# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-23-000966
**Filing Date:** 2023-2
**Character Count:** 342801
**Document Hash:** c9cf0ec95b8907316b73866f21c38c5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000966.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001580642-23-000966

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIFIED SERIES TRUST
- **CENTRAL INDEX KEY:** 0001199046
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-100654
- **FILM NUMBER:** 23651962

**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**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**______________________**

**FORM N-1A REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***x

**Pre-Effective Amendment No.** ¨

**Post-Effective Amendment No. 558**x

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940*** x

**Amendment No. 559**x

**______________________**

**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:**

**Cassandra W. Borchers, Esq.**

**Thompson Hine LLP**

**312 Walnut Street, 20<sup>th</sup> Floor**

**Cincinnati, OH 45202**

**(513) 352-6632**

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d).

------

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 558 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. 558 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. 558 does not modify any other part of the Registration Statement.

PART C. OTHER INFORMATION

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

---

| | | |
|:---|:---|:---|
| **(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. 45 to Agreement and Declaration of Trust as filed with the State of Ohio on August 5, 2022 – Filed herewith.](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) | [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, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221001935/ex99d_14b.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) |

---

---

| | |
|:---|:---|
| 5.(a) | [Registrant's Amended and Restated Management Agreement with Dean Investment Associates, LLC with regard to the Dean Mid Cap Value Fund – 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/ex99d5a.htm) |
| (b) | [Registrant's Management Agreement with Dean Investment Associates, LLC with regard to the Dean Small Cap Value Fund – 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/ex99d6.htm) |
| (c) | [Amended and Restated Operating Expense Limitation Agreement with Dean Investment Associates, LLC regarding fee waiver and expense reimbursement with respect to the Dean Mid Cap Value Fund and Dean Small Cap Value Fund – 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/ex99d5b.htm) |
| 6. (a) | [Registrant's Management Agreement with Dean Investment Associates, LLC with regard to the Dean Equity Income Fund – 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/ex99d6a.htm) |
| (b) | [Operating Expense Limitation Agreement with Dean Investment Associates, LLC regarding fee waiver and expense reimbursement with respect to the Dean Equity Income Fund – 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/ex99d6b.htm) |
| 7. (a) | [Investment Subadvisory Agreement between Dean Investment Associates, LLC and Dean Capital Management, LLC with regard to the Dean Mid Cap Value Fund and Dean Small Cap Value Fund – 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/ex99d7a.htm) |
| (b) | [First Addendum to Investment Subadvisory Agreement between Dean Investment Associates, LLC and Dean Capital Management, LLC with regard to the Dean Mid Cap Value Fund and Dean Small Cap Value Fund – 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/ex99d7b.htm) |
| (c) | [Second Addendum to Investment Subadvisory Agreement between Dean Investment Associates, LLC and Dean Capital Management, LLC with regard to the Dean Equity Income Fund – 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/ex99d7c.htm) |

---

8. [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.](http://www.sec.gov/Archives/edgar/data/1199046/000158064221001433/ex99d_9.htm)

---

| | |
|:---|:---|
| 9.(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 November 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005599/ex99d9b.htm) |

---

10. (a) [Registrant's Management Agreement with Silk Invest Limited with regard to the Silk Invest New Horizons Frontier Fund – 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/ex99d_13a.htm)

---

| | |
|:---|:---|
| (b) | [Amendment to Registrant's Management Agreement with Silk Invest Limited with regard to the Silk Invest New Horizons Frontier Fund – 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/ex99d_13b.htm) |
| (c) | [Amended and Restated Operating Expense Limitation Agreement with Silk Invest Limited with regard to the Silk Invest New Horizons Frontier Fund - 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/ex99d_13c.htm) |
| 11. (a) | [Registrant's Management Agreement with Fisher Asset Management, LLC with regard to the Fisher Investments Institutional Group All Foreign Equity Environmental and Social Values Fund – 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/1199046/000158064221006078/ex99d_11-a.htm) |

---

---

| | |
|:---|:---|
| (b) | [Amended and Restated Operating Expense Limitation Agreement with Fisher Asset Management, LLC regarding Fisher Investments Institutional Group All Foreign Equity Environmental and Social Values Fund – Filed with Registrant's registration statement on Form N-1A dated December 28, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222006470/ex99d_11b.htm) |
| 12. (a) | [Registrant's Management Agreement with Fisher Asset Management, LLC with regard to the Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund – 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/1199046/000158064221006078/ex99d_12-a.htm) |
| (b) | [Amended and Restated Operating Expense Limitation Agreement with Fisher Asset Management, LLC regarding Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund – Filed with Registrant's registration statement on Form N-1A dated December 28, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222006470/ex99d_12b.htm) |

---

13. (a) [Registrant's Management Agreement with Fisher Asset Management, LLC with regard to the Fisher Investments Institutional Group U.S. Small Cap Equity Fund – 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/1199046/000158064221006078/ex99d_13-a.htm)

(b) [Amended and Restated Operating Expense Limitation Agreement with Fisher Asset Management, LLC regarding Fisher Investments Institutional Group U.S. Small Cap Equity Fund – Filed with Registrant's registration statement on Form N-1A dated December 28, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222006470/ex99d_13b.htm)

14. [Registrant's Management Agreement with Fisher Asset Management, LLC with regard to the Fisher Investments Institutional Group Stock Fund for Retirement Plans, the Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans, the Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans, and the Fisher Investments 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)

15. (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) [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 26, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1199046/000139834421005061/fp0062662_ex9928d21b.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) |
| 16. (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) |
| 17. | [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) |

---

---

| | |
|:---|:---|
| 18.(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). |

---

19. (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 November 5, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221005321/ex99d23b.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)

(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)

20. (a) [Registrant's Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 500 ETF – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21a.htm)

(b) [Amendment to Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 500 ETF – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21b.htm)

(c) [Registrant's Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 100 ETF – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21c.htm)

(d) [Amendment to Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 100 ETF – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21d.htm)

(e) [Registrant's Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 2000 ETF – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21e.htm)

(f) [Amendment to Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 2000 ETF – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21f.htm)

(g) [Sub-advisory agreement between AlphaTrAI Funds, Inc. and Exchange Traded Concepts, LLC – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99d_21g.htm)

(h) [Amendment to sub-advisory agreement between AlphaTrAI Funds, Inc. and Exchange Traded Concepts, LLC – Filed with Registrant's registration statement on Form N-1A dated August 12, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004083/ex99d_21h.htm)

(i) [Registrant's Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 500 1x/1.5x ETF – Filed with Registrant's registration statement on Form N-1A dated August 12, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004083/ex99d_21i.htm)

(j) [Registrant's Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 100 1x/1.5x ETF – Filed with Registrant's registration statement on Form N-1A dated August 12, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004083/ex99d_21j.htm)

(k) [Registrant's Management Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 500 Covered Call ETF – Filed with Registrant's registration statement on Form N-1A dated August 12, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004083/ex99d_21k.htm)

(l) [Registrant's Operating Expense Limitation Agreement with AlphaTrAI Funds, Inc. with regard to the NightShares 500 1x/1.5x ETF and the NightShares 100 1x/1.5x ETF – Filed with Registrant's registration statement on Form N-1A dated October 25, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222005340/ex99_28d20l.htm)

**(e)** **Underwriting Contracts.** 

---

| | |
|:---|:---|
| 1.(a) | [Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC dated February 1, 2019 – 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_ex9928e1a.htm) |
| (b) | [Amendment to Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC – Filed with Registrant's registration statement on Form N-1A dated February 24, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222000936/ex99_28e1b.htm) |
| 2. (a) | [Distribution Agreement between Registrant and Northern Lights Distributors, LLC – 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_ex9928e2a.htm) |
| (b) | [Supplemental Schedule B to Distribution Agreement between Registrant and Northern Lights Distributors, LLC – 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_ex9928e2b.htm) |
| (c) | [Supplemental Schedule B to Distribution Agreement between Registrant and Northern Lights Distributors, LLC for the OneAscent ETFs – 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/ex99e_2c.htm) |
| (d) | [Supplemental Schedule B to Distribution Agreement between Registrant and Northern Lights Distributors, LLC for the NightShares ETFs – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99e_2d.htm) |
| 3. (a) | [Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC dated December 31, 2019 – 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_ex9928e3a.htm) |
| (b) | [Amendment to Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC dated December 31, 2019 – 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/ex99e3b.htm) |

---

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

---

| | | |
|:---|:---|:---|
| **(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) |
|  | 2. | [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) |

---

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) | (b) | [Fifth 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 August 12, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222004083/ex99g_3b.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.](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) | [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) | [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) |

---

---

| | | |
|:---|:---|:---|
| **(h)** | **Other Material Contracts.** | **Other Material Contracts.** |
|  | 1. | [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) |
|  | 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, 2024 – Filed with Registrant's registration statement on Form N-1A dated January 27, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064223000468/ex99h.htm) |
| 3. (a) | [Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC – Filed herewith. Redacted proprietary.](ex28h3a.htm) |

---

(b) [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (N-CEN N-PORT) – Filed herewith.](ex28h3b.htm)

(c) [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (LRMP) – Filed herewith.](ex28h3c.htm)

(d) [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Accounting) – Filed herewith.](ex28h3d.htm)

(e) [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Administration) – Filed herewith.](ex28h3e.htm)

(f) [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Derivatives) – Filed herewith. Redacted proprietary.](ex28h3f.htm)

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)

5. (a) [Registrant's Amended and Restated Loan Agreement with U.S. Bank National Association for Silk Invest New Horizons Frontier 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_7.htm)

(b) [First Amendment to Amended and Restated Loan Agreement with U.S. Bank National Association for Silk Invest New Horizons Frontier Fund – Filed with Registrant's registration statement on Form N-1A dated October 27, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222005387/ex99h_5b.htm)

6. [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)

7. [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)

---

| | | |
|:---|:---|:---|
|  | 8. | [Registrant's Investment Agreement with BondBloxx ETF Trust for NightShares ETFs – Filed herewith.](ex28h8.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 November 18, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222005823/ex99i.htm) The Consent of Thompson Hine is not applicable. |
| **(j)** | **Other Opinions.** Consent of Independent Registered Public Accounting Firm – Not applicable. | **Other Opinions.** Consent of Independent Registered Public Accounting Firm – Not applicable. |
| **(k)** | **Omitted Financial Statements.** None. | **Omitted Financial Statements.** None. |

---

**(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)

---

| | | |
|:---|:---|:---|
| **(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)

---

| | | |
|:---|:---|:---|
| **(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) |
|  | 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)

**(o)** **Reserved.**

---

| | | |
|:---|:---|:---|
| **(p)** | **Codes of Ethics.** | **Codes of Ethics.** |
|  | 1. | [Registrant's Code of Ethics – Filed with Registrant's registration statement on Form N-1A on March 29, 2018 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000119312518100998/d537869dex9928p1.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 April 29, 2021 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064221001935/ex99p_3.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. [Silk Invest Limited Code of Ethics - Filed herewith.](ex28p6.htm)

7. [Fisher Asset Management, LLC Code of Ethics - Filed with Registrant's registration statement on Form N-1A dated December 28, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222006473/ex99p7.htm)

8. [Pekin Hardy Strauss, Inc. Code of Ethics - 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_ex9928p10.htm)

9. [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)

10. [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)

11. [Crawford Investment Counsel, Inc. Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated April 26, 2019 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834419007062/fp0041424_ex9928p14.htm)

12. [Standpoint Asset Management, LLC Code of Ethics – 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_ex9928p15.htm)

13. [Absolute Investment Advisers LLC Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated December 20, 2019 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834419022849/fp0047755_ex9928p17.htm)

14. [St. James Investment Company, LLC Code of Ethics – Filed herewith.](ex28p14.htm)

15. [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)

16. [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)

17. [Teachers Advisors, LLC Code of Ethics – 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/ex99p_18.htm)

18. [AlphaTrAI Funds, Inc. Code of Ethics – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99p_19.htm)

19. [Exchange Traded Concepts, LLC Code of Ethics – Filed herewith.](ex28p19.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 Fisher Investments 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)

8. [Proxy Voting Policy adopted by Silk Invest Limited as adviser to Silk Invest New Horizons Frontier Fund - Filed with Registrant's registration statement on Form N-1A dated February 23, 2018 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000119312518052011/d460663dex9928q13.htm)

9. [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)

10. [Proxy Voting Policy adopted by Absolute Investment Advisers, LLC as adviser to Absolute Select Value ETF – Filed with Registrant's registration statement on Form N-1A dated December 20, 2019 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000139834419022849/fp0047755_ex9928q15.htm)

11. [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)

12. [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 International Equity ETF and the OneAscent Emerging Markets ETF – 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/ex99q15.htm)

13. [Proxy Voting Policy adopted by Exchange Traded Concepts, LLC as sub-adviser to each of the NightShares ETFs – Filed with Registrant's registration statement on Form N-1A dated May 17, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1199046/000158064222002794/ex99q_14.htm)

14. [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)

**Item 29.** Persons Controlled by or Under Common Control with Registrant

The Dean Funds' investment adviser, Dean Investment Associates LLC, is wholly owned by C.H. Dean, LLC, which is wholly owned by The C.H. Dean Companies, 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. Dennis Dean and Terence Dean are 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, 2022, The C.H. Dean Companies, LLC owned 4.85%, Dennis Dean beneficially owned 6.02% and Terence Dean beneficially owned 7.72% of the Dean Mid Cap Fund. As a result, the Dean Mid Cap 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, 2022 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, 2022 the Adviser owned 100% of the shares of the Fisher Investments Institutional Group Stock Fund for Retirement Plans, the Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans, the Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans, the Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans, the Fisher Investments Institutional Group All Foreign Equity Environmental and Social Values Fund, the Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund, and the Fisher Investments Institutional Group U.S. Small Cap Equity Fund. 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, 2022, 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, 2022, owned 15.24% 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 I available on the 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 I 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 I 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 I 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 I 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 I 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 Fisher Investments 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 I available on the IAPD.

8. Silk Invest Limited ("Silk Invest") serves as the adviser to the Silk Invest New Horizons Frontier Fund. Silk Investment Management Ltd. is a majority owner of Silk Invest. Zin El Abidin Bekkali owns a controlling interest in Silk Investment Management Ltd. Mr. Bekkali is also the Chief Executive Officer & Group CIO of Silk Invest. Further information about Silk Invest can be obtained from its Form ADV Part I available on the IAPD.

9. 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 I available on the IAPD.

10. Absolute Investment Advisers LLC ("Absolute") serves as the adviser to the Absolute Select Value ETF. 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 I available on the IAPD.

11. 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 I available on the IAPD.

12. 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 I available on the IAPD.

13. OneAscent Investment Solutions, LLC ("OAIS") serves as the adviser to the OneAscent Large Cap Core ETF, the OneAscent Core Plus Bond 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 I available on the IAPD.

14. 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 I available on the IAPD.

15. AlphaTrAI Funds, Inc. ("AlphaTrAI") serves as the adviser to the NightShares 500 ETF, the NightShares 100 ETF, the NightShares 2000 ETF, the NightShares 500 1x/1.5x ETF, the NightShares 100 1x/1.5x ETF, and the NightShares 500 Covered Call ETF. AlphaTrAI is majority owned by AlphaTrAI Inc. and is governed by a Board of Directors. Further information about AlphaTrAI can be obtained from its Form ADV Part I to be made available on the IAPD.

16. Exchange Traded Concepts, LLC ("ETC") serves as the subadviser to the NightShares 500 ETF, the NightShares 100 ETF, the NightShares 2000 ETF, the NightShares 500 1x/1.5x ETF, the NightShares 100 1x/1.5x ETF, and the NightShares 500 Covered Call ETF. ETC is owned and controlled by Cottonwood ETF Holdings, LLC ("Cottonwood"). Richard Hogan is the majority owner of Cottonwood. Further information about ETC can be obtained from its Form ADV Part I 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:

---

| | |
|:---|:---|
| AlphaMark Investment Trust<br> Bruce Fund, Inc.<br> CM Advisors Family of Funds<br> Caldwell Orkin Funds, Inc.<br> Cantor Select Portfolios Trust<br> Cantor Fitzgerald Sustainable Infrastructure Fund<br> Capitol Series Trust<br> Centaur Mutual Funds Trust<br> Chesapeake Investment Trust<br> Commonwealth International Series Trust<br> Conestoga Funds<br> Connors Funds<br> Cross Shore Discovery Fund<br> Dynamic Alternatives Fund<br> Eubel Brady & Suttman Mutual Fund Trust<br> Fairway Private Equity & Venture Capital Opportunities Fund<br> Flat Rock Global, LLC<br> F/m Funds Trust<br> HC Capital Trust<br> Hussman Investment Trust<br> James Advantage Funds<br> James Alpha Funds Trust | Lind Capital Partners Municipal Credit Income Fund<br> MSS Series Trust<br> Oak Associates Funds<br> One Fund<br> Papp Investment Trust<br> Peachtree Alternative Strategies Fund<br> Peak Income Plus Fund<br> Rocky Mountain 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> Yorktown Funds  |

---

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

---

| | | |
|:---|:---|:---|
| **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 | AML Officer |
| 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, Arrow ETF Trust, Arrow Investments Trust (ETF), Boyar Value Fund Inc., Copeland 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, PREDEX, Princeton Private Investment Access Fund, The Saratoga Advantage Trust, THOR Financial Technologies Trust, Tributary Funds, Inc., Two Roads Shared 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 | AML Compliance Officer |
| 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 under by Rule 31a-1(d) for each separate series for which the entity acts as principal underwriter.

Pekin Hardy Strauss, Inc.

161 N. Clark Street, Suite 2200

Chicago, IL 60601

SBAuer Funds, LLC<br> 8801 River Crossing Blvd., Suite 100<br> Indianapolis, IN 46240

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

4601 N. Fairfax Drive, Ste. 1200

Arlington, VA 22203

Fisher Asset Management, LLC

5525 NW Fisher Creek Drive

Camas, WA 98607

Silk Invest Limited

30 Churchill Place

E14 5RE

London, United Kingdom

Standpoint Asset Management, LLC

4250 N. Drinkwater Blvd., Suite 300

Scottsdale, AZ 85251

Absolute Investment Advisers LLC

4 North Street, Suite 2

Hingham, MA 02043

St. James Investment Company, LLC

3838 Oak Lawn Avenue, Suite 1414

Dallas, TX 75219

Ballast Asset Management, LP

100 Crescent Court, Suite 1825

Dallas, TX 75201

OneAscent Investment Solutions, LLC

23 Inverness Center Parkway

Birmingham, Alabama 35242

Teachers Advisors, LLC

730 Third Avenue

New York, NY 10017

AlphaTrAI Funds, Inc.

500 Tamal Plaza

Corte Madera, CA 94925

Exchange Traded Concepts, LLC

295 Madison Avenue, 26<sup>th</sup> Floor

New York, NY 10017

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 certifies that it 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 February 22, 2023.

---

| | |
|:---|:---|
| 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 | February 22, 2023 |
| David R. Carson |  |  |
| /s/ Martin R. Dean\*\* | President | February 22, 2023 |
| Martin R. Dean |  |  |
| /s/ Zachary Richmond\*+ | Treasurer and CFO | February 22, 2023 |
| Zachary Richmond |  |  |
| /s/ Daniel Condon\* | Trustee | February 22, 2023 |
| Daniel Condon |  |  |
| /s/ Ronald Tritschler\* | Trustee | February 22, 2023 |
| Ronald Tritschler |  |  |
| /s/ Kenneth Grant\* | Trustee | February 22, 2023 |
| Kenneth Grant |  |  |
| /s/ Catharine B. McGauley\*\*\* | Trustee | February 22, 2023 |
| Catharine B. McGauley |  |  |
| /s/ Freddie Jacobs, Jr.\*\*\*\* | Trustee | February 22, 2023 |
| 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.a.2. | [Amendment No. 45 to Declaration of Trust](ex28a2.htm) |
| EX.28.h.3.a. | [Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC](ex28h3a.htm) |
| EX.28.h.3.b. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (N-CEN N-PORT)](ex28h3b.htm) |
| EX.28.h.3.c. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (LRMP)](ex28h3c.htm) |
| EX.28.h.3.d. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Accounting)](ex28h3d.htm) |
| EX.28.h.3.e. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Administration)](ex28h3e.htm) |
| EX.28.h.3.f. | [Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Derivatives)](ex28h3f.htm) |
| EX.28.h.8. | [Registrant's Investment Agreement with BondBloxx ETF Trust for NightShares ETFs](ex28h8.htm) |
| EX.28.p.6. | [Silk Invest Limited Code of Ethics](ex28p6.htm) |
| EX.28.p.14. | [St. James Investment Company, LLC Code of Ethics](ex28p14.htm) |
| EX.28.p.19. | [Exchange Traded Concepts, LLC Code of Ethics](ex28p19.htm) |

---

## Exhibit 99.2

**ATTACHMENT TO THE**

**AMENDMENT TO REPORT OF OPERATION OF BUSINESS TRUST**

**OF**

**UNIFIED SERIES TRUST**

**(Registration Number 1346968)**

Daniel J. Condon, Trustee of the above-named business trust, certifies that the Report of Operation of Business Trust is being amended pursuant to Section 1746.07 of the Ohio Revised Code, and a certified copy of Amendment No. 45 to the Agreement and Declaration of Trust of Unified Series Trust is attached hereto.

/s/ Daniel J. Condon

Daniel J. Condon, Trustee

STATE OF OHIO)

COUNTY OF HAMILTON)

The foregoing instrument was acknowledged to me by Daniel J. Condon, who is personally known to me, a Trustee of Unified Series Trust, an Ohio business trust, on behalf of said trust, this 15th day of November 2022.

