SALIENT MF TRUST ADMINISTRATION, BOOKKEEPING AND PRICING SERVICES AGREEMENT

ALPS Appointment and Duties.

The Trust on behalf of each Fund hereby appoints ALPS to provide the administrative, bookkeeping and pricing services for the Funds set forth in Appendix B hereto, as amended from time to time as agreed upon by both parties, upon the terms and conditions hereinafter set forth. ALPS hereby accepts such appointment and agrees to furnish such specified services. Pursuant to one or more separate agreements, ALPS may provide special services to, and/or provide assistance with special projects of, the Funds which are outside of the scope of the services listed in Appendix B.

ALPS shall for all purposes be deemed to be an independent contractor and shall, except as otherwise expressly authorized in this Agreement or as may otherwise be required by law or regulation, have no authority to act for or represent the

Trust or any Fund in any way or otherwise be deemed an agent of the Fund. In performing the foregoing services, ALPS shall reasonably cooperate with the Chief Compliance Officer of the Trust with respect to requests for information and other assistance regarding the obligations of the Trust and the Funds in respect of Rule 38a-1 under the Investment Company Act of 1940, as amended (the “1940 Act”).

ALPS may employ or associate itself with a person or persons or organizations as ALPS believes to be desirable in the performance of its duties hereunder; provided that, in such event, the compensation of such person or persons or organizations shall be paid by and be the sole responsibility of ALPS, and the Trust shall bear no cost or obligation with respect thereto; and provided further that ALPS shall not be relieved of any of its obligations under this Agreement in such event and shall be responsible for all acts of any such person or persons or organizations taken in furtherance of this Agreement to the same extent it would be for its own acts.

ALPS Compensation; Expenses.

In consideration for the services to be performed hereunder by ALPS, the Trust on behalf of the Funds shall pay ALPS the fees listed in Appendix C hereto. During each year of the Initial Term (defined below) of this Agreement, unless the parties shall otherwise agree and provided that the service mix and volumes remain consistent with those based on information provided by the Fund and the Advisors, the fee that will be charged for ALPS’ services will be the base fee rate (as reflected in Appendix C). Following the conclusion of the Initial Term, during each year of the term of this Agreement, unless the parties shall otherwise agree and provided that the service mix and volumes remain consistent with those provided in the previous year of this Agreement, the fee that will be charged for the same services will be the base fee rate (as reflected in Appendix C) subject to an annual cost of living adjustment based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, for the Denver-Boulder-Greeley area, as published bimonthly by the United States Department of Labor, Bureau of Labor Statistics, or, in the event that publication of such index is terminated, any successor or substitute index, appropriately adjusted, acceptable to all parties. Any such cost of living adjustment shall require the approval of a majority of the Trust’s trustees, including a majority of the trustees who are not interested persons (as defined in the 1940 Act).

ALPS will bear all expenses in connection with the performance of its services under this Agreement, except as otherwise provided herein. ALPS will not bear any of the costs of Trust or Fund personnel. Other Fund expenses incurred by the Funds which shall be borne by the applicable Fund, may be borne by the Advisor as may be agreed upon by both the Fund and the Advisor, and for avoidance of doubt shall not in any way be borne by ALPS, include, but are not limited to: initial organization and offering expenses; litigation expenses; expenses related to

any requests from or as otherwise required by any regulatory body concerning the Fund or the Advisor; taxes; costs of preferred shares; expenses of conducting repurchase offers for the purpose of repurchasing Fund shares; transfer agency and custodial expenses; interest; Trust trustees’ fees; brokerage fees and commissions; state and federal registration fees; advisory fees; insurance premiums; fidelity bond premiums; Fund and investment advisory related legal expenses; costs of maintenance of Fund existence; printing and delivery of materials in connection with meetings of the Trust’s trustees; printing and mailing of shareholder reports, prospectuses, statements of additional information other offering documents, supplements, proxy materials and other communications to shareholders; securities pricing data and expenses in connection with electronic filings with the U.S. Securities and Exchange Commission (the “SEC”).

Right to Receive Advice.

Advice of the Trust and Fund Service Providers. If ALPS is in doubt as to any action it should or should not take, ALPS may request directions, advice or instructions from the Trust or, as applicable, the Advisor, a Fund’s custodian or other service providers.

