THE SYMPHONY WEALTH MANAGEMENT OVATION FUND

SUB-ADVISORY AGREEMENT

THIS SUB-ADVISORY AGREEMENT, dated as of this 23^rd day of November, 2005, between The Symphony Wealth Management Group (Manager), and Breen Financial Corporation (the Sub-Advisor).

W I T N E S S E T H:

WHEREAS, pursuant to a Management Agreement of even date herewith (the Management Agreement), the Board of Trustees (the Board) of Unified Series Trust, an Ohio business trust (the Trust), has appointed the Manager as the investment manager to The Symphony Wealth Management Ovation Fund (the Fund), a series of the Trust;

WHEREAS, Sub-Advisor is a registered investment advisor under the Investment Advisers Act of 1940, as amended, and provides portfolio management and other services to various clients; and

WHEREAS, the Manager desires to retain the Sub-Advisor to render portfolio management services and other services to Fund, and the Sub-Advisor is willing to render such services.

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

Section 1.         Appointment and Status of Sub-Advisor. The Manager hereby appoints the Sub-Advisor to act as its agent to provide investment advisory service to each class of shares of beneficial interest of the Fund, for the period and on the terms set forth in this Agreement. The Sub-Advisor accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided. Although the Sub-Advisor shall be an agent of the Manager, the Sub-Advisor shall for all purposes herein be deemed to be an independent contractor of the Manager and the Trust and shall, unless otherwise expressly provided herein or authorized by the Manager or the Board of Trustees of the Trust from time to time, have no authority to act for or represent the Manager or the Trust in any way or otherwise be deemed an agent of the Trust.

Section 2.         Sub-Advisors Duties. Subject to the general supervision of the Board and the Manager, the Sub-Advisor shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Funds investment objective, policies and restrictions as stated in the Funds then-current Prospectus and Statement of Additional Information (together, the Prospectus) and subject to the following understandings: