certified copy, upon request by Distributor, of all financial statements prepared for the Trust by independent public accountants.

7. <u>Fees and Expenses.</u> 

For performing its services under this Agreement, Distributor will receive a fee from the Fund and/or its investment adviser(s) in accordance with, and in the manner set forth in, Schedule B attached hereto, as such Schedule may be amended from time to time. The Fund or its investment adviser(s) shall promptly reimburse Distributor for any expenses that are to be paid by the Fund in accordance with the following paragraph.

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 Fund or its investment adviser(s) in accordance with agreements between them as permitted by applicable laws, including the Act and rules and regulations promulgated thereunder. These costs include, but are not limited to, licensing fees, filing fees (including FINRA), travel and such other expenses as may be incurred by Distributor on behalf of the Fund.

Notwithstanding the foregoing, Distributor agrees that it shall not be entitled to receive any fee from a Fund or to be reimbursed by a Fund for any distribution or offering related costs unless and until the Trust has adopted on behalf of the Fund a plan of distribution pursuant to Rule 12b-1 which permits the payment of such fee or the reimbursement of such costs.

8. <u>Indemnification of Trust.</u> 

Distributor agrees to indemnify and hold harmless the Trust and each person who has been, is, or may hereafter be a Trustee, officer, employee, shareholder or control person of the Trust against any loss,

damage or expense (including the reasonable costs of investigation and reasonable attorneys' fees) reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the statements not misleading, on the part of Distributor or any agent or employee of Distributor or any other person for whose acts Distributor is responsible, unless such statement or omission was made in reliance upon written information furnished by the Trust; (ii) Distributor's failure to exercise reasonable care and diligence with respect to its services, if any, rendered in connection with investment, reinvestment, automatic withdrawal and other plans for Shares; and (iii) Distributor's failure to comply with applicable laws and the Rules of FINRA. The Distributor will advance attorneys' fees or other expenses incurred by any such person in defending a proceeding, upon the undertaking by or on behalf of such person to repay the advance if it is ultimately determined that such person is not entitled to indemnification. The term "expenses" for purposes of this and the next paragraph includes amounts paid in satisfaction of judgments or in settlements which are made with Distributor's consent. The foregoing rights of indemnification shall be in addition to any other rights to which the Trust or each such person may be entitled as a matter of law.

9. <u>Indemnification of Distributor.</u> 

The Trust, on behalf of each Fund, agrees to indemnify and hold harmless Distributor and each person who has been, is, or may hereafter be a director, officer, employee, shareholder or control person of Distributor against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys' fees) reasonably incurred by any of them in connection with the matters to which this Agreement relates, except a loss resulting from the failure of Distributor or any such other person to comply with applicable law or the terms of this Agreement, or from willful misfeasance, bad faith or negligence, including clerical errors and mechanical failures, on the part of any of such persons in the performance of Distributor's duties or from the reckless disregard by any of such persons of Distributor's obligations and duties under this Agreement, for all of which exceptions Distributor shall be liable to the Trust. The Trust will advance attorneys' fees or other expenses incurred by any such person in defending a proceeding, upon the undertaking by or on behalf of such person to repay the advance if it is ultimately determined that such person is not entitled to indemnification.

In order that the indemnification provisions contained in this Paragraph 9 shall apply, it is understood that if in any case the Trust may be asked to indemnify Distributor or any other person or hold Distributor or any other person harmless, the Trust shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that Distributor will use all reasonable care to identify and notify the Trust promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification against the Trust. The Trust shall have the option to defend Distributor and any such person against any claim which may be the subject of this indemnification, and in the event that the Trust so elects it will so notify Distributor, and thereupon the Trust shall take over complete defense of the claim, and neither Distributor nor any such person shall in such situation initiate further legal or other expenses for which it shall seek indemnification under this Paragraph 9. Distributor shall in no case confess any claim or make any compromise in any case in which the Trust will be asked to indemnify Distributor or any such person except with the Trust's written consent.

Notwithstanding any other provision of this Agreement, Distributor shall be entitled to receive and act upon advice of counsel (who may be counsel for the Trust or its own counsel) and shall be without

liability for any action reasonably taken or thing reasonably done pursuant to such advice, provided that such action is not in violation of applicable federal or state laws or regulations.

10. <u>Representations of the Parties.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Trust certifies to Distributor that: (1) as of the date of the execution of this Agreement, each Fund that is in existence as of such
date has an unlimited number of authorized shares, and (2) this Agreement has been duly authorized by the Trust and, when executed and
delivered by the Trust, will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights
and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor
represents and warrants that: (1) the various procedures and systems which 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 Trust and Distributor's records, data,
equipment facilities and other property used in the performance of its obligations hereunder are adequate and that it will make such
changes therein from time to time as are required for the secure performance of its obligations hereunder, and (2) this Agreement has
been duly authorized by Distributor and, when executed and delivered by Distributor, will constitute a legal, valid and binding obligation
of Distributor, enforceable against Distributor 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.

11. <u>Termination and Amendment of this Agreement.</u> 

This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment, as that term is defined in the Act, by Distributor. This Agreement may be amended only if such amendment is approved (i) by Distributor and (ii) by the Board of Trustees of the Trust, including the approval of a majority of the Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

Either the Trust 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.

12. <u>Effective Period of this Agreement.</u> 

This Agreement shall take effect upon its execution and shall remain in full force and effect for an initial term of two (2) years from the date of its execution (unless terminated as set forth in Section 11), and shall continue in effect from year to year thereafter, subject to annual approval of such continuance by the Board of Trustees of the Trust, including the approval of a majority of the Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

13. <u>Successor Investment Company.</u> 

Unless this Agreement has been terminated in accordance with Paragraph 11, the terms and provisions of this Agreement shall become automatically applicable to any investment company which is a successor to the Trust as a result of reorganization, recapitalization or change of domicile.

14. <u>Limitation of Liability.</u> 

A copy of the Trust's Declaration of Trust is on file with the Secretary of the State of Ohio, and notice is hereby given that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but bind only the trust property of the Trust. The execution and delivery of this Agreement have been authorized by the Trustees of the Trust and signed by an officer of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer 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 trust property of the Trust. To the extent a matter under this Agreement relates only to a particular Fund of the Trust, that Fund or the investment adviser to such Fund, depending on whether or not such Fund has adopted a Rule 12b-1 plan, shall be solely responsible for all liabilities in connection with such matter, and the Distributor agrees to look solely to the assets of such Fund or the investment adviser to such Fund for the payment or performance thereof and any other liabilities arising in connection with this Agreement, and no other Fund shall incur any liability or obligation in connection therewith.

