0001193125-12-085006 Sample Contracts

VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2012 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of December 28, 2011 by and between Valued Advisers Trust, a Delaware statutory trust (the “Trust”), on behalf of one or more of its series portfolios as set forth on Schedule A, (each a “Fund”), and Team Financial Asset Management, LLC (the “Adviser”), a Pennsylvania limited liability company.

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