/s/ Elisabeth Dahl

[Notary Seal] ____________________________

Notary Public

My Commission Expires:<u>______________</u>

**UNIFIED SERIES TRUST**

**Amendment No. 45 to Agreement and Declaration of Trust**

The undersigned President of Unified Series Trust (the "Trust") hereby certifies that the following resolution was adopted by the Board of Trustees of the Trust at a meeting held on November 15, 2022:

**RESOLVED**, that pursuant to Section 4.1 of the Agreement and Declaration of Trust of Unified Series Trust, the Board of Trustees of the Trust hereby amends in its entirety the first paragraph of Section 4.2 to read as follows:

Without limiting the authority of the Trustees set forth in Section 4.1 to establish and designate any further Series, the Trustees hereby establish and designate the following Series of Shares of the Trust and designate such Series the "Absolute Select Value ETF," the "NightShares 500 ETF," the "NightShares 100 ETF," the "NightShares 2000 ETF," the "NightShares 500 1x/1.5x ETF," the "NightShares 100 1x/1.5x ETF," the "NightShares 500 Covered Call ETF," the "Appleseed Fund," the "Auer Growth Fund," the "Ballast Small/Mid Cap ETF," the "Channel Short Duration Income Fund," the "Crawford Large Cap Dividend Fund," the "Crawford Small Cap Dividend Fund," the "Crawford Multi-Asset Income Fund," the "Dean Equity Income Fund," the "Dean Mid Cap Value Fund," the "Dean Small Cap Value Fund," the "Fisher Investments Institutional Group Stock Fund for Retirement Plans," the "Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans," the "Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans," the "Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans," the "Fisher Investments Institutional Group All Foreign Equity Environmental and Social Values Fund," the "Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund," the "Fisher Investments Institutional Group U.S. Small Cap Equity Fund," the "OneAscent Large Cap Core ETF," the "OneAscent Core Plus Bond ETF," the "OneAscent International Equity ETF," the "OneAscent Emerging Markets ETF," the "Silk Invest New Horizons Frontier Fund", the "Standpoint Multi-Asset Fund," and the "Tactical Multi-Purpose Fund" (collectively the "Series"). As to the "Crawford Large Cap Dividend Fund" Series of Shares, the Trustees hereby establish and designate two Classes of Shares, "Class I," and "Class C." As to the "Appleseed Fund," the Trustees hereby establish and designate two Classes of Shares, the "Investor Class" and the "Institutional Class." As to the Standpoint Multi-Asset Fund, the Trustees hereby establish and designate two Classes of Shares, the "Institutional Class" and the "Investor Class." The Shares of these Series and any Shares of any further Series or Class that may from time to time be established and designated by the Trustees shall (unless the Trustees otherwise determine with respect to some further Series or Class at the time of establishing and designating the same) have the following relative rights and preferences:

**FURTHER RESOLVED**, that the above paragraph shall supersede and take the place of the existing first paragraph of Section 4.2 of the Agreement and Declaration of Trust.

This document shall have the status of an Amendment to said Agreement and Declaration of Trust.

Date: November 15, 2022

/s/ Martin R. Dean

____________________________

Martin R. Dean, President

## Ex-99.H

[Certain identified information has been excluded from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.]

**MASTER SERVICES AGREEMENT**

This Agreement (the "**Master Services Agreement**" or "**Agreement**"), dated January 5, 2017 is between **Unified Series Trust** (the "**Trust**"), an Ohio business trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), an Ohio limited liability company.

**<u>Background</u>**

The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and it desires that Ultimus perform certain services for each of its series listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Trust retains Ultimus to act as the service provider on behalf of each Fund for the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

⌧ Fund Accounting Addendum

⌧ Fund Administration Addendum

⌧ Transfer Agent and Shareholder Servicing Addendum

Each selected Addendum is incorporated by reference into this Agreement.

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1*** Ultimus
 shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
 to perform its obligations under this Agreement. Ultimus shall also pay all compensation
 of any officers of the Trust who are affiliated persons of Ultimus, except when such person
 is serving as the Trust's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2*** The
 Trust, on behalf of each Fund, assumes and shall pay or cause to be paid all other expenses
 of the Trust or a Fund not otherwise allocated under this Section 2, including, without limitation,
 organization costs, taxes, expenses for legal and auditing services, the expenses of preparing
 (including typesetting), printing and mailing reports, prospectuses, statements of additional
 information, proxy statements and related materials, all expenses incurred in connection
 with issuing and redeeming shares, the costs of custodial services, the cost of initial and
 ongoing registration or qualification of the shares under federal and state securities laws,
 fees and out-of-pocket expenses of Trustees who are not affiliated persons of Ultimus or
 the investment adviser(s) to the Trust, insurance premiums, interest, brokerage costs, litigation
 and other extraordinary or nonrecurring expenses, and all fees and charges of investment
 advisers to the Trust.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1*** The
 Trust, on behalf of each Fund, shall pay for the Services to be provided by Ultimus under
 this Agreement in accordance with, and in the manner set forth in, the fee letters attached
 to each Addendum (each a "**Fee Letter** "), which may be amended from time
 to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2*** If
 this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation
 for that part of the month in which the Agreement is in effect shall be prorated in a manner
 consistent with the calculation of the fees as set forth in the applicable Fee Letter. If
 this Agreement terminates before the last day of a month, Ultimus' compensation for
 that part of the month in which the Agreement is in effect shall be equal to a full calendar
 month's worth of fees as calculated in a manner consistent with the calculation of
 the fees as set forth in the applicable Fee Letter. The Trust shall promptly pay Ultimus'
 compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3*** In
 the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
 Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other
 regulator or self-regulatory authority adopts regulations and requirements relating to the
 payment of fees to service providers or which would result in any material increases in costs
 to provide the Services under this Agreement, the parties agree to negotiate in good faith
 amendments to this Agreement in order to comply with such requirements and provide for additional
 compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4*** In
 the event that any fees are disputed, the Trust shall, on or before the due date, pay all
 undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees that
 it is disputing in good faith. Payment for such disputed fees shall be due on or before the
 tenth (10<sup>th</sup>) business day after the day on which Ultimus provides to the Trust
 documentation that reasonably supports the disputed charges.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Trust, on behalf of each Fund, agrees to reimburse Ultimus for its actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1*** Reasonable
 travel and lodging expenses incurred by officers and employees of Ultimus in connection with
 attendance at meetings of the Trust's Board of Trustees (the "**Board** ")
 or any Committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2*** All
 freight and other delivery charges incurred by Ultimus in delivering materials on behalf
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3*** All
 direct telephone, telephone transmission and telecopy or other electronic transmission expenses
 incurred by Ultimus in communication with the Trust, the Trust's investment adviser(s)
 or custodian, counsel for the Trust or a Fund, counsel for the Trust's independent
 Trustees, the Trust's independent accountants, dealers or others as required for Ultimus
 to perform the Services;

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 2 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4*** The
 cost of obtaining primary and secondary security market quotes and any securities data, including
 but not limited to the cost of fair valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5*** The
 cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6*** All
 fees and expenses incurred in connection with any licensing of software, subscriptions to
 databases, custom programming or systems modifications required to provide any special reports
 or services requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7*** Any
 expenses Ultimus shall incur at the direction of an officer of the Trust thereunto duly authorized
 other than an employee or other affiliated person of Ultimus who may otherwise be named as
 an authorized representative of the Trust for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8*** A
 reasonable allocation of the costs associated with the preparation of Ultimus' Service
 Organization Control 1 Reports ()"**SOC1 Reports** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9*** Any
 additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations
 under this Agreement.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1*** Ultimus
 shall maintain and keep current the accounts, books, records and other documents relating
 to the Services as may be required by applicable law, rules, and regulations, including Federal
 Securities Laws as defined under Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 agrees that all such books, records, and other data (except computer programs and procedures)
 developed to perform the Services (collectively, "**Client Records**") shall
 be the property of the Trust or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 agrees to provide the Client Records of the Trust or a Fund upon reasonable request, and
 to make such books and records available for inspection by the Trust, a Fund, or its regulators
 at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus
 agrees to furnish to the Trust or a Fund, at the expense of the Trust or Fund, all Client
 Records in the electronic or other medium in which such material is then maintained by Ultimus
 as soon as practicable after any termination of this Agreement. Unless otherwise required
 by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Trust or
 Fund or, upon the written request of the Trust or Fund, destroy the Client Records maintained
 by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or
 regulation to maintain any Client Records, it will provide the Trust or Fund with copies
 as soon as reasonably practical after the termination.

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 3 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3*** Ultimus
 agrees to keep confidential all Client Records, except when requested to divulge such information
 by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4*** If
 Ultimus is requested or required to divulge such information by duly constituted authorities
 or court process, Ultimus shall, unless prohibited by law, promptly notify the Trust or Fund
 of such request(s) so that the Trust or Fund may seek an appropriate protective order.

**6.** **Subcontracting** 

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1*** This
 Agreement shall become effective as of the date first written above with
 respect to each Fund in existence on such date (or, if a particular Fund is not in
 existence on that date, on the date such Fund commences operation) (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2*** Each
 Addendum shall become effective as of the date first written in the Addendum with respect
 to each Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences
 operation) (collectively with the Agreement Effective Date, the "**Addendum Effective Date** ").

**8.** **Term** 

This Agreement shall continue in effect with respect to each Fund, unless earlier terminated by either party with respect to a Fund as provided under this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1***  ***Initial Term.*** The initial term for a Fund is as defined in the applicable Fee Letter (the
 "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2***  ***Renewal Terms.*** A renewal term for a Fund is as defined in the applicable Fee Letter (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3***  ***Termination.*** A party may terminate this Agreement with respect to a Fund or Funds under the following
 circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term of a Fee Letter, a party (the
 "**Terminating Party**") may only terminate the Agreement against the other
 party (the "**Non-Terminating Party"**) for good cause. For purposes of this
 Agreement, "**good cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 material breach of this Agreement by the Non-Terminating Party that has not been cured or
 remedied within 30 days after the Non-Terminating Party receives written notice of such breach
 from the Terminating Party;

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 4 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Non-Terminating Party takes a position regarding compliance with Federal Securities Laws
 that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days'
 prior written notice of such disagreement, and the parties fail to come to agreement on the
 position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 final and unappealable judicial, regulatory, or administrative ruling or order in which the
 Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct
 of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 authorization or commencement of, or involvement by way of pleading, answer, consent, or
 acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United
 States Code, as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Trust or a Fund demands services that are beyond the scope of this
 Agreement and any incorporated Addendum, and the parties cannot agree on appropriate terms
 relating to such out-of-scope services, Ultimus may terminate this Agreement with respect
 to the Trust or such Fund upon 60 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement with respect to a Fund at the end of
 the Initial Term or a Renewal Term by providing written notice of termination to the other
 party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination with respect to a Fund, other than termination under Section
 8.3.A-C or 8.3.F, is deemed an "**Early Termination**" and shall be subject
 to an "**Early Termination Fee**" payable by the Fund's investment adviser,
 as described in the applicable Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Transition.* Upon termination of this Agreement with respect to a Fund, Ultimus will cooperate with any reasonable request of the Trust to effect
a prompt transition to a new service provider selected by the Trust. Ultimus
shall be entitled to collect from the Trust the compensation described in each applicable Fee Letter through the end of the month in
which Services are terminated. Ultimus shall also be entitled to collect from the applicable investment adviser for each Fund as to which
Ultimus' services are being terminated, in addition to any applicable Early Termination Fee, (1) the amount of all of Ultimus'
cash disbursements reasonably made for services in connection with Ultimus' activities
in effecting such termination, including without limitation, the delivery to the Trust or its designees the Trust's property, records,
instruments, and documents, and (2) a reasonable fee for post-termination de-conversion services as mutually agreed to by Ultimus and
the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Liquidation.* Upon termination of this Agreement with respect
to the Trust or a Fund due to the liquidation of the Trust or a Fund, Ultimus shall be entitled to collect from the Trust the compensation
described in each applicable Fee Letter through the end of the month in which services are terminated. Ultimus shall also be entitled
to collect from the applicable investment adviser for each Fund as to which Ultimus' services are being

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 5 of 16

terminated (1) the amount of any compensation described in each applicable Fee Letter (other than amounts paid by the Trust) through the end of the then-current term, (2) the amount of all of Ultimus' cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including without limitation, the delivery to the Trust or its designees the Trust's property, records, instruments, and documents, and (3) a reasonable fee for post-termination liquidation services as mutually agreed to by Ultimus and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Final Payment.* Any unpaid compensation, reimbursement of expenses, or Early Termination Fee
 is due to Ultimus within 15 calendar days of the termination date provided in the notice
 of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause
 shall not constitute a waiver of its right to subsequently terminate this Agreement for the
 same or any other cause.

**9.** **Additional Funds or Classes of Shares** 

In the event that the Trust establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become a Fund or class of shares of a Fund (if applicable), under this Agreement and shall be added to Schedule A.

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this
 Agreement and the parties do not assume any implied duties. Each party shall use its best
 efforts in the performance of its duties and act in good faith in performing the Services
 or its obligations under this Agreement. Each party shall be liable for any damages, losses
 or costs arising directly or indirectly out of such party's failure to perform its
 duties under this Agreement to the extent such damages, losses or costs arise directly or
 indirectly out of its willful misfeasance, bad faith, gross negligence in the performance
 of its duties, or reckless disregard of its obligations and duties hereunder; provided, however,
 that the Trust shall not have any liability for any failure to perform its duties hereunder
 caused in any way by an employee or other affiliated person of Ultimus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
 Services or duties pursuant to any instruction, notice, or other instrument that Ultimus
 reasonably believes to be genuine and to have been signed or presented by a duly authorized
 representative of the Trust or any Fund (other than by an employee or other affiliated person
 of Ultimus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
 under its own initiative, in good faith and in accordance with the standard of care set forth
 herein, in performing its duties or the Services;

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 6 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using
 valuation information provided by the Trust's approved third party pricing service(s)
 or the investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio
 holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any
 default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever
 caused by events beyond Ultimus' reasonable control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 error, action or omission by the Trust (other than an error, action or omission caused by
 an employee or other affiliated person of Ultimus) or other past or current service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 may apply to the Trust at any time for instructions and may consult with counsel for the
 Trust or a Fund, counsel for the Trust's independent Trustees, and with accountants
 and other experts with respect to any matter arising in connection with Ultimus' duties
 or the Services. Ultimus shall not be liable or accountable for any action taken or omitted
 by it in good faith in accordance with such instruction or with the reasonable opinion of
 such counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
 copy of the Trust's Declaration of Trust is on file with the Secretary of the **State of Ohio**, and notice is hereby given that this instrument is executed on behalf of the Trust and not the
 Trustees individually and that the obligations of this instrument are not binding
 upon any of the Trustees, officers or shareholders individually but are binding only upon
 the assets and property of the Trust (or if the matter relates only to a particular Fund,
 that Fund), and Ultimus shall look only to the assets of the Trust (or
 the particular Fund) , for the satisfaction
 of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 shall not be held to have notice of any change of authority of any officer, agent, representative
 or employee of any of the Trust's investment advisers or any of the Trust's other
 service providers until receipt of written notice thereof from the investment adviser or
 other service provider. As used in this Agreement, the term "**investment adviser** "
 includes all sub-advisers or person performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
 Board has and retains primary responsibility for oversight of all compliance matters relating
 to the Funds including but not limited to compliance with the 1940 Act, the Internal Revenue
 Code of 1986, as amended (the "**Internal Revenue Code** "), the USA PATRIOT
 Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations of each Fund
 relating to the portfolio investments as set forth in the prospectus and statement of additional
 information. Ultimus' monitoring and other functions hereunder shall not relieve the
 Board of its primary responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. The parties acknowledge that the other parts of this agreement are premised upon the limitation stated in this section.** 

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 7 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect
 the other party, including its trustees or directors, officers, employees, and other agents
 (collectively, the "**Indemnitees** "), and shall hold the Indemnitees harmless
 from and against any actions, suits, claims, losses, damages, liabilities, and reasonable
 costs, charges, expenses (including attorney fees and investigation expenses) (collectively,
 "**Losses**") arising directly or indirectly out of (1) the Indemnifying Party's
 failure to exercise the standard of care set forth above unless such Losses were caused in
 part by the Indemnitees' own willful misfeasance, bad faith or gross negligence; (2)
 any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated
 persons or agents relating to this Agreement and the activities thereunder; and (3) any material
 breach by the Indemnifying Party or its affiliated persons or agents of this Agreement; provided,
 however, that the Trust shall not have any obligation to indemnify Ultimus hereunder for
 Losses caused in any way by an employee or other affiliated person of Ultimus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
 the foregoing provisions, the Trust or Fund shall indemnify Ultimus for Ultimus' Losses
 arising from circumstances under Section 10.2.A; provided, however, that the Trust shall
 not have any obligation to indemnify Ultimus hereunder for Losses arising under Section 10.2.A(2).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4*** The
provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, or (unless such failures are within Ultimus' reasonable control) failure of the mails, transportation, communication, or power supply.

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 8 of 16

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1 Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
 is a corporation, partnership, trust, or other entity duly organized and validly existing
 in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To
 the extent required by Applicable Law (defined below), it is duly registered with all appropriate
 regulatory agencies or self-regulatory organizations and such registration will remain in
 full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For
 the duties and responsibilities under this Agreement, it is currently and will continue to
 abide by all applicable federal and state laws, including without limitation federal and
 state securities laws; regulations, rules, and interpretations of the SEC and its authorized
 regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations
 governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It
 has duly authorized the execution and delivery of this Agreement and the performance of the
 transactions, duties, and responsibilities contemplated by the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This
 Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
 reorganization, moratorium, and other laws of general application affecting the rights and
 remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever,
 in the course of performing its duties under this Agreement, it determines that a violation
 of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable
 Law may have occurred, or with the passage of time could occur, it shall promptly notify
 the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2 Representations of the Trust*.** The Trust represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1)
 as of the close of business on the Agreement Effective Date, each Fund that is then in existence
 has authorized unlimited shares, and (2) no shares of the Trust will be offered to the public
 until the Trust's registration statement under the Securities Act of 1933, as amended
 (the "**Securities Act** "), and the 1940 Act has been declared or becomes
 effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It
 shall cause the investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel,
 independent accountants, and other service providers and agents, past or present, for each
 Fund to cooperate with Ultimus and to provide it with such information, documents, and advice
 relating to the Fund as appropriate or requested by Ultimus, in order to enable Ultimus to
 perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* To
 the knowledge of the Trust and the Fund, the Trust's Agreement and Declaration of Trust
 (the "**Declaration of Trust** "), Bylaws and registration statement are true
 and

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 9 of 16

accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each
 of the employees of Ultimus that serve or has served at any time as an officer of the Trust,
 including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall
 be covered by the Trust's Directors & Officers/Errors & Omissions insurance
 policy (the "**Policy**") and shall be subject to the provisions of the Trust's
 Declaration of Trust and Bylaws regarding indemnification of its officers. The Trust shall
 provide Ultimus with proof of current coverage, including a copy of the Policy, and shall
 notify Ultimus immediately should the Policy be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* Any
 officer of the Trust shall be considered an individual who is authorized to provide Ultimus
 with instructions and requests on behalf of the Trust (an "**Authorized Person** ")
 (unless such authority is limited in a writing from the Trust and received by Ultimus) and
 has the authority to appoint additional Authorized Persons, to limit or revoke the authority
 of any previously designated Authorized Person, and to certify to Ultimus the names of the
 Authorized Persons from time to time.

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this
 Agreement professional liability insurance coverage of the type and amount reasonably customary
 in its industry. Upon
 request, a party shall furnish the other party with pertinent information concerning the
 professional liability insurance coverage that it maintains. Such information shall include
 the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2***  ***Notice of Claims.*** As
 it relates to the Services provided under this Agreement, each party shall notify the other
 party of any material claims against the notifying party under such insurance, whether or
 not the party is covered by insurance, and, if requested by the non-notifying party, the
 notifying party shall aggregate and disclose all outstanding claims against the notifying
 party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3***  ***Notice of Termination.*** A
 party shall promptly notify the other party should any of the notifying party's insurance
 coverage be canceled or reduced. Such notification shall include the date of change and the
 reasons therefore.

**14.** **Information Provided By The Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Trust
 will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies
 of the Declaration of Trust and of any amendments thereto, certified by the proper official
 of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
 Trust's Bylaws and any amendments thereto;

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 10 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified
 copies of resolutions of the Board covering the approval of this Agreement, authorization
 of a specified officer of the Trust to execute and deliver this Agreement and authorization
 for specified officers of the Trust to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a
 list of all the officers of the Trust, together with specimen signatures of those officers
 who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the
 Trust's registration statement on Form N-1A and all amendments thereto filed with the
 SEC pursuant to the Securities Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the
 Trust's notification of registration under the 1940 Act on Form N-8A as filed with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* an
 accurate current list of shareholders of each existing series of the Trust, if applicable,
 showing each shareholder's address of record, number of shares owned and whether such
 shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* copies
 of the current plan of distribution adopted by the Trust under Rule 12b-1 under the 1940
 Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies
 of the current investment advisory agreement and current investment sub-advisory agreement,
 if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies
 of the current underwriting agreement for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* contact
 information for each Fund's service providers, including but not limited to, the Fund's
 administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter
 and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* a
 copy of procedures adopted by the Trust in accordance with Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Trust will
 furnish to Ultimus any amendments to the items listed in Section 14.1.

**15.** **Compliance with Law** 

The Trust assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Trust or a Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
 shall mean all information that either party discloses (a "**Disclosing Party** ")
 to the other party (a "**Receiving** 

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 11 of 16

**Party**"), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any
 information concerning technology, such as systems, source code, databases, hardware, software,
 programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any
 unpublished information concerning research activities and plans, customers, clients, shareholders,
 strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any
 unpublished financial information, including information concerning revenues, profits and
 profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer
 Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive
 property of the Trust. "**Customer Information**" shall mean all non-public,
 personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended,
 and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board
 Regulation P) (collectively, the "**GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3***  ***Treatment of Confidential Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each
 party agrees that at all times during and after the terms of this Agreement, it shall use,
 handle, collect, maintain, and safeguard Confidential Information in accordance with (1)
 the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as
 applicable and as it may be amended; and (3) such other Applicable Law, whether in effect
 now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Each
 party agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Receiving Party will hold all Confidential Information it obtains in strictest confidence
 and will use and permit use of Confidential Information solely for the purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without
 limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable
 care used for its own confidential and proprietary information to avoid disclosure or use
 of Confidential Information under this Agreement;

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 12 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Receiving Party may disclose or provide access only to its responsible employees or agents
 who have a need to know and are under adequate confidentiality agreements or arrangements,
 and the Receiving Party or its employees may make copies of Confidential Information only
 to the extent reasonably necessary to carry out the obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure
 or use, and will cooperate with the Disclosing Party to protect all proprietary rights in
 any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
 of the Agreement.

**17.** **Press Release** 

Within the first 60 days of the Agreement Effective Date, the Trust agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Trust's prior written consent prior to publication of such release, which consent may only be reasonably denied by the Trust.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Trust are not deemed exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Trust, or persons who are otherwise affiliated persons of the Trust to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19.** **Distinction of Fund** 

The assets and liabilities of each Fund are separate and distinct from the assets and liabilities of each other Fund and no Fund shall be liable for or charged for any debt, obligation or liability of any other Fund.

**20.** **Arbitration** 

In the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties, the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA. The parties further agree that any contract, agreement or understanding between a party and its designees shall contain a provision binding the designee to the terms of this Arbitration Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1*** Arbitration
 will be held in accordance with the rules and regulations of the Code of Arbitration Procedure
 adopted by FINRA, except (a) in the event that FINRA is unwilling to accept jurisdiction
 of the matter, such arbitration will be held in accordance with the rules and regulations
 of the American Arbitration Association under the Commercial Arbitration Procedures then
 in effect, and (b) in the event that a non-party to this Agreement brings an arbitration
 relating to or arising out of this Agreement, then the entire dispute shall be arbitrated
 in whichever arbitration forum such arbitration is brought, and the parties and their designees
 agree to submit to the jurisdiction of such arbitration forum. In the event that (x) a non-party

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 13 of 16

initiates a judicial proceeding relating to, or arising out of, this Agreement, and (y) such claim cannot be compelled to arbitration, and (z) a party or its designee asserts a claim against another party or its designee in connection with such proceeding, then the entire dispute shall be litigated in that court, and the parties and their designees agree to submit to the jurisdiction of the court in that judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2*** If
 the arbitration is brought by a party, the number of arbitrators will be three (3), and they
 will be selected in accordance with the rules and regulations of the Code of Arbitration
 Procedure adopted by FINRA, or American Arbitration Association under the Commercial Arbitration
 Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall
 be attorneys specializing in securities law. The arbitration shall be governed by the Federal
 Arbitration Act, 9 U.S.C. Sections 1-16, to the exclusion of state laws inconsistent therewith,
 and judgment upon the award may be entered in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.3*** The
 parties and their respective designees will each bear their own expenses, including legal
 and expert fees, if any, with respect to the arbitration. The arbitrator will designate the
 party and/or designee to bear the costs of the arbitration forum and arbitrator's fees
 or the respective amounts of such costs to be borne by each party and/or their designees.
 Any costs or fees, including attorneys fees, involved in enforcing the award shall be fully
 assessed against and paid by the party and/or designee resisting or preventing enforcement
 of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.4*** Nothing
 in this Section 20 will prevent the parties from resorting to judicial proceedings or otherwise
 for injunctive relief to prevent or limit irreparable harm or injury to such a party.

**21.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail, or certified mail at the following address.

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

---

| | |
|:---|:---|
| Unified Series Trust | Donald S. Mendelsohn, Esq. |
| Attn: David R. Carson, President | Thompson Hine LLP |
| 225 Pictoria Drive, Suite 450 | 312 Walnut Street, 14<sup>th</sup> Floor |
| Cincinnati, Ohio 45246 | Cincinnati, Ohio 45202 |
| CC: Chairman of the Board |  |

---

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

---

| |
|:---|
| Ultimus Fund Solutions, LLC |
| Attn: Director of Fund Administration |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, Ohio 45246 |
| Facsimile: (513) 587-3437 |
| E-mail: <u>FundAdmin@ultimusfundsolutions.com</u> |

---

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 14 of 16

**22.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents
 incorporated by reference express the entire understanding of the parties and supersede any
 other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2***  ***Conflicts.*** In the event of any conflict between this Agreement and any Appendices or Addendum
 thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3***  ***Amendments.*** The parties may only amend or waive all or part of this Agreement by written amendment
 or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.4 Assignments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except
 as provided in this Section 22.4, this Agreement and the rights and duties hereunder shall
 not be assignable by either of the parties except by the specific written consent of the
 non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
 terms and provisions of this Agreement shall become automatically applicable to any investment
 company that is the successor to the Trust because of reorganization, recapitalization, or
 change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Unless
 the Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may, to the extent permitted by law and in its
 sole discretion, assign all its rights and interests in this Agreement to an affiliate, parent,
 subsidiary or to the purchaser of substantially all of its business, provided that Ultimus
 provides to the Trust at least 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This
 Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
 respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the State of
 Ohio and the applicable provisions of the 1940 Act. To the extent that the applicable laws
 of the State of Ohio, or any of the provisions herein, conflict with the applicable provisions
 of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only
 and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of
 which when executed shall be deemed to be an original, but such counterparts shall together
 constitute the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.8***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict
 with any law or otherwise invalid, the remaining portion or portions shall be considered
 severable and

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 15 of 16

not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

The parties duly executed this Agreement as of January 5, 2017.

---

| | | | |
|:---|:---|:---|:---|
|  | **Unified Series Trust** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ David R. Carson | By: | /s/ Robert G. Dorsey |
| Name: | David R. Carson | Name: | Robert G. Dorsey |
| Title: | President | Title: | Managing Director |

---

Ultimus Master Services Agreement <br> Unified Series Trust, 2017 Page 16 of 16

**<u>Fund Accounting Addendum</u><br> For<br> Unified Series Trust**

This Fund Accounting Addendum, dated January 5, 2017, is between **Unified Series Trust** (the "**Trust**"), on behalf of the Funds listed on Schedule A to the Master Services Agreement, dated January 5, 2017, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.**

**<u>Fund Accounting Services</u>**

**1.** **Performance of Daily Accounting Services** 

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1*** calculate
 the net asset value per share utilizing prices obtained from the sources described in subsection
 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2*** obtain
 security prices from independent pricing services, or if such quotes are unavailable, then
 obtain such prices from each Fund's investment adviser or its designee, as approved
 by the Trust's Board of Trustees (hereafter referred to as "**Board** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3*** verify
 and reconcile with the Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4*** compute,
 as appropriate, each Fund's net income and realized capital gains, dividend payables,
 dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5*** review
 daily the net asset value calculation and dividend factor (if any) for each Fund prior to
 release to shareholders, check and confirm the net asset values and dividend factors for
 reasonableness and deviations, and distribute net asset values and/or yields to NASDAQ and
 such other entities as directed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6*** determine
 unrealized appreciation and depreciation on securities held by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7*** accrue
 income of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8*** amortize
 premiums and accrete discounts on securities purchased at a price other than face value,
 if requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9*** update
 fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable
 interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10*** record
 investment trades received in proper form from the Fund or its authorized agents on the industry
 standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11*** calculate
 Fund expenses based on instructions from the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12*** accrue
 expenses of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13*** determine
 the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
 and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14*** provide
 accounting reports in connection with the Trust's regular annual audit and other audits
 and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15*** provide
 such periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16*** prepare
 and maintain the following records upon receipt of information in proper form from the Fund
 or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3)
 dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription and
 redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily
 expense accruals; (10) daily income accruals, (11) securities and monies borrowed or loaned
 and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17*** provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.18.*** assist
 the Fund's independent registered public accounting firms with the preparation and
 filing of the Fund's tax returns. Ultimus will also research and calculate the qualified
 dividend rate for income and short term capital gain distributions and assist in the production
 of supplemental tax information letters for each Fund, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.19.*** cooperate
 with, and take all reasonable actions in the performance of its duties under this Agreement,
 to ensure that all necessary information is made available to the Trust's independent
 public accountants in connection with any audit or the preparation of any report requested
 by the Trust.

**2.** **Additional Accounting Services** 

Ultimus shall also perform the following additional accounting services for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1***  ***Financial Statements.*** Ultimus will provide monthly (or as frequently as may reasonably be requested
 by the Trust or a Fund's investment adviser) a set of Financial Statements for each
 Fund. For purposes of this Fund Accounting Addendum, "**Financial Statements** "
 include the following: (A) Statement of Assets and Liabilities; (B) Statement of Operations;
 (C) Statement of Changes in Net Assets; (D) Security Purchases and Sales Journals; and (E)
 Fund Holdings Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***  ***Other Information.*** Provide accounting information for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* federal
 and state income tax returns and federal excise tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
 Trust's quarterly and semiannual reports with the SEC on Form N-Q, Form N-SAR and Form
 N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* registration
 statements on Form N-1A and other filings relating to the registration of shares;

Fund Accounting Addendum Page 2 of 3 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Ultimus'
 monitoring of the Trust's status as a regulated investment company under Subchapter
 M of the Internal Revenue Code, as amended (the "**Internal Revenue Code** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* annual
 audit by the Trust's independent accountants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* examinations
 performed by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.***  ***Other Services*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* as
 appropriate, compute the Trust's yields, total return, expense ratios, and portfolio
 turnover rate, and any other financial ratios required by regulatory filings.

**3.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1*** Ultimus
 may provide additional special reports upon the request of the Trust or a Fund's investment
 adviser, which may result in an additional charge, the amount of which shall be agreed upon
 by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Ultimus
 may provide such other similar services with respect to a Fund as may be reasonably requested
 by the Trust, which may result in an additional charge, the amount of which shall be agreed
 upon between the parties prior to such services being provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** For
 special cases, the parties hereto may amend the procedures or services set forth in this
 Agreement as may be appropriate or practical under the circumstances, and Ultimus may conclusively
 assume that any special procedure or service which has been approved by the Trust does not
 conflict with or violate any requirements of its Agreement and Declaration of Trust or then
 current prospectuses, or any rule, regulation or requirement of any regulatory body.

**4.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Accounting Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

The parties duly executed this Fund Accounting Addendum as of January 5, 2017.

---

| | | | |
|:---|:---|:---|:---|
|  | **Unified Series Trust**<br> On behalf of all Funds listed on Schedule A to the Master Services Agreement |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ David R. Carson | By: | /s/ Robert G. Dorsey |
| Name: | David R. Carson | Name: | Robert G. Dorsey |
| Title: | President | Title: | Managing Director |

---

Fund Accounting Addendum Page 3 of 3 <br>

**<u>Fund Accounting Fee Letter</u><br> For**

**A series of<br> Unified Series Trust**

**[REDACTED]**

**<u>Fund Administration Addendum</u><br> For<br> Unified Series Trust**

This Addendum, dated January 5, 2017, is between **Unified Series Trust** (the "**Trust**"), on behalf of the Funds listed in Scheduled A to the Master Services Agreement, and **Ultimus Fund Solutions, LLC** ("**Ultimus**").

**<u>Fund Administration Services</u>**

**1.** **Regulatory Reporting** 

Ultimus shall provide the Trust with regulatory reporting services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** prepare,
 in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses
 and statements of additional information in the Trust's registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** prepare
 and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form
 N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** prepare
 such reports, notice filing forms and other documents (including reports regarding the sale
 and redemption of shares of the Trust as may be required in order to comply with federal
 and state securities law) as may be necessary or desirable to make notice filings relating
 to the Trust's shares with state securities authorities, monitor the sale of Trust
 shares for compliance with state securities laws, and file with the appropriate state securities
 authorities compliance filings as may be necessary or convenient to enable the Trust to make
 a continuous offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** cooperate
 with, and take all reasonable actions in the performance of its duties under this Agreement,
 to ensure that the necessary information is made available to the SEC or any other regulatory
 authority in connection with any regulatory audit of the Trust or any Fund.

**2.** **Shareholder Communications** 

Ultimus shall develop and prepare, with the assistance of the Trust's investment adviser(s) and other service providers, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices and other reports to Trust shareholders.

**3.** **Corporate Governance** 

Ultimus shall provide the following services to the Trust and its Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** provide
 individuals reasonably acceptable to the Trust's Board of Trustees (the "**Board** ")
 to serve as officers of the Trust, who will be responsible for the management of certain
 of the Trust's affairs as determined and under supervision by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** coordinate
 the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions
 insurance policies for the Trust in accordance with the requirements of the 1940 Act and
 as such bonds and policies are approved by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** coordinate
 meetings of, prepare materials for, attend and write minutes of the Board's quarterly
 meetings.

**4.** **Other Services** 

Ultimus shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may reasonably request that Ultimus perform consistent with its obligations under the Master Services Agreement and this Fund Administration Addendum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** administer
 contracts on behalf of the Trust with, among others, the Trust's investment adviser(s),
 distributor, custodian, transfer agent and fund accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** assist
 the Trust, each Fund's investment adviser(s) and the Trust's Chief Compliance
 Officer in monitoring the Trust and its Funds for compliance with applicable limitations
 as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust's
 or any Fund's then current prospectus or statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** perform
 all reasonable and customary administrative services and functions of the Trust to the extent
 such administrative services and functions are not provided to the Trust by other agents
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** furnish
 advice and recommendations with respect to other aspects of the business and affairs of the
 Trust, as the Trust and Ultimus shall determine desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** prepare
 and maintain the Trust's operating budget to determine proper expense accruals to be
 charged to each Fund in order to calculate its daily net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** prepare,
 or cause to be prepared, expense and financial reports, including Fund budgets, expense reports,
 pro-forma financial statements, expense and profit/loss projections and fee waiver/expense
 reimbursement projections on a periodic basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** assist
 the Fund's independent registered public accounting firms with the preparation and
 filing of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** research
 and calculate the qualified dividend rate for income and short term capital gain distributions
 and produce supplemental tax information letters for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** advise
 the Trust and its Board on matters concerning the Trust and its affairs including making
 recommendations regarding dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.10.*** administer
 all disbursements for a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.11.*** upon
 request, assist each Fund in the evaluation and selection of other service providers, such
 as independent public accountants, printers and EDGAR providers.

For special cases, the parties hereto may amend the procedures or services set forth in this Agreement as may be appropriate or practical under the circumstances, and Ultimus may conclusively assume that any special procedure or service which has been approved by the Trust does not conflict with or violate any requirements of its Agreement and Declaration of Trust or then current prospectuses, or any rule, regulation or requirement of any regulatory body.

**5.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**6.** **Legal Representation** 

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not be obligated to provide legal representation to the Trust or any Fund, including by attorneys that are employees of Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively

Fund Administration Addendum Page 2 of 3 <br>

represent Ultimus and rely on outside counsel retained by the Trust to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

The parties duly executed this Fund Administration Addendum as of January 5, 2017.

---

| | | | |
|:---|:---|:---|:---|
|  | **Unified Series Trust**<br> On behalf of all Funds listed on Schedule A to the Master Services Agreement |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ David R. Carson | By: | /s/ Robert G. Dorsey |
| Name: | David R. Carson | Name: | Robert G. Dorsey |
| Title: | President | Title: | Managing Director |

---

Fund Administration Addendum Page 3 of 3 <br>

**<u>Fund Administration Fee Letter</u><br> For**

**A series of<br> Unified Series Trust**

**[REDACTED]**

**<u>Transfer Agent and Shareholder Services Addendum</u><br> For<br> Unified Series Trust**

This Addendum, dated January 5, 2017, is between **Unified Series Trust** (the "**Trust**"), on behalf of the Funds listed on Schedule A to the Master Services Agreement, dated January 5, 2017, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.**

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Trust with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process
 shareholder purchase, redemption, exchange, and transfer orders in accordance with conditions
 set forth in the applicable Fund's prospectus(es) applying all applicable redemption
 or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set
 up of account information, including address, account designations, dividend and capital
 gains options, taxpayer identification numbers, banking instructions, automatic investment
 plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist
 shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue
 trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934,
 as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue
 quarterly statements for shareholders, interested parties, broker firms, branch offices and
 registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act
 as a service agent and process income dividend and capital gains distributions, including
 the purchase of new shares, through dividend reimbursement and appropriate application of
 backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act
 ()"**FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record
 the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record
 of the total number of shares of each Fund which are authorized, based upon data provided
 to it by the Trust, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform
 such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the
 "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide
 cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012),
 as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding
 taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce,
 print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms required
 by federal authorities with respect to distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer
 and perform all other customary services of a transfer agent, including, but not limited
 to, answering routine customer inquiries regarding shares; and

Transfer Agent and Shareholder Services Addendum Page 1 of 4 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process
 all standing instruction orders (Automatic Investment Plans ()"**AIPs**") and
 Systematic Withdrawal Plan ()"**SWPs** ")) including the debit of shareholder
 bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Trust with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make
 information available to shareholder servicing unit and other remote access units regarding
 trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce
 detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide
 mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing
 material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond
 as appropriate to all inquiries and communications from shareholders relating to shareholder
 accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services to the Trust's
 direct shareholders and to operate the Trust's customer identification program for
 these shareholders, in each case in accordance with the written procedures developed by Ultimus
 and adopted or approved by the Trust's Board of Trustees (the "**Board** ")
 and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal and applicable state
 authorities, including the SEC, and to the Funds' Auditors. Applicable state authorities
 are those governmental agencies located in states in which the Fund is registered to sell
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal Revenue Service
 ()"**IRS**") forms for shareholder income and capital gains (including the
 calculation of qualified income), sale of fund shares, distributions from retirement accounts
 and education savings accounts, fair market value reporting on IRAs, contributions, rollovers
 and conversions to IRAs and education savings accounts and required minimum distribution
 notifications and issue tax withholding reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Market Timing Reports.*** Ultimus will provide quarterly market timing reports for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play
 rules.

**4.** **Dealer/Load Processing** 

For each fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide
 reports for tracking rights of accumulation and purchases made under a Letter of Intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account
 for separation of shareholder investments from transaction sale charges for purchase of Fund
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate
 fees due under Rule 12b-1 plans for distribution and marketing expenses;

Transfer Agent and Shareholder Services Addendum Page 2 of 4 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track
 sales and commission statistics by dealer and provide for payment of commissions on direct
 shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying
 appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred
 Sales Charges ()"**CDSCs**") automatically during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain
 all shareholder records for each account in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** as
 dividend disbursing agent, on or before the payment date of any dividend or distribution,
 notify the Fund's custodian of the estimated amount of cash required to pay such dividend
 or distribution; prepare and distribute to shareholders any funds to which they are entitled
 by reason of any dividend or distribution and in the case of shareholders entitled to receive
 additional shares of the Fund by reason of any such dividend or distribution, make appropriate
 credit to their respective accounts and prepare and mail to such shareholders a confirmation
 statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue
 customer statements on a scheduled cycle, and provide duplicate second and third party copies
 if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record
 shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain
 account documentation files for each shareholder.

**6.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Ultimus
 shall perform other services for the Trust that are mutually agreed upon in a writing signed
 by the parties for mutually agreed fees, if any, and all out-of-pocket expenses incurred
 by Ultimus; provided, however that the Trust may retain third parties to perform such other
 services. These services may include performing internal audit examination; mailing the annual
 reports of the Funds; preparing an annual list of shareholders; and mailing notices of shareholders'
 meetings, proxies, and proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.*** For
 special cases, the parties hereto may amend the procedures or services set forth in this
 Agreement as may be appropriate or practical under the circumstances, and Ultimus may conclusively
 assume that any special procedure or service which has been approved by the Trust does not
 conflict with or violate any requirements of its Agreement and Declaration of Trust or then
 current prospectuses, or any rule, regulation or requirement of any regulatory body.

**7.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** process
 accounts through Networking and the purchase, redemption, transfer and exchange of shares
 in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the
 National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's
 participants, including the Trust), in accordance with, instructions transmitted to and received
 by Ultimus by transmission from NSCC on behalf of broker-dealers and banks which have been
 established by, or in accordance with the instructions of authorized persons, as hereinafter
 defined on the dealer file maintained by Ultimus;

Transfer Agent and Shareholder Services Addendum Page 3 of 4 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** issue
 instructions to each Fund's custodian for the settlement of transactions between the
 Fund and NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.3.*** provide
 account and transaction information from the affected Trust's records on an appropriate
 computer system in accordance with NSCC's Networking and Fund/SERV rules for those
 broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.4.*** maintain
 shareholder accounts through Networking.

**8.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of January 5, 2017.

---

| | | | |
|:---|:---|:---|:---|
|  | **Unified Series Trust**<br> On behalf of all Funds listed on Schedule A to the Master Services Agreement |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ David R. Carson | By: | /s/ Robert G. Dorsey |
| Name: | David R. Carson | Name: | Robert G. Dorsey |
| Title: | President | Title: | Managing Director |

---

Transfer Agent and Shareholder Services Addendum Page 4 of 4 <br>

**<u>Transfer Agent and Shareholder Services Fee Letter</u><br> For**

**______________________**

**A series of<br> Unified Series Trust**

**[REDACTED]**

## Ex-99.H

**Amendment**

**to**

**<u>Fund Accounting Addendum</u>**

**For**

**UNIFIED SERIES TRUST**

This Amendment revises the Fund Accounting Addendum (the "Addendum") to the Master Services Agreement dated January 5, 2017 (the "Agreement") between **Unified Series Trust** ("**Trust**"), an Ohio business trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), an Ohio limited liability company (collectively the "Parties").