15. <u>Severability.</u> 

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

16. <u>Questions of Interpretation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
Agreement shall be governed by the laws of the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Act shall be resolved by reference to such term or provision of the 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 Securities and Exchange
Commission issued pursuant to said Act. In addition, where the effect of a requirement of the Act, reflected in any provision of this
Agreement is revised by rule, regulation or order of the Securities and Exchange Commission, such provision shall be deemed to incorporate
the effect of such rule, regulation or order.

17. <u>Notices.</u> 

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party, with a copy to the Trust's counsel, at such address as such other party may designate for the receipt of such notice. Such notice will be effective upon receipt. Until further notice to the other party, it is agreed that the address of the Trust for this purpose shall be 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246; and that the address of Distributor for this purpose shall be 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, Attn: General Counsel.

18. <u>Execution</u> 

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

IN WITNESS WHEREOF, the Trust and Distributor have each caused this Agreement to be signed in duplicate on their behalf, all as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| UNIFIED SERIES TRUST | UNIFIED SERIES TRUST | UNIFIED SERIES TRUST |
| By: | /s/ Martin R. Dean | /s/ Martin R. Dean |
|  | Name: | Martin R. Dean |
|  | Its: | President |
| ULTIMUS FUND DISTRIBUTORS, LLC | ULTIMUS FUND DISTRIBUTORS, LLC | ULTIMUS FUND DISTRIBUTORS, LLC |
| By: | /s/ Kevin Guerette | /s/ Kevin Guerette |
|  | Name: | Kevin Guerette |
|  | Its: | President |

---

---

| |
|:---|
| **SCHEDULE A** |
| **TO THE DISTRIBUTION AGREEMENT<br> BETWEEN** |
| **UNIFIED SERIES TRUST<br> AND** |
| **ULTIMUS FUND DISTRIBUTORS, LLC** |
| **<u>FUND PORTFOLIOS</u>** |
| Absolute Capital Opportunities Fund<br> Absolute Convertible Arbitrage Fund<br> Absolute Flexible Fund<br> Absolute CEF Opportunities |
| Appleseed Fund |
| Auer Growth Fund |
| Channel Income Fund |
| Crawford Large Cap Dividend Fund<br> Crawford Small Cap Dividend Fund<br> Crawford Multi-Asset Income Fund |
| Dean Mid Cap Value Fund<br> Dean Small Cap Value Fund<br> Dean Equity Income Fund |
| Efficient Enhanced Multi-Asset Fund |
| FI Institutional Group Fund Family: |
| FI Institutional Group Stock Fund for Retirement Plans<br> FI Institutional Group Bond Fund for Retirement Plans<br> FI Institutional Group ESG Stock Fund for Retirement Plans<br> FI Institutional Group ESG Bond Fund for Retirement Plans<br> FI Institutional Group U.S. Small Cap Equity Fund<br> FI Institutional Group All Foreign Equity Environmental and Social Values Fund<br> FI Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund |
| Q India Equity Fund |
| Standpoint Multi-Asset Fund |
| Tactical Multi-Purpose Fund |

---

---

| |
|:---|
| **SCHEDULE B-1** |
| **TO THE DISTRIBUTION AGREEMENT** |
| **BETWEEN UNIFIED SERIES TRUST** |
| **AND** |
| **ULTIMUS FUND DISTRIBUTORS, LLC** |
| **<u>FEES</u>** |
| **REDACTED PROPRIETARY** |
| **SCHEDULE B-2** |
| **TO THE DISTRIBUTION AGREEMENT** |
| **BETWEEN UNIFIED SERIES TRUST** |
| **AND** |
| **ULTIMUS FUND DISTRIBUTORS, LLC** |
| **<u>FEES</u>** |
| **REDACTED PROPRIETARY** |

---

## Ex-99.E

**AMENDMENT TO DISTRIBUTION AGREEMENT**

THIS AMENDMENT TO DISTRIBUTION AGREEMENT (this "Amendment"), effective as of August 19, 2025, by and among Unified Series Trust (the "Trust") and Ultimus Fund Distributors, LLC ("Distributor").

WHEREAS, the Trust and the Distributor entered into that certain Distribution Agreement dated July 1, 2025 (the "Agreement"); and

WHEREAS, the Trust and the Distributor desire to amend the Agreement as described herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective
August 19, 2025, Schedule A to the Agreement hereby is deleted in its entirety and replaced with Schedule A attached hereto, as the same
may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective
August 19, 2025, Schedule B-1 to the Agreement hereby is deleted in its entirety and replaced with Schedule B-1 attached hereto, as the
same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
as amended hereby, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

IN WITNESS WHEREOF, each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **ULTIMUS FUND DISTRIBUTORS, LLC** | **ULTIMUS FUND DISTRIBUTORS, LLC** |
| By: | /s/ Martin R. Dean | By: | /s/ Kevin Guerette |
| Print Name: Martin R. Dean | Print Name: Martin R. Dean | Print Name: Kevin Guerette | Print Name: Kevin Guerette |
| Title: President | Title: President | Title: President | Title: President |
| Date: | Date: | Date: | Date: |

---

**SCHEDULE A**

**TO THE DISTRIBUTION AGREEMENT<br> BETWEEN<br> UNIFIED SERIES TRUST<br> AND<br> ULTIMUS FUND DISTRIBUTORS, LLC**

**<u>FUND PORTFOLIOS</u>**

Absolute Capital Opportunities Fund<br> Absolute Convertible Arbitrage Fund<br> Absolute Flexible Fund<br> Absolute CEF Opportunities

Appleseed Fund

Auer Growth Fund

Channel Income Fund

Crawford Large Cap Dividend Fund<br> Crawford Small Cap Dividend Fund<br> Crawford Multi-Asset Income Fund

Dean Mid Cap Value Fund<br> Dean Small Cap Value Fund<br> Dean Equity Income Fund

Efficient Enhanced Multi-Asset Fund

FI Institutional Group Fund Family:<br> FI Institutional Group Stock Fund for Retirement Plans<br> FI Institutional Group Fixed Income Fund for Retirement Plans<br> FI Institutional Group ESG Stock Fund for Retirement Plans<br> FI Institutional Group ESG Fixed Income Fund for Retirement Plans

LCAM Total Return Fund<br> LCAM Strategic Income Fund

Q India Equity Fund

Standpoint Multi-Asset Fund

Tactical Multi-Purpose Fund

**SCHEDULE B-1**

**TO THE DISTRIBUTION AGREEMENT<br> BETWEEN UNIFIED SERIES TRUST<br> AND<br> ULTIMUS FUND DISTRIBUTORS, LLC**

**<u>FEES</u>**

**REDACTED PROPRIETARY**

## Ex-99.E

**ETF DISTRIBUTION AGREEMENT**

This ETF Distribution Agreement (this "Agreement") is effective the 1st day of July, 2025, between Unified Series Trust, an Ohio business trust (the "Trust"), on behalf of itself and the fund(s) listed on **Schedule B**, as may be amended from time to time (each, a "Fund", and collectively, the "Funds"), and Northern Lights Distributors, LLC a Nebraska limited liability company (the "Distributor").

