Common use of RETENTION OF ULTIMUS Clause in Contracts

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any Fund’s then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the Trust; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ij) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jk) coordinate the acquisition of and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kl) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (lm) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mn) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (no) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (op) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pq) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qr) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rs) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust's shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust's shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any Fund’s then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory compliance and reporting services; shall provide the Trust with overall day-to-day fund administration management; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the semi-annual and semiannual reports annual report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory examination or audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any Fund’s then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the Trust; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ij) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jk) coordinate the acquisition of and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kl) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (lm) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mn) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (no) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (op) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pq) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qr) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rs) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer adviser in monitoring the Trust and its Funds Portfolios for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and Form N-SAR, (ii) quarterly reports on Form N-PXQ, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the Trust; (g) assist Trust for dissemination to information services covering the Trust’s independent public accountants with the preparation and filing investment company industry; file all of the Trust’s 's tax returns, and prepare and mail annual Form Forms 1099, Form W-2P and Form Forms 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (i) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ij) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jk) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kl) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (lm) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mn) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (n) cooperate with, Trustees and take all reasonable actions in the performance meetings of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust's shareholders; (o) cooperate with, and take all reasonable actions in the performance of its duties under this AgreementAgreement to ensure that all necessary information is made available to, the Trust's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (p) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pq) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qr) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rs) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust’s shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust’s shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust’s transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust’s semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings the registration statements and reports for the Trust and the Trust's shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust's shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate the filing of, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust's shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust's shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s)) of each Fund, communications to shareholders, including the annual and semiannual semi-annual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s)) of each Fund, distributorthe distributor of each Fund's shares, and the Trust's custodian, transfer agent (the "Transfer Agent") and fund accountant; (f) supervise the Transfer Agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustFunds; (gh) assist the Trust’s 's independent public accountants with the preparation and filing of the Trust’s 's tax returns, and file such returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) provide individuals reasonably acceptable to the Trust’s Board of Trustees of the Trust (the "Board" or the "Trustees") to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ij) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jk) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kl) monitor and advise the Trust and its the Funds on their registered investment company status under the Internal Revenue Code of 1986; (lm) assist the Trust, each Fund’s 's investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring the Trust and its the Funds for regarding compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s then 's then-current Prospectus or Statement of Additional Information; (mn) coordinate provide such internal legal services as are required by the Trust, including without limitation, coordination of meetings of and prepare preparation of materials for the quarterly and special meetings of the TrusteesBoard or committees thereof; (no) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (op) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to to: (i) the independent registered public accounting firm of each Fund in connection with the preparation of any audit or report requested by the Trust; and (ii) the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust Trust, any Fund or the investment adviser of any Fund; (pq) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qr) prepare and file with the SEC (i) the annual and semi-annual reports for the Trust on Forms N-CSR, N-Q and N-SAR, ; (ii) Form N-PX, ; and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rs) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus Xxxxxxx hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust’s shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust’s shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust’s transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust’s semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PXCEN, the monthly reports of the Trust on Form N-PORT, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus Xxxxxxx shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust’s shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with and coordinate the layout and printing of prospectuses and supplements thereto, the Trust's semi-annual and annual reports to shareholders, and any proxy statements or other documents to be mailed to shareholders from time to time; (j) to the extent requested by the Trust's Trustees, provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement and otherwise cooperate with and assist the Trust to ensure that information required under applicable law or approved in writing by the necessary information Trust is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual semi-annual reports to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust’s shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the TrustPortfolios, and as appropriate compute the Trust’s Portfolios' yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust’s shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust’s shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust’s transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust’s semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PXCEN, the monthly reports of the Trust on Form N-PORT, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus Uxxxxxx hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust’s shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust’s shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust’s transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust’s semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PXCEN, the monthly reports of the Trust on Form N-PORT, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus Uxxxxxx shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the Trust; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ij) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jk) coordinate the acquisition of and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kl) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (lm) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mn) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (no) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (op) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pq) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qr) prepare