Common use of Reimbursement of Expenses Clause in Contracts

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) Any expenses Ultimus shall incur at the written 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; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ ' meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) Any expenses Ultimus shall incur at the written 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; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser adviser(s) or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports (“SSAE 16 Reports”); and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser adviser(s) or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports (“SOC 1 Reports”); and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Service Provider the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus Service Provider for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1 Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Service Provider in connection with attendance at meetings of the Trust’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus Service Provider in delivering materials to and from on behalf of the Trust; (c) 4.3 All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Service Provider in communication with the Trust, the Trust’s investment adviser 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 Service Provider to perform the services to be provided hereunderServices; (d) 4.4 The cost of obtaining primary and secondary security market quotesquotes and any securities data from pricing agents approved by the Trust, including but not limited to the cost of fair valuation services; (e) 4.5 The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6 All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications modifications, in each case to the extent required to provide any special reports or services requested by the Trust; (h) 4.7 Any expenses Ultimus Service Provider shall incur at the written direction of an officer of the Trust thereunto duly authorized other than an employee or other affiliated person of Ultimus Service Provider who may otherwise be named as an authorized representative of the Trust for certain purposes; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and (ig) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement, provided that any such expenses incurred by Ultimus on behalf of the Trust shall be pre-approved by the Trust for all amounts in excess of $1,000 per month with respect to each transaction/cost item.

Reimbursement of Expenses. In addition to paying Ultimus Xxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Xxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Xxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus Xxxxxxx in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Xxxxxxx in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Board members, the Fund’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Xxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus Xxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and; (ig) A reasonable allocation of the costs associated with the preparation of Statement on Standards for Attestation Engagements No. 16, Reporting on Controls at a Service Organization (“SSAE 16 Reports”);and (h) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 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 meetings of Trustees (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Uxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Uxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Uxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Uxxxxxx in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Board members, the Fund’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Uxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B A attached hereto, the Trust Fund agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholdersunitholders’ meetingsmeetings and other expenses approved by the Fund or Advisor; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the TrustFund; (c) All direct telephone, telephone transmission and telecopy telecopy, Internet Access Fees, or other electronic transmission expenses incurred by Ultimus in communication with the TrustFund, the TrustFund’s investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotesany portfolio price quotation services utilized by the Fund; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders unitholders and others; (g) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the TrustFund; (h) Any bank service charges and other industry standard transfer agent expenses; (i) Any normal operating expenses, such as federal and state filing fees, insurance premiums, typesetting and printing of the Fund’s public documents, and fees and expenses of the Fund’s other vendors and providers; (j) Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; (k) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports (“SOC 1 Reports”); (l) Any conversion costs not related to Ultimus Fund Solutions professional services; and (im) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and (ig) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement, provided that any such expenses incurred by Ultimus on behalf of the Trust shall be pre-approved by the Trust for all amounts in excess of $1,000 per month with respect to each transaction/cost item.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and; (ig) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness ("SAS 70 Reports");and (h) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus CQFS the fees described in Schedule B C attached hereto, the Trust agrees to reimburse Ultimus CQFS for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other freight, delivery and bonding charges incurred by Ultimus CQFS in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus CQFS in communication communications with the Trust, an adviser or sub-adviser to the Trust, the Trust’s investment adviser or 's custodian, dealers or others as required for Ultimus CQFS to perform the services to be provided hereunder; (dc) The cost Trust's proportionate costs of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (gd) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (he) Any expenses Ultimus CQFS shall incur at the written direction of an officer of the Trust thereunto duly authorized other than an employee or other affiliated person of Ultimus CQFS who may otherwise be named as an authorized representative of the Trust for certain purposes; and (if) Any additional expenses reasonably incurred by Ultimus CQFS in the performance of its duties and obligations under this AgreementAgreement and approved in advance by the Trust.