WHEREAS, the Trust is, registered as an open-end investment management company organized as a statutory trust and comprised of a number of series of securities, each series representing a portfolio of securities, having filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form N-1A under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust intends to create and redeem shares (the "Shares") of each Fund on a continuous basis only in aggregations of Shares constituting a "Creation Unit" as such term is defined in the registration statement;

WHEREAS, the Shares of each Fund will be listed on one or more national securities exchanges (together, the "Listing Exchanges");

WHEREAS, the Trust desires to retain the Distributor to act as the distributor with respect to the distribution of Creation Units of each Fund;

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

WHEREAS, the Distributor desires to provide the services described herein to the Trust and Funds.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, intending to be legally bound, the Trust, on behalf of itself and the Fund, and the Distributor hereby agree as follows:

*1.* *<u>Sale of Creation Units; Services</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust grants to the Distributor the exclusive right to sell Creation Units of each Fund listed on **Schedule B** hereto, on the terms and during the term of this Agreement and subject to the registration requirements of the 1933 Act and the rules and regulations of the SEC, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder. Without limiting the foregoing, the Distributor shall perform the distribution services and shall perform the marketing services set forth in **Schedule A**. The Trust acknowledges and agrees that Distributor is and may in the future distribute shares of other investment companies including investment companies having investment objectives similar to those of the Funds. The Trust further understands that existing and future investors in a Fund may invest in shares of such other

investment companies. The Trust agrees that the services that Distributor provides to such other investment companies shall not be deemed in conflict with its duties to the Fund under this Agreement.

(b) Duties
 of the Distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Distributor agrees that at the request of the Trust, the Distributor shall enter into certain
 agreements ("Participant Agreements") between and among DTC Participants or participants
 in the Continuous Net Settlement System of the National Securities Clearing Corporation ("Authorized
 Participants"), the Distributor and the transfer agent (as applicable), for the purchase
 of Creation Units of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Distributor shall consult with the Trust or its agent with respect to the production and
 printing of prospectuses to be used in connection with creations by Authorized Participants
 of Creation Units. The Distributor will generally make it known in the brokerage community
 that Funds' prospectuses and statements of additional information ("SAI")
 are available, including by (i) advising the Listing Exchanges on behalf of its member firms
 of the same, (ii) making such disclosure in all marketing and advertising materials prepared
 and/or filed by the Distributor with FINRA, and (iii) as may otherwise be required by the
 SEC. The Distributor shall not bear any costs associated with printing prospectuses, SAIs
 and other such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Distributor shall review and approve all sales and marketing materials for compliance with
 applicable laws and conditions of any applicable exemptive order, and file such materials
 with FINRA as necessary or appropriate. All such sales and marketing materials must be approved,
 in writing, by the Distributor prior to use, such approval not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If
the Trust, on behalf of any Fund, adopts a distribution and/or shareholder servicing plan(s) pursuant to Rule 12b-1 under the 1940 Act
(the "Plan"), the Distributor shall enter into selling and/or investor servicing agreements or similar ("Sales and Investor
Services Agreements"), consistent with applicable law and the registration statement and prospectus, with various broker-dealers,
to sell Shares and provide services to shareholders. The Distributor agrees that (i) it shall assist in the administration of any Plan(s);
(ii) it shall, at its own expense, set up and maintain a system of recording payments of fees and reimbursement of expenses disseminated
pursuant to this Agreement and other agreements related to any such Plan(s) and, pursuant to the 1940 Act, report such payment activity
to the Trust at least quarterly; (iii) it shall receive from the Trust all distribution and shareholder servicing fees, as applicable,
at the rate and to the extent payable under the terms and conditions set forth in any Plan(s) adopted by the Trust, applicable to the
appropriate class of Shares of each Fund or class of Shares thereof, as such Plan(s) may be amended from time to time, and subject to
any further limitations on such fees as the Board of Trustees of the Trust may impose; and (iv) it shall pay, from the fees received
from the Trust pursuant to any such Plan(s), all fees and make reimbursement of all expenses, pursuant to and in accordance with such
Plan(s) and any and all Sales and Investor Services Agreements. In no event shall

Distributor pay any fees pursuant to any such Plan(s) until it has received payment of such fees from the Trust or the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 Distributor has as of the date hereof, and shall at all times have and maintain, net capital
 of not less than that required by Rule 15c3-1 under the 1934 Act, or any successor provision
 thereto. In the event that the net capital of the Distributor shall fall below that required
 by Rule 15c3-1, or any successor provision thereto, the Distributor shall promptly provide
 notice to the Trust and the adviser of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The
 Distributor agrees to maintain and preserve such records as are required by Section 31 of
 the 1940 Act and the rules thereunder.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Upon
 reasonable request by the Trust, the Distributor shall provide the Trust with information
 relating to the services provided pursuant to this Agreement as necessary and applicable
 to enable the Trust to complete required regulatory filings.

*2.* *<u>Solicitation of Sales</u>* 

In consideration of these rights granted to the Distributor, the Distributor agrees to use reasonable efforts in connection with the distribution of Creations Units of the Fund; provided, however, that the Distributor shall not be prevented from entering into like arrangements with other issuers. The Trust reserves the right to suspend sales upon due notice to Distributor if in the judgment of the Trust it is in the best interests of the Trust to do so.

*3.* *<u>Authorized Representations</u>* 

The Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in the current registration statements and prospectuses of the Trust filed with the SEC or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for the Distributor's use. The Distributor may prepare and distribute sales literature and other material as it may deem appropriate, provided that such literature and materials have been prepared in accordance with applicable rules and regulations and approved by the Fund's adviser.

4. *<u>Registration of Shares</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust and Fund agree that they will take all action necessary to register an unlimited number of Shares on Form N-1A. The Trust and Fund shall make available to the

Distributor such number of copies of the currently effective prospectus and statement of additional information as the Distributor may reasonably request. The Fund shall furnish to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request for use in connection with the distribution of Creation Units of the Fund. The Trust represents and warrants that it has or will have made as of the date on which Distributor begins distributing Creation Units, all applicable filings to exempt the Creation Units from registration under applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees to issue Creation Units of each Fund and to request DTC to record on its books the ownership of the Shares constituting such Creation Units, in accordance with the book-entry system procedures described in the prospectus, in such amounts as the Distributor has requested through the transfer agent in writing or other means of data transmission, as promptly as practicable after receipt by the Trust of the requisite deposit securities and cash component (together with any fees) and acceptance of such order, upon the terms described in the registration statement and Participant Agreement. The Trust may reject any order for Creation Units or stop all receipts of such orders at any time upon reasonable notice to the Distributor, in accordance with the provisions of the prospectus and statement of additional information.