Advice of Counsel. If ALPS is in doubt as to any question of law pertaining to any action it should or should not take, ALPS may request advice from counsel of its own choosing (who may be counsel for the Trust, the Trust’s independent board members, the Advisor or ALPS, at the option of ALPS). Notwithstanding anything else in this Agreement, if ALPS requests advice from counsel other than counsel to the Trust or the Advisor the expense of such counsel will be borne by ALPS.

Conflicting Advice. In the event of a conflict between directions, advice or instructions ALPS receives from the Trust or any Fund service provider and the advice ALPS receives from counsel, ALPS may in its sole discretion rely upon and follow the advice of counsel. ALPS will provide the Trust with prior written notice of its intent to follow advice of counsel that is materially inconsistent with directions, advice or instructions from the Trust. Upon request, ALPS will provide the Trust with a copy of such advice of counsel.

Standard of Care; Limitation of Liability; Indemnification.

ALPS shall be obligated to act in good faith and to exercise commercially reasonable care and diligence in the performance of its duties under this Agreement, and to use its best efforts, within reasonable limits, in performing the services provided under this Agreement.

ALPS may rely upon the written advice of counsel for the Fund and the Fund’s independent accountants, and upon oral or written statements of the Advisors, brokers, and other service providers to the Fund, reasonably believed by ALPS in

good faith to be an expert in the matters upon which they are consulted and, for any actions reasonably taken in good faith reliance upon such advice or statements and without negligence, ALPS shall not be liable to anyone.

In the absence of willful misfeasance, bad faith, negligence or reckless disregard by ALPS in the performance of its duties, obligations or responsibilities set forth in this Agreement, ALPS and its affiliates, including their respective officers, directors, agents and employees, shall not be liable for, and the Trust agrees to indemnify, defend and hold harmless such persons from, all taxes, charges, expenses, disbursements, assessments, claims, losses, damages, penalties, actions, suits, judgments and liabilities (including, without limitation, attorneys’ fees and disbursements and liabilities arising under applicable federal and state laws) arising directly or indirectly from the following:

the inaccuracy of factual information furnished to ALPS by the Trust or the Advisor, custodian or other service providers;

any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which this Agreement relates;

losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including without limitation, acts of God, action or inaction of civil or military authority, war, terrorism, riot, fire, flood, sabotage, labor disputes, elements of nature or non-performance by a third party;

ALPS’ reliance on any instruction, direction, notice, instrument or other information that ALPS reasonably believes to be genuine;

loss of data or service interruptions caused by equipment failure; or

any other action or omission to act which ALPS takes in connection with the provision of services to the Trust on behalf of the Fund.

ALPS shall indemnify and hold harmless the Trust and the Advisor and their respective officers, trustees, directors, agents and employees from and against any and all taxes, charges, expenses, disbursements, assessments, claims, losses, damages, penalties, actions, suits, judgments and liabilities (including, without limitation, attorneys’ fees and disbursements and liabilities arising under applicable federal and state laws) arising directly or indirectly from ALPS’ willful misfeasance, bad faith, negligence or reckless disregard in the performance of its duties, obligations or responsibilities set forth in this Agreement.

Notwithstanding anything in this Agreement to the contrary, neither party shall be liable under this Agreement to the other party hereto for any punitive, consequential, special or indirect losses or damages. Any indemnification

payable by a party to this Agreement shall be net of insurance maintained by the indemnified party as of the time the claim giving rise to indemnity hereunder is alleged to have arisen to the extent it covers such claim.

Activities of ALPS. The services of ALPS under this Agreement are not to be deemed exclusive, and ALPS shall be free to render similar services to others. The Trust recognizes that from time to time directors, officers and employees of ALPS may serve as directors, officers and employees of other corporations or businesses (including other investment companies) and that such other corporations and businesses may include ALPS as part of their name and that ALPS or its affiliates may enter into administrative, bookkeeping, pricing agreements or other agreements with such other corporations and businesses.

Accounts and Records. The accounts and records maintained by ALPS on behalf of the Funds shall be the property of the Trust. ALPS shall prepare, maintain and preserve such accounts and records as required by the 1940 Act and other applicable securities laws, rules and regulations. ALPS shall surrender such accounts and records to the Trust, in the form in which such accounts and records have been maintained or preserved, promptly upon receipt of instructions to do so from the Trust. The Trust shall have access to such accounts and records at all times during ALPS’ normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by ALPS to the Trust at the Trust’s expense. ALPS shall assist the Trust, the independent auditors of the Funds, or, upon approval of the Trust, any regulatory body, in any requested review of the Funds’ accounts and records and reports by ALPS or its independent accountants concerning its accounting system and internal auditing controls will be open to such entities for audit or inspection upon reasonable request.