Reimbursement of Expenses. In addition to paying Ultimus Uxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Uxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Uxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus Uxxxxxx in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Uxxxxxx in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Board members, the Fund’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Uxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus Uxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Xxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Xxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Xxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus Xxxxxxx in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Xxxxxxx in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Board members, the Fund’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunder;Services; Ultimus Master Services Agreement (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Xxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus Xxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Fund’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Trustees, the Fund’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional third-party expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement; provided that to the extent any such additional third-party expense exceeds $5,000 in the aggregate in any one month, then Ultimus shall obtain the Trust’s prior written consent.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust, provided, however, that Ultimus shall provide the Trust with written notice of any such expense prior to the expense being incurred; (hf) Any expenses Ultimus shall incur at the written 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; and (ig) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement; provided, however, that any such expense exceeding $1,000 is pre-approved (prior to being incurred) in writing by the Trust.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (gd) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust, provided, however, that Ultimus shall provide the Trust with written notice of any such expense prior to the expense being incurred; (he) Any expenses Ultimus shall incur at the written 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; and (if) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement; provided, however, that any such expense exceeding $1000 is pre-approved (prior to being incurred) in writing by the Trust.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Trust’s Board meetings of Trustees, or any Committee thereof, and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) Any expenses Ultimus shall incur at the written 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; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ ' meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining secondary security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) Any expenses Ultimus shall incur at the written 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; and; (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement; and (j) The actual third-party data costs and data services required to complete Forms N-PORT, N-CEN and N-LIQUID or to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser adviser(s) or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports ("SSAE 16 Reports"); and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Xxxxxxx the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus Xxxxxxx for its reasonable out-ofout -of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus Xxxxxxx in delivering materials to and from the Trust; (c) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Xxxxxxx in communication with the Trust, the Trust’s investment adviser advisers or custodian, dealers or others as required for Ultimus Xxxxxxx to perform the services to be provided hereunder; (d) The cost of obtaining security secondary market securities price quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) The actual third-party data costs and data services required to complete Forms N-PORT and N-CEN or to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act; (i) Any expenses Ultimus shall incur at the written direction of an officer of the Trust thereunto duly authorized other than an employee or other affiliated person of Ultimus Xxxxxxx who may otherwise be named as an authorized representative of the Trust for certain purposes; and (ij) Any additional expenses reasonably incurred by Ultimus Xxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4 The cost of obtaining primary and secondary security market quotesquotes and any securities data from pricing agents approved by the Trust, including but not limited to the cost of fair valuation services; (e) 4.5 The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6 All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications modifications, in each case to the extent required to provide any special reports or services requested by the Trust; (h) 4.7 Any expenses Ultimus shall incur at the written 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; and (i) 4.9 Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this AgreementAgreement other than those described in Section 2.1.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule Schedules B and C attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ ' meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust;Trust and not contemplated by this Agreement; and (h) Any expenses Ultimus shall incur for services provided at the written 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; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations purposes that are not otherwise contemplated or provide for under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, each Fund's investment adviser(s), the Trust’s investment adviser or 's custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written direction of an officer of the Trust or other authorized agent 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); and (ig) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports ("SSAE 16 Reports"); and (h) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement; provided that any such expenses incurred by Ultimus on behalf of the Trust or any Fund shall be pre-approved by an officer of the Trust or other authorized agent of the Trust (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) for all amounts in excess of $1,000 per month with respect to each transaction/cost item.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 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 meetings of Trustees (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunder;Services; Ultimus Master Services Agreement (d) 4.4 The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5 The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6 All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7 Any expenses Ultimus shall incur at the written 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; 4.8 A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC1 Reports”); and (i) 4.9 Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule Schedules B and C attached hereto, the Trust Company agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ ' meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the TrustCompany; (c) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustCompany, the Trust’s Company's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust;Company and not contemplated by this Agreement; and (h) Any expenses Ultimus shall incur for services provided at the written direction of an officer of the Trust Company 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 Company for certain purposes; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations purposes that are not otherwise contemplated or provide for under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund, on behalf of each Portfolio, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Fund’s Board meetings of Directors (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustFund, a Portfolio’s investment adviser(s) or custodian, counsel for the Fund or a Portfolio, counsel for the Fund’s independent Directors, the TrustFund’s investment adviser or custodianindependent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Service Provider the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Service Provider for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1 Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Service Provider in connection with attendance at meetings of the Fund’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus Service Provider in delivering materials to and from on behalf of the TrustFund; (c) 4.3 All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Service Provider in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Trustees, the Fund’s independent accountants, dealers or others as required for Ultimus Service Provider to perform the services to be provided hereunderServices; (d) 4.4 The cost of obtaining primary and secondary security market quotesquotes and any securities data from pricing agents approved by the Fund, including but not limited to the cost of fair valuation services; (e) 4.5 The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6 All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications modifications, in each case to the extent required to provide any special reports or services requested by the TrustFund; (h) 4.7 Any expenses Ultimus Service Provider shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Service Provider who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; and (i) 4.9 Any additional expenses reasonably incurred by Ultimus Service Provider in the performance of its duties and obligations under this AgreementAgreement other than those described in Section 2.1.