*5.* *<u>Compensation</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Distributor's services hereunder, the Fund agrees to cause the Fund's adviser to pay to Distributor the fees and charges set forth on **Schedule B**, attached hereto. Fees will begin to accrue with respect to each Fund on the latter of the date of this Agreement or the date Distributor begins providing services to or on behalf of such Fund. The Distributor may receive compensation from the Fund's adviser related to its services hereunder or for additional services as may be agreed to between the adviser and Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear the cost and expenses of the registration of the Creation Units for sale under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Trust and the adviser with respect to any services not included under this Agreement, as may be agreed upon by the parties from time to time.

*6.* *<u>Indemnification of Distributor</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor and each of its managers and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933 Act against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable counsel fees and disbursements incurred in connection therewith), arising by reason of any person acquiring any Shares or Creation Units, based upon (i) the ground that the registration statement, prospectus, shareholder reports or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements

made not misleading, (ii) the Trust's failure to maintain an effective registration statement and prospectus with respect to Shares of the Fund that are the subject of the claim or demand, (iii) the Trust's failure to properly register Fund Shares under applicable state laws, (iv) instructions given by the Trust, the Trust's failure to perform its duties hereunder or any inaccuracy of its representations, (v) any claim brought under Section 11 of the 1933 Act, or (vi) all actions taken by Distributor hereunder resulting from Distributor's reliance on instructions received from an officer, agent or approved service provider of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case (i) is the indemnity of the Trust to be deemed to protect the Distributor or any other person against any liability to which the Distributor or such person otherwise would be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement ("Disqualifying Conduct") by such party, or (ii) is the Trust to be liable to the Distributor under the indemnity agreement contained in this Section 6 with respect to any claim made against the Distributor or any person indemnified unless the Distributor or other person shall have notified the Trust in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Distributor or such other person (or after the Distributor or the person shall have received notice of service on any designated agent). However, failure to notify the Trust of any claim shall not relieve the Trust from any liability which it may have to the Distributor or any person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and satisfactory to the indemnified defendants in the suit whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, the indemnified defendants shall bear the fees and expenses of any additional counsel retained by them. If the Trust does not elect to assume the defense of a suit, it will reimburse the indemnified defendants for the reasonable fees and expenses of any counsel retained by the indemnified defendants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against it or any of its officers or Trustees in connection with the issuance or sale of Shares or Creation Units.

*7.* *<u>Indemnification of Trust</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor covenants and agrees that it will indemnify and hold harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act, against any loss, liability, damages, claim or expense (including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees and disbursements incurred in connection therewith) arising out of or based upon any Disqualifying Conduct by Distributor in connection with the offering and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case (i) is the indemnity of the Distributor in favor of the Trust or any other person indemnified to be deemed to protect the Trust or any other person against any liability to which the Trust or such other person would otherwise be subject by reason of Disqualifying Conduct by such party, or (ii) is the Distributor to be liable under its indemnity agreement contained in this Section 7 with respect to any claim made against the Trust or any person indemnified unless the Trust or person, as the case may be, shall have notified the Distributor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Trust or upon any person (or after the Trust or such person shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve the Distributor from any liability which it may have to the Trust or any person against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim subject to this indemnity provision, but if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen by the Distributor and satisfactory to the indemnified defendants whose approval shall not be unreasonably withheld. In the event that the Distributor elects to assume the defense of any suit and retain counsel, the defendants in the suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any suit, it will reimburse the indemnified defendants in the suit for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to notify the Trust promptly of the commencement of any litigation or proceedings against it or any of its officers in connection with the sale of Shares or Creation Units.

*8.* *<u>Consequential Damages</u>* 

In no event and under no circumstances shall either party to this Agreement be liable to anyone, including, without limitation, the other party, for consequential damages for any act or failure to act under any provision of this Agreement.

*9.* *<u>Effective Date</u>* 

This Agreement shall be effective as of the date first above written, and, unless terminated as provided, shall continue in force through the second anniversary of its effective date, and thereafter from year to year, provided that such annual continuance is approved by (i) either the vote of a majority of the Trustees of the Trust, or the vote of a majority of the outstanding voting securities of the Trust, and (ii) the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or the Trust's distribution plan or interested persons of any such party ("Qualified Trustees"), cast in person at a meeting called for the purpose of voting on the approval. This Agreement shall automatically terminate in the event of its assignment. As used in this paragraph the terms "vote of a majority of the outstanding voting securities," "assignment" and "interested person" shall have the respective meanings specified in the 1940 Act. In addition, this Agreement

may at any time be terminated without penalty by the Trust, by a vote of a majority of Qualified Trustees or by vote of a majority of the outstanding voting securities of the Trust upon sixty days prior written notice to the Distributor or by the Distributor upon sixty days prior written notice to the Trust.

*10.* *<u>Notices</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

---

| | |
|:---|:---|
| **If to the Trust:** | **If to NLD:** |
| Unified Series Trust | Northern Lights Distributors, LLC |
| 225 Pictoria Drive, Suite 450 | Attn: Legal Department |
| Cincinnati, OH 45246 | 4221 North 203<sup>rd</sup> Street, Suite 100 |
|  | Elkhorn, NE 68022 |
| With copy to: | <u>legal@ultimusfundsolutions.com</u> |
| JoAnn Strasser, Esq. |  |
| Thompson Hine LLP |  |
| 41 South High Street, 17<sup>th</sup> Floor |  |
| Columbus, OH 43215-6101 |  |

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*11*. *<u>Limitation of Liability</u>* 

A copy of the Certificate of Trust is on file with the Secretary of State of the State of Delaware and the Trust's Trust Instrument is on file with the Trust. Notice is hereby given that this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Trust individually but binding only upon the assets and property of the applicable Fund or Trust, as relevant.

This Agreement is executed by or on behalf of the Trust with respect to each of the Funds. It is expressly acknowledged and agreed that the obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. The Distributor

understands that the rights and obligations of each series of shares of the Trust under the Trust Instrument are separate and distinct from those of any and all other series.

*12.* *<u>Dispute Resolution</u>* 

Whenever either party desires to institute legal proceedings against the other concerning this Agreement, it shall provide written notice to that effect to such other party. The party providing such notice shall refrain from instituting said legal proceedings for a period of 60 days following the date of provision of such notice. During such period, the parties shall attempt in good faith to amicably resolve their dispute by negotiation among their executive officers.

*13.* *<u>Entire Agreement; Amendments</u>* 

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or proposal with respect to the subject matter hereof. This Agreement or any part hereof may be changed or waived only by an instrument in writing signed by the party against which enforcement of such change or waiver is sought.

*14.* *<u>Governing Law</u>* 

This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska without giving effect to any conflict of laws or choice of laws rules or principles thereof. To the extent that the applicable laws of the State of Nebraska, or any of the provisions of this Agreement, conflict with the applicable provisions of the 1933 Act or the 1940 Act, these acts shall control.