The Parties agree to amend the Fund Accounting Addendum to revise the services provided by Ultimus as described below:

&nbsp;&nbsp;&nbsp;&nbsp;1. Section 2.2 (B) of the Addendum is deleted and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 (B) the Trust's reports with the SEC on Forms N-CEN, N-PORT, and N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;2. Section 5 is added to the Addendum as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Forms N-CEN and N-PORT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. If Ultimus also provides fund administration services to a Fund, Ultimus
will prepare and file with the SEC the reports on Forms N-CEN and N-PORT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. If Ultimus does not provide fund administration services to a Fund, Ultimus
will provide the fund administrator with accounting information for Forms N-CEN and N-PORT.

Except as set forth is this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between this Amendment and the Agreement, the terms of this Amendment will prevail.

***Signatures are located on the next page.***

The parties duly executed this Agreement as of February 15, 2018.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Unified Series Trust** |  | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** |
| &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ David R. Carson | &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ Robert G. Dorsey |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;David R. Carson | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Robert G. Dorsey |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Director |

---

## Ex-99.H

**Amendment** 

**to**

**Fund Administration Addendum**

**For**

**UNIFIED SERIES TRUST**

This Amendment revises the Fund Administration Addendum (the "Addendum") to the Master Services Agreement, dated January 5, 2017 (the "**Agreement**") between **Unified Series Trust** (the "**Trust**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**").

The Parties agree to amend the Addendum as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Section 6 shall be renumbered to become Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;2. The following shall be added as Section 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Liquidity Risk Management Program**

Ultimus will provide assistance in the adoption and maintenance of a Liquidity Risk Management Program ("LRMP") which meets the requirements of Rule 22e-4 under the 1940 Act. The LRMP shall include the following services:

**Implementation Phase.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop and implement the Trust's written LRMP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perform an in-depth evaluation of the adequacy of each adviser's written LRMP to ensure compatibility
with the Trust's LRMP.

**Ongoing Services (as applicable).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist with the preparation of periodic reporting and annual report to the Board, including collecting
and incorporating investment adviser reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide data from the Fund's books and records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist in monitoring the Fund's highly liquid investment minimum, if applicable, and each Fund's
level of illiquid investments (15% limit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist with arranging Board notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist in the preparation of Form N-LIQUID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Add adviser's liquidity risk discussion to shareholder reports.

Except as set forth in this Amendment, the Addendum is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between this Amendment and the Agreement, the terms of the Amendment will prevail.

***Signatures are located on the next page.***

 ****

Page 1 of 2

The parties duly executed this Amendment to Fund Administration Addendum as of May 21, 2019.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unified Series Trust** | &nbsp;&nbsp;**Unified Series Trust** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** |
| &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ David R. Carson | &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ Kurt B. Krebs |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;David R. Carson | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Kurt B. Krebs |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Chief Financial Officer |

---

Page 2 of 2

## Ex-99.H

**Amendment**

**to**

**<u>Fund Accounting Addendum</u>**

**For**

**UNIFIED SERIES TRUST**

This Amendment revises the Fund Accounting Addendum (the "Addendum") to the Master Services Agreement dated January 5, 2017, as amended February 15, 2018 (the "Agreement") between **Unified Series Trust** ("**Trust**"), an Ohio business trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), an Ohio limited liability company (collectively the "**Parties**").

The Parties agree to amend the Fund Accounting Addendum to revise the services provided by Ultimus as described below:

&nbsp;&nbsp;&nbsp;&nbsp;1. The following sub-sections are added to Section 3,  ***Special Reports and Services*** , of the Addendum as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4*** If a Fund invests in a wholly-owned subsidiary, Ultimus will perform such
additional fund accounting services as are necessary to perform fund accounting for the subsidiary and to consolidate financial statements
of the Fund and the subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5*** If a Fund is an exchange-traded fund ("ETF"), Ultimus will perform
the following additional services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* distribute net asset values and/or yields to the Fund's listing exchange,
authorized participants, transfer agent and/or index receipt agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* create each Fund's daily portfolio composition file ("PCF"),
transmit the PCF to the Fund and its investment adviser, assist the Fund and its investment adviser with inputting the PCF into the NSCC
system, and facilitate any other communications required by the NSCC related to the PCF.

In addition, if the Fund is an ETF, the Trust, on behalf of the Fund, shall pay or cause to be paid, expenses incurred in connection with Fund purchase and redemption transactions; licensing fees for the index on which the Fund is based ("Index"), if applicable; securities exchange listing fees and fees associated with the calculation and dissemination of the Index and indicative optimized portfolio value ("IOPV"); transfer agent, dividend disbursing agent, and index receipt agent fees.

Except as set forth is this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between this Amendment and the Agreement, the terms of this Amendment will prevail.

The parties duly executed this Agreement as of November 20, 2019.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unified Series Trust** | &nbsp;&nbsp;**Unified Series Trust** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** |
| &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ David R. Carson | &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ David James |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;David R. Carson | &nbsp;&nbsp;Name: | &nbsp;&nbsp;David James |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;EVP and Chief Legal and Risk Officer |

---

## Ex-99.H

**Amendment** 

**to**

**Fund Administration Addendum**

**For**

**UNIFIED SERIES TRUST**

This Amendment revises the Fund Administration Addendum (the "**Addendum**") to the Master Services Agreement, dated January 5, 2017, as amended May 21, 2019 (the "**Agreement**") between **Unified Series Trust** (the "**Trust**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**").

The Parties agree to amend the Addendum as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The following sub-sections are added to Section 4,  ***Other Services*** , of the Addendum, with respect to each Fund that is an exchange-traded funds ("ETF") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.12*** cooperate with, and take all reasonable actions in the performance of its duties under this Agreement,
to ensure that the necessary information is made available to the SEC or any other regulatory authority or applicable securities exchange
in connection with any regulatory audit of the Trust or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.13*** administer contracts on behalf of the Trust with the Fund's index receipt agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.14*** coordinate with the Fund's service providers to facilitate the setup of the Fund on applicable securities
exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.15*** monitor sales of shares and ensure that shares are properly and duly listed with the applicable securities
exchanges and that securities exchange listing requirements are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.16*** process share creation units and redemption units with the Fund's transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.17*** maintain create/redeem records to the extent they are not otherwise maintained by other service providers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.18*** arrange for vendors to provide the post each Fund's IOPV and other information required by exemptive
orders.

Except as set forth in this Amendment, the Addendum is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between this Amendment and the Agreement, the terms of the Amendment will prevail.

***Signatures are located on the next page.***

 ****

The parties duly executed this Amendment to Fund Administration Addendum as of November 20, 2019.

Page 1 of 2

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unified Series Trust** | &nbsp;&nbsp;**Unified Series Trust** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC** |
| &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ David R. Carson | &nbsp;&nbsp; <br>By: | &nbsp;&nbsp; <br>/s/ David James |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;David R. Carson | &nbsp;&nbsp;Name: | &nbsp;&nbsp;David James |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;EVP and Chief Legal and Risk Officer |

---

Page2 of 2

## Ex-99.H

**DERIVATIVES RISK MANAGEMENT PROGRAM SUPPORT SERVICES ADDENDUM**

This Derivatives Risk Management Program Support Services Addendum (this "Addendum") with an effective date of April 1, 2022 shall be attached to and governed by that certain Master Services Agreement between Ultimus Fund Solutions, LLC ("Ultimus") and Unified Series Trust (the "Trust") dated January 5, 2017 (the "Agreement). All capitalized terms used herein, unless otherwise defined, have the meaning ascribed to them in the Agreement as it may be supplemented or amended from time to time.

The parties agree as follows:

1. <u>Derivatives Risk Management Program Support Services</u>

Ultimus will provide to the Trust's funds (identified on <u>Schedule A</u>, which schedule may be revised from time to time in Ultimus' sole discretion to add or remove funds without need of a formal amendment) (the "Funds") certain services (the "Derivatives Risk Management Program Support Services"), as described below, in accordance with Rule 18f-4 under the Investment Company Act of 1940, as amended ("Rule 18f-4"):

&nbsp;&nbsp;&nbsp;&nbsp;a. Manage derivatives-specific data, update security master files, and load each Fund's portfolio composition
and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver daily derivatives exposure and value-at-risk ("VaR") reports generated by the Confluence
software to each Fund's investment adviser ("Adviser") and the Trust's Chief Compliance Officer and make available
reporting for weekly stress testing and back-testing calculations performed by the Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Adviser access to the Confluence software in order that Adviser may calculate derivatives exposure
for each Fund it advises and make other derivatives risk management calculations as required by Rule 18f-4 (e.g., daily VaR calculations,
weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide the Trust's board of trustees (the "Board") access to an independent derivatives
expert (a "Derivatives Expert") capable of supporting the Board's efforts in effecting compliance oversight as required
by Rule 18f-4 and the Trust's related Derivatives Risk Management Program.

2. <u>Fees</u>

In consideration for Ultimus providing the Derivatives Risk Management Program Support Services, the Trust will pay (or cause to be paid) Ultimus **[REDACTED PROPRIETARY]** per Fund (the "Derivatives Risk Management Program Support Services Fee").

3. <u>Expense Reimbursements</u>

In addition to the Derivatives Risk Management Program Support Services Fee, the Trust will reimburse (or cause to be reimbursed) Ultimus for the Funds' pro rata share (as determined by Ultimus) of third party expenses incurred by Ultimus in providing the Derivatives Risk Management Program Support Services, including, without limitation, the Trust's proportionate share of any fees paid by Ultimus to any Derivatives Expert as part of Ultimus' providing the Derivatives Risk Management Program Support Services.

4. <u>Invoicing and Payment Terms</u>

Ultimus will invoice for the Derivatives Risk Management Program Support Services Fee and any reimbursable expenses quarterly in arrears. The same will be due and payable within 30 days of receipt of invoice.

5. <u>Fee Increases</u>

On each anniversary date of the Agreement, Ultimus will increase the Derivatives Risk Management Program Support Services Fee by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally adjusted)<sup>1</sup> plus 1.5%.

6. <u>Responsibility for Compliance Oversight and Identification of Derivative Securities</u>

The Board has and retains primary responsibility for oversight of all compliance matters relating to the Funds, including, but not limited to, compliance with the Investment Company Act and Rule 18f-4. The Adviser has and retains primary responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services hereunder shall not relieve the Board or the Adviser of the aforementioned responsibilities.

------

<sup>1</sup> Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

7. <u>Miscellaneous</u>

Except as supplemented hereby, the Agreement shall remain in full force and effect without modification. This Addendum 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.

[Signature Page Follows]

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **UNIFIED SERIES TRUST**<br>By: <u>/s/ Martin R. Dean</u>___________________<br> Name: Martin R. Dean<br> Title: President | &nbsp;&nbsp; **ULTIMUS FUND SOLUTIONS, LLC**<br>By: <u>/s/ Gary Tenkman</u>___________________<br> Name: Gary Tenkman<br> Title: Chief Executive Officer |

---

## Ex-99.H

**FUND OF FUNDS INVESTMENT AGREEMENT**

This Investment Agreement (the "Agreement"), dated as of January 23, 2023, is between Unified Series Trust, a business trust organized under the laws of the State of Ohio (the "Acquiring Trust"), on behalf of each of its series listed on Schedule A (each, an "Acquiring Fund," and collectively, the "Acquiring Funds"), severally and not jointly, and BondBloxx ETF Trust (the "Acquired Trust"), on behalf of each of its series listed on Schedule B and such additional series as shall be designated in the future (each, an "Acquired Fund," and collectively, the "Acquired Funds"), severally and not jointly.

WHEREAS, the Acquiring Funds and the Acquired Funds are investment companies that are registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, Section 12(d)(l)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(l)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(l) of the 1940 Act, subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Funds may, from time to time, invest in shares of the Acquired Funds in excess of the limitations of Section 12(d)(l) of the 1940 Act in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, each of the Acquiring Funds and the Acquired Funds desires to set forth the following terms pursuant to which each of the Acquiring Funds may invest in each of the Acquired Funds in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Terms of Investment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to an Acquiring Fund's initial acquisition
of shares of an Acquired Fund in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, the investment adviser of the Acquired Fund
(the "Acquired Fund Adviser") shall evaluate the material
terms of the Acquiring Fund's investment in the Acquired Fund (the "Material Terms"),
including, at a minimum, but not limited to: (i) the scale of contemplated investments by the Acquiring Fund and any maximum investment
limits; (ii) the anticipated timing of redemption requests by the Acquiring Fund; (iii) whether, and under what circumstances, the Acquiring Fund will provide advance notification of investment and redemptions;
and (iv) the circumstances under which the Acquired Fund may elect to satisfy redemption requests in kind rather than in cash and the
terms of any redemptions

132418995_3

in kind; and shall find that any undue influence concerns associated with the AcquiringFund's investment in the Acquired Fund is reasonably addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to help reasonably address the risk of undue influence on the Acquired
Funds by the Acquiring Funds, each of the Acquiring Funds and each of the Acquired Funds agree to the following Material Terms regarding
each Acquiring Fund's investment in an Acquired Fund necessary to make the required finding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions*. The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's registration statement, as amended from time to time, the Acquired Fund may honor any redemption request partially or wholly in-kind in the sole discretion of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Timing/advance notice of redemptions.* The Acquiring Fund will use reasonable efforts to provide advance notification of redemption requests to the Acquired Fund and to spread large redemption requests over multiple days, whenever practicable. For redemptions over 5% of the Acquired Fund's total assets, Acquiring Fund will provide 3 business days' notice to the Acquired Fund. For redemptions over 10% of the Acquired Fund's total assets, Acquiring Fund will provide 6 business days' notice to the Acquired Fund. For redemptions over 20% of the Acquired Fund's total assets, Acquiring Fund will provide 10 business days' notice to the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Scale of investment.* The Acquiring Fund will use reasonable efforts to limit the amount of Acquired Fund shares it owns to no more than 25% of the Acquired Fund's assets. The Acquiring Fund shall be entitled to rely on information regarding the Acquired Fund's assets provided by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Control analysis.* At such time as any Acquiring Fund's investment in an Acquired Fund exceeds any of the limits of Section 12(d)(l) of the 1940 Act, the Acquiring Fund will provide to the Acquired Fund a list of the affiliates (as defined under the 1940 Act) of the Acquiring Fund, of the investment adviser to the Acquiring Fund (the "Acquiring Fund Adviser") and of any investment sub-adviser to the Acquiring Fund, if applicable. Thereafter, each Acquiring Fund will notify the Acquired Fund of any change to the list of affiliates as soon as reasonably practicable after such change occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to an Acquiring Fund's initial acquisition
of shares of an Acquired Fund in excess of the limits of Section 12(d)(l)(A), the investment adviser of the Acquiring Fund (each, an "Acquiring Fund Adviser") shall evaluate at a minimum the complexity of the structure of the Acquiring
Fund's investment in the Acquired Fund and the fees and expenses associated with the Acquiring Fund's investment in the Acquired
Fund, and

find that the fees and expenses of the Acquiring Fund do not duplicate the fees and expenses of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In order to assist the Acquiring Fund Adviser with
assessing the impact of fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide the Acquiring
Fund with information on the fees and expenses of the Acquired Fund and any other information reasonably requested by the Acquiring Fund
in order for the Acquiring Fund to make its finding required under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Both the Acquired Fund Adviser and Acquiring Fund Adviser shall report their evaluation,
findings, and the basis for their evaluations or findings required by paragraphs (a)-(d) of this section, as applicable, to either the
Acquired Trust or Acquiring Trust, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Obligations of the Acquired Fund</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess
of the limitations in Section 12(d)(l)(A), the Acquired Fund agrees: (i) to comply with all conditions of the Rule applicable to Acquired
Fund; (ii) to comply with its obligations under this Agreement; (iii) provide the Acquiring Fund on a timely basis with any updates to
information previously provided under this Agreement that could materially impact the required findings made by the Acquiring Fund under
the Rule; and (iv) to promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment
by the Acquiring Fund or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Obligations of the Acquiring Fund</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess
of the limitations in Section 12(d)(l)(A), the Acquiring Fund agrees: (i) to comply with all conditions of the Rule applicable to Acquiring
Fund; (ii) to comply with its obligations under this Agreement; (iii) to participate in the proposed transactions in a manner that addresses
the concerns underlying the Rule during such periods when it is investing in reliance on the Rule and this Agreement; (iv) that investments
in the Acquired Fund will be consistent with the investment policies set forth in the Acquiring Fund's registration statement; (v)
provide the Acquired Fund on a timely basis with any updates to information previously provided under this Agreement that could materially
impact the required findings made by the Acquired Fund under the Rule; and (iv) to promptly notify the Acquired Fund if the Acquiring
Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund shall provide an Acquired Fund with information regarding the
amount of such Acquiring Fund's investments in the Acquired Fund, and information regarding affiliated persons of the Acquiring
Fund, upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund and its Advisory Group, as such term is defined in the Rule, will

not control (individually or in the aggregate) an Acquired Fund within the meaning of Section 2(a)(9) of the 1940 Act. If, as a result of a decrease in the outstanding voting securities of an Acquired Fund, an Acquiring Fund and its Advisory Group, in the aggregate, hold more than 25% of the outstanding voting securities of an Acquired Fund, each of those holders will vote its shares of the Acquired Fund in the same proportion as the vote of all other holders of the Acquired Fund's shares; provided, however, that in circumstances where all holders of the outstanding voting securities of the Acquired Fund are required by this provision or otherwise under the Rule or Section 12(d)(1) of the 1940 Act to vote securities of the Acquired Fund in the same proportion as the vote of all other holders of such securities, the Acquiring Fund will seek instructions from its security holders with regard to the voting of all proxies with respect to such Acquired Fund securities and vote such proxies only in accordance with such instructions. Notwithstanding the foregoing, this paragraph shall not apply if the Acquiring Fund is in the same group of investment companies (as defined in the Rule) as an Acquired Fund, or the Acquiring Fund's investment sub-adviser or any person controlling, controlled by or under common control with the Acquiring Fund's investment sub-adviser acts as the Acquired Fund's investment adviser or depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Acquiring Fund or an affiliated person of an Acquiring Fund will cause any existing
or potential investment by the Acquiring Fund in an Acquired Fund to influence the terms of any services or transactions among: (i) the
Acquiring Fund or an affiliated person of an Acquiring Fund; and (ii) the Acquired Fund or an affiliated person of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Acquiring Fund acknowledges and understands that an Acquired Fund reserves the
right to reject any purchase of shares by an Acquiring Fund or any primary market purchase of shares by an Acquiring Fund through a broker
or other participant of a registered clearing agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund agrees to hold harmless and indemnify the applicable Acquired
Fund, including any of its principals, directors or trustees, officers, employees and agents, against and from any and all losses, expenses
or liabilities incurred by or claims or actions ("Claims") asserted against the Acquired Fund, including any of their principals,
directors or trustees, officers, employees and agents, to the extent such Claims result from (i) a violation or alleged violation by the
Acquiring Fund of any provision of this Agreement or (ii) a violation or alleged violation by the Acquiring Fund of the terms and conditions
of the Rule, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or
defending such Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees to hold harmless and indemnify the applicable Acquiring
Fund, including any of its principals, directors or trustees, officers, employees and agents, against and from any Claims asserted against
the Acquiring Fund, including any of its principals, directors or trustees, officers, employees and agents, to the extent such Claims
result from (i) a violation or alleged violation by

the Acquired Fund of any provision of this Agreement or (ii) a violation or alleged violation by the Acquired Fund of the terms and conditions of the Rule, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notices</u> 

Except as otherwise noted, all notices, including all information that either party is required to provide under the terms of this Agreement and the Rule shall be in writing and shall be delivered to the contact identified below by (i) overnight courier, (ii) registered or certified mail, (iii) facsimile with confirmation during normal business hours, or (iv) electronic mail. All notices, demands or requests so given will be deemed given when actually received as evidenced by written confirmation thereof.