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Trust’s Board meetings of Trustees, or any Committee thereof, and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports (“SOC 1 Reports”); (i) The cost of performance reporting (including after-tax performance reporting) services; (j) Any expenses Ultimus shall incur at the written 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; and (ik) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following:expenses identified below. With regard to the expenses in Section 4.1, these expenses shall not exceed $6,000 in the aggregate, in any given calendar year, without prior approval of the Trust, which will not be unreasonably withheld. (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or special services requested by the Trust; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus on behalf of the Trust in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust each Fund Company, on behalf of each respective Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Fund Company’s Board meetings of Trustees/Directors (each, a “Board” and collectively the “Boards”) or any Committee thereof and shareholders’ meetings;; CHICAGO/#2843060.3 (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund Company; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustFund Company, the TrustFund Company’s investment adviser adviser(s) or custodian, counsel for the Fund Company or a Fund, counsel for the Fund Company’s independent Board members, the Fund Company’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund Company; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund Company 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 Fund Company for certain purposes; and (i) 4.8. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust Company, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the TrustCompany; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustCompany, the Trust’s Company's investment adviser adviser(s) or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the TrustCompany; (hf) Any expenses Ultimus shall incur at the written direction of an officer of the Trust Company 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 Company for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports (“SOC 1 Reports”); and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement. 5.

Reimbursement of Expenses. In addition to paying Ultimus Service Provider the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Service Provider for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1 Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Service Provider in connection with attendance at meetings of the Fund’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus Service Provider in delivering materials to and from on behalf of the TrustFund; (c) 4.3 All direct telephone, telephone transmission transmission, and telecopy or other electronic transmission expenses incurred by Ultimus Service Provider in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Trustees, the Fund’s independent accountants, dealers or others as required for Ultimus Service Provider to perform the services to be provided hereunderServices; (d) 4.4 The cost of obtaining primary and secondary security market quotesquotes and any securities data from pricing agents approved by the Fund, including but not limited to the cost of fair valuation services; (e) 4.5 The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost 4.6 All fees and expenses related to any licensing of printing and generating confirmationssoftware, statements and other documents and the cost of mailing such documents subscriptions to shareholders and others; (g) All expenses incurred in connection with any databases, custom programming programming, or systems modifications modifications, in each case to the extent required to provide any special reports or services requested by the TrustFund; (h) 4.7 Any expenses Ultimus Service Provider shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Service Provider who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; and (i) 4.9 Any additional expenses reasonably incurred by Ultimus Service Provider in the performance of performing its duties and obligations under this AgreementAgreement other than those described in Section 2.1.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and; (ig) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness (“SAS 70 Reports”);and (h) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following, provided, however, that such out-of-pocket expenses in excess of $3,000 shall be subject to the approval of the Trust, and such approval shall not be unreasonably withheld by the Trust: (a) 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 meetings of Trustees (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Service Provider the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Service Provider for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1 Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Service Provider in connection with attendance at meetings of the Fund’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus Service Provider in delivering materials to and from on behalf of the TrustFund; (c) 4.3 All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Service Provider in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Trustees, the Fund’s independent accountants, dealers or others as required for Ultimus Service Provider to perform the services to be provided hereunderServices; (d) 4.4 The cost of obtaining primary and secondary security market quotesquotes and any securities data from pricing agents approved by the Fund, including but not limited to the cost of fair valuation services; (e) 4.5 The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6 All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications modifications, in each case to the extent required to provide any special reports or services requested by the TrustFund; (h) 4.7 Any expenses Ultimus Service Provider shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Service Provider who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; and (i) 4.8 Any additional expenses reasonably incurred by Ultimus Service Provider in the performance of its duties and obligations under this AgreementAgreement other than those described in Section 2.1.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) 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 advisers or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security secondary market securities price quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) The actual third-party data costs and data services required to complete Forms N-PORT and N-CEN or to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act; (i) Any expenses Ultimus shall incur at the written 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; and (ij) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness (“SAS 70 Reports”); and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder;4.3. Reserved. (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The reasonable cost of microfilm, microfiche electronic or other methods of storing records or other materialsand materials with third-party storage vendors, as applicable; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement, provided any expense more than $500 must first be approved by the Trust.

Reimbursement of Expenses. In addition to paying Ultimus the Fund Accountant the fees described in Schedule B attached heretoSection 3 hereof, the Trust agrees to reimburse Ultimus the Fund Accountant for its the Fund Accountant's reasonable out-of-pocket expenses in providing services hereunder, including without limitation including, but not limited to, the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (c) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus the Fund Accountant in communication with the Trust, the Trust’s 's investment adviser advisor or custodian, dealers or others as required for Ultimus the Fund Accountant to perform the services to be provided hereunder; (db) The cost of obtaining security market quotesquotes pursuant to Section l(b)(ii) above; (c) All systems-related expenses associated with the provision of special reports and services pursuant to Section 1(c) above; (d) All freight and other delivery and bonding charges incurred by BISYS in delivering materials to and from the Trust and in delivering all materials to shareholders; (e) The cost Costs of microfilmpostage, microfiche couriers, stock computer paper, statements, labels, envelopes, checks, reports, letters, tax forms, proxies, notices or other methods form of storing records or other materialsprinted material which shall be required by BISYS for the performance of the services to be provided hereunder; (f) The cost of printing and generating confirmations, statements and microfilm or microfiche of records or other documents and the cost of mailing such documents to shareholders and others;materials; and (g) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (h) Any expenses Ultimus the Fund Accountant shall incur at the written 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 officer of the Trust for certain purposes; and (iwho is also an employee of BISYS) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreementthereunto duly authorized.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Board meetings or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustFund, the TrustFund’s investment adviser adviser(s), custodian or custodianindependent registered public accounting firm (the “IRPAF”), counsel for the Fund, counsel for the Independent Trustees, dealers or others as required for Ultimus to perform the services to be provided hereunder;Services; Ultimus Master Services Agreement (d) 4.4. The cost of obtaining secondary security market quotesquotes and other securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness ("SAS 70 Reports"); and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All reasonable fees charged and expenses incurred by Ultimus in connection with its performance, on behalf of the Trust, of the AML Services (as defined in Section 23 hereof); (f) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hg) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and (ih) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement. Ultimus agrees that it shall obtain approval from the Trust prior to incurring any out-of-pocket expense that is expected to exceed $500.

Reimbursement of Expenses. In addition to paying Ultimus Xxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Xxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses preapproved by the Fund and incurred by officers and employees of Ultimus Xxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetings;meetings upon the Fund’s request. (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) 4.3. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.4. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.5. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.6. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Xxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; Ultimus Transfer Agent Services Agreement 4.7. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.8. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.9. Any additional expenses preapproved by the Fund and reasonably incurred by Ultimus Xxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Uxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Fund agrees to reimburse Ultimus Uxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Uxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus Uxxxxxx in delivering materials to and from on behalf of the TrustFund; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Uxxxxxx in communication with the TrustFund, the TrustFund’s investment adviser adviser(s) or custodian, counsel for the Fund, counsel for the Fund’s independent Board members, the Fund’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunder;Services; Ultimus Master Services Agreement (d) 4.4. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Uxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.9. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.10. Any additional expenses reasonably incurred by Ultimus Uxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunderhereunder and under that certain Sub-Administration Agreement (the “Sub-Administration Agreement”) of even date herewith between Ultimus and Tactical Fund Services, including LLC (“TFS”), if applicable, including, without limitation limitation, the following: (a) 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 meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 adviser(s) or custodian, counsel for the Trust or a Fund, counsel for the Trust’s independent Trustees, the Ultimus Fund Accounting and Transfer Agent Agreement Trust’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining secondary security market quotesquotes and other securities data; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Company, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Company’s Board meetings of Directors (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustCompany; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustCompany, the TrustCompany’s investment adviser adviser(s) or custodian, counsel for the Company or a Fund, counsel for the Company’s independent Directors, the Company’s independent accountants, dealers or others as required for Ultimus to perform the services to be provided hereunderServices; (d) 4.4. The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustCompany; (h) 4.7. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Company 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 Company for certain purposes; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and; (ig) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness (“SAS 70 Reports”);and (h) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable documented out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (ec) The cost of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; and; (ig) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness (“SAS 70 Reports”);and (h) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B A attached hereto, the Trust Fund agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following, all of which shall be passed through to the Fund at cost: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the TrustFund; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the TrustFund, the Trust’s Fund's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the TrustFund, provided, however, that any such expenses shall have been approved in advance in writing by the Fund; (hf) Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; and (ig) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement whenever such expenses are not otherwise properly borne by Ultimus as part of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost microfilm or microfiche of microfilm, microfiche or other methods of storing records or other materials; (fd) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (ge) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust; (hf) Any expenses Ultimus shall incur at the written 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 trust for certain purposes; (g) A reasonable allocation of the costs associated with the preparation of Reports on Controls Placed in Operation and Tests of Operating Effectiveness (“SAS 70 Reports”); (h) A reasonable allocation of the costs associated with the annual independent review of Ultimus’ anti-money laundering practices and procedures; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Xxxxxxx the fees described in Schedule B attached heretothe Fee Letter, the Trust Administrator agrees to reimburse Ultimus Xxxxxxx for its actual reasonable out-of-pocket and documented reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Xxxxxxx in connection with attendance at meetings of the BDC’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus Xxxxxxx in delivering materials to and from on behalf of the TrustBDC; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) 4.3. The cost of obtaining secondary security market quotes; (e) The quotes and any securities data, including, but not limited to, the cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents fair valuation services and the cost of mailing such documents to shareholders obtaining corporate action related data and otherssecurities master data; (g) 4.4. 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 TrustBDC; (h) 4.5. Any expenses Ultimus shall incur at the written direction of an officer of the Trust BDC 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 BDC for certain purposes; 4.6. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.7. Any additional expenses reasonably incurred by Ultimus Xxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with the Trust, the Trust’s 's investment adviser or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (gd) All expenses incurred in connection with any custom programming or systems modifications required to provide any special reports or services requested by the Trust, provided, however, that Ultimus shall provide the Trust with written notice of any such expense prior to the expense being incurred; (he) Any expenses Ultimus shall incur at the written 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; and (if) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement; provided, however, that any such expense exceeding $1000 is pre-approved (prior to being incurred) in writing by the Trust.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) 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 adviser(s) of the Funds, the custodian, counsel for the Trust or custodiana Fund, dealers or others as required for Ultimus to perform the services to be provided hereunder; (dc) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (f) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (gd) 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; (he) Any expenses Ultimus shall incur at the written direction of an officer or other authorized agent 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); and (if) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports ("SSAE 16 Reports"); and (g) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement, provided that any such expenses incurred by Ultimus on behalf of the Trust or any Fund shall be pre-approved by an officer of the Trust or other authorized agent of the Trust (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) for all amounts in excess of $500 per month with respect to each transaction/cost item.