*15.* *<u>Counterparts</u>* 

This Agreement may be executed in two or more counterparts, all of which shall constitute one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original or facsimile signatures of each of the parties.

*16.* *<u>Force Majeure</u>* 

No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

*17.* *<u>Severability</u>* 

Any provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases, or to replace the provision with a provision that is valid and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement shall be enforceable as so modified.

*18*. *<u>Confidential Information</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor and the Trust (in such capacity, as applicable, the "Receiving Party") acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter defined) provided by the Distributor and the Trust (in such capacity, as applicable, the "Disclosing Party") in connection with this Agreement. The Receiving Party shall not disclose or disseminate the Disclosing Party's Confidential Information to any Person other than (a) those employees, agents, contractors, subcontractors and licensees of the Receiving Party, or (b) those employees, agents, contractors, subcontractors and licensees of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party (a) shall take all reasonable steps to prevent unauthorized access to the Disclosing Party's Confidential Information, and (b) shall not use the Disclosing Party's Confidential Information, or authorize other Persons to use the Disclosing Party's Confidential Information, for any purposes other than in connection with performing its obligations or exercising its rights hereunder. As used herein, "reasonable steps" means steps that a party takes to protect its own, similarly confidential or proprietary information of a similar nature, which steps shall in no event be less than a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Confidential Information," as used herein, shall mean all business strategies, plans and procedures, proprietary information, methodologies, data and trade secrets, client and customer information, and other confidential information and materials (including, without limitation, any non-public personal information as defined in Regulation S-P) of the Disclosing Party, its affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 18 respecting Confidential Information shall not apply to the extent, but only to the extent, that such Confidential Information: (a) is already known to the Receiving Party free of any restriction at the time it is obtained from the Disclosing Party, (b) is subsequently learned from an independent third party free of any restriction and without breach of this Agreement; (c) is or becomes publicly available through no wrongful act of the Receiving Party or any third party; (d) is independently developed by or for the Receiving Party

without reference to or use of any Confidential Information of the Disclosing Party; or (e) is required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided, however, that the Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Receiving Party shall advise its employees, agents, contractors, subcontractors and licensees, and shall require its agents to advise their employees, agents, contractors, subcontractors and licensees, of the Receiving Party's obligations of confidentiality and non-use under this Section 18, and shall be responsible for ensuring compliance by its employees, agents, contractors, subcontractors and licensees with such obligations. The Receiving Party shall promptly notify the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the Disclosing Party's Confidential Information by such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Disclosing Party's written request following the termination of this Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof. Notwithstanding the foregoing sentence, (a) the Receiving Party may retain copies of each item of the Disclosing Party's Confidential Information for purposes of identifying and establishing its rights and obligations under this Agreement, for archival or audit purposes and/or to the extent required by applicable law, and (b) the Distributor shall have no obligation to return or destroy Confidential Information of the Trust that resides on save tapes or other electronic forms; provided, however, that in either case identified above all such Confidential Information retained by the Receiving Party shall remain subject to the provisions of Section 18 for so long as it is so retained. If requested by the Disclosing Party, the Receiving Party shall certify in writing its compliance with the provisions of this paragraph.

*19.* *<u>Anti-Money Laundering</u>* 

The Distributor represents that it has in place anti-money laundering procedures. The Distributor agrees to notify the Trust of any suspicious activity of which it becomes aware relating to transactions involving Shares. Upon reasonable request, the Distributor agrees to provide the Trust with documentation relating to its anti-money laundering policies and procedures.

*20.* *<u>Use of Name</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall not use the name of the Distributor in any prospectus or statement of additional information, sales literature, and other material relating to the Trust in any manner without the prior written consent of the Distributor (which shall not be unreasonably withheld); provided, however, that the Distributor hereby approves all lawful uses of the names of the Distributor in the prospectus and statement of additional information of the Trust and in all other materials which merely refer in accurate terms to their appointment hereunder or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state securities authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall not use the name of the Trust in any publicly disseminated materials, including sales literature, in any manner without the prior written consent of the Trust (which shall not be unreasonably withheld); provided, however, that the Fund hereby approves all lawful uses of its name in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state securities authority.

*21.* *<u>Insurance</u>* 

The Distributor agrees to maintain liability insurance coverage for distribution activities provided to the Trust hereunder. The Distributor shall notify the Trust of any material claims against it, whether or not covered by insurance that may materially and adversely affect the Trust's rights hereunder.

*22.* *<u>Representations</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that: (i) it is duly authorized and licensed under applicable law to carry out the services contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) it is entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and a member of FINRA and will notify the Trust's Chief Compliance Officer and adviser immediately in the event of its expulsion or suspension by FINRA; and (v) it is not an "affiliated person" (as defined under the 1940 Act) of the Listing Exchange or any underlying index provider for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that: (i) it is duly organized as a Delaware statutory trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) the registration statement and each Fund's prospectus, and sales literature and advertisements approved by the adviser or other materials prepared by or on behalf of the Trust for the Distributor's use ("Sales Literature and Advertisements") have been prepared, and shall be prepared, in all material respects, in conformity with the 1933 Act, the 1940 Act and the rules and regulations of the Commission (the "Rules and Regulations"); and (vi) the registration statement and each Fund's prospectus contain all material statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; and (vii) all statements of fact contained therein, or in Sales Literature and Advertisements, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and any Fund's prospectus shall not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, not misleading in light of the circumstances in which they are made. The

Trust shall not file any amendment to the registration statement or Fund's prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the registration statement or any Fund's prospectus as the Trust may deem advisable.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Trust and Distributor have each duly executed this Agreement, as of the day and year above written.

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| | | | |
|:---|:---|:---|:---|
| **Unified Series Trust** | **Unified Series Trust** | **Northern Lights Distributors, LLC** | **Northern Lights Distributors, LLC** |
| By: | /s/ Martin R. Dean | By: | /s/ Kevin Guerette |
| Name: Martin R. Dean | Name: Martin R. Dean | Name: Kevin Guerette | Name: Kevin Guerette |
| Title: President | Title: President | Title: President | Title: President |

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**Schedule A**

**List of Services**

*FINRA Review*

● Review and approve Fund marketing materials (including website) for compliance with SEC & FINRA advertising rules

● Conduct FINRA filing of materials (including website)

● Respond to FINRA comments on marketing materials, as necessary

● Provide the adviser with copy of its then-current documentation regarding SEC & FINRA marketing policies

*Contract Management*

● Coordinate and execute sub-distribution agreements with broker/dealers and authorized participants on behalf of the Fund in accordance with the prospectus

● Coordinate and execute operational agreements related to the services contemplated by this Agreement (networking agreements, NSCC redemption agreements, etc.)

● Coordinate and execute on behalf of the Fund shareholder service and similar agreements to the extent permitted by applicable law, as contemplated by the Trust's distribution and/or shareholder servicing plan and as may be agreed to by the Distributor and the Fund

Schedule A \| Page 1

**Schedule B-1**

**Fee Schedule**

This **Schedule B-1** is part of the ETF Distribution Agreement effective July 1, 2025 (the "Agreement") by and between Unified Series Trust (the "Trust") and Northern Lights Distributors, LLC ("NLD").

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| |
|:---|
| &nbsp;&nbsp;**Fund(s)** |
| &nbsp;&nbsp;Absolute Select Value ETF |

---

Each of the above referenced funds a "Fund" and collectively, the "Funds".

**REDACTED PROPRIETARY**

In the event the fees authorized by the Funds for payment to Distributor are insufficient to cover the fees due to Distributor for its services provided hereunder, Absolute Investment Advisers LLC, the investment adviser to the Funds, agrees to pay Distributor the remaining balance of any fees due and payable to Distributor according to this fee schedule within 15 days of request.

**IN WITNESS WHEREOF**, the parties hereto have executed this Schedule to the ETF Distribution Agreement effective as of July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **NORTHERN LIGHTS DISTRIBUTORS, LLC** | **NORTHERN LIGHTS DISTRIBUTORS, LLC** |
| (for the above referenced Fund(s)) | (for the above referenced Fund(s)) |  |  |
| By: | /s/ Martin R. Dean | By: | /s/ Kevin Guerette |
| Name: Martin R. Dean | Name: Martin R. Dean |  | Kevin Guerette |
| Title: President | Title: President |  | President |

---

Schedule B-1 \| Page 1

**The undersigned investment adviser (the "Adviser") hereby acknowledges and agrees to the terms of the Agreement and further acknowledges and agrees that:**

(1) NLD expends substantial time and money, on an ongoing basis, to recruit and train its employees; (2) NLD's business is highly competitive and is marketed throughout the United States, and (3) if the Adviser were to hire any NLD employees who are involved in the procurement of the services under the Agreement then NLD may suffer lost sales and other opportunities and would incur substantial expense in hiring and training replacement(s) for those employees. Accordingly, the Adviser agrees that it, including its respective affiliates and subsidiaries, shall not solicit, attempt to induce or otherwise hire an employee of NLD for so long as this Agreement is in effect and for a period of two (2) years after termination of this Agreement, unless expressly agreed upon in writing by both parties. In the event that this provision is breached by the Adviser, the Adviser agrees to pay damages to NLD in the amount of two times the current annual salary of such employee or former employee. For purposes of this provision, "hire" means to employ as an employee or to engage as an independent contractor, whether on a full-time, part-time or temporary basis.

Absolute Investment Advisers LLC

82 S. Barrett Square, Unit 4G

Rosemary Beach, FL 32461

---

| | |
|:---|:---|
| By: | /s/ David Faherty |
| Name: David Faherty | Name: David Faherty |
| Title: GC/CCO | Title: GC/CCO |

---

Schedule B-1 \| Page 2

**Schedule B-2**

**Fee Schedule**

This **Schedule B-2** is part of the ETF Distribution Agreement effective July 1, 2025 (the "Agreement") by and between Unified Series Trust (the "Trust") and Northern Lights Distributors, LLC ("NLD").

---

| |
|:---|
| &nbsp;&nbsp;**Fund(s)** |
| &nbsp;&nbsp;Ballast Small/Mid Cap ETF |

---

Each of the above referenced funds a "Fund" and collectively, the "Funds".

**REDACTED PROPRIETARY**

In the event the fees authorized by the Funds for payment to Distributor are insufficient to cover the fees due to Distributor for its services provided hereunder, Ballast Asset Management, LP, the investment adviser to the Funds, agrees to pay Distributor the remaining balance of any fees due and payable to Distributor according to this fee schedule within 15 days of request.

**IN WITNESS WHEREOF**, the parties hereto have executed this Schedule to the ETF Distribution Agreement effective as of July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **NORTHERN LIGHTS DISTRIBUTORS, LLC** | **NORTHERN LIGHTS DISTRIBUTORS, LLC** |
| (for the above referenced Fund(s)) | (for the above referenced Fund(s)) |  |  |
| By: | /s/ Martin R. Dean | By: | /s/ Kevin Guerette |
| Name: Martin R. Dean | Name: Martin R. Dean |  | Kevin Guerette |
| Title: President | Title: President |  | President |

---

Schedule B-2 \| Page 1

**The undersigned investment adviser (the "Adviser") hereby acknowledges and agrees to the terms of the Agreement and further acknowledges and agrees that:**

(1) NLD expends substantial time and money, on an ongoing basis, to recruit and train its employees; (2) NLD's business is highly competitive and is marketed throughout the United States, and (3) if the Adviser were to hire any NLD employees who are involved in the procurement of the services under the Agreement then NLD may suffer lost sales and other opportunities and would incur substantial expense in hiring and training replacement(s) for those employees. Accordingly, the Adviser agrees that it, including its respective affiliates and subsidiaries, shall not solicit, attempt to induce or otherwise hire an employee of NLD for so long as this Agreement is in effect and for a period of two (2) years after termination of this Agreement, unless expressly agreed upon in writing by both parties. In the event that this provision is breached by the Adviser, the Adviser agrees to pay damages to NLD in the amount of two times the current annual salary of such employee or former employee. For purposes of this provision, "hire" means to employ as an employee or to engage as an independent contractor, whether on a full-time, part-time or temporary basis.

Ballast Asset Management, LP

3879 Maple Avenue, Suite 300

Oaklawn Building

Dallas, TX 75201

---

| | |
|:---|:---|
| By: | /s/ Ragen Stienke |
| Name: Ragen Stienke | Name: Ragen Stienke |
| Title: Managing Partner | Title: Managing Partner |

---

Schedule B-2 \| Page 2

**Schedule B-3**

**Fee Schedule**

This **Schedule B-3** is part of the ETF Distribution Agreement effective July 1, 2025 (the "Agreement") by and between Unified Series Trust (the "Trust") and Northern Lights Distributors, LLC ("NLD"). This Fee Schedule replaces any existing fee schedule with respect to the Fund(s) identified herein.

---

| |
|:---|
| &nbsp;&nbsp;**Fund(s)** |
| &nbsp;&nbsp;OneAscent Large Cap Core ETF |
| &nbsp;&nbsp;OneAscent Core Plus Bond ETF |
| &nbsp;&nbsp;OneAscent International Equity ETF |
| &nbsp;&nbsp;OneAscent Emerging Markets ETF |
| &nbsp;&nbsp;OneAscent Small Cap Core ETF |

---

Each of the above referenced funds a "Fund" and collectively, the "Funds".