and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rs) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator and Chief Compliance Officer (“CCO”) of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements and other reports to Trust shareholdersshareholders and coordinate with proxy solicitation service providers; (e) administer contracts on behalf of the Trust with, among others, the Trust’s investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer CCO in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s or any Fund’s then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials materials, including draft minutes, for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable. Subject to the approval of the Trust’s Board of Trustees (the “Board”), Ultimus shall make available an individual with the requisite background and familiarity with the Federal Securities Laws (as defined in Rule 38a-1) to serve as the Chief Compliance Officer (“CCO”) and to administer the Trust’s policies and procedures adopted pursuant to Rule 38a-1 under the 1940 Act (“Rule 38a-1”). Ultimus’ responsibility for the activities of the CCO is limited to the extent that the Board shall make all decisions regarding the designation and termination of the CCO as provided by Rule 38a-1. The CCO shall: (a) assist with the preparation and implementation of written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws by the Trust, including policies and procedures that provide for the oversight of compliance by each investment adviser, principal underwriter, administrator, and transfer agent of the Trust. (b) provide at least annually, or more often as the Board reasonably requests, a written report to the Board that addresses, at a minimum: 1. the operation of the policies and procedures of the Trust and each investment adviser, principal underwriter, administrator, and transfer agent of the Trust, and any material changes made to those policies and procedures since the date of the last report; and 2. each Material Compliance Matter (as defined in Rule 38a-1) that occurred since the date of the last report. (d) meet separately with the Trust’s Independent Trustees, no less frequently than annually. (e) maintain the following books and records on behalf of the Trust: 1. a copy of the Compliance Policies and Procedures adopted by the Trust pursuant to Rule 38a-1 that are in effect, or at any time within the past five years were in effect, in an easily accessible place; 2. copies of materials provided to the Board in connection with its approval under Rule 38a-1, and written reports provided to the Board pursuant to Rule 38a-1 for at least five years after the end of the fiscal year in which the documents were provided, the first two years in an easily accessible place; and 3. any records documenting the Trust's annual review pursuant to Rule 38a-1 for at least five years after the end of the fiscal year in which the annual review was conducted, the first two years in an easily accessible place.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses prepare and administer all disbursements for the Trust, and as appropriate compute the Trust’s yields, total return, expense ratios and portfolio turnover rate; (b) preparecoordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (cb) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (dc) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (ed) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (fe) calculate performance data assist with the layout and printing of the Trustprospectuses and supplements thereto; (g) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s affairs as determined by the Trustees; (if) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jg) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kh) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mi) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (nj) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (ok) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pl) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust, provided, however, that Ultimus will not be responsible for the preparation of any income tax returns or excise tax returns of the Trust, nor for the preparation of financial statements of the Trust, nor for the calculation and dissemination of historical performance of the Trust; (qm) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rn) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings such notices, registration statements and reports for the Trust and the Trust's shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust's shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment retention to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the TrustPortfolios, and as appropriate compute the Trust’s Portfolios' yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the semi-annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with [coordinate, supervise the preparation and filing of and] file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s Board of Trustees of the Trust (the "Trustees") to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the applicable regulatory reports for the Trust on Forms (including, but not limited to, Form N-SAR and Form N-CSR, N-Q ) and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of file annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust’s transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the Trust; (gh) assist the Trust’s independent public accountants with the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ij) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jk) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (kl) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (lm) assist the Trust, each Fund’s investment adviser(s) and the Trust’s Chief Compliance Officer adviser in monitoring the Trust and its Funds Portfolios for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mn) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (no) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (op) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pq) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qr) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rs) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s 's independent public accountants with the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s 's investment adviser(s) and the Trust’s Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s 's then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the semiannual reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor assist and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and Form N-SAR, (ii) quarterly reports on Form N-PXQ, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment retention to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the TrustPortfolios, and as appropriate compute the Trust’s Portfolios' yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with and coordinate layout and printing of prospectuses and supplements thereto, the Trust's semi-annual and annual reports to shareholders; and any proxy statements or other documents to be mailed to shareholders from time to time; (j) to the extent requested by the Trust's Trustees, provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust's shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement and otherwise cooperate with and assist the Trust to ensure that information required under applicable law or approved in writing by the necessary information Trust is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus Xxxxxxx hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus Xxxxxxx perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual semi-annual reports to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with the preparation and filing file all of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and supplements thereto, and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any FundPortfolio’s then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the TrusteesTrustees and meetings of the Trust’s shareholders; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus Xxxxxxx shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide reporting, all necessary office space, equipment, personnel personnel, compensation and facilities for handling the affairs of the Trust; Trust and shall provide such other services as the Trust may request that Ultimus shall, from time to time, determine to be necessary to perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer control all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepareprepare and coordinate, in consultation with Trust counsel, and supervise the filing preparation of annual updates to prospectuses, statements of additional information information, registration statements and registration statementsproxy materials; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings the registration statements and reports for the Trust and the Trust's shares and all amendments thereto, as may be necessary or convenient to qualify and keep effective the Trust and the Trust's shares with state