If to an Acquiring Fund:

Unified Series Trust

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

ATTN: Elisabeth Dahl

Email: edahl@ultimusfundsolutions.com

If to an Acquired Fund:

BondBloxx Investment Management

700 Larkspur Landing Circle, Suite 250

Larkspur, CA 94939

ATTN: Joanna Gallegos

Email: info@bondbloxxetf.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination; Governing Law</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will continue until terminated in writing by either party upon sixty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) days' notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(l)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware without giving effect to the conflict of laws principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's
and the Acquiring Fund's reliance on the Rule. While the terms of the Agreement shall only be applicable to investments in the Acquired
Fund made in reliance on the Rule, the Agreement shall continue in effect until terminated pursuant to Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may not be assigned by either party without the prior written consent
of the other. In the event either party assigns this Agreement to a third party as providedin this Section, such third party shall be
bound by the terms and conditions of this Agreement applicable to the assigning party. Any assignment in contravention of this Section
shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly set forth herein, nothing in this Agreement shall confer any
rights upon any person or entity other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With the exception of Schedule B, which may be amended by the Acquired Funds in
their sole discretion, no amendment, modification, or supplement of any provision of this Agreement will be valid or effective unless
made in writing and signed by a duly authorized representative of each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original and all of which together shall constitute one and the same instrument. This Agreement shall become binding when
any two or more counterparts thereof, individually or taken together, bear the signatures of both parties hereto. For purposes hereof,
a facsimile copy of this Agreement, including the signature pages hereto, shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving an Acquired Fund or an Acquiring Fund under this Agreement,
each Acquiring Fund or Acquired Fund agrees to look solely to the individual Acquiring Fund or Acquired Fund that is involved in the matter
in controversy and not to any other series of the Acquiring Trust or Acquired Trust.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Unified Series Trust

on behalf of each of the Acquiring Funds listed on Schedule A

By: <u>/s/ Martin R. Dean</u> 

Name: Martin R. Dean

Title: President

BondBloxx ETF Trust

on behalf of each of the Acquired Funds listed on Schedule B

By: <u>/s/ Joanna Gallegos</u>

Name: Joanna Gallegos

Title: President of the BondBloxx ETF Trust

**SCHEDULE A**

**List of Acquiring Funds**

NightShares 2000 ETF <br> NightShares 500 ETF <br> NightShares 500 1x/1.5x ETF

**SCHEDULE B**

**List of Acquired Funds**

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

BondBloxx Bloomberg One Year Target Duration US Treasury ETF

BondBloxx Bloomberg Two Year Target Duration US Treasury ETF

BondBloxx Bloomberg Three Year Target Duration US Treasury ETF

BondBloxx Bloomberg Five Year Target Duration US Treasury ETF

BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF

BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF

BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF

## Ex-99.P

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

**SILK INVEST LIMITED**

**CODE OF ETHICS**

As an investment adviser, Silk Invest Limited ("Silk Invest") stands in a position of trust and confidence with respect to our clients. Accordingly, we have a fiduciary duty to place the interests of our clients before the interests of Silk Invest and our employees. In order to assist Silk Invest and our employees in meeting our obligations as a fiduciary, Silk Invest has adopted this Code of Ethics (the "Code"). The Code incorporates the following general principles which all employees are expected to uphold:

We must at all times place the interests of our clients first.

All personal securities transactions must be conducted in a manner consistent with the Code and avoid any actual or potential conflicts of interest or any abuse of an employee's position of trust and responsibility.

Employees must not take any inappropriate advantage of their positions at the Firm. Information concerning the identity of securities and financial circumstances of our clients and their investors must be kept confidential.

Independence in the investment decision-making process must be maintained at all times.

Silk Invest believes that these general principles not only help us fulfill our fiduciary obligations, but also protect the Firm's reputation and instill in our employees the Firm's commitment to honesty, integrity and professionalism. Employees should understand that these general principles apply to all conduct, whether or not the conduct also is covered by more specific standards or procedures set forth below. Failure to comply with the Code may result in disciplinary action, including termination of employment.

**This Code of Ethics needs to be read together with Silk Invest's Compliance Manual and the Employee Handbook.**

---

| |
|:---|
| 1 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

**Persons and Accounts Covered by the Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Employees** 

The Code applies to all of the Firm's employees, which for purposes of the Code include all of the Firm's supervised persons. The Firm's supervised persons consist of our directors, officers and members; our employees; and any other person who provides advice on behalf of Silk Invest and is subject to the Firm's supervision and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Access Persons** 

Certain provisions of the Code are only required by the SEC to apply to an investment adviser's "access persons". For the purposes of the Code, all of the Firm's employees are access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Accounts and Covered Securities** 

The requirements and restrictions contained in the Code apply to all "covered securities" in any "personal account".

&nbsp;&nbsp;&nbsp;&nbsp;1. Personal
Accounts

The term "personal account" means any securities account in which an employee has any direct or indirect "beneficial ownership," and includes any personal account of an employee's immediate family member (including any relative by blood or marriage either living in the employee's household or financially dependent on the employee).

An employee is deemed to have beneficial ownership if the employee, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect opportunity to profit or share in any profit derived from the relevant personal account. For a full definition of beneficial ownership, refer to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;2. Covered
Securities

The term "covered securities" includes all securities covered by the UK FCA as highlighted in the Compliance Manual and all securities defined as such under the Investment Advisers Act of 1940 (the "Advisers Act"), and includes:

● Debt and equity securities (For purposes of this Code inclusive of foreign or domestic [US]); Options on securities, on indices, and on currencies;

---

| |
|:---|
| 2 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

● All forms of limited partnership and limited liability company interests, including interests in private investment Fund (such as hedge Fund), and interests in investment clubs; and

● Foreign unit trusts and foreign mutual Funds. ETFs.

The term "covered securities," however, does not include the following:

● Direct obligations of the U.S. government (e.g., treasury securities);

● Bankers' acceptances, bank certificates of deposit, commercial paper, and high- quality short- term debt obligations, including repurchase agreements;

● Shares issued by money market fund;

● Shares of open-end mutual funds that are not advised or sub-advised by Silk Invest (or the Firm's affiliates); and

● Shares issued by unit investment trusts that are invested exclusively in one or more open-end mutual Funds, none of which are Funds advised or sub-advised by Silk Invest (or the Firm's affiliates).

Any questions regarding the application of these terms should be referred to, and addressed by, the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Compliance with Applicable US Federal Securities Laws and UK Laws** 

Silk Invest is regulated by the UK FCA and the company's UK Compliance Manual and Employee handbook give details on what is required from the all staff members and related parties. In addition to the general principles of conduct stated in the Compliance Manual and this Code and the specific trading restrictions and reporting requirements described below, the Code requires all employees to comply with applicable federal securities laws. These laws include the Securities Act of 1933 (the "Securities Act"), the Exchange Act, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Advisers Act, Title V of the Gramm-Leach-Bliley Act of 1999, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to private investment Funds and investment advisers, and any rules adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Securities Holdings Reports by Access Persons** 

Initial and Annual Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;a. Contents
of Holdings Reports

---

| |
|:---|
| 3 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

Every access person must submit both initial and annual holdings reports to the Chief Compliance Officer that discloses all covered securities held in any personal account. Each such report must contain, at a minimum:

● the title and type of covered security, and the exchange ticker symbol or CUSIP number (as applicable), number of shares, and principal amount of each covered security in any personal account;

● the principle amount of the transaction;

● the account number associated with the access persons account'

● the name of any broker, dealer or bank with which the access person maintains any personal account; and

● the date on which the access person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;b. Timing
of Holdings Reports

Every access person must submit a holdings report, substantially in the form attached hereto as COE Schedule 6, within the following time frames:

no later than 10 days after becoming an access person, and the information contained in the report must be current as of a date no more than 45 days prior to the date of becoming an access person; and

at least once each year thereafter within 30 days of the end of the Firm's fiscal year, and the information contained in the report must be current as of a date no more than 45 days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Quarterly Transaction Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;a. Contents
of Transaction Reports

Every access person must submit a quarterly transaction report to the Chief Compliance Officer for each covered securities transaction in any personal account. If the access person does not have any personal accounts, they are required to confirm to the CCO that they do not have any personal accounts. The report must contain, at a minimum, the following information for each transaction:

● the date of the transaction, the title, and the exchange ticker symbol or CUSIP number (as applicable), interest rate and maturity date, number of shares, and principal amount of each covered security involved;

● the nature of the transaction (i.e., purchase, sale, gift or any other type of acquisition or disposition);

---

| |
|:---|
| 4 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

● the price of the covered security at which the transaction was effected;

● the name of the broker, dealer or bank with or through which the transaction was effected; and

● the date on which the access person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;b. Timing
of Quarterly Transaction Reports

Each access person must submit a quarterly transaction report, substantially in the form attached hereto as COE Schedule 4,no later than 30 days after the end of each calendar quarter, which report must cover, at a minimum, all transactions that occurred during the preceding quarter.

&nbsp;&nbsp;&nbsp;&nbsp;c. Exceptions
to the Reporting Requirements

No access person is required to submit:

● Any report with respect to covered securities held in a personal account over which the access person had no direct or indirect influence or control (e.g., a blind trust).

● A quarterly transaction report with respect to transactions effected pursuant to an automatic investment plan (i.e., a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including any dividend reinvestment plans).

● A quarterly transaction report if the report would duplicate information contained in broker trade confirmations or account statements that Silk Invest holds in its records so long as Silk Invest receives such confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Insider Trading policy** 

Silk Invest strictly prohibits any employee from trading, either personally or on behalf of others, including Clients, on material non-public information or communicating material non-public information to others in violation of the law. This conduct is frequently referred to as "insider trading." The Firm's policy applies to every employee and extends to activities within and outside their duties at the Firm's principal office. Every employee must read and retain this policy statement.

An SEC rule states that insider trading is the purchase or sale of a security of any issuer, on the basis of material nonpublic information about that security or issuer, in breach of a duty of trust or confidence that is owed directly, indirectly, or derivatively to the issuer of

---

| |
|:---|
| 5 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

that security or the shareholders of that issuer or to any other person who is the source of the material nonpublic information.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

● trading by a corporate officer while in possession of material non-public information; or

● using material non-public information you agreed to keep confidential to trade in securities; or

● tipping confidential material non-public information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, any employee has any questions they should consult the CCO.

<u>Who is an Insider?</u>

The concept of "insider" is broad. It includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, Silk Invest may become a temporary insider of a company it advises or for which it performs other services.

According to the Supreme Court, the company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

<u>What is Material Information?</u>

Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that employees should consider material includes, but is not limited to:

● dividend changes;

● earnings estimates (or results);

● changes in previously released earnings estimates;

---

| |
|:---|
| 6 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

● significant merger or acquisition proposals or agreements;

● major litigation;

● liquidity problems; and

● extraordinary management developments;

● significant news about products.

Material information does not have to relate to a company's business. For example, in Carpenter v. U.S., 18 U.S. 316 (1987), the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

<u>What is Non-Public Information?</u>

Information is non-public if it has not been disseminated in a manner making it available to investors generally. Public disclosure is a submission to the SEC or methods of disclosure that are reasonably designed to provide broad, non-exclusionary distribution of the information to the public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, the Wall Street Journal or other publications of general circulation would be considered public.

<u>What is a Duty of Trust or Confidence?</u>

Company employees, officers and directors have a duty of trust or confidence. In addition, an SEC rule sets forth a non-exclusive list of three situations in which a person has a duty of trust or confidence. The three listed situations in which a person receives material non-public information in violation of a duty of trust or confidence are:

● whenever a person agrees to maintain information in confidence;

● when two people have a history, pattern, or practice of sharing confidences such that the recipient of the information knows or reasonably should know that the person communicating the material non-public information expects that the recipient will maintain the confidentiality of the information (this is a facts and circumstances test based on the expectation of the parties in light of their overall relationship); and when a person receives or obtains material non-public information from certain enumerated close family members: spouses, parents, children, and siblings.

● Employees of Silk Invest should be aware of the fact that this list is non-exclusive. In other words there are many other types of relationships, business and other, from which a duty of trust or confidence may be inferred. When a person has a duty of trust or confidence and trades or reveals material non- public information, that person violates that duty and the revealed information may be deemed to have been "misappropriated" for purposes of the misappropriation theory of insider trading liability.

---

| |
|:---|
| 7 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

<u>Tipping</u>

Tipping is the disclosure of material, nonpublic information to someone who trades, when the disclosure was made in violation of a duty of trust or confidence owed to the issuer or source or owner of the information. Tipping includes making recommendations, "signaling," or expressing opinions about trading while aware of material, nonpublic information, even if the information is not expressly revealed.

A "tipper" is a person who gives the information to another person who then trades; a "tippee" is the person that receives information and trades. The tippee violates the insider trading rules if: (a) the tipper breached a duty in disclosing the information, (b) the tipper acted for his personal benefit (whether monetary or not), and (c) the tippee knew or had reason to know that the tipper was breaching a duty of confidence. Reputational benefits or benefits derived from giving the information to others are considered personal benefits.

<u>Tender Offers</u>

Tender offers represent a particular concern under the insider trading laws for two reasons. First, tender offer activity often produces marked movements in the price of the target company's securities. Second, the SEC has adopted a rule expressly forbidding trading and "tipping" while in possession of material, nonpublic information about a tender offer where someone has taken a "substantial step" to commence the tender offer and you know or have reason to know that the information was received from the tender offeror, the target company, or anyone acting on behalf of either party. No breach of a duty of trust or confidence needs to occur for a violation to exist. Employees should exercise particular caution any time they become aware of nonpublic information relating to a tender offer.

If you believe you might be aware of material, nonpublic information relating to a tender offer, you should immediately notify the CCO and not use or further disclose the information. The CCO will advise you about the restrictions or limitations (if any) that may be imposed on your activities.

---

| |
|:---|
| 8 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

<u>Market Manipulation</u>

Silk Invest prohibits any member, officer, director or employee from engaging in rumor creation or dissemination involving knowingly putting false information into the market in order to artificially change the stock price of any publicly-traded security, or from engaging in fraud and manipulation with the intent to profit. This conduct is frequently referred to as market manipulation. The Firm's policy applies to every member, officer, director, and employee and extends to activities within and outside their duties at The Firm.

The term "market manipulation" is not specifically delineated in the federal securities laws, however the laws refer to the prohibition against creating and disseminating false or misleading statements, or to the prohibition against fraud and manipulation. Market manipulation is viewed as an emerging area of the law. The Securities and Exchange Commission has not pursued many such cases in the past because of the difficulty of tracing where a false rumor originates and of proving it was knowingly false. However, the increased use of technologies, such as email, instant messages, and other electronic communications, allow law enforcement officials to track down the origin of false rumors and provide evidence that they were knowingly false.

While the laws concerning market manipulation are not static, it is generally understood that the laws prohibit:

● Knowingly creating and/or disseminating information that is nonpublic, false or speculative without factual support.

● Disseminating information from unknown or unidentified sources.

<u>Penalties for Insider Trading</u>

Any violation of this policy statement can be expected to result in serious sanctions by the Firm, up to and including dismissal of the persons involved.

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include:

● civil injunctions;

● treble damages;

● disgorgement of profits;

● jail sentences or criminal penalties;

● fines for the person who committed the violation of up to three times the profit gain or loss avoided, whether or not the person actually benefited; and

● fines for the employer or other controlling person of up to the greater of $100,000 or three times the amount of the profit gained or loss avoided.

---

| |
|:---|
| 9 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **PROCEDURE FOR IMPLEMENTING THIS POLICY** 

The following procedures have been established to aid employees in avoiding insider trading, and to aid Silk Invest in preventing, detecting and imposing sanctions against insider trading. Every employee must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures, you should consult the Chief Compliance Officer ("CCO").

<u>Identifying Insider Information</u>

1. Before engaging in trading for Clients in the securities of a company about which you may have potential inside information, the following questions should be asked:

● Do you have non-public information? To whom has this information been provided? Has the information been effectively communicated to the marketplace by being published by the issuing company in an SEC filing or by a news organization such as Reuters, the Wall Street Journal or other publications of general circulation?

● Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed? Generally, you should not make a materiality decision alone. Consult the CCO. Assume information is material in all but a small number of cases, that is, when you have no doubt that information is not material.

2. If, after consideration of the above, there is a possibility that the information could be material and non-public, or if there are questions as to whether the information is material and non-public, the following steps should be taken:

● The matter should be reported immediately to the CCO.

● The securities should not be purchased personally or on behalf of a Client.

● The information should not be communicated inside or outside The Firm, other than to the CCO.

● After the CCO has reviewed the issue or consulted with outside parties, as appropriate (compliance consultants or lawyers), the prohibitions against trading and communication shall be continued or trading and communication of the information shall be permitted.

Restricting Access to Material Non-Public Information

If an employee believes he or she is in possession of information that may be material and non-public, such information may not be communicated to anyone, including persons within the Firm, except to persons or entities providing services to Silk Invest or Clients

---

| |
|:---|
| 10 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

where such information is required to effectively provide the services in question. Examples of such are:

● brokers;

● accountants or accounting support service firms;

● custodians;

● transfer agents;

● bankers; and

● lawyers

In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer files containing material non- public information should be restricted.

<u>Use of Consultants and Expert Networks</u>

Employees of Silk Invest have developed networks of industry contacts and experts which may include, but are not limited to, public company executives, analysts, broker-dealers, accountants, lawyers and other industry experts, other investment managers, and consultants, etc. ("Consultants"). Employees should be aware that these Consultants are deemed "high-risk" in terms of potentially being in possession of material and non-public information. At all times during any such interaction, employees of Silk Invest must refrain from obtaining or attempting to obtain material, non-public information from the Consultant. Such material, non-public information might include, but is not limited to, specific information on sales figures and margins.

You may not normally use a Consultant or outside firm to locate a Consultant unless a written agreement exists between Silk Invest and the Consultant or the locating company. Confirm with the CCO whether an agreement exists. The agreement will contain relevant covenants to prevent improper disclosure of material non-public information and will establish the Consultant's obligation to comply with the applicable securities laws.

Before any correspondence with a Consultant about the subject of the consultation, an employee must confirm with the CCO that the Consultant has satisfactorily answered in writing the pre-screening questions before any contact with the Consultant can occur. These are as follows:

● Do you agree not to disclose to us information that you have an obligation to keep confidential, and do you understand that we are an investment firm, that we may use information that you provide to us in connection with an investment decision, and that we would be seriously harmed if you provided us with confidential information?

---

| |
|:---|
| 11 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

● Are you currently, or have you been in the past six (6) months, an officer, director, or employee for any company named in the project title or description? If no company is mentioned in the project title or description, please answer "Not Applicable".

● Do you represent and warrant that you have agreed to the Terms & Conditions of [NAME OF FIRM or GROUP], ("Terms and Conditions") and that we as the [NAME OF COMPANY OR GROUP] Client has the right to enforce your compliance with the Terms and Conditions?

In the situation where Silk Invest may use an independent Consultant who is not associated with any entity that provides or arranges access to Consultants the employee must receive approval from the CCO or managing member before any correspondence with a Consultant about the subject of the consultation. If approval is granted, the employee must communicate the following disclaimer either by phone or email:

"Silk Invest buys and sells securities and collects information to assist us in making investment decisions. We do not wish to receive any confidential information that you are not authorized to provide to us, and we do not agree to keep confidential any information that you disclose to us, or to restrict our trading in any securities based on information that you provide to us. We expect and require that you will comply with any confidentiality obligations that you may have under the terms of any agreement to which you are a party, including any confidentiality agreement. Do you agree to these terms?"

If the Consultant expresses any reservations or questions, equivocates, or otherwise indicates that it cannot agree to any part of the language in this disclaimer, then the employee should promptly contact the CCO for guidance, and the employee must not have any other communication with the Consultant (other than as advised by the CCO).

<u>Resolving Issues Concerning Insider Trading</u>

If after consideration of the items discussed, doubt remains as to whether information is material or non-public, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the CCO before trading or communicating the information to anyone.

---

| |
|:---|
| 12 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Pre-Approval of Personal Trading and Prohibited Trades** 

Prior to effecting securities transaction for a personal account, all employees must obtain in writing, prior written approval from the Firm's Chief Compliance Officer in the case of:

● Securities or investments that are within the active universe of Silk Invest limited (i.e. Frontier Markets).

● Any securities or investments that are held by Silk Invest limited or the funds that it is advising.

● Any securities or investments that may constitute a conflict of interest.

● Issued in an initial public offering (i.e., an offering of securities registered under the Securities Act, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d)of the Exchange Act); or

● Issued in a limited offering (i.e., an offering that is exempt from registration under the Securities Act pursuant to Section 4(2), Section 4(6), Rule 504, Rule 505 or Rule 506 thereunder).

The Chief Compliance Officer will not approve any transaction in a security that is currently in the Firm's portfolio of securities that may be traded on behalf of clients.

Additionally, the Chief Compliance Officer must document all approvals (and the reasons supporting such approval),

Employees are prohibited from executing a securities transaction seven days (7) before and seven (7) days after which any investment company has a pending buy or sell order for that security until the fund's order is executed or withdrawn. Any trades within the blackout period are to be unwound or, in the alternative, all profits disgorged to the affected fund or to a designated charity.

Employees are prohibited from profiting in the purchase and sale, or sale and purchase, of any security that is defined in the above sections within the within 60 calendar days from the date of initial purchase (60 day hold). Any profits realized on such short-term trades will be disgorged.

Pre-Clearance approval will be good for two (2) business days from the time of the initial approval.

If the employee does not execute the trade within this two (2) business day time frame, a new pre-clearance approval will be required.

Prohibited Transactions in Mutual Fund

All employees are prohibited from engaging in short-term trading for their personal accounts in the shares of any open-end mutual fund (i.e., market timing). For purposes of the Code, the term "short- term trading" means any purchase and sale or sale and purchase of the shares of a mutual fund within a 30-day period, or such longer period as

---

| |
|:---|
| 13 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

may be specified by a mutual fund's prospectus In addition, all employees are prohibited from trading in the shares of a mutual fund in a manner inconsistent with a mutual fund's prospectus. This applies to personal accounts as well as client accounts managed by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Service on Boards of Directors and Other Outside Activities** 

An employee's service on the board of directors of an outside company, as well as other outside activities generally, could lead to the potential for conflicts of interest and insider trading problems, and may otherwise interfere with an employee's duties to the Firm.

Accordingly, employees are prohibited from serving on the boards of directors of any outside company, unless the service (i) would be in the best interests of Silk Invest and/or the clients and (ii) has been approved in writing by the Chief Compliance Officer. In addition, any employee serving on the board of a private company which is about to go public may be required to resign either immediately or at the end of the current term.

An employee must obtain approval in writing from the Chief Compliance Officer prior to (i) engaging in outside business ventures (such as consulting engagements or public/charitable positions); (ii) accepting any executorships, trusteeship or power of attorney (except with respect to a family member); and (iii) serving on a creditors committee except as part of the employee's duties at the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Gifts and Entertainment** 

In order to address conflicts of interest that may arise when an employee accepts or gives a gift, favor, entertainment, special accommodation, or other items of value, Silk Invest places restrictions on gifts and entertainment. The following specific restrictions apply.

Gifts.

