0001193125-15-148318 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 27th, 2015 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the “Agreement”) made as of this 11th day of March, 2015 by and between Valued Advisers Trust (the “Trust”), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and SMI Advisory Services, LLC, (the “Adviser”), an Indiana limited liability company with its principal place of business in Columbus, Indiana.

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VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 27th, 2015 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of March 11, 2015 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 SMI Advisory Services, LLC (the “Adviser”), an Indiana limited liability company.

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 27th, 2015 • Valued Advisers Trust • Delaware

AGREEMENT made as of the 11th day of March, 2015, by and between Reams Asset Management, a division of Scout Investment Advisors, Inc., with its principal place of business at 227 Washington Street, Columbus, IN 47201, (the “Sub-Advisor”), and SMI Advisory Services, LLC, an Indiana limited liability company located at 11135 West Baker Hollow Road, Columbus, IN 47201 (the “Advisor”).

AMENDMENT TO MUTUAL FUND SERVICES AGREEMENT
Mutual Fund Services Agreement • April 27th, 2015 • Valued Advisers Trust • Indiana

This Amendment to the Mutual Fund Services Agreement (“Amendment”) is entered into and effective as of March 1, 2015 by and between Huntington Asset Services, Inc. (“Huntington”), Valued Advisers Trust, (the “Trust”), and SMI Advisory Services, LLC (“Adviser”) .

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