Reimbursement of Expenses. In addition to paying Ultimus Service Provider the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus Service Provider for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1 Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Service Provider in connection with attendance at meetings of the Trust’s Board meetings of Trustees (the “Board”) or any committee thereof and shareholders’ meetings; (b) 4.2 All freight and other delivery and bonding charges incurred by Ultimus Service Provider in delivering materials to and from on behalf of the Trust; (c) 4.3 All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Service Provider or its delegee(s) in communication with the Trust, the Trust’s investment adviser 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 Service Provider to perform the services to be provided hereunderServices; (d) 4.4 The cost plus 25% of obtaining primary and secondary security market quotes and any securities data from pricing agents approved by the Trust, including but not limited to the cost of fair valuation services; 4.5 The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6 All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications modifications, in each case to the extent required to provide any special reports or services requested by the Trust; (h) 4.7 Any expenses Ultimus Service Provider or its delegee(s) shall incur at the written direction of an officer of the Trust thereunto duly authorized other than an employee or other affiliated person of Ultimus Service Provider who may otherwise be named as an authorized representative of the Trust for certain purposes; and (i) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Xxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Administrator agrees to reimburse Ultimus Xxxxxxx for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, including if applicable, including, without limitation limitation, the following: (a) 4.1. Reasonable travel and lodging expenses approved in advance by the Fund and incurred by officers and employees of Ultimus Xxxxxxx in connection with attendance at meetings of the Fund’s Board meetings (the “Board”) or any committee thereof and shareholders’ meetingsmeetings upon the Fund’s request; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the TrustFund; (c) 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 or custodian, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) 4.3. The cost of obtaining secondary security market quotesquotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data; (e) 4.4. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.5. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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 TrustFund; (h) 4.6. Any expenses Ultimus shall incur at the written direction of an officer of the Trust Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus Xxxxxxx who may otherwise be named as an authorized representative of the Trust Fund for certain purposes; 4.7. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); 4.8. A reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and (i) 4.9. Any additional expenses approved in advance by the Fund and reasonably incurred by Ultimus Xxxxxxx in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following: (a) 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 meetings of Trustees (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from on behalf of the Trust; (c) 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 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 to be provided hereunder;Services; Valued Advisers Trust Ultimus Master Services Agreement (d) 4.4. The cost of obtaining primary and secondary security market quotesquotes and any securities data, including but not limited to the cost of fair valuation services; (e) 4.5. The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.6. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.7. Any expenses Ultimus shall incur at the written 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; 4.8. A reasonable allocation of the costs associated with the preparation of Ultimus’ Service Organization Control 1 Reports (“SOC 1 Reports”); and (i) 4.9. Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus the fees described in Schedule B attached hereto, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket expenses in providing services hereunder, including without limitation the following: (a) Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at Board meetings and shareholders’ meetings; (b) All freight and other delivery and bonding charges incurred by Ultimus in delivering materials to and from the Trust; (cb) 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 adviser, custodian or custodianindependent registered public accounting firm, counsel for the Trust or a Fund, counsel for the Trust’s independent Trustees, dealers or others as required for Ultimus to perform the services to be provided hereunder; (d) The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche or other methods of storing records or other materials; (fc) The cost of printing and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (gd) All expenses incurred in connection with any licenses of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Trust; (he) Any expenses Ultimus shall incur at the written 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; (f) A reasonable allocation of the costs associated with the preparation of Service Organization Control 1 Reports (“SOC 1 Reports”); and (ig) Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

Reimbursement of Expenses. In addition to paying Ultimus Uxxxxxx the fees described in Schedule B attached heretoeach Fee Letter, the Trust Trust, on behalf of each Fund, agrees to reimburse Ultimus for its reasonable out-of-pocket actual reimbursable expenses in providing services hereunder, if applicable, including without limitation the following: (a) 4.1. Reasonable travel and lodging expenses incurred by officers and employees of Ultimus Uxxxxxx in connection with attendance at meetings of the Trust’s Board meetings of Trustees (the “Board”) or any Committee thereof and shareholders’ meetings; (b) 4.2. All freight and other delivery and bonding charges incurred by Ultimus Uxxxxxx in delivering materials to and from on behalf of the Trust; (c) 4.3. All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus Uxxxxxx in communication with the Trust, the Trust’s investment adviser 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 to be provided hereunderServices; (d) 4.4. The cost of obtaining security market quotes; (e) The cost of microfilm, microfiche electronic or other methods of storing records or other and materials; (f) The cost of printing 4.5. All fees and generating confirmations, statements and other documents and the cost of mailing such documents to shareholders and others; (g) All 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; (h) 4.6. Any expenses Ultimus shall incur at the written direction of an officer of the Trust thereunto duly authorized other than an employee or other affiliated person of Ultimus Uxxxxxx who may otherwise be named as an authorized representative of the Trust for certain purposes; and (i) 4.7. Any additional expenses reasonably incurred by Ultimus Uxxxxxx in the performance of its duties and obligations under this AgreementAgreement and approved in advance by the Trust.