securities authorities to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s)adviser, communications to shareholders, including the annual and semiannual reports report to shareholders, coordinate the mailing of prospectuses, notices notices, proxy statements, proxies and other reports to Trust shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s)adviser, sub-adviser, distributor, custodian, transfer agent and fund accountant; (f) supervise the Trust's transfer agent with respect to the payment of dividends and other distributions to shareholders; (g) calculate performance data of the TrustTrust for dissemination to information services covering the investment company industry; (gh) assist the Trust’s independent public accountants with coordinate and supervise the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (hi) assist with the layout and printing of prospectuses and assist with and coordinate layout and printing of the Trust's semi-annual and annual reports to shareholders; (j) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (ik) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributionsaffairs; (jl) coordinate the acquisition of obtain and maintain keep in effect fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (km) monitor and advise the Trust and its Funds Portfolios on their registered investment company status under the Internal Revenue Code of 1986; (ln) assist the Trust, each Fund’s investment adviser(s) monitor and the Trust’s Chief Compliance Officer in monitoring advise the Trust and its Funds for Portfolios on compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s Portfolio's then current Prospectus or Statement of Additional Information; (mo) coordinate provide such internal legal services as are requested by the Trust including, but not limited to, the coordination of meetings and preparation of and prepare materials for the quarterly and special meetings of the Trustees; (np) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (oq) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, Agreement to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fundthe investment adviser of the Trust; (pr) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (qs) prepare and file with the SEC (i) the reports semi-annual report for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, SAR and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act24f-2; and (rt) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust hereby retains Ultimus to act as the administrator of the Trust on behalf of each Fund listed on Schedule A and to furnish the Trust, on behalf of each such Fund, with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the Trust; and shall provide such other services as the Trust may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust expenses and administer all disbursements for the Trust, and as appropriate compute the Trust’s 's yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust’s 's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the Trust’s 's investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust shareholders; (e) administer contracts on behalf of the Trust with, among others, the Trust’s 's investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the Trust; (g) assist the Trust’s 's independent public accountants with the preparation and filing of the Trust’s 's tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the Trust’s 's Trustees to serve as officers of the Trust, who will be responsible for the management of certain of the Trust’s 's affairs as determined by the Trustees; (i) advise the Trust and its Trustees on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the Trustees; (k) monitor and advise the Trust and its Funds on their registered investment company status under the Internal Revenue Code of 1986; (l) assist the Trust, each Fund’s 's investment adviser(s) and the Trust’s 's Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the Trust’s 's or any Fund’s 's then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the Trustees; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the Trust’s 's independent public accountants in connection with the preparation of any audit or report requested by the Trust; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “"SEC”") or any other regulatory authority in connection with any regulatory audit of the Trust or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust to the extent such administrative services and functions are not provided to the Trust by other agents of the Trust; (q) prepare and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust as the Trust and Ultimus shall determine desirable.

RETENTION OF ULTIMUS. The Trust Company hereby retains Ultimus to act as the administrator of the Trust Company on behalf of each Fund listed on Schedule A and to furnish the TrustCompany, on behalf of each such Fund, with the services as set forth below. Ultimus hereby accepts such employment to perform such duties. Ultimus shall provide the Trust Company with regulatory reporting services; shall provide all necessary office space, equipment, personnel and facilities for handling the affairs of the TrustCompany; and shall provide such other services as the Trust Company may request that Ultimus perform consistent with its obligations under this Agreement. Without limiting the generality of the foregoing, Ultimus shall: (a) calculate Trust Company expenses and administer all disbursements for the TrustCompany, and as appropriate compute the TrustCompany’s yields, total return, expense ratios and portfolio turnover rate; (b) prepare, in consultation with Trust the Company’s counsel, and supervise the filing of annual updates to prospectuses, statements of additional information and registration statements; (c) prepare such reports, notice filing forms and other documents (including reports regarding the sale and redemption of shares of the Trust Company as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the TrustCompany’s shares with state securities authorities, monitor the sale of Trust Company shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust Company to make a continuous offering of its shares; (d) develop and prepare, with the assistance of the TrustCompany’s investment adviser(s), communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the mailing of prospectuses, notices and other reports to Trust Company shareholders; ; (e) administer contracts on behalf of the Trust Company with, among others, the TrustCompany’s investment adviser(s), distributor, custodian, transfer agent and fund accountant; (f) calculate performance data of the TrustCompany; (g) assist the TrustCompany’s independent public accountants with the preparation and filing of the TrustCompany’s tax returns, and prepare and mail annual Form 1099, Form W-2P and Form 5498 to appropriate shareholders, with a copy to the Internal Revenue Service; (h) provide individuals reasonably acceptable to the TrustCompany’s Trustees Directors to serve as officers of the TrustCompany, who will be responsible for the management of certain of the TrustCompany’s affairs as determined by the TrusteesDirectors; (i) advise the Trust Company and its Trustees Directors on matters concerning the Trust Company and its affairs including making recommendations regarding dividends and distributions; (j) coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust Company in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the TrusteesDirectors; (k) monitor and advise the Trust Company and its Funds on their registered investment company status under the Internal Revenue Code of 1986, as amended (the “Code”); (l) assist the TrustCompany, each Fund’s investment adviser(s) and the TrustCompany’s Chief Compliance Officer in monitoring the Trust Company and its Funds for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in the TrustCompany’s or any Fund’s then current Prospectus or Statement of Additional Information; (m) coordinate meetings of and prepare materials for the quarterly meetings of the TrusteesDirectors; (n) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that all necessary information is made available to, the TrustCompany’s independent public accountants in connection with the preparation of any audit or report requested by the TrustCompany; (o) cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, to ensure that the necessary information is made available to the Securities and Exchange Commission (the “SEC”) or any other regulatory authority in connection with any regulatory audit of the Trust Company or any Fund; (p) perform all reasonable and customary administrative services and functions of the Trust Company to the extent such administrative services and functions are not provided to the Trust Company by other agents of the TrustCompany; (q) prepare and file with the SEC (i) the reports for the Trust Company on Forms N-CSR, N-Q and N-SAR, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the 1940 Act; and (r) furnish advice and recommendations with respect to other aspects of the business and affairs of the Trust Company as the Trust Company and Ultimus shall determine desirable.