0001193125-18-118757 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 16th, 2018 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the “Agreement”) made as of this 15th day of March, 2018 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 Belmont Capital Group, LLC dba Belmont Capital Group, (the “Adviser”), a California limited liability company with its principal place of business in Los Angeles, California.

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DISTRIBUTION AGREEMENT
Distribution Agreement • April 16th, 2018 • Valued Advisers Trust • Ohio

This Agreement, dated March 15, 2018 is between Valued Advisers Trust (the “Trust”), a Delaware business trust, and Ultimus Fund Distributors, LLC (“Distributor”), a limited liability company organized under the laws of the State of Ohio.

VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Valued Advisers Trust • April 16th, 2018 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of March 15, 2018 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 Belmont Capital, LLC dba Belmont Capital Group (the “Adviser”), a California limited liability company.

MASTER SERVICES AGREEMENT
Master Services Agreement • April 16th, 2018 • Valued Advisers Trust • Ohio

This Agreement, dated April 12, 2018 is between Valued Advisers Trust (the “Trust”), a Delaware business trust, and Ultimus Fund Solutions, LLC (“Ultimus”), a limited liability company organized under the laws of the State of Ohio.

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