**REDACTED PROPRIETARY**

In the event the fees authorized by the Funds for payment to NLD are insufficient to cover the fees due to NLD for its services provided hereunder, OneAscent Investment Solutions, LLC, the investment adviser to the Funds, agrees to pay NLD the remaining balance of any fees due and payable to NLD according to this fee schedule within 15 days of request.

**IN WITNESS WHEREOF**, the parties hereto have executed this Schedule to the ETF Distribution Agreement effective this July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **NORTHERN LIGHTS DISTRIBUTORS, LLC** | **NORTHERN LIGHTS DISTRIBUTORS, LLC** |
| (for the above referenced Fund(s)) | (for the above referenced Fund(s)) |  |  |
| By: | /s/ Martin R. Dean | By: | /s/ Kevin Guerette |
| Name: Martin R. Dean | Name: Martin R. Dean |  | Kevin Guerette |
| Title: President | Title: President |  | President |

---

Schedule B-3 \| Page 1

**The undersigned investment adviser (the "Adviser") hereby acknowledges and agrees to the terms of the Agreement and further acknowledges and agrees that:**

(1) NLD expends substantial time and money, on an ongoing basis, to recruit and train its employees; (2) NLD's business is highly competitive and is marketed throughout the United States, and (3) if the Adviser were to hire any NLD employees who are involved in the procurement of the services under the Agreement then NLD may suffer lost sales and other opportunities and would incur substantial expense in hiring and training replacement(s) for those employees. Accordingly, the Adviser agrees that it, including its respective affiliates and subsidiaries, shall not solicit, attempt to induce or otherwise hire an employee of NLD for so long as this Agreement is in effect and for a period of two (2) years after termination of this Agreement, unless expressly agreed upon in writing by both parties. In the event that this provision is breached by the Adviser, the Adviser agrees to pay damages to NLD in the amount of two times the current annual salary of such employee or former employee. For purposes of this provision, "hire" means to employ as an employee or to engage as an independent contractor, whether on a full-time, part-time or temporary basis.

OneAscent Investment Solutions, LLC

23 Inverness Center Parkway, Suite 100

Birmingham, AL 35242

---

| | |
|:---|:---|
| By: | /s/ Coleman J. Pearson |
| Name: Coleman J. Pearson | Name: Coleman J. Pearson |
| Title: President | Title: President |

---

Schedule B-3 \| Page 2

## Ex-99.H

**AMENDMENT TO AMENDED AND RESTATED CONSULTING AGREEMENT**

**THIS AMENDMENT TO AMENDED AND RESTATED CONSULTING AGREEMENT** (this "Amendment") is effective as of May 28, 2025 and is made by and between Unified Series Trust, an Ohio business trust having its office and principal place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 (the "Trust"), 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").

**WHEREAS**, the parties entered into that certain Amended and Restated Consulting Agreement dated April 1, 2021, as amended (the "Agreement"); and

**WHEREAS**, the parties desire to amend the Agreement as herein described; and

**WHEREAS** , Section 14. A allows the Agreement to be amended by a written agreement properly authorized and signed by both parties; and

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants and agreements herein set forth, the parties hereto agree as follows:

**I.**  **<u>Amendments.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Section 14.O.</u> to the Agreement hereby is deleted in its entirety and replaced with the following:

*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 Trust:** | **To NLCS:** |
| Unified Series Trust | Northern Lights Compliance Services, LLC |
| Attn: President | Attn: Legal Department |
| 225 Pictoria Drive, Suite 450 | 4221 North 203rd Street, Suite 100 |
| Cincinnati, OH 45246 | Elkhorn, NE 68022 |
|  | <u>legal@ultimusfundsolutions.com</u> |
| **With a copy to:** |  |
| Thompson Hine LLP |  |
| Attn: Unified Series Trust Counsel |  |
| 312 Walnut Street, Suite 2000 |  |
| Cincinnati, OH 45202-4024 |  |

---

**II.**  **<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Except
as hereby amended, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

**IN WITNESS WHEREOF,** each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** |
| By: | /s/ Zachary Richmond | By: | /s/ Martin R. Dean |
|  | Zachary P. Richmond |  | Martin R. Dean |
|  | Treasurer |  | President |

---

## Ex-99.H

**AMENDMENT TO AMENDED AND RESTATED CONSULTING AGREEMENT**

**THIS AMENDMENT TO AMENDED AND RESTATED CONSULTING AGREEMENT** (this "Amendment") is effective as of August 19, 2025, and is made by and between UNIFIED SERIES TRUST, an Ohio business trust having its office and principal place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 (the "Trust"), 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").

**WHEREAS**, the parties entered into that certain Amended and Restated Consulting Agreement dated April 1, 2021, as amended (the "Agreement"); and

**WHEREAS**, the parties desire to amend the Agreement as herein described; and

**WHEREAS**, Section 14. A allows the Agreement to be amended by a written agreement properly authorized and signed by both parties.

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants and agreements herein set forth, the parties hereto agree as follows:

**I.**  **<u>Amendments.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Schedule A** to the Agreement hereby is deleted in its entirety and replaced with **Schedule A** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Schedule D** to the Agreement hereby is deleted in its entirety and replaced with **Schedule D** attached hereto.

**II.**  **<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except
 as hereby amended, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This
 Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
 but all of which together shall constitute one and the same instrument.

**IN WITNESS WHEREOF,** each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** |
| By: | /s/ Zachary Richmond | By: | /s/ Martin R. Dean |
|  | Zachary P. Richmond |  | Martin R. Dean |
|  | Treasurer |  | President |

---

**Schedule A**

**FEES**

This **Schedule A** is part of the Amended and Restated Consulting Agreement, dated April 1, 2021 (the "Agreement"), entered into by and between Unified Series Trust (the "Trust") 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.

**REDACTED PROPRIETARY**

IN WITNESS WHEREOF, the parties hereto have executed this **Schedule A** to the Agreement effective August 19, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** | **NORTHERN LIGHTS COMPLIANCE SERVICES, LLC** |
| By: | /s/ Zachary Richmond | By: | /s/ Martin R. Dean |
|  | Zachary P. Richmond |  | Martin R. Dean |
|  | Treasurer |  | President |

