Investment Advisory Agreement dated as of January 31, 2012

Exhibit 10(iii)(a)

AMENDED AND RESTATED
INVESTMENT ADVISORY AGREEMENT

Between

CUNA Mutual Holding Company et. al.

and

MEMBERS Capital Advisors, Inc.

This Agreement is made as of the Effective Date by and between CUNA Mutual Holding Company, a mutual insurance holding company domiciled in the state of Iowa, and those other entities CUNA Mutual Holding Company either controls (directly or indirectly) or sponsors, all as listed in Section 2 on the attached Schedule of Covered Entities, as may be amended from time to time (collectively the “Company”), and MEMBERS Capital Advisors, Inc. (“Adviser”), a duly licensed registered investment adviser domiciled in the state of Iowa with its principal office located in Madison, Wisconsin. If any Company acquires or organizes another entity that has assets intended to be invested by the Adviser, then such entity shall join in and be bound as a Company by this Agreement.

The obligations the Adviser owes to the Company herein are owed to the Company and to each entity listed in Section 2 on the attached Schedule of Covered Entities. The authority conferred by this appointment is deemed to be conferred and may be exercised as fully as though it had been specifically made and individually and separately conferred by each of the entities listed in Section 2 on the attached Schedule of Covered Entities. The schedule may be amended from time to time by written endorsement executed by the parties.

I. ADVISER’S APPOINTMENT

The Employee Benefits Administration Committee (“EBPAC”) is the plan administrator and named fiduciary of the CUNA Mutual Pension Plan for Non-Represented Employees and the CUNA Mutual Pension Plan for Represented Employees (collectively referred to as the “Retirement Plans”). Pursuant to the terms of the Retirement Plans and EBPAC’s Charter, EBPAC hereby delegates to the Adviser responsibility to provide to the Company investment manager services on behalf of the funds (“Trust Funds”) held by State Street Bank, or its successor (“State Street”) as trustee of the Retirement Plans. This delegation of authority is subject to all the terms, conditions, and provisions of the Retirement Plans and the Trust Agreements with State Street. The Retirement Plans shall not be obligated to pay any fees to the Adviser. The Adviser acknowledges that it will be a fiduciary of the Retirement Plans.

With respect to all invested assets other than those in the Trust Funds described above (the “Invested Assets”), the Company hereby appoints the Adviser to act as its principal investment adviser and investment portfolio manager for the purpose of managing the investment and reinvestment of the Company’s invested assets, which for this purpose shall include all the invested assets of the entities listed in Section 2 on the attached Schedule of Covered Entities. With regard to the Invested Assets, the Adviser is hereby authorized to delegate some or all of its investment adviser duties hereunder to one or more sub advisors pursuant to a written agreement (a “Sub advisory Agreement”) with terms that have been approved by the CUNA Mutual Holding Company Board or Investment Capital Committee (“ICC”) and/or the Company’s Board or other designated body, as applicable, under which the sub advisor shall furnish the services specified therein to the Adviser. Notwithstanding any delegation of authority, the Adviser will continue to have primary responsibility for all investment advisory services furnished pursuant to a Sub advisory Agreement.

The Adviser hereby accepts the delegation of authority with respect to the Trust Funds and the appointment as principal investment adviser and investment portfolio manager with respect to the Invested Assets, subject to the terms and conditions herein provided.

II. ADVISER’S DUTIES

The Adviser agrees to provide continuous professional investment management for the invested assets of the Company and the Trust Funds. The Adviser shall provide an investment program which complies with and is at all times subject to the written policies, directives, and guidelines established from time to time by the Company’s Board of Directors, ICC, EBPAC or any other authorized investment oversight body of the Company, as applicable. The Company shall keep the Adviser informed of changes or modifications to the Company’s investment objectives and investment restrictions. The investment program shall also comply with all applicable state and federal laws, rules, and regulations. In carrying out this investment program, the Adviser shall perform the following functions at such times and with such frequency as may be reasonably required by the Company and EBPAC:

III. DEALING WITH UNDERWRITERS AND BROKER-DEALERS OF SECURITIES

When acquiring or disposing of securities on behalf of the Company and the Trust Funds, the Adviser shall place purchase and sale orders with those underwriters, dealers and banks which the Adviser determines can execute the order as expeditiously as possible at the best obtainable price. However, the Adviser is authorized to allocate orders to underwriters, dealers, and banks providing research services or providing portfolio security value quotations or other services without having to demonstrate that such services are of direct or indirect benefit to the Company, so long as the Adviser complies with Section 28(e) of the Securities Exchange Act of 1934 in doing so.

IV. ADVISER’S COMPENSATION

With respect to the Trust Funds described in Section I, the Trust Funds shall pay no fees to the Adviser.

With respect to the Invested Assets described in Section I, the Company shall pay investment advisory fees to the Adviser as compensation for investment advisory services. Fees shall be calculated and paid in accordance with the attached Schedule of Fees which may be amended from time to time by written endorsement executed by the parties. The Adviser shall be solely responsible for paying fees under any Sub advisory Agreement.

V. OTHER CLIENTS

The Adviser represents that it does not have any responsibilities for other clients which conflict with or involve conflict of interest with its obligations under this Agreement and that it will not assume any such responsibilities while this Agreement is in force. No client relationship or activity on behalf of any client shall be deemed to involve a conflict of interest if such client relationship or activity has been fully and fairly disclosed in writing to the Company and approved by the Chief Ethics & Compliance Officer of the Company or his/her designee, and to the administrator of the plans invested in the Trust Funds, and approved by the administrator of the Retirement Plans. It is understood and agreed that the Adviser may act as adviser to other insurance companies, to investment management companies, institutional funds, mutual funds, separate accounts, and other clients. The Company agrees that the Adviser may give advice and take action with respect to other clients which may differ from advice given or the timing or nature of action taken with respect to the Company. It is understood that the Adviser has a duty to allocate investment opportunities over time on a basis that is fair and equitable to each client. It is understood that the services provided to the Company are not exclusive and that individuals who perform services on behalf of the Adviser may not devote their full time to performance of duties under this Agreement.