No employee may receive any gift, service, or other item of more than de minimis value, which for purposes of the Code is set at $200, from any person or entity that does business with or on behalf of the Firm. No employee may give or offer any gift of more than that value to existing investors, prospective investors, or any entity that does

business with or on behalf of Silk Invest without the prior written approval of the Chief Compliance Officer.

Notwithstanding the foregoing, no employee may provide or accept gifts having an aggregate value of $200 per year to or from any person associated with a broker-dealer.

---

| |
|:---|
| 14 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

Entertainment.

No employee may provide or accept extravagant or excessive entertainment to or from an investor, prospective investor, or any person or entity that does or seeks to do business with or on behalf of the Firm. Employees may provide or accept a business entertainment event, such as a meal or a sporting event, of reasonable value, if the person or entity providing the entertainment is present. Any event that an employee reasonably expects to exceed a de minimis value must be approved in advance by the Chief Compliance Officer.

Cash.

No employee may give or accept cash gifts or cash equivalents to or from an investor, prospective investor, or any entity that does business with or on behalf of the Firm.

Government Officials.

No gift or entertainment event of any value involving government officials or their families may be given or sponsored by Silk Invest or any employee without the prior written approval of the Chief Compliance Officer.

Union Officials.

Special Department of Labor reporting requirements apply to service providers, such as investment advisors, to Taft-Hartley employee benefit plans. Those service providers must make annual reports detailing virtually all gifts and entertainment provided generally to unions, their officer, employees and agents, subject to a de minimis threshold. Accordingly, employees must receive pre-approval for gifts and entertainment provided to such persons.

Reporting.

Each employee must report to the Chief Compliance Officer any gifts or entertainment received in connection with the employee's employment that the employee reasonably believes exceeded the de minimis value. The Chief Compliance Officer may require that any such gift be returned to the provider or that an entertainment expense be repaid by the employee. The Chief Compliance Officer also will keep records of any gifts and entertainment so reported.

---

| |
|:---|
| 15 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

Solicited Gifts.

No employee may use his or her position with Silk Invest to obtain anything of value from a client, supplier, person to whom the employee refers business, or any other entity with which Silk Invest does business.

Referrals.

Employees may not make referrals to clients (e.g., of accountants, attorneys, or the like) if the employee expects to personally benefit in any way from the referral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII.** **Reporting Violations** 

Every employee must immediately report any violation of the Code to the Chief Compliance Officer. All reports will be treated confidentially and investigated promptly and appropriately. Silk Invest will not retaliate against any employee who reports a violation of the Code in good faith and any retaliation constitutes a further violation of the Code. The Chief Compliance Officer will keep records of any violation of the Code, and of any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII.** **Exceptions to the Code** 

The Chief Compliance Officer may, under very limited circumstances, grant an exception from the requirements of the Code on a case-by-case basis, provided that:

● The employee seeking the exception provides the Chief Compliance Officer with a written statement (i) detailing the efforts made to comply with the requirement from which the employee seeks an exception and (ii) containing a representation that compliance with the requirement would impose significant undue hardship on the employee;

● The Chief Compliance Officer believes that the exception would not harm or defraud a client, violate the general principles stated in the Code or compromise the employee's or the Firm's fiduciary duty to any client; and

● The employee provides any supporting documentation that the Chief Compliance Officer may request from the employee.

No exceptions may be made to the fundamental requirements contained in the Code that have been adopted to meet applicable rules under the Advisers Act, and the Investment Company Act of 1940.

---

| |
|:---|
| 16 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIV.** **Administration of the Code** 

The Chief Compliance Officer will receive and review all reports submitted pursuant to the Code. The Chief Compliance Officer will review the reports to determine that access person trades are consistent with requirements and restrictions set forth in the Code and do not otherwise indicate any improper trading activities. The Chief Compliance Officer also will ensure that all books and records relating to the Code are properly maintained.

The books and records required to be maintained include the following:

● A copy of the Code that is in effect, or at any time within the past five years was in effect; A record of any violation of the Code, and of any action taken as a result of the violation;

● A record of all written acknowledgements of receipt, review and understanding of the Code from each person who is currently, or within the past five years was, an employee;

● A record of each report made by an access person, including any brokerage confirmations and brokerage account statements obtained from access persons;

● A record of the names of persons who are currently, or within the past five years were,

● access persons; and

● A record of any decision, and the reasons supporting the decision, to approve the acquisition of an IPO or limited offering.

● A record of any exception from the Code granted by the Chief Compliance Officer, all related documentation supplied by the employee seeking the exception, and the reasons supporting the decision to grant the exception.

● These books and records must be maintained by Silk Invest in an easily accessible place for at least five years from the end of the fiscal year during which the record was created, the first two years in an appropriate office of the Firm.

Finally, Silk Invest is required to include a description of our Code in Part 2 of our Form ADV and, upon request, furnish investors in the clients with a copy of the Code. The Chief Compliance Officer will ensure that a proper description of our Code is included in the Form ADV and will coordinate the distribution of our Code to any investors who request a copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XV.** **Sanctions** 

Any violation of any provision of the Code may result in disciplinary action. The Chief Compliance Officer, in consultation with outside counsel, will determine an appropriate sanction. Disciplinary action may include, among other sanctions, a letter of reprimand, disgorgement, suspension, demotion or termination of employment.

---

| |
|:---|
| 17 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

---

| | |
|:---|:---|
| **Silk Invest Limited <br> 30 Churchill Place <br> E14 5RE<br> London<br> United Kingdom<br> Work+ 44 208 088 1040<br> www.silkinvest.com** | ![(LOGO)](si001_v1.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVI.** **Acknowledgment of Receipt and Compliance** 

Silk Invest will provide each employee with a copy of the Code and any amendments hereto. Any questions regarding any provision of the Code or its application should be directed to the Chief Compliance Officer. Each employee must provide Silk Invest with a written acknowledgement (in the form provided by the Firm) evidencing the fact that such employee has received and reviewed, and understands, the Code.

I acknowledge that I have received and reviewed the following forms and two additional conditions:

● Personal Account Dealing Declaration 1.0

● Code of Ethics 2.0

● Code of Ethics 3.0

● Code of Ethics 4.0

● Code of Ethics 5.0

● Code of Ethics 6.0

● Silk Invest Code of Ethics & Corporate Governance Thresholds Declaration 7.0

Reportable Transaction & Guidelines Violations: I confirm that I have not made any transactions that need to be reported or / nor violate any of the compliance guidelines of the firm

Affiliated Persons Trading Confirmation: I confirm that I have not invested in any securities that any of the fund and or portfolio holds. (If Not, please give details here:)

Silk Invest Limited Staff

Sign & Date:

Name:

Silk Invest Limited CCO

Sign & Date

Name: , CCO  

---

| |
|:---|
| 18 **\|** |
| Silk Invest is authorized and regulated by the UK FCA. |
| Silk Invest Limited is incorporated in England and Wales under number 6603042. |

---

## Ex-99.P

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;St. James Investment Company, LLC |
|  | **Code Of Ethics** |
|  | &nbsp;&nbsp;April 2022 |
| ![](us002_v1.jpg) | ![](us002_v1.jpg) |

---

*St. James Investment Company, LLC* <br> *Code of Ethics* <br>

The Investment Advisers Act of 1940 ("The Act") imposes a fiduciary duty on investment advisers. As a fiduciary, St. James Investment Company, LLC ("St. James," "SJIC," or the "Firm") has a duty of utmost good faith to act solely in the best interests of our clients. Our clients entrust us with their money and financial future which, in turn, places a high standard on our conduct and integrity. Our fiduciary duty compels all employees and other supervised persons (collectively, "Supervised Persons") to act with the utmost integrity in all our dealings. This fiduciary duty is the core principle underlying this Code of Ethics (the "Code") and represents the expected basis of all our dealings with our clients.

**<u>Standards of Conduct</u>**

This Code of Ethics consists of the following core principles:

1) The interests of clients will be placed ahead of the Firm's or any Supervised Person's own investment interests.

2) Supervised Persons are expected to conduct their personal securities transactions in accordance with the firm's *Personal Trading Policy* and will strive to avoid any actual or perceived conflict of interest with a client. Supervised Persons with questions regarding the appearance of a conflict with a client should consult with the Chief Compliance Officer ("CCO") before taking action that may result in an actual conflict.

3) Supervised Persons may not take inappropriate advantage of their position within the firm.

4) Supervised Persons are required to act in the best interest of each of our clients.

5) Supervised Persons are required to comply with federal securities laws. Strict adherence to these policies and other policies and procedures of the Firm will assist the Supervised Person in complying with this important requirement.

As part of the required standards of conduct, Supervised Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To
 defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To
 mislead such client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To
 engage in any act, practice, or course of conduct, which operates, or would operate, as a
 fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To
 engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) To
 engage in any manipulative practice with respect to securities, including price manipulation.

As a fiduciary, St. James Investment Company has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of its clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise, with respect to any client.

**<u>Conflicts of Interest</u>**

*Conflicts Among Client Interests.* Conflicts of interest may arise where the Firm, or its Supervised Persons, has reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts in which Supervised Persons have made material personal investments, accounts of close friends or relatives of Supervised Persons). Favoritism of one group of clients over another is prohibited under the Code.

---

| | |
|:---|:---|
| April 29, 2022 | Page **1** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

 *Competing with Client Trades.* The Code prohibits Access Persons from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly or indirectly, as a result of such transactions, including by purchasing or selling such securities.

*Disclosure of Personal Interest.* Investment personnel are prohibited from recommending, implementing or considering any securities transaction for a client without first disclosing any material beneficial ownership, business or personal relationship, or other material interest in the issuer or its affiliates, to an appropriate designated person. This designated person for St. James Investment Company shall be the Chief Compliance Officer. If such designated person deems the disclosed interest to present a material conflict, the investment personnel may not participate in any decision-making process regarding the securities of that issuer.

**<u>Confidentiality</u>**

All information about clients (both current and former), or prospective clients, is confidential and must be kept in strict confidence, including the client's identity (unless the client consents), financial situation, securities holdings, and advice furnished to the client by the Firm.

**<u>Protection of Material Nonpublic Information</u>**

As more fully discussed within our Privacy Policy and Policies & Procedures Manual, Supervised Persons are expected to exercise diligence and care in maintaining and protecting our clients' nonpublic, confidential information.

Supervised Persons are also required not to divulge information regarding St. James Investment Company's securities recommendations or client securities holdings to any individual outside of the Firm, except:

1) As necessary to complete transactions or account changes (for example, communications with brokers and custodians);

2) As necessary to maintain or service a client or his/her account;

3) With various service providers providing administrative functions for St. James Investment Company (such as our technology service provider), only after we have entered into a contractual agreement that prohibits the service provider from disclosing or using confidential information except as necessary to carry out its assigned responsibilities and only for that purpose; or

4) As permitted or required by law.

**<u>Personal Conduct</u>**

As noted above, Supervised Persons are expected to conduct themselves with the utmost integrity and to avoid any actual, or perceived, conflict of interest with our clients. In this spirit, the following are required of Supervised Persons:

**Gifts and Entertainment**

<u>Receipt of Gifts</u>: Supervised Persons are prohibited from receiving any gift, gratuity, hospitality or other offering of more than *de minimis* value (*de minimis* is described as $100), on an annual basis, from any person or entity doing business with St. James Investment Company. This gift policy generally excludes items or events where the Supervised Person has reason to believe there is a legitimate business purpose, or gifts such as holiday baskets or lunches delivered to St. James' office, which are received on behalf of the Firm.

---

| | |
|:---|:---|
| April 29, 2022 | Page **2** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

<u>Receipt of Entertainment</u>**:** Supervised Persons may attend business meals, sporting events and other entertainment events, at the expense of a giver, provided that the entertainment is not lavish or extravagant in nature. If the estimated cost or value of the Supervised Person's portion of the entertainment is greater than $500, per event, the Supervised Person must report his/her attendance to the CCO.

<u>Gift and Entertainment Giving Policy</u>**:** SJIC and its Supervised Persons are prohibited from giving gifts or entertainment that may appear lavish or excessive, and Supervised Persons must disclose any gifts or entertainment, in excess of $500, per event, to any client, prospect, or individual or entity that SJIC does, or is seeking to do, business with, to the CCO.

<u>Gifts and Entertainment Given to Union Officials</u>**:** Any gift or entertainment given by SJIC, or a Supervised Person, to a labor union, or a union official, in excess of $250 per fiscal year must be reported on Department of Labor Form LM-10 within 90 days following the end of SJIC's fiscal year. Consequently, all gifts and entertainment provided to labor unions or union officials must be reported to the CCO, regardless of amount.

<u>Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"</u>**:** The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. SJIC, and its Supervised Persons, must comply with the spirit and the letter of the FCPA at all times. Supervised Persons must obtain pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA except food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.

<u>Gifts and Entertainment Given to ERISA Plan Fiduciaries</u>**:** SJIC is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, all gifts and entertainment provided to ERISA plan fiduciaries must be reported to the CCO, regardless of amount.

**Charitable Contributions**

The FINRA and the New York Stock Exchange have jointly issued guidance on the solicitation of substantial charitable contributions by customer representatives acting in a fiduciary capacity. FINRA Notice to Members 06-21 (May 2006); NYSE Information Memo 06-27 (May 3, 2006). The guidance addresses the conflict that arises when employees of a customer acting in a fiduciary capacity (e.g., employees of an investment company, pension fund or investment manager) solicit substantial charitable contributions from members with whom they conduct or intend to conduct business.

The FINRA and NYSE have encouraged their respective members to establish written procedures concerning their charitable giving. While the SEC has not adopted any regulation, or provided other guidance specific to charitable contributions, SJIC has established this policy and procedures to monitor potential conflicts of interest that may arise when giving or soliciting charitable donations.

---

| | |
|:---|:---|
| April 29, 2022 | Page **3** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

SJIC Supervised Persons are strictly prohibited from soliciting charitable contributions from broker-dealers or other third-parties who provide, or seek to provide, services to the Firm or its clients, regardless of intent. Donations by SJIC, or its Supervised Persons, to charities with the intention of influencing such charities or their sponsors or affiliates to become clients are also prohibited. Any Supervised Person who makes a charitable contribution, above $1,000 (either in one single donation or aggregate on an annual basis), must disclose the donation to the CCO, and make sure it is logged in SJIC's PTCC (Personal Trading Control Center) system.

**Political Contributions**

**Background Information**

Rule 206(4)-5 (the "Pay-to-Play Rule") limits political contributions to state and local government officials, candidates, and political parties by:

● Registered investment advisers;

● Firms that solicit clients or investors on behalf of the types of advisers described above; and

● "Covered associates" (as defined below) of the entities listed above.

The Pay-to-Play Rule defines "contributions" broadly to include gifts, loans, the payment of debts, and the provision of any other thing of value. Rule 206(4)-5 also includes a provision that prohibits any indirect action that would be prohibited if the same action was done directly.

The Pay-to-Play Rule prohibits the receipt of compensation from a government entity for advisory services for <u>two years</u> following a contribution to any official of that "government entity".<sup>1</sup> This prohibition also applies to "covered associates" of the adviser.

A "covered associate" of an adviser is defined to include:

● Any general partner, managing member or executive officer, or other individual with a similar status or function;

● Any employee that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and

● Any political action committee controlled by the adviser or by any person that meets the definition of a "covered associate."

However, there is an exception available for contributions from natural persons of $150 per election, or $350 per election if the contributor is eligible to vote in the election. An exception is also available for otherwise prohibited contributions that are returned, so long as the contribution in question is less than $350, is discovered within four months of being given, and is returned within 60 days of being discovered. The exception for returned contributions is available no more than twice per calendar year for advisers with 50 or fewer employees; advisers with more than 50 employees can rely on this exception three times per calendar year. However, an adviser

<sup>1</sup> A government entity means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision, (ii) a pool of assets sponsored or established by the state or political subdivision or agency, (iii) a plan or program of a government entity; and (iv) officers, agents or employees of the state or political subdivision or agency.

---

| | |
|:---|:---|
| April 29, 2022 | Page **4** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

cannot rely on the exception for returned contributions more than once for any particular employee, irrespective of the amount of time that passes between returned contributions.

The restrictions on contributions and payments imposed by Rule 206(4)-5 can apply to the activities of individuals for the two years before they became covered associates of an investment adviser. However, for covered associates who are not involved in soliciting clients or investors, the look-back period is six months instead of two years.

The Pay-to-Play Rule prohibits the compensation of any person to solicit a government entity unless the solicitor is an officer or employee of the adviser, or unless the recipient of the compensation (i.e., solicitation fee) is another registered investment adviser or a registered broker/dealer.

However, a registered investment adviser will be ineligible to receive compensation for soliciting government entities if the adviser or its covered associates made, coordinated, or solicited contributions or payments to the government entity during the prior two years.

The Pay-to-Play Rule prohibits an adviser and its covered associates from coordinating or soliciting any contribution or payment to an official of the government entity, or a related local or state political party.

**St. James Policy**

Political contributions by SJIC, or Supervised Persons, to politically connected individuals or entities, which include officials of government entities, with the intention of influencing such individuals or entities for business purposes are strictly prohibited.

Supervised Persons must disclose any political contributions made to any state or local government entity, official, candidate, political party, or political action committee, to the CCO upon commencement of the performance of services for SJIC and on a quarterly basis. The CCO will consider whether the contribution is consistent with restrictions imposed by Rule 206(4)-5, and to the extent practicable, the CCO will seek to protect the confidentiality of all information regarding each contribution.

The CCO will meet with any individuals who are expected to become "covered associates" to discuss their past political contributions. The review will address the prior six months for potential covered associates who will have no involvement in the solicitation of clients; contributions for all other potential covered associates will be reviewed for the past two years. The CCO will prepare a memorandum documenting the discussion's scope and findings, which will be signed by the CCO and by the individual in question and will be retained by the CCO.

Supervised Persons must use good judgment in connection with all contributions and should consult with the CCO if there is any actual or apparent question about the propriety of a potential contribution.

The CCO will maintain a chronological list of contributions in accordance with the requirements of the Pay-to- Play Rule in Personal Trading Control Center (PTCC).

**Serving as Directors, Trustees, and/or Officers of Outside Organizations**

Supervised Persons may serve as directors, trustees or officers of outside organizations. These organizations can include public or private corporations, partnerships, charitable foundations and other not-for-profit institutions. Supervised Persons may also receive compensation for such activities.

---

| | |
|:---|:---|
| April 29, 2022 | Page **5** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

As an outside board member or officer, a Supervised Person may come into possession of material non-public information about the outside company, or other public companies. It is critical that a proper information barrier be in place between SJIC and the outside organization, and that the Supervised Person does not communicate such information to other Supervised Persons in violation of the information barrier.

Similarly, SJIC may have a business relationship with the outside organization or may seek a relationship in the future. In those circumstances, the Supervised Person should not be involved in the decision to retain or hire the outside organization.

Supervised Persons must obtain approval from the CCO for any position in an outside organization, prior to accepting that position. Supervised Persons will be allowed to serve in an outside organization only if any conflict of interest issues can be satisfactorily resolved, and all of the necessary disclosures are made on Part 2B of Form ADV.

**Outside Business Activities**

Any Supervised Person who engages in business activities outside of St. James must, if requested, provide periodic reports to the CCO summarizing those activities. Supervised Persons are required to request approval, from the CCO, to participate in any new outside business activity. A list of each Supervised Person's outside business activities will be maintained in PTCC. Supervised Persons are required to certify that all of their outside business activities have been disclosed, on an annual basis.

**Dealings with Government and Industry Regulators**

SJIC's policy forbids payments of any kind by it, its Supervised Persons, or any agent or other intermediary to any government official, self regulatory official, corporation or other similar person or entity, within the United States or abroad, for the purpose of obtaining or retaining business, or for the purpose of influencing favorable consideration of any application for a business activity or other matter. This policy covers all types of payments, even to minor government officials and industry regulators, regardless of whether the payment would be considered legal under the circumstances. This policy encourages Supervised Persons to avoid even the appearance of impropriety in their dealings with industry and government regulators and officials.

It is expected, and required, that all Supervised Persons fulfill their personal obligations to governmental and regulatory bodies. Those obligations include the filing of appropriate federal, state and local tax returns, as well as the filing of any applicable forms or reports required by regulatory bodies.

All Supervised Persons are required to cooperate fully with management in connection with any internal, or independent, investigation and any claims, actions, arbitrations, litigations, investigations or inquiries brought by or against SJIC. Supervised Persons are expected, if requested, to provide SJIC with reasonable assistance including, but not limited to, meeting or consulting with SJIC and its representatives, reviewing documents, analyzing facts, and appearing or testifying as witnesses or interviewees or otherwise.

**Involvement in Litigation or Proceedings**

Supervised Persons must advise the CCO, immediately, if they become involved in, or threatened with, litigation or an administrative investigation or proceeding of any kind, are subject to any judgment, order, or arrest, or are contacted by any regulatory authority.

---

| | |
|:---|:---|
| April 29, 2022 | Page **6** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

**Annual Acknowledgement**

New Supervised Persons must acknowledge they have read, and they understand and agree to comply with, this Code of Ethics and the Personal Securities Transactions Policy, below. All Supervised Persons are required to acknowledge as such in connection with the firm's annual policy acknowledgement process or in the case of any material changes that are communicated throughout the year. The certification will be executed and archived through Personal Trading Control Center (PTCC).

**<u>Personal Securities Transactions Policy</u>**

Supervised Persons may not purchase or sell any security in which the Supervised Person has a beneficial interest, unless the Supervised Person has complied with the Personal Securities Transactions Policy, set forth below. SJIC's Personal Securities Transactions Policy is designed to not only ensure its technical compliance with Rule 204A-1, but, also, to mitigate any potential material conflicts of interest associated with Supervised Persons' personal trading activities. SJIC will closely monitor Supervised Persons' investment patterns to detect the following abuses:

● Trading opposite of client trades; and

● Front-Running client accounts, which is a practice generally understood to be Supervised Persons personally trading ahead of clients.