---

**Schedule D**<br> **LIST OF FUNDS**<br>**As of August 19, 2025**<br>(Funds marked with an "\*" are "Grandfathered Funds" for purposes of Schedule A of the Agreement)<br>Absolute Select Value ETF\*<br> Absolute Capital Opportunities Fund<br> Absolute Convertible Arbitrage Fund<br> Absolute Flexible Fund<br> Absolute CEF Opportunities<br>Appleseed Fund\*<br>Auer Growth Fund\*<br>Ballast Small/Mid Cap ETF\*<br>Channel Income Fund\*<br>Crawford Large Cap Dividend Fund\*<br> Crawford Small Cap Dividend Fund\*<br> Crawford Multi-Asset Income Fund\*<br>Dean Equity Income Fund\*<br> Dean Mid Cap Value Fund\*<br> Dean Small Cap Value Fund\*<br>Efficient Enhanced Multi-Asset Fund<br>FI Institutional Group Fund Family:<br> FI Institutional Group Stock Fund for Retirement Plans\*<br> FI Institutional Group Fixed Income Fund for Retirement Plans\*<br> FI Institutional Group ESG Stock Fund for Retirement Plans\*<br> FI Institutional Group ESG Fixed Income Fund for Retirement Plans\*<br>LCAM Total Return Fund<br> LCAM Strategic Income Fund<br>OneAscent International Equity ETF<br> OneAscent Emerging Markets ETF<br> OneAscent Large Cap Core ETF<br> OneAscent Core Plus Bond ETF<br> OneAscent Small Cap Core ETF<br>Q India Equity Fund

Standpoint Multi-Asset Fund\*

Tactical Multi-Purpose Fund\*

## Ex-99.H

**AMENDMENT TO MASTER SERVICES AGREEMENT**

**THIS AMENDMENT TO MASTER SERVICES AGREEMENT** (this "Amendment") is effective as of August 19, 2025 and is made by and between Unified Series Trust, an Ohio business trust having its office and principal place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 (the "Trust"), and Ultimus Fund Solutions, LLC, an Ohio limited liability company having its office and principal place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 ("Ultimus").

**WHEREAS**, the parties entered into that certain Master Services Agreement dated January 5, 2017, as amended (the "Agreement"); and

**WHEREAS**, Section 22.3 allows the Agreement to be amended by written amendment or waiver signed by both parties; and

**WHEREAS**, the parties desire to amend the Agreement as herein described.

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants and agreements herein set forth, the parties hereto agree as follows:

**1.**  **<u>Amendments.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Section 21.</u> to the Agreement hereby is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1***  ***If to the Trust:*** 

Unified Series Trust

Attn: President

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

with a copy to:

Thompson Hine LLP

Attn: Unified Series Trust Counsel

312 Walnut Street, Suite 2000

Cincinnati, OH 45202-4024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2***  ***If to Ultimus:*** 

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u>

**2.**  **<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except
 as hereby amended, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This
 Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
 but all of which together shall constitute one and the same instrument.

**IN WITNESS WHEREOF,** each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **ULTIMUS FUND SOLUTIONS, LLC** | **ULTIMUS FUND SOLUTIONS, LLC** |
| By: | /s/ Martin R. Dean | By: | /s/ Gary Tenkman |
| Name: Martin R. Dean | Name: Martin R. Dean | Name: Gary Tenkman | Name: Gary Tenkman |
| Title: President | Title: President | Title: Chief Executive Officer | Title: Chief Executive Officer |

---

## Ex-99.H

**AMENDMENT**

**TO**

**MASTER SERVICES AGREEMENT**

This Amendment ("Amendment") is made as of August 19, 2025, by and between Unified Series Trust, an Ohio business trust (the "Trust") and Ultimus Fund Solutions, LLC, an Ohio limited liability company ("Ultimus"), and amends the Master Services Agreement made as of January 5, 2017, as amended (the "Agreement"). Capitalized terms used in the Amendment and not defined herein shall have the meanings ascribed to them in the Agreement.

WHEREAS, the Trust and Ultimus wish to amend Schedule A to the Agreement in order to reflect the current Fund Portfolios under the Agreement.

NOW THEREFORE, in consideration of the foregoing and the mutual promises set forth below, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective
 August 19, 2025, Schedule A to the Agreement shall be deleted in its entirety and the Schedule
 A attached hereto shall be inserted in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
 as set forth herein, all terms and conditions of the Agreement will continue in full force
 and effect in accordance with its provisions on the date of this Amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment by a duly authorized representative of the parties hereto.

---

| | | | |
|:---|:---|:---|:---|
| **UNIFIED SERIES TRUST** | **UNIFIED SERIES TRUST** | **ULTIMUS FUND SOLUTIONS, LLC** | **ULTIMUS FUND SOLUTIONS, LLC** |
| By: | /s/ Martin R. Dean | By: | /s/ Gary Tenkman |
| Name: Martin R. Dean | Name: Martin R. Dean | Name: Gary Tenkman | Name: Gary Tenkman |
| Title: President | Title: President | Title: Chief Executive Officer | Title: Chief Executive Officer |

---

**SCHEDULE A**

**to the**

**Master Services Agreement**

**between**

**Unified Series Trust**

**and**

**Ultimus Fund Solutions, LLC**

**Dated January 5, 2017**

**<u>Fund Portfolio(s) (by fiscal year end)</u>**

**Absolute Capital Opportunities Fund (3/31)**

**Absolute Convertible Arbitrage Fund (3/31)**

**Absolute Flexible Fund (3/31)**

**Absolute CEF Opportunities (3/31)**

**Absolute Select Value ETF (3/31)**

**Dean Mid Cap Value Fund (3/31)**

**Dean Small Cap Value Fund (3/31)**

**Dean Equity Income Fund (3/31)**

**Efficient Enhanced Multi-Asset Fund (5/31)**

**FI Institutional Group Stock Fund for Retirement Plans (8/31)**

**FI Institutional Group Fixed Income Fund for Retirement Plans (8/31)**

**FI Institutional Group ESG Stock Fund for Retirement Plans (8/31)**

**FI Institutional Group ESG Fixed Income Fund for Retirement Plans (8/31)**

**Tactical Multi-Purpose Fund (8/31)**

**OneAscent Large Cap Core ETF (8/31)**

**OneAscent Small Cap Core ETF (8/31)**

**OneAscent Core Plus Bond ETF (8/31)**

**OneAscent Emerging Markets Fund (8/31)**

**OneAscent International Equity Fund (8/31)**

**Appleseed Fund (9/30)**

**Ballast Small/Mid Cap ETF (9/30)**

**Channel Income Fund (9/30)**

**Standpoint Multi-Asset Fund (10/31)**

**Auer Growth Fund (11/30)**

**Crawford Large Cap Dividend Fund (12/31)**

**Crawford Small Cap Dividend Fund (12/31)**

**Crawford Multi-Asset Income Fund (12/31)**

**Q India Equity Fund (12/31)**

**LCAM Total Return Fund (TBD)**

**LCAM Strategic Income Fund (TBD)**

## Ex-99.J

![](cohenlogo.gif)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated May 30, 2025, relating to the financial statements and financial highlights of Dean Small Cap Value Fund, Dean Mid Cap Value Fund, and Dean Equity Income Fund, each a series of Unified Series Trust, which are included in Form N-CSR for the year ended March 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

![](image_001.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 28, 2025

![](cohenfooter.gif)