Confidential and Proprietary Information. ALPS agrees that it will, on behalf of itself and its officers and employees, treat all transactions contemplated by this Agreement, and all records and information relative to each Fund and its current and former shareholders and other information germane thereto, as confidential and as proprietary information of the Fund and not to use, sell, transfer or divulge such information or records to any person for any purpose other than performance of its duties hereunder, except after prior notification to and approval in writing from the Trust. Approval may not be withheld where ALPS may be exposed to civil, regulatory or criminal proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when requested by the Trust. When requested to divulge such information by duly constituted authorities, ALPS shall use its best efforts to the extent possible and within reason to provide the Trust with sufficient notice to permit the Trust to seek an equitable ruling preventing the disclosure of such information and will cooperate with the Trust in seeking such an equitable ruling. If notwithstanding the foregoing ALPS is required to disclose confidential information, ALPS will use reasonable commercial efforts to obtain confidential treatment of such information. ALPS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of records and information relating to the Fund and its current and former shareholders.

Compliance with Rules and Regulations. ALPS shall comply (and to the extent ALPS takes or is required to take action on behalf of a Fund hereunder shall cause the applicable Fund to comply) with all applicable requirements of the 1940 Act and other applicable laws, rules, regulations, orders and code of ethics, as well as all investment restrictions, policies and procedures adopted by the Trust on behalf of a Fund of which ALPS has knowledge (it being understood that ALPS is deemed to have knowledge of all investment restrictions, policies or procedures set out in the Trust’s public filings or otherwise provided to ALPS). Except as set out in this Agreement, ALPS assumes no responsibility for such compliance by the Trust or a Fund. ALPS shall maintain at all times a program reasonably designed to prevent violations of the federal securities laws (as defined in Rule 38a-1 under the ▇▇▇▇ ▇▇▇) with respect to the services provided, and shall provide to the Trust a certification to such effect no less than frequently annually or as otherwise reasonably requested by the Trust. ALPS shall make available its compliance personnel and shall provide at its own expense summaries, certifications and other relevant materials relating to such program as reasonably requested by the Trust.

Representations and Warranties of ALPS. ALPS represents and warrants to the Trust and Advisors that:

It is duly organized and existing as a corporation and in good standing under the laws of the State of Colorado.

It is empowered under applicable laws and by its Articles of Incorporation and By-laws to enter into and perform this Agreement.

All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement in accordance with industry standards.

It has and will keep in effect liability insurance naming ALPS as insured that is reasonable and customary for its business.

The execution, delivery and performance of this Agreement by ALPS (i) does not breach, violate or cause a default under any agreement, contract or instrument to which ALPS is a party or any judgment, order or decree to which the ALPS is subject; (b) has been duly authorized and approved by all necessary action; and (c) upon the execution and delivery of this Agreement by ALPS and the Trust, this Agreement will be a valid and binding obligation of ALPS.

Representations and Warranties of the Trust. The Trust represents and warrants to ALPS that:

It is a statutory trust duly organized and existing and in good standing under the laws of the State of Delaware and is registered with the SEC as an open-end registered investment company.

It is empowered under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement.

The Board of Trustees of the Trust has duly authorized it to enter into and perform this Agreement.

Notwithstanding anything in this Agreement to the contrary, the Fund agrees that any modifications that it may make to its registration statement or its adoption of any policies shall not affect materially the obligations or responsibilities of ALPS hereunder unless it receives written approval of ALPS in the form of an amendment to the Agreement.

The execution, delivery and performance of this Agreement by Trust (i) does not breach, violate or cause a default under any agreement, contract or instrument to which Trust is a party or any judgment, order or decree to which the Trust is subject; (ii) has been duly authorized and approved by all necessary action; and (iii) upon the execution and delivery of this Agreement by ALPS and the Trust, this Agreement will be a valid and binding obligation of the Trust on behalf of the Fund.

Documents. The Trust has furnished or will furnish, upon request, ALPS with copies of the Trust’s Declaration of Trust and each Fund’s advisory agreement, custodian agreement, transfer agency agreement, administration agreement, current prospectus, statement of additional information, periodic Trust reports and all forms relating to any plan, program or service offered by the Trust. The Trust shall furnish, within a reasonable time period, to ALPS a copy of any amendment or supplement to any of the above-mentioned documents. Upon request, the Trust shall furnish promptly to ALPS any additional documents necessary or advisable to perform its functions hereunder. As used in this Agreement the terms “registration statement,” “prospectus” and “statement of additional information” shall mean any registration statement, prospectus and statement of additional information filed by the Trust with the SEC and any amendments and supplements thereto that are filed with the SEC.

Consultation Between the Parties. ALPS and the Trust shall regularly consult with each other regarding ALPS’ performance of its obligations under this Agreement. In connection therewith, the Trust shall submit to ALPS at a reasonable time in advance of filing with the SEC reasonably final copies of any amended or supplemented registration statement (including exhibits) under the Securities Act of 1933, as amended, and the 1940 Act; provided, however, that nothing contained in this Agreement shall in any way limit the Trust’s right to file at any time such amendments to any registration statement and/or supplements to any prospectus or statement of additional information, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and unconditional.

Liaison with Accountants. ALPS shall act as a liaison with each Fund’s independent public accountants and shall provide account analysis, fiscal year summaries, and other audit-related schedules as may be requested by the Fund’s independent public accountants or the Fund with respect to the services provided to each Fund by ALPS hereunder. ALPS shall take all reasonable action in the performance of its duties under this Agreement to assure that the necessary information is made available to such accountants as reasonably requested or required by a Fund.

Business Interruption Plan. ALPS shall maintain in effect a business interruption plan, and enter into any agreements necessary with appropriate parties making reasonable provisions for emergency use of electronic data processing equipment customary in the industry. In the event of equipment failures, ALPS shall, at no additional expense to the Trust or any Fund, take commercially reasonable steps to minimize service interruptions.

Duration and Termination of this Agreement.

Initial Term. This Agreement shall become effective as of the date first written above (the “Start Date”) and shall continue thereafter throughout the period that ends three (3) years after the Start Date (the “Initial Term”). Until the end of the Initial Term, this Agreement may be terminated without penalty only (i) by agreement of the parties upon not less than 60 days’ written notice, or (ii) for cause pursuant to Section 15(c) hereof.

Renewal Term. If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods until terminated by either party, without penalty, upon not less than ninety (90) days’ written notice prior to the expiration of the then current renewal term or for cause pursuant to Section 15(c) hereof.

Cause. Notwithstanding anything to the contrary elsewhere in this Agreement, the Trust may terminate this Agreement for cause immediately at any time, without penalty, without default and without the payment of any termination payment or other liquidated damages. For purposes of this Section 15, “cause” shall mean:

material breach of the Agreement, willful misfeasance, bad faith, negligence or reckless disregard on the part of ALPS in the performance of its duties, obligations and responsibilities set forth in this Agreement;

in the event ALPS is no longer permitted to perform its duties, obligations or responsibilities hereunder pursuant to applicable law, or regulatory, administrative or judicial proceedings against ALPS which result in a determination that ALPS has violated, or has caused the Trust to violate, in any material respect any applicable law, rule, regulation, order or code of ethics, or any material investment restriction, policy or procedure adopted by the Trust of which ALPS had knowledge (it being understood that ALPS is deemed to have knowledge of all investment restrictions, policies or procedures set out in the Trust’s public filings or otherwise provided to ALPS by the Fund or the Advisor); or

financial difficulties on the part of ALPS which are evidenced by the authorization or commencement of, or involvement by way of pleading, answer, consent or acquiescence in, a voluntary or involuntary case under Title 11 of the United States Code, as from time to time in effect, or any applicable law other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors.

failure by ALPS to keep in effect liability insurance naming ALPS as insured that is reasonable and customary for its business;

in the event that a sale of ALPS or its parent company results in a reduction of capital on the balance sheet of ALPS or its direct or indirect parent companies; or

any other circumstance which, in the reasonable judgment of the Trust’s trustees, including a majority of the trustees who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) of any party to this Agreement, materially impairs ALPS’ ability to perform its obligations and duties hereunder, provided that ALPS receives sufficient notice to cure any such circumstance within 30 days of notice received by ALPS from the Trust.

Deliveries Upon Termination. Upon termination of this Agreement, ALPS agrees to cooperate in the orderly transfer of administrative duties and shall deliver to the Trust or as otherwise directed by the Trust (at the expense of the Trust) all records and other documents made or accumulated in the performance of its duties for the Fund hereunder.    In the event ALPS gives notice of termination under this Agreement, it will continue to provide the services contemplated hereunder after such termination at the contractual rate for up to 120 days, provided that the Trust uses all reasonable commercial efforts to appoint such replacement on a timely basis.

Fees and Expenses Upon Termination. Should either party exercise its right to terminate, all reasonable out-of-pocket expenses or costs associated with the movement of records and material will be borne by the Trust. Additionally, ALPS reserves the right to charge a fee as set forth in Appendix C or as otherwise agreed by the parties for its de-conversion services.

Assignment. This Agreement shall extend to and shall be binding upon the parties hereto and their respective successors and permitted assigns; provided, however, that this Agreement shall not be assignable by the Trust on behalf of a Fund without the prior written consent of ALPS, or by ALPS without the prior written consent of the Trust on behalf of a Fund.

Governing Law. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado and the 1940 Act and the rules thereunder. To the extent that the laws of the State of Colorado conflict with the 1940 Act or such rules, the latter shall control.

Names. The obligations of the Trust on behalf of any Fund entered into in the name or on behalf thereof by any trustee, director, shareholder, representative, or agent thereof are made not individually, but in such capacities, and are not binding upon any of the trustees, directors, shareholders, representatives or agents of the Trust or any Fund personally, but bind only the property of those Funds listed on Appendix A, and all persons dealing with a Fund must look solely to the property of that particular Fund for the enforcement of any claims against such Fund and not the property of any other Fund or the Trust generally.

Amendments to this Agreement. This Agreement may only be amended by the parties in writing.

Notices. All notices and other communications hereunder shall be in writing, shall be deemed to have been given when received or when sent by telex or facsimile, and shall be given to the following addresses (or such other addresses as to which notice is given):

Counterparts. This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties and supersedes all prior agreements and understandings relating to the subject matter hereof; provided, however, that ALPS may embody in one or more separate documents its agreement, if any, with respect to delegated duties and oral instructions.

Additional Funds. If the Trust establishes one or more additional funds with respect to which it wishes to retain ALPS to provide administrative, bookkeeping and pricing services hereunder, it will notify ALPS in writing. If ALPS is willing to render such services under this Agreement, it will so notify the Trust in writing, whereupon such series will become a “Fund” as defined hereunder and will be subject to the provisions of this Agreement to the same extent as the Fund is named above, except to the extent that such provisions are modified with respect to such new Fund in writing by the Trust and ALPS. The parties agree that such an agreement will serve as an amendment in writing to Appendix A.

Severability. Any covenant, provision, agreement or term contained in this Agreement that is prohibited or that is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability, without in any way invalidating, effecting or impairing the other provisions hereof.

Survival. The provisions of Sections 4, 6, 7, 15(e), 17, 24 and this Section 24 hereof shall survive termination of this Agreement.

Fund Administration

Prepare annual and semi-annual financial statements

Utilize templates for standard layout and printing

Prepare and file regulatory filings, including Forms N-SAR, N-CSR, N-Q, 24f-2,

Provide daily investment restriction compliance monitoring support and reporting

Support, including onsite, for annual financial audits

Calculate monthly SEC standardized total return performance figures

Prepare required reports for quarterly Board meetings

Monitor expense ratios

Maintain budget vs. actual expenses

Manage fund invoice approval and ▇▇▇▇ payment process

Assist with placement of Fidelity Bond and E&O insurance

Coordinate reporting to outside agencies including Morningstar, etc.

Fund Accounting

Calculate daily NAVs

Transmit daily NAVs to NASDAQ, Transfer Agent and other third parties

Compute yields, expense ratios, portfolio turnover rates, etc.

Reconcile cash and investment balances with the custodian

Support preparation of financial statements

Prepare and maintain required Fund Accounting records in accordance with the 1940 Act

Legal

Review and update Prospectus and Statement of Additional Information.

Provide review of Semi-Annual report, Annual Report & Form NSAR.

Coordinate Edgarization and filings of documents.

Prepare materials for quarterly Board of Trustee meetings, including notices, agendas and resolutions for quarterly meetings and draft actions by written consent of the Trustees

Coordinate the preparation, assembly and mailing of Board materials

Attend quarterly and special Board meetings, make presentations at such meetings as appropriate, and draft minutes of such meetings

Review agreements.

Oversee Trust’s Code of Ethics reporting.

Coordinate the printing and mailing process with outside printers for all shareholder publications

Tax

Calculate tax disclosure information (ROCSOP) for the audited financial statements

Prepare and coordinate filing of income and excise tax returns*

Calculate year-end tax characterization for distributions paid during the calendar year

Provide Section 19(a) of the 1940 Act notice to shareholders support