**Matters to Consider Before a Supervised Person Places a Trade**

1) Whether the amount or nature of the transaction will affect the price or market for the security;

2) Whether the Supervised Person will benefit from purchases or sales being made for any client;

3) Whether the transaction is likely to harm any client; and

4) Whether there is an appearance or suggestion of impropriety.

**Personal Trading Restrictions - Preclearance**

All Supervised Persons must receive approval prior to engaging in a transaction in a "Covered Security", including private securities transactions, limited offerings (with the exception of IPOs, which are prohibited), and trades in mutual funds or ETFs sub-advised by SJIC. All personal employee trades must be entered into the PTCC (Personal Trading Control Center) system prior to execution. Approval or denial of the request will be communicated via e-mail to the Supervised Person once the trade is designated as "allowed" or "denied" by the CCO. Once a trade request has been approved, it is valid until 11:59 PM Eastern Time, that day.

Should a Supervised Person request to purchase or sell a security that is also held in one of St. James' Composites, he or she may do so, after approval, only during the last 30 minutes the market is open. Trades may also be executed in a block trade with client accounts, so that the Supervised Person receives the same price execution as the client. Personal accounts of the Supervised Person include all accounts for family members living within the Supervised Person's household and accounts over which the Supervised Person has authority even though the account owner does not live within the same household as the Supervised Person.

It is the Supervised Person's responsibility to know which securities are being traded by the Firm. The Supervised Person should consult with the CCO to determine whether a security is an appropriate purchase by the Supervised Person. Robert Mark will approve/monitor the CCO's personal securities transactions for compliance with the Personal Trading Policy.

---

| | |
|:---|:---|
| April 29, 2022 | Page **7** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

**Acceptable Personal Trades**

The following forms of securities are not Covered Securities and may be freely held or traded by Supervised Persons, without regard for the Personal Trading Restrictions described above, however they must be entered into the PTCC system. For these reasons, the following securities are considered safest, from a regulatory perspective, for a Supervised Person to purchase, sell, or hold – both from the Firm and Supervised Person's perspective. Supervised Persons are therefore encouraged to conduct their personal transactions within the following types of securities:

1) Shares of open-end mutual funds, other than mutual funds advised, or sub-advised, by SJIC (note: trades in closed-end mutual funds or exchange traded funds must follow the *Personal Trading Restrictions* requirements described above);

2) Shares of any money market fund;

3) Direct obligations of the United States Government;

4) Money market instruments, including bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high-quality short-term debt; and

5) Securities that are not in the current St. James models/Composites.

**Prohibited Transactions**

Supervised Persons are strictly prohibited from engaging in short-term trades of mutual fund shares, as to avoid even the appearance of market-timing activities. All Supervised Persons are also strictly prohibited from investing in an initial public offering ("IPO").

**Reportable Securities**

SJIC requires Supervised Persons to provide periodic reports (See the Reporting section) regarding transactions and holdings in any Security, with the exception of the following Exempted Securities:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

● Shares issued by money market funds;

● Interests in 529 college savings plans;

● Shares issued by open-end funds other than Reportable Funds; and

● Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

PLEASE NOTE: SUCH EXEMPTION DOES NOT APPLY TO SHARES OF OPEN-END MUTUAL FUNDS THAT ARE ADVISED BY SJIC OR ARE OTHERWISE AFFILIATED WITH SJIC. EMPLOYEES MUST PRE-CLEAR AND REPORT ANY PERSONAL TRANSACTION IN A REPORTABLE FUND.

---

| | |
|:---|:---|
| April 29, 2022 | Page **8** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

**<u>Reporting</u>**

In order to maintain compliance with Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, SJIC must collect three reports from Supervised Persons that include transaction and holding information regarding their personal trading activities. The reports, as described in further detail below, are: 1. Quarterly Transaction Reports; 2. Initial Holdings Reports; and 3. Annual Holdings Reports. Supervised Persons' records will be maintained for a minimum of five years.

Supervised Persons are required to report securities transactions and holdings for all accounts in which the Supervised Person has a direct or indirect beneficial ownership interest. This includes personal securities information of any family member living within the same household as the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Quarterly Transaction Reports** 

Each Supervised Person must submit, to the CCO, a quarterly report of personal securities transactions in which the Supervised Person had a direct or indirect beneficial ownership interest, as discussed above, as well as any new securities accounts that they have opened during the quarter. *This quarterly report is due 30 calendar days following each calendar quarter-end, and the report should be submitted using Personal Trading Control Center (PTCC)*.** Currently, all Supervised Person accounts are downloaded into PTCC on a contemporaneous basis, in order to fulfill this requirement.

Security information to be included on this quarterly transaction report is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Trade
 Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Security
 Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Security
 Identification information, including as appropriate: ticker symbol or CUSIP number, interest
 rate and maturity date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Number
 of Shares or Par

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Type
 of Transaction (Purchase, Sale or Other)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Principal
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Broker
 Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Account
 Number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Date
 of Report

Each Supervised Person is also required to report any new accounts that were opened in which any securities were held, as soon as practicable. The report will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 name of the broker-dealer or bank with whom the Supervised Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 date the report is submitted by the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Initial Holdings Reports** 

Within **10 days** of becoming a Supervised Person of St. James Investment Company, such persons are required to provide a report of all personal securities holdings, including holdings in automatic investment plans, to the CCO. The report must reflect holdings information as of a date no more than **45 days** prior to the commencement date of the Supervised Person's employment or performance of services.

---

| | |
|:---|:---|
| April 29, 2022 | Page **9** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Holdings Reports** 

Employees are required to provide the CCO with a complete list of securities and securities accounts, on an annual basis, on or before February 14th of each year. The report shall be current as of December 31st.

Information to be included on the holdings reports is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Security
 Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Security
 Type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ticker
 Symbol or CUSIP number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Number
 of Shares or Par

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Principal
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Broker
 or Bank Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Account
 Number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Date
 of Report

**Exceptions from Reporting Requirements**

There are limited exceptions from certain of the three (3) reporting requirements noted above. Specifically, an Employee is not required to submit:

● Information for any transactions effected pursuant to an automatic investment plan.

● Any of the three (3) reports (Quarterly Transaction Reports, Initial Holdings and Annual Holdings Reports) with respect to securities held in securities accounts over which the Employee had no direct or indirect influence or control. Note however, that the CCO may request that an Employee provide documentation to substantiate that the Employee had no direct or indirect influence or control over the Securities Account (e.g., investment advisory agreement, etc.).

The CCO will determine, on a case-by-case basis, whether an account qualifies for either of the aforementioned exceptions.

**<u>Review of Personal Transaction Reports</u>**

The CCO will generally consider the following factors when reviewing reportable security holdings and transactions.

● Whether the investment opportunity should be directed to a client's account;

● Whether the amount or nature of the transaction affected the price or market for the security;

● Whether the Supervised Person benefited from purchases or sales being made for clients;

● Whether the transaction harmed any client; and

● Whether the transaction has the appearance of impropriety.

If SJIC discovers that a Supervised Person is personally trading contrary to the policies set forth above, the Supervised Person will be requested to meet with the CCO to review the facts surrounding the transactions.

**<u>Record Keeping Requirements</u>**

St. James Investment Company will keep the following records for a period of five years from the end of the most recent fiscal year end regarding this Code of Ethics:

---

| | |
|:---|:---|
| April 29, 2022 | Page **10** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

● Historic copies of this Code of Ethics and Personal Trading Policy;

● Historic listings of all Supervised Persons subject to this Code of Ethics, as well as persons responsible for reviewing access persons' reports currently, and during the previous five years;

● Supervised Persons' written acknowledgements of receipt of the Code of Ethics;

● Violations of the Code of Ethics, and records of actions taken as a result of the violations;

● All personal transaction reports and/or copies of brokerage statements

● A record of approvals of the acquisition of securities by access persons in limited offerings for five years after the end of the fiscal year in which approval was granted.

**<u>Code of Ethics Violations</u>**

All Supervised Persons are required to report, promptly, any violation of this Code to the CCO (including the discovery of any violation committed by another Supervised Person). Examples of items that should be reported include, but are not limited to, noncompliance with federal securities laws, conduct that is harmful to clients, and purchasing securities contrary to the Personal Trading Policy. Such violations will be reported to the CCO, or Managing Member, on a timely basis.

Supervised Persons are encouraged to report any violations or apparent violations. Such reports by Supervised Persons will not be viewed negatively by management, even if the reportable event, upon further review, is determined to not be a violation, and the CCO and/or Managing Member determined the Supervised Person reported such apparent violation in good faith. SJIC's senior management is aware of the potential matters that may arise as a result of this requirement and shall take action against any Supervised Person that seeks retaliation against another for reporting violations of the Code of Ethics.

If any violation of SJIC's Personal Securities Transactions Policy is determined to have occurred, the CCO may impose sanctions and take such other actions, including, without limitation, requiring that the trades in question be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause, or any combination of the foregoing. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations. Any profits or gifts forfeited shall be paid to the applicable client(s), if any, or given to a charity, as the CCO shall determine is appropriate.

**<u>Administration and Enforcement of the Code</u>**

**Training and Education**

St. James Investment Company has designated the Chief Compliance Officer as the individual responsible for training and educating Supervised Persons regarding the Code. The CCO is required to provide Supervised Persons with a copy of this Code of Ethics, at least annually, and any amendments to it, promptly. Training will occur periodically, and all Supervised Persons are required to attend any training and read all applicable materials.

---

| | |
|:---|:---|
| April 29, 2022 | Page **11** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

**Annual Review**

The Chief Compliance Officer must review, at least annually, the adequacy of the current Code as well as the effectiveness of its implementation, and report to senior management. All material violations should be brought to the attention of senior management, as well, in a timely manner.

**Sanctions**

Violations of the Code may result in disciplinary action against the Supervised Person. The disciplinary action will be whatever the Chief Compliance Officer and/or Manager deem appropriate given the situation, and may include a written warning, fines, suspension, demotion, or termination of employment. Violations may also be referred to civil or criminal authorities where appropriate.

No Supervised Person shall participate in a determination of whether he or she has committed a violation of the Code of Ethics or in the imposition of any sanction against himself or herself.

**<u>The Code Covers All Supervised Persons</u>**

The Code covers all "Supervised Persons." In addition, a subset of these Supervised Persons, known as "Access Persons", must comply with specific reporting requirements.

*Supervised Persons* include:

● Directors, officers, and members of the adviser (or other persons occupying a similar status or performing similar functions);

● Employees of the adviser; and

● Any other person who provides advice on behalf of the adviser and is subject to the adviser's supervision and control.

*Access Persons* include any supervised person who:

● Has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any fund the adviser or its control affiliates manage; or

● Is involved in making securities recommendations to clients or has access to such recommendations that are nonpublic.

Because the Firm's primary business is providing investment advice, all of the Firm's directors, officers and partners are presumed to be access persons.

*Family members*. For purposes of personal securities reporting requirements, terms such as "employee," "account," "supervised person," and "access person" are defined to also include the person's immediate family (including any relative by blood or marriage living in the Supervised Person's household), and any account in which he or she has a direct or indirect beneficial interest (such as a trust). Personal securities reporting requirements do not include other individuals living in the employee's household, but employees should be cognizant of the confidentiality of the business of the adviser. Information should not be shared with others in their circle of home, friends or family.

---

| | |
|:---|:---|
| April 29, 2022 | Page **12** of **13** |

---

*St. James Investment Company, LLC* <br> *Code of Ethics*

**<u>Additional Definitions</u>**

**Automatic Investment/Dividend Reinvestment Plan.** Program in which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

**Beneficial Ownership.** Interpreted in the same manner as it would be in determining whether a person has beneficial ownership of a security for purposes of Section 16 of the Securities Exchange Act of 1934. Any report may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates.

**Federal Securities Laws.** Securities Act of 1933; Securities Exchange Act of 1934; Sarbanes Oxley Act of 2002; Investment Company Act of 1940; Investment Advisers Act of 1940; Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the Commission or the Department of the Treasury.

**Investment Personnel.** Any employee (or natural person who controls the Fund or Adviser) who makes or participates in making recommendations regarding the purchase or sale of securities.

**IPO.** An offering of securities registered under the Securities Act of 1933, the issuer of which immediately before registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

**Limited Offering.** An offering exempt from registration under the Securities Act of 1933.

**Reportable Fund.** Any Fund for which the Adviser serves as investment adviser as defined in the Investment Company Act of 1940. Any Fund whose investment adviser controls, is controlled or is under common control with the Adviser.

---

| | |
|:---|:---|
| April 29, 2022 | Page **13** of **13** |

---

## Ex-99.P

![(ETC LOGO)](us003_v1.jpg)

**<u>EXCHANGE TRADED CONCEPTS, LLC</u>**

**<u>CODE OF ETHICS/PERSONAL TRADING POLICY</u>**

**Adopted: January 2023**

This Code of Ethics (the "Code") is the sole property of Exchange Traded Concepts, LLC and ETC Platform Services, LLC ("Exchange Traded Concepts" or "ETC" or the "Firm") (defined below in the Code) and must be returned to the Firm upon termination for any reason of an Employee's association with the Firm. The contents of this Code are strictly confidential. Employees (defined below) may not duplicate, copy or reproduce this Code in whole or in part or make it available in any form to non-Employees without prior approval in writing from the Firm's Chief Compliance Officer ("CCO") (defined below).

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

**<u>Introduction</u>**

Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") to establish, maintain and enforce a written code of ethics which meets the minimum requirements stated in the Rule. This Code of Ethics/Personal Trading Policy ("the Code") is intended to meet the requirements of the Advisers Act.

This Code of Ethics (the "Code") is applicable to all Access Persons (as defined below) of the Firm with respect to such activities and conduct on behalf of Exchange Traded Concepts, LLC or ETC Platform Services, LLC.

Exchange Traded Concepts, LLC (the "Adviser") is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). It serves as investment adviser to multiple series trusts ("the Trusts") as well as a subadviser to additional series.

ETC Platform Services, LLC ("ETCPS") is a service provider to the funds that provides non-advisory services.

Collectively, Exchange Traded Concepts, LLC and ETCPS shall be referred to as ("Exchange Traded Concepts", the "Firm" or "ETC")

Certain personnel are dual-hatted and work for both entities. All employees of ETC are considered Access Persons and must comply with all requirements in ETC's Code of Ethics.

The Code does not attempt to serve as a comprehensive outline regarding employee conduct, but rather to establish general rules of conduct and procedures applicable to all Access Persons.

The Code should be kept at hand for easy reference. Any questions regarding this Code, or other compliance issues, must be directed to the Chief Compliance Officer of ETC (the "CCO" defined below). The CCO is responsible for administering and implementing this Code. ETC expects Access Persons to be thoroughly familiar with the Firm's standards and procedures as set forth herein. In order to make it easier to review and understand the standards and procedures, a few commonly used terms are defined below.

**DEFINITIONS**

"**Access Person**," as defined in the Advisers Act, means any Employee, or supervised person, of the Firm who has access to non-public information regarding Clients' investments, including the purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client; is involved in making investment and Securities recommendations to Clients or who has access to such recommendations that are non-public; is a director, officer or partner of the Firm.

"**Advisers Act**" means the Investment Advisers Act of 1940, as amended.

"**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan or "DRIP".

"**Beneficial Ownership**" is interpreted in the same manner as it would be under Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person has

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

beneficial ownership of a security for purposes of Section 16 of the Exchange Act and the rules and regulations thereunder. Generally, you will be treated as the "beneficial owner" of a security under this policy only if you have a direct or indirect pecuniary interest in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 direct pecuniary interest is the opportunity, directly or indirectly, to profit, or to share
 the profit, from the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An
 indirect pecuniary interest is any non-direct financial interest, but is specifically defined
 in the rules to include securities held by members of your immediate family sharing the same
 household. An Access Person's "immediate family" includes a spouse, minor
 children and adults living in the same household as the Access Person.

● Securities held by a partnership of which you are a general partner;

● Securities held by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you have or share investment control with the trustee;

● Equity securities which may be acquired upon exercise of an option or other right, or through conversion.

● For interpretive guidance on this test, you should consult counsel.

"**Chief Compliance Officer**" or "**CCO**" means Dennis Lowenfels or such other person as may be designated from time to time.

"**Client**" means any fund to which the Firm provides investment advisory or management services.

"**Covered Account**" means a personal investment or trading account of an Employee or Access Person or related account (this may include, but is not limited to, an account for which an Employee or Access Person is a trustee or custodian, a spousal account, any account of an Employee or Access Person's children or any account for an individual who relies on the Employee or Access Person for material support) in which an Employee or Access Person has any direct or indirect beneficial ownership interest, an investment or trading account over which an Employee or Access Person exercises control or provides investment advice, or a proprietary investment or trading account maintained for the Firm or its employees. Specifically, Covered Account includes:

&nbsp;&nbsp;&nbsp;&nbsp;a) Trusts
 for which an Employee or Access Person acts as trustee, executor, custodian or discretionary
 manager;

&nbsp;&nbsp;&nbsp;&nbsp;b) Accounts
 for the benefit of the Employee's or Access Person's spouse or minor child;

&nbsp;&nbsp;&nbsp;&nbsp;c) Accounts
 for the benefit of a relative living with the Employee or Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;d) Accounts
 for the benefit of any person who receives material financial support from the Employee or
 Access Person.

Covered Account does NOT include any account that does not hold Reportable Securities, such as cash accounts or 401k accounts that only hold open-end mutual funds, money market funds, direct obligations of the U.S. federal government, bank certificates of deposit, commercial paper and repurchase agreements.

"**Covered Securities**" means a security defined in section 202(a)(18) of the Advisers Act. Covered Securities include:

● Stocks

● Bonds

● Futures

● Exchange Traded Funds

● Investment contracts

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

● Options on securities

● Options on indexes and options on currencies,

● Limited partnerships (of any kind)

● Foreign unit trusts

● Private Equity

● Private investment funds

● Hedge funds

● Investment clubs

Covered securities <u>do not</u> include:

● Direct obligations of the U.S. government (e.g. treasury securities)

● Bankers acceptances

● Bank certificates of deposit

● Commercial paper

● High quality short-term debt obligations - including repurchase agreements

● Open-End Mutual Funds

● Money Market Funds

Crypto currencies

"**Discretionary Managed Account**" means an account for which the Employee has designated investment discretion entirely to a third party. In such account, the Employee cannot exercise any investment discretion in the purchase or sale of securities.

"**Employee**" means any "supervised person" of ETC, as defined under the Advisers Act to be any partner, officer, director (or other person occupying a similar status or performing similar functions), employee, or other person who provides investment advice on behalf of ETC and is subject to the supervision and control of ETC.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Federal Securities Laws**" means the Securities Act of 1933 (the "1933 Act"), the Exchange Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

"**Firm**" means Exchange Traded Concepts, LLC or Exchange Traded Concepts or ETC.

"**Initial Public Offering**" means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

"**Legal**" means the legal department of Exchange Traded Concepts

"**Limited Offering**" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the 1933 Act.

"**Private Placement**" shall mean an offering of Securities that is exempt from registration under the Section 4(2) or Section 4(6) of the Securities Act of 1933, as amended ("Securities Act"); or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Purchase or Sale of a Security**" includes, among other things, the writing of an option to purchase or sell a security.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

"**Reportable Fund**" means: (i) any fund for which Exchange Traded Concepts serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act (including Funds of the Trust); or (ii) any fund whose investment adviser or principal underwriter controls Exchange Traded Concepts, is controlled by Exchange Traded Concepts, or is under common control with Exchange Traded Concepts.

"**Reportable Security**" means any security except open-end mutual funds, money market funds, direct obligations of the U.S. federal government, municipal securities, bank CDs, bankers acceptances, commercial paper and repurchase agreements.

"**Security**" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**"Senior Management"** means J. Garrett Stevens, Rich Hogan and Jay Baker

**<u>STANDARDS OF CONDUCT</u>**

The reputation of Exchange Traded Concepts, LLC ("Exchange Traded Concepts") is based on our employees acting in an ethical manner with honesty, integrity and professionalism. That reputation is a vital business asset. Exchange Traded Concepts expects that its employees will perform their duties and conduct their personal investment activities with (1) the duty to, at all times, place our client's interests first, and (2) the fundamental principle that they should not take inappropriate advantage of their positions.

Exchange Traded Concepts deems all Employees and certain consultants to be Access Persons. All Access Persons are governed by the requirements of this Code and must comply with federal securities laws (as defined below). Access Persons are not permitted:

1) to defraud a client in any manner;

2) to mislead a client, including by either making an untrue statement of material fact or by making a statement that omits material facts;

3) to engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a client;

4) to engage in any manipulative practice with respect to a client; or

5) to engage in any manipulative practice with respect to securities.

As a fiduciary, Exchange Traded Concepts has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its clients. This duty includes fully disclosing all material facts to clients concerning any conflict that does arise with respect to that client. This duty also applies to all Access Persons of Exchange Traded Concepts.

Disciplinary actions for failure to comply with this Code may include suspension of personal trading privileges, or suspension or termination of employment. The CCO will determine disciplinary actions by taking into account such facts as deemed appropriate and relevant, including the severity of the violation, and whether the Access Person has previously violated this Code.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

**<u>Annual Acknowledgement</u>**

This Code is an integral part of the Firm's compliance program. This Code may be revised and supplemented from time to time; it is the responsibility of the CCO to distribute the most current version to all Access Persons.

It is the responsibility of each Access Person to understand the contents of this Code and the policies set forth herein, and to adhere to all applicable policies and procedures. Compliance by Access Persons with the Federal Securities Laws; the terms and provisions of the Compliance Manual, including, without limitation, the Code of Ethics; and any other applicable laws, rules, and regulations is a condition of employment and continued employment with the Firm. Access Persons who have supervisory responsibility should ensure that the Employees they supervise are familiar with applicable Federal Securities Laws, the Compliance Manual, and all applicable laws, rules, and regulations.

Each Access Person upon hire and annually thereafter is required to acknowledge his or her receipt and understanding of the Code and agreement to abide by its policies (the "Annual Acknowledgement"). Annual Acknowledgements will generally be distributed via and archived in the Firm's third-party compliance software.

**<u>PERSONAL SECURITIES TRANSACTIONS GENERALLY</u>**

All personal securities transactions are to be conducted in such a manner as to be consistent with the Code and to avoid any actual or potential conflict of interest or any abuse of an employee's position of trust and responsibility. Under the Advisers Act, the SEC has determined that an investment adviser's code of ethics must require Access Persons (as described above) to report their personal securities transactions and holdings and be subject to certain trading restrictions. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Exchange Traded Concepts.

For purposes of Exchange Traded Concepts' policy, employees of sub-advisers and service providers that have access to nonpublic information are not covered by this policy but are covered by their respective employer's policy.

**<u>CONFIDENTIALITY OF CLIENT INFORMATION</u>**

Confidentiality of information pertaining to Exchange Traded Concepts and its clients is a fundamental principle of the investment management business of Exchange Traded Concepts. Access Persons must maintain the confidential relationship between Exchange Traded Concepts and each of its clients. The confidentiality of information such as the extent of the account relationship must be held inviolate by those to whom it is entrusted and must never be discussed outside the normal and necessary course of Exchange Traded Concepts' business. To the extent possible, all information concerning clients and their accounts (including funds advised or sub-advised by Exchange Traded Concepts and the investors therein) shall be shared among employees on a strictly need-to-know basis. Each Access Person shall be subject to the privacy policies and procedures of Exchange Traded Concepts included in the Firm's compliance manual.

**<u>GIFTS AND ENTERTAINMENT</u>**

Access Persons may not be compensated, directly or indirectly, except by the Firm. In light of the nature of the Firm's business, its fiduciary obligations to its investors and Clients as well as the regulatory environment in which the Firm conducts its business, the Firm is compelled to monitor the nature and quantity of the gifts, gratuities and other entertainment activities that its Access Persons give to or receive

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

from a person or firm that conducts business with or provides services to the Firm, that may do business or is being solicited to do business with the Firm or that is associated with an organization that conducts or seeks to conduct business with the Firm. Such monitoring is not intended to prevent Access Persons from giving or receiving gifts, gratuities, and other entertainment activities but rather serves to ensure that the practice of giving or receiving gifts, gratuities and other entertainment activities is not abused or undertaken for improper purposes, and does not compromise the integrity, objectivity, or fiduciary responsibilities of the Firm or its Access Persons.

No gift, gratuity, or other entertainment activities should ever be accepted or given with any understanding that the donor will receive special or favorable treatment by the Firm or any Access Person.

Each Access Person may give or accept gifts from a business associate of up to $100 in value in aggregate per year without obtaining prior approval of the CCO. For gifts above $100 in aggregate per year, prior approval from the CCO must be received before accepting or giving the gift. The CCO may require the Access Person to return a gift if it is determined that the gift could improperly influence the use of a third-party business or create the appearance of a conflict of interest.

In situations where prior approval by CCO is not required, Access Persons must report to the CCO or a delegate thereof, in a timely manner after they have given or received a gift or entertainment (excluding basic, non-lavish, lunches during the business week multi-client events at conferences or gifts of promotional items). Access Persons must not give or receive any gift or entertainment, unless it is ordinary and reasonable in scope or cost. Gifts and Entertainment shall be tracked via the Firm's third-party compliance software system. To clarify, this policy does not prohibit an Access Person from giving or accepting an occasional meal, reception invitation, ticket to a sporting or theater event, or comparable entertainment, that is not so frequent, costly, or lavish as to raise any question of impropriety.

Furthermore, to ensure compliance with the Foreign Corrupt Practices Act, Access Persons are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of any value, no matter how small, or seemingly insignificant, to any Covered Person(s) for any business or Firm-related reasons. A "Covered Person" for this purpose is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise (e.g., sovereign wealth fund) or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality or enterprise. It also includes any foreign political party, party official or candidate for political office.

Access Persons are prohibited from soliciting the brokerage community for these items or other favors in any manner that could be construed as using their employment/association with the Firm to obtain a personal benefit. In no event should any Access Person allocate brokerage commissions or trades to a broker on the basis of personal gifts, entertainment or rewards provided to the Access Person, or a relative or friend of the Access Person.

Access Persons are prohibited from giving or receiving any gift of cash, gift certificate, or cash equivalents.

Gifts and entertainment among Employees are not subject to the guidelines set forth above. Access Persons may attend seminars sponsored or paid for by a business associate provided that attendance at the seminar is not so costly or so lavish as to raise conflict of interest issues and they have received prior written approval from the CCO.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

Each Access Person is expected to use professional judgment in entertaining and being entertained by a business associate. Provided the Access Person and the business associate both attend, an Access Person may accept from or provide to, a business associate breakfast, lunch, dinner or reception, ticket to a sporting event or the theater, or comparable entertainment, provided that such entertainment is not so frequent, costly, lavish, or excessive as to raise any question of impropriety. If there is any question as to whether a specific entertainment event can be accepted or given, the CCO should be consulted.

See Exhibit B of the Compliance Manual for Exchange Traded Concepts' policy on gifts and entertainment.

**<u>OUTSIDE EMPLOYMENT AND OTHER ACTIVITIES</u>**

Access Persons are not permitted to engage in any business activity or employment which interferes with their duties to Exchange Traded Concepts, divides their loyalty, creates an actual or apparent conflict of interest, or exposes the Access Person or Exchange Traded Concepts to possible criticism or adverse publicity. Access Persons must disclose all outside employment to Exchange Traded Concepts' senior management ("Senior Management") and the CCO. Access Persons must obtain prior approval from the CCO for all outside employment, business activities, managing directorships, or fiduciary appointments.

Exchange Traded Concepts encourages employees to participate in worthwhile civic, social, educational, professional and charitable organizations and activities. No activity, however, should interfere with their regular employment duties, unreasonably encroach upon working time, or necessitate such long hours as to impair working effectiveness of the employee.

Exchange Traded Concepts defines a publicly traded company as any organization or entity which makes available to the public for purchase either through an exchange or other instrumentality a stake or share in the organization or entity. Access Persons who wish to serve on the board of directors of a publicly traded company must supply a description, in writing, of the publicly traded company and the reasons why they are attempting to act in this role. Written pre-approval must be obtained from the Chief Compliance Officer ("CCO") and Exchange Traded Concepts' Senior Management in order for an Access Person to serve on the board of directors of a publicly traded company. Senior Management, in consultation with the CCO, will review/consider many factors in making the decision to grant approval or disapproval, including, but not limited to, whether the company is one which Exchange Traded Concepts Trusts (the "Trusts") would own in one of their Funds. Senior Management's decision, either for or against, will be provided to the Access Person in writing and a copy will be retained according to the Firm's Recordkeeping Policies and Procedures.

If approval is granted by Senior Management, the Access Person has an ongoing obligation to notify Senior Management and the CCO of any potential conflicts of interest which may arise during the course of participating as a member of the board of directors of a public company. If there is any question whether a conflict of interest exists or may exist, Senior Management and CCO shall be notified.

Under no circumstance may an ETC Access Person be a member of a Board that is held as an investment in any of ETC's Trusts.

Violation of this policy may result in disciplinary action, up to and including termination of employment.

**<u>Conflicts of Interest</u>**

It is the policy of the Firm that all Access Persons conduct the business affairs of the Firm in accordance with the highest principles of business ethics and in such manner that no conflict of interest, actual or potential, can be construed. All Access Persons should promptly report to the CCO any situation or circumstance which may give rise to a conflict of interest.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

It is a violation of this Code for any Access Person, without the prior written consent of the CCO, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rebate or pay any part of the compensation received from the Firm as an Employee to, directly or indirectly, any person, firm, or corporation that does business with or on behalf of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accept, directly or indirectly from any person, corporation, or association, other than the Firm, compensation of any nature as a bonus, commission, fee, gratuity, or other consideration in connection with any transaction on behalf of the Firm, or a Client Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accept, directly or indirectly, from any person, firm, corporation, association or other entity that does business with or on behalf of the Firm, any gift or other item of more than *de minimis* value provided, however, that Access Persons may accept gifts in accordance with the Firm's policies related to gifts and entertainment as set forth in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Participate in entertainment with Clients, brokers and other counterparties unless reasonably related to legitimate business purposes of the Firm as described in more detail under the gifts and entertainment policy in this Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Own any Security or have, directly or indirectly, any financial interest in any other organization engaged in any securities, financial or financial related business, except for (i) ownership, or other interests in the Firm, and (ii) stock ownership, or other financial interest of a class of stock, or other classification of interests in accordance with the Firm's policies related to personal trading as set forth in this Code.

In addition, Access Persons may not influence, directly or indirectly, investment decisions on behalf of the Firm's Clients, or the allocation of Client brokerage for the benefit (in any form) of any immediate family member of the Access Person.

**<u>POLITICAL ACTIVITIES AND CONTRIBUTIONS</u>**

Exchange Traded Concepts encourages Access Persons to be informed about and participate in the political process and political activities, provided such participation does not unduly interfere with their duties or embarrass or discredit Exchange Traded Concepts. Exchange Traded Concepts further encourages all Access Persons to vote in elections and, if they so choose, to make voluntary contributions of time and/or money to political and governmental activities. Access Persons are required to comply with all provisions of Exchange Traded Concepts' Political Contributions (Pay-to-Play) Policy, which has been designed to ensure compliance with Rule 206(4)-5 of the Advisers Act. Access Persons must, however, engage in such activities as individuals rather than as representatives of Exchange Traded Concepts. Access Persons must further avoid any appearance of corporate sponsorship or endorsement in connection with any election. Access Persons must not use the corporate name in connection with any political fund-raising activity or in any printed material for use in political fund-raising activity, except where permitted by law. Access Persons must obtain approval from the CCO before becoming a candidate for public office, accepting any nomination or appointment to a public office or agreeing to serve as an official (such as a campaign manager, chairman or treasurer) in a political campaign.

Corporate disbursements of money, property or services to any government official, political party or candidate, either domestic or foreign, are strictly prohibited, even in those jurisdictions where such contributions are legally permissible. No offer, promise of payment or payment shall be made to any person, corporate entity, official of any government or government agency, in the United States or abroad, either directly or indirectly, to win preferential treatment in securing business or obtaining special concessions in Exchange Traded Concepts' interest. It should be emphasized that a corporate payment need not be illegal to be prohibited. Payments are broadly defined to include property or services.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

Access Persons are required to provide the CCO with advance notice of planned solicitation activities for any political candidate or official by a spouse or other household member. The Firm reserves the right to object to these activities if the planned solicitation would be inconsistent with this policy.

Access Persons who wish to serve in public office must supply a description, in writing, of the particular public office and the reasons why they are attempting to serve in this role. This material should be submitted to Senior Management and the CCO for review and consideration. Written pre-approval must be obtained from Senior Management in order for an employee to seek or serve in public office. Senior Management, in consultation with the CCO, will review/consider many factors in making the decision to grant approval or disapproval, including, but not limited to, whether serving in such capacity will give the Access Person access to non-public information concerning stocks that are currently or could potentially be considered for inclusion in Exchange Traded Concepts client portfolios. Senior Management's decision will be provided to the Access Person in writing and a copy will be retained according to the Firm's Books and Records Policies and Procedures. If approval is granted by Senior Management, the Access Person has an ongoing obligation to notify Senior Management and the CCO of any potential conflicts of interest which may arise during the course of his or her service in public office. If there is any question whether a conflict of interest exists or may exist, Senior Management and the CCO shall be notified.

Contributions to a charity are not considered "political contributions" unless made to, through, in the name of, or to a fund controlled by a U.S. political candidate or official. This policy is not intended to impede legitimate, charitable fund-raising activities. Any questions regarding whether an organization is a charity, should be directed to the CCO.

Violation of this policy may result in disciplinary action, up to and including termination of employment.

**<u>RECORDS</u>**

The following records will be kept pertaining to this Code:

A copy of each Code that has been in effect at any time during the past five years will be kept in a readily accessible place by the CCO.

● A record of any violations of the Code and any action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred.

● A record of all written acknowledgements of receipt of the Code and any amendments thereto for each person who is currently, or was within the past five years, a supervised person (five years from the date employment is terminated).

● Holdings and statements/transaction reports made pursuant to the Code must be maintained for at least five years after the end of the fiscal year in which the report was made (the first two years in an easily accessible place).

● A list of names of persons who are currently, or within the past five years were access persons.

● A record of any decision and supporting reasons for approving the acquisition of securities by access persons in limited offerings for at least five years after the end of the fiscal year in which the approval was granted.

● A record of the individual(s) responsible for reviewing Access Persons' reports currently and during the past five years.

● A copy of reports provided to the board of trustees regarding the Code for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

All Access Persons are required to report any violations of the Code and potential conflicts of interest promptly to the CCO (if the CCO is unavailable or a party to the violation the violation should be reported to Senior Management). Such reports will be treated confidentially to the extent permitted by law

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

and investigated promptly and appropriately. If an Access Person is unsure if a violation occurred but in good faith believes one might have occurred, they are to present all information to the CCO or Senior Management in the manner stated above. Retaliation by an Access Person against an individual who reports a violation is prohibited and constitutes a further violation of the Code. This duty encompasses a requirement that all employees promptly self-report violations of the Code.

**<u>PERSONAL TRADING</u>**

Generally, security transactions in Covered Securities require written pre-clearance.,

With the exception of certain circumstances enumerated below, if an Access Person wishes to purchase or sell a position in any Covered Security, he/she must obtain written pre-clearance from the CCO or his/her delegate. Submission of a pre-clearance request as well as approval or denial shall be handled via the Firm's third-party compliance software. Prior to approving a request, the CCO shall review the requested security against the securities in any pro forma rebalance the Firm is currently in possession of, at the time of the request, as well as any trade files for actively managed funds and daily trade sheets for any private funds managed by ETC's Portfolio Management Desk in the Firm's possession. Absent extenuating circumstances, trade pre-clearance will not be approved if the security in question is included in a pro forma rebalance, trade file for an active fund or a private fund daily trade sheet which the Firm is currently in possession of at the time the request is made. In addition to these reviews, the CCO, or a delegate thereof, shall also review the pre-clearance request against trading activity in any actively managed fund or private fund managed by the Firm over the previous 3 business days. ETC shall not approve a personal trade request in a security that has been transacted by an active fund or a private fund managed by ETC's Portfolio Management Team during this period. The CCO or General Counsel shall use his or her discretion in excluding broad-based ETFs from this look back requirement. In the instance of extenuating circumstances, any deviation from the Personal Trading Policy must be approved by the CCO or General Counsel and a member of Senior Management. The trade request must include an explanation of the extenuating circumstances to be considered by the CCO or General Counsel and Senior Management. For the personal trading of the CCO, the CCO must obtain written pre-clearance from Exchange Traded Concepts' Chief Executive Officer or member of Legal.

Transactions in Discretionary Managed Accounts, transactions effected pursuant to an Automatic Investment Plan (i.e. dividend reinvestment plan and micro investing through apps), transactions in open-ended mutual funds, as well as acquisitions of securities through stock dividends, stock splits and other similar corporate reorganizations are excluded from the Firm's pre-clearance requirements.

Advance written approval is valid only for the day on which approval was granted. If a trade has not been executed on the day the approval was granted, subsequent approvals are necessary prior to trading. Preclearance requests will be retained in the Firm's third-party compliance software. The CCO or his/her delegate will periodically reconcile pre-clearance reports with the duplicate trading confirmations received electronically in the Firm's third-party compliance software, to ensure compliance with the policy.

Access Persons may not purchase or hold Initial Public Offerings (IPO's).

Limited Offerings require written pre-clearance. Transactions in Covered Securities in retirement accounts including, but not limited to IRA's, that are self-directed (i.e. stocks or bonds, not mutual funds), ESOP's (Employee Stock Option Plans) and ESPP (Employee Stock Purchase Plans) require pre-clearance.

All ETC Access Persons are prohibited from trading, encouraging others to trade, either personally or on behalf of others, while in possession of material, non-public information. All ETC Access Persons are also prohibited from communicating material non-public information to others in violation of the law. For additional information see Exchange Traded Concepts' Policy on the Prevention of Insider Trading included in Exhibit A of the Compliance Manual.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

<u>Short Term Trading:</u> 

ETC discourages short term trading by Access Persons. Excessive short-term trading can lead to the suspension of personal trading privileges as determined by the CCO and Senior Management.

**<u>Reporting</u>**

Consistent with the requirements of Rule 204A-1 under the Advisers Act, Access Persons must submit the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Holdings Report</u> – within ten (10) days of hire, all new Access Persons are required to
 file a signed and dated Initial Holdings Report, setting forth the title, ticker symbol or
 CUSIP number, type of security, number of shares, and the principal amount of each Covered
 Security (including mutual funds advised or sub-advised by the firm) in which they have any
 direct or indirect beneficial ownership; and the name of any broker, dealer, or bank with
 whom an account is maintained in which any Covered Securities are held for their direct or
 indirect benefit and the date the report is submitted. The information must be current as
 of a date no more than 45 days prior to the date the person became an Access Person. Initial
 Holdings Reports shall be filed through the Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Holdings Report</u> – on an annual basis, all Access Persons are required to file within
 thirty (30) days of year-end a signed and dated Annual Holdings Report listing all Covered
 securities owned as of December 31<sup>st</sup>. Within this report, all Access Persons must
 list the title, the number of shares, and the principal amount of each Covered Security (including
 mutual funds advised or sub-advised by the firm) in which they had any direct or indirect
 beneficial ownership; and the name of any broker, dealer, or bank with whom an account was
 maintained in which any Covered Securities were held for their direct or indirect benefit
 and the date the report is submitted. The information must be current as of a date no more
 than 45 days before the report is submitted. Annual Holdings Reports shall be filed through
 the Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Transaction Reports</u> – Within thirty (30) days following the end of each calendar quarter
 all Access Persons must submit a signed and dated report listing all transactions in Covered
 Securities executed during that preceding calendar quarter. For each transaction, Access
 Persons are required to list the date, the title, ticker symbol or CUSIP number, the number
 of shares, interest rate and maturity date, and the principal amount of each covered security
 involved; the nature of the transaction (i.e., purchase, sale, or other type of acquisition/disposition);
 the price at which the transaction was effected; and the name of any broker, dealer, or bank
 through which the transaction was effected and the date the report is submitted. Also in
 this report Access Persons are to disclose any brokerage account opened during the calendar
 quarter. Access Persons are required to list the name of the broker, dealer or bank with
 whom the access person established the account, the date the account was established and
 the date the report is submitted. Quarterly Transactions Reports will be filed through the
 Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Duplicate brokerage/mutual fund statements/confirms</u> – Access Persons must have duplicate
 statements and confirms sent to the attention of Exchange Traded Concepts' CCO. When
 possible, and in most cases, this shall be accomplished via a direct electronic link or direct
 feed to the Firm's third-party compliance software. The CCO or his/her delegate will
 review them on a quarterly basis, to ensure all policies are being followed. Senior Management
 or Legal will review the statements and confirms of the CCO. Brokerage, mutual funds advised
 or sub-advised by Exchange Traded Concepts, IRA's, Rollover IRA's (which are self-directed),
 ESOP's, private placements, and limited partnerships must all be reported and duplicate statements
 must be forwarded. Violations detected during the review will be documented and reviewed
 by the CCO. The CCO will determine appropriate steps depending on the violation, up to and
 including termination of employee.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Annual Certification</u> – All Access Persons are required to certify annually to the CCO that:
 (i) they have read and understand the Code; (ii) they have complied with all requirements
 of the Code; and (iii) they have reported all transactions required to be reported under
 the Code. Annual Certification shall be accomplished through the Firm's third-party
 compliance software.

Access Persons of Exchange Traded Concepts must abide by the established internal policies and procedures. Compliance with the quarterly/annual Trading Disclosures and Holdings Reporting is a requirement of your employment at Exchange Traded Concepts. It is each Access Person's responsibility to provide the required information within 30 days of the end of each quarter.

All transaction and holdings reports submitted to the CCO will be maintained in the strictest confidence, except to the extent necessary to implement and enforce provisions of the Code or to comply with requests for information from government agencies of proper authority or pursuant to litigation.

The Chief Compliance Officer or compliance designee, will review required reports to determine whether a violation of this Code may have occurred. If a violation is found to have occurred, the Chief Compliance Officer and Senior Management will impose, after consultation with outside counsel (as appropriate), corrective action as they deem appropriate under the circumstances.

<u>Miscellaneous:</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Confidentiality.</u> All reports of securities transactions and any other information filed with ETC pursuant
 to this Code will be treated as confidential. However, we may disclose copies of reports
 and information to the Securities and Exchange Commission or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Interpretation of Provisions.</u> ETC may from time to time adopt interpretations of this Code as it deems
 appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Distribution of Code, Acknowledgement of Receipt and Annual Certification of Compliance.</u> All ETC Access
 Persons will receive a copy of this Code and any material amendments. Within 10 days of receiving
 any initial or amended copy of this Code, and each year thereafter, each ETC Access Person
 will sign and return the compliance certification via the Firm's third-party compliance
 software. ETC Access Persons who need any additional copies of the Code should contact the
 CCO.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting Violations</u>. Any violation of this Code must be promptly reported to ETC's Chief
 Compliance Officer, an Alternate Review Officer, or other member of ETC's Compliance
 Department.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377