VI. INVESTMENT RECORDS

The Adviser agrees that all records which it maintains for the Company and Trust Funds shall be the property of the Company and Trust Funds, respectively, and that the Adviser will surrender promptly to duly designated officers any records when requested to do so by appropriate Company officers or by the administrator of the Retirement Plans. The Adviser further agrees to deliver to the Company and EBPAC, respectively, or preserve for the period prescribed by any applicable insurance or Blue Sky laws or regulations of the Securities and Exchange Commission, all records required to be maintained pursuant to such laws or regulations. The Adviser further agrees that it will protect the confidentiality of all records and accounts it maintains on behalf of the Company and EBPAC, respectively. All accounts and records maintained by the Adviser shall be made available to the accountants or auditors of the Company and EBPAC, respectively, during regular business hours at the Adviser’s offices within five (5) days of Adviser’s receipt of prior written notice. In addition, the Adviser will provide any materials reasonably related to the investment advisory services provided hereunder reasonably requested by the appropriate officers of the Company, EBPAC, or required by any state or federal governmental agency having jurisdiction.

VII. LAWS GOVERNING PERFORMANCE

The services provided hereunder shall be performed in accordance with the legal requirements of the State of Wisconsin and the State of Iowa, insofar as they apply, and the requirements of the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Employee Retirement Income Security Act of 1974, insofar as these acts apply.

VIII. STANDARD OF CARE AND INDEMNIFICATION

The standard of care imposed on the Adviser by this Agreement is to act with the same care, skill, prudence, and diligence under the circumstances prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Adviser shall use its best efforts in providing investment services and shall have no responsibility for errors of judgment or other action taken or omitted in good faith performance of its duties; however, the Adviser shall indemnify and hold the Company harmless from all losses or damages arising from any acts or omissions due to gross negligence, willful misfeasance, bad faith, or reckless disregard of its duties.

IX. TERM OF AGREEMENT

This Agreement shall not be assigned by either party without the consent of the other party, and any unilateral attempt on the part of the Adviser to assign this Agreement shall result in the automatic termination of this Agreement. Unless sooner terminated by agreement of the parties, the Agreement shall continue for a period of one year from the Effective Date, and thereafter, shall continue automatically for periods of one year. With respect to the Trust Funds described in Section I, the delegation of authority may be terminated at any time by notice in writing. With respect to all other invested assets described in Section I, this Agreement may be terminated without penalty by either party after the 60th day following the date upon which written notice is received by the party being notified. In the event this Agreement is terminated, the parties will promptly notify the Iowa Insurance Commissioner of any such termination. No amendment to the Agreement may be enforced until reduced to writing and executed on behalf of the parties; and without the prior written consent of the Iowa Insurance Commissioner.

X. MISCELLANEOUS

This Agreement supercedes any and all agreements previously made by the parties relating to the subject matter hereof, and there are no understandings or agreements other than those incorporated in this Agreement. The parties agree that the Addendum dated September 1, 2009, a copy of which is attached hereto, shall remain in full force and effect and any reference to the Principal Agreement in such Addendum shall be deemed a reference to this Agreement, as amended from time to time.

XI. EFFECTIVE DATE

This Agreement will be effective on January 31, 2012 (the “Effective Date”).

XII. APPLICABLE LAW

This Agreement shall be governed by the laws of the state of Iowa.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective duly authorized officers.

CUNA Mutual Holding Company			MEMBERS Capital Advisors, Inc.
By:			By:
	Jeff Post, President and Chief Executive Officer			David P. Marks, President
CUNA Mutual Financial Group, Inc.
By:
	Jeff Post, President and Chief Executive Officer
CMFG Life Insurance Company
By:
	Jeff Post, President and Chief Executive Officer
CUMIS Insurance Society, Inc.
By:
	Jeff Post, President
CUNA Mutual Investment Corporation
By:
	Jeff Post, President
MEMBERS Life Insurance Company
By:
	Robert N. Trunzo, President
CUNA Mutual Insurance Agency, Inc.
By:
	John H. Wallace, President
CUNA Brokerage Services, Inc.
By:
	James H. Metz, President
CUMIS Specialty Insurance Company, Inc.
By:
	James M. Power, President
CUMIS Bermuda Limited
By:
	Thomas J. Merfeld, President
Employee Benefits Plan Administration Committee
By:
	Thomas J. Merfeld, Chair

SCHEDULE OF COVERED ENTITIES 

(Attached to the Investment Advisory Agreement between
CUNA Mutual Holding Company et. al. and MEMBERS Capital Advisors, Inc.)

Covered Entities included within the scope of this Agreement are as follows:

CUNA Mutual Holding Company

CUNA Mutual Financial Group, Inc.

CMFG Life Insurance Company

CUNA Mutual Investment Corporation

MEMBERS Life Insurance Company

CUMIS Insurance Society, Inc.

CUNA Mutual Insurance Agency, Inc.

CUNA Brokerage Services, Inc.

CUMIS Specialty Insurance Company, Inc.

Separate accounts maintained by CMFG Life Insurance Company*

CUMIS Bermuda Limited

*To the extent that federal and state regulations require the services of a registered investment adviser for separate accounts which invest in underlying mutual funds.

SCHEDULE OF FEES

(Attached to the Investment Advisory Agreement between
CUNA Mutual Holding Company et. al. and MEMBERS Capital Advisors, Inc.)