0001580642-22-001374 Sample Contracts

VALUED ADVISERS TRUST INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 9th, 2022 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the "Agreement") made as of this 18th day of February 2022 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 Millbank Dartmoor Portsmouth LLC (the “Adviser”), a Delaware limited liability company with its principal place of business in Asheville, North Carolina.

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VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Valued Advisers Trust • March 9th, 2022 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of February 18, 2022 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 Millbank Dartmoor Portsmouth LLC (the “Adviser”), a Delaware limited liability company.

THIRD AMENDMENT TO THE CUSTODY AGREEMENT
Custody Agreement • March 9th, 2022 • Valued Advisers Trust

THIS Amendment is made and effective as of March 1, 2022, to the Custody Agreement, dated as of August 31, 2016 by and between VALUED ADVISERS TRUST, a Delaware statutory trust (the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America (the “Custodian”).

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