# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0000910472-25-001686
**Filing Date:** 2025-9
**Character Count:** 27965
**Document Hash:** 5d662c0e7a4eba7d4cca3122be24f54c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001686.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000910472-25-001686

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALUED ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001437249

**ORGANIZATION NAME:**
- **EIN:** 262762915

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22208
- **FILM NUMBER:** 251353047

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### SMI Multi-Strategy Fund (Series ID: S000039947)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000123869 | SMI Multi-Strategy Fund | SMILX           |

## Nport-Ex

Sound

Mind

Investing

Fund

Schedule

of

Investments

July

31,

2025

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

82.65%

Shares

Fair

Value

Cambria

Global

Value

ETF

315,540

$

8,648,951

First

Trust

STOXX®

European

Select

Dividend

Index

Fund

532,350

8,155,602

Invesco

International

BuyBack

Achievers

ETF

58,510

2,893,922

SMI

3Fourteen

Full-Cycle

Trend

ETF

(a)(b) 1,952,740

50,576,356

USCF

SummerHaven

Dynamic

Commodity

Strategy

No

Fund

(c) 433,520

9,528,770

Total

Exchange-Traded

Funds

(Cost

$78,275,135)

79,803,601

MUTUAL

FUNDS

—

16.92%

Aegis

Value

Fund,

Inc.,

Institutional

Class

208,800

9,675,770

Artisan

International

Small

Cap

Fund,

Investor

Class

(c) 100

1,900

Artisan

International

Value

Fund,

Investor

Class

(c) 40

2,097

Artisan

Mid

Cap

Value

Fund,

Investor

Class

1,780

Champlain

Small

Company

Fund,

Institutional

Class

(c) 100

2,211

Columbia

Acorn

Fund,

Institutional

Class

(c) 137

1,682

Delaware

Ivy

Large

Cap

Growth

Fund,

Class

I

(c) 89

3,797

DFA

International

Small

Cap

Value

Portfolio,

Institutional

Class

2,761

DFA

International

Small

Company

Portfolio,

Institutional

Class

2,333

DFA

U.S.

Small

Cap

Value

Portfolio,

Institutional

Class

1,798

Franklin

Small

Cap

Value

Fund,

Advisor

Class

1,732

Hartford

International

Opportunities

Fund

(The),

Class

Y

2,173

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

1,966

Janus

Henderson

Mid

Cap

Value

Fund,

Class

T

1,767

Janus

Henderson

Venture

Fund,

Class

T

(c) 17

1,383

JOHCM

International

Select

Fund,

Institutional

Class

2,576

JPMorgan

Mid

Cap

Value

Fund,

Institutional

Class

1,721

JPMorgan

Small

Cap

Equity

Fund,

Select

Class

1,688

JPMorgan

Small

Cap

Growth

Fund,

Class

L

2,172

JPMorgan

U.S.

Research

Enhanced

Equity

Fund,

Institutional

Class

1,977

Longleaf

Partners

Fund

1,906

Longleaf

Partners

Small-Cap

Fund

2,869

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(c) 100

2,996

Morgan

Stanley

Institutional

Fund,

Inc.,

Institutional

Class

96,790

6,596,225

PRIMECAP

Odyssey

Aggressive

Growth

Fund

1,884

Prudential

Jennison

International

Opportunities,

Class

Z

(c) 64

2,161

Royce

Premier

Fund,

Investment

Class

1,741

T. Rowe

Price

International

Discovery

Fund,

Investor

Class

2,145

T. Rowe

Price

Mid-Cap

Growth

Fund,

Investor

Class

(c) 17

1,759

T. Rowe

Price

New

Horizons

Fund,

Investor

Class

(c) 32

1,745

T. Rowe

Price

Small-Cap

Value

Fund,

Investor

Class

1,675

Virtus

NFJ

Small-Cap

Value

Fund,

Institutional

Class

2,387

Wasatch

International

Growth

Fund,

Investor

Class

(c) 77

1,862

Total

Mutual

Funds

(Cost

$14,548,605)

16,336,639

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

July

31,

2025

-

(Unaudited)

MONEY

MARKET

FUNDS

-

0.53%

Shares

Fair

Value

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.26%

(d) 507,074

$

507,074

Total

Money

Market

Funds

(Cost

$507,074)

507,074

Total

Investments

—

100.10%

(Cost

$93,330,814)

96,647,314

Liabilities

in

Excess

of

Other

Assets — (0.10)%

(94,877)

NET

ASSETS

—

100.00%

$

96,552,437

(a) Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

July

31,

2025,

the

percentage

of

net

assets

invested

in

SMI

3Fourteen

Full-Cycle

Trend

ETF

was

52.38%

of

the

Fund.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

(b) Affiliated

Company.

(c) Non-income

producing

security.

(d) Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2025. ETF

-

Exchange-Traded

Fund

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

July

31,

2025

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

77.84%

Shares

Fair

Value

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

111,500

$

13,578,469

Franklin

FTSE

Europe

ETF

16,430

544,819

Franklin

FTSE

Japan

ETF

8,520

270,510

Grayscale

Bitcoin

Mini

Trust

ETF

(a) 17,200

889,240

Invesco

QQQ

Trust,

Series

12,150

6,864,871

iShares

Core

U.S.

REIT

ETF

9,540

534,335

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

12,610

1,375,877

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

14,770

1,371,690

iShares

MSCI

EAFE

ETF

133,540

11,687,421

iShares

MSCI

Emerging

Markets

ex

China

ETF

8,590

539,624

iShares

MSCI

Global

Metals

&

Mining

Producers

ETF

(a) 21,050

807,899

ProShares

S&P®

500®

Dividend

Aristocrats

ETF

13,380

1,361,683

Schwab

High

Yield

Bond

ETF

104,230

2,754,799

Schwab

International

Equity

ETF

26,180

570,462

Schwab

Long-Term

U.S.

Treasury

ETF

8,650

272,129

Schwab

U.S.

Tips

ETF

30,820

819,812

SMI

3Fourteen

Real

Asset

Allocation

ETF

(a)(b) 342,320

8,872,010

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

2,220

203,685

SPDR®

S&P®

500®

ETF

Trust

3,620

2,288,130

USCF

SummerHaven

Dynamic

Commodity

Strategy

No

Fund

(a) 11,380

250,132

Vanguard

Energy

Index

Fund

ETF

2,250

275,513

Vanguard

Small-Cap

Index

Fund

ETF

2,230

538,657

Total

Exchange-Traded

Funds

(Cost

$52,012,138)

56,671,767

CLOSED-END

FUNDS

—

20.12%

Sprott

Physical

Gold

Trust

(a) 582,020

14,649,443

Total

Closed-End

Funds

Cost

($10,332,733)

14,649,443

MUTUAL

FUNDS

—

1.87%

AQR

Diversifying

Strategies

Fund,

Class

I

(a) 101,955

1,362,125

Total

Mutual

Funds

(Cost

$1,331,878)

1,362,125

MONEY

MARKET

FUNDS

-

0.07%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.26%

(c) 53,618

53,618

Total

Money

Market

Funds

(Cost

$53,618)

53,618

Total

Investments

—

99.90%

(Cost

$63,730,367)

72,736,953

Other

Assets

in

Excess

of

Liabilities — 0.10%

76,158

NET

ASSETS

—

100.00%

$

72,813,111

(a) Non-income

producing

security.

(b) Affiliated

Company.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2025. ETF

-

Exchange-Traded

Fund

REIT

-

Real

Estate

Investment

Trust

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Multi-Strategy

Fund

Schedule

of

Investments

July

31,

2025

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

77.91%

Shares

Fair

Value

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

39,660

$

4,829,795

Cambria

Global

Value

ETF

60,720

1,664,335

First

Trust

STOXX®

European

Select

Dividend

Index

Fund

114,510

1,754,293

Franklin

FTSE

Europe

ETF

5,790

191,996

Franklin

FTSE

Japan

ETF

3,070

97,473

Global

X

Defense

Tech

ETF

27,420

1,681,394

Grayscale

Bitcoin

Mini

Trust

ETF

(a) 6,230

322,091

Invesco

International

BuyBack

Achievers

ETF

13,570

671,176

Invesco

QQQ

Trust,

Series

4,300

2,429,543

iShares

Core

US

REIT

ETF

3,470

194,355

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

4,410

481,175

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

5,390

500,569

iShares

MSCI

EAFE

ETF

47,830

4,186,082

iShares

MSCI

Emerging

Markets

ex

China

ETF

2,930

184,063

iShares

MSCI

Global

Metals

&

Mining

Producers

ETF

7,620

292,456

ProShares

S&P®

500®

Dividend

Aristocrats

ETF

4,660

474,248

Schwab

High

Yield

Bond

ETF

37,270

985,047

Schwab

International

Equity

ETF

6,880

149,915

Schwab

Long-Term

U.S.

Treasury

ETF

3,170

99,728

Schwab

U.S.

Tips

ETF

11,030

293,398

SMI

3Fourteen

Full-Cycle

Trend

ETF

(b) 393,330

10,187,325

SMI

3Fourteen

Real

Asset

Allocation

ETF

(a)(b) 113,470

2,940,836

SPDR®

S&P®

Aerospace

&

Defense

ETF

(a) 5,010

1,084,865

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

1,070

98,173

SPDR®

S&P®

500®

ETF

Trust

1,260

796,421

USCF

SummerHaven

Dynamic

Commodity

Strategy

No

Fund

(a) 96,640

2,124,147

VanEck

Uranium

and

Nuclear

ETF

9,590

1,099,014

Vanguard

Energy

Index

Fund

ETF

800

97,960

Vanguard

Small-Cap

Index

Fund

ETF

800

193,240

Total

Exchange-Traded

Funds

(Cost

$37,682,943)

40,105,113

CLOSED-END

FUNDS

—

10.05%

Sprott

Physical

Gold

Trust

(a) 205,520

5,172,938

Total

Closed-End

Funds

Cost

($3,682,781)

5,172,938

MUTUAL

FUNDS

—

11.74%

Aegis

Value

Fund,

Inc.,

Institutional

Class

48,916

2,266,748

AQR

Diversifying

Strategies

Fund,

Class

I

(a) 36,517

487,862

Fidelity

Select

Defense

and

Aerospace

Portfolio

67,138

1,628,760

Invesco

International

Small-Mid

Company

Fund,

Class

Y

(a) 100

4,154

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a) 100

2,996

Morgan

Stanley

Institutional

Fund,

Inc.

,

Institutional

Class

24,197

1,649,056

Wasatch

International

Growth

Fund,

Investor

Class

(a) 100

2,415

Total

Mutual

Funds

(Cost

$5,493,743)

6,041,991

SMI

Multi-Strategy

Fund

Schedule

of

Investments

(continued)

July

31,

2025

-

(Unaudited)

MONEY

MARKET

FUNDS

-

0.34%

Shares

Fair

Value

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.26%

(c) 175,977

$

175,977

Total

Money

Market

Funds

(Cost

$175,977)

175,977

Total

Investments

—

100.04%

(Cost

$47,035,444)

51,496,019

Liabilities

in

Excess

of

Other

Assets — (0.04)%

(21,756)

NET

ASSETS

—

100.00%

$

51,474,263

(a) Non-income

producing

security.

(b) Affiliated

Company.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2025. ETF

-

Exchange-Traded

Fund

REIT

-

Real

Estate

Investment

Trust

SPDR

-

Standard

&

Poor's

Depositary

Receipt

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Valued Advisers Trust

- **b. Investment Company Act file number:** 811-22208

- **c. CIK number of Registrant:** 0001437249

- **d. LEI of Registrant:** 549300W12YUPFS7QVT86

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** SMI MULTI-STRATEGY FUND

- **b. EDGAR series identifier (if any):** S000039947

- **c. LEI of Series:** 54930025EQMP6DCX0571

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $53131276.97

**Total Liabilities:** $1654750.48

**Net Assets:** $51476526.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123869 | 2.96%                | 2.69%                | 0.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-227601.33              | $1741668.74                                |
| Month 2  | $61369.82                | $1129390.38                                |
| Month 3  | $250892.83               | $-90616.34                                 |

### Schedule of Portfolio Investments

| Name                                                                | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares Trust                                                       | iShares iBoxx $ Investment Grade Corporate Bond ETF             | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4410 | NS      | $481175.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab International Equity ETF                                 | CUSIP: 808524805<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |      6880 | NS      | $149915.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | SCHWAB U.S. TIPS ETF                                            | CUSIP: 808524870<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     11030 | NS      | $293398.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                                                         | iShares MSCI Emerging Markets ex China ETF                      | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      2930 | NS      | $184062.60    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ETF Opportunities Trust                                             | SMI 3Fourteen Full-Cycle Trend ETF                              | CUSIP: 26923N512<br>LEI: 549300FWST5041130Z58 | Long             | EC               | RF                | US        |    393330 | NS      | $10187325.67  | 19.79%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares JP Morgan USD Emerging Markets Bond ETF                 | CUSIP: 464288281<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      5390 | NS      | $500569.30    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Lord Abbett Develo                                                  | Lord Abbett Developing Growth Fund, Inc.                        | CUSIP: 544006505<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $2996.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                                                | Vanguard Small-Cap ETF                                          | CUSIP: 922908751<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |       800 | NS      | $193240.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust, Series 1                                         | Invesco QQQ Trust Series 1                                      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |      4300 | NS      | $2429543.00   | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                                                         | iShares MSCI Global Metals & Mining Producers ETF               | CUSIP: 46434G848<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      7620 | NS      | $292455.60    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                                   | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF                    | CUSIP: 78468R663<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      1070 | NS      | $98172.50     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon ETF Trust                                                | BNY Mellon US Large Cap Core Equity ETF                         | CUSIP: 09661T107<br>LEI: 549300E2C8EQYJ7B0H81 | Long             | EC               | RF                | US        |     39660 | NS      | $4829794.80   | 9.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab Long-Term U.S. Treasury ETF                              | CUSIP: 808524680<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |      3170 | NS      | $99728.20     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Select Portfolios                                          | Fidelity Select Defense and Aerospace Portfolio                 | CUSIP: 316390806<br>LEI: Z57125JG1LHEQKDYS630 | Long             | EC               | RF                | US        |     67138 | NS      | $1628760.14   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Exchange-Traded Fund II                                 | First Trust STOXX European Select Divdend Index Fund            | CUSIP: 33735T109<br>LEI: 549300HY3NFBU00W8S30 | Long             | EC               | RF                | US        |    114510 | NS      | $1754293.20   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust                                                     | ProShares S&P 500 Dividend Aristocrats ETF                      | CUSIP: 74348A467<br>LEI: 5493005D9DS7C1P5AM59 | Long             | EC               | RF                | US        |      4660 | NS      | $474248.20    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| USCF ETF Trust                                                      | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund         | CUSIP: 90290T809<br>LEI: 549300MH2TWHBRNV2U91 | Long             | EC               | RF                | US        |     96640 | NS      | $2124147.20   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Asset Management LP                                          | Sprott Physical Gold Trust                                      | CUSIP: 85207H104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |    205520 | NS      | $5172938.40   | 10.05%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                                                    | VanEck Uranium and Nuclear ETF                                  | CUSIP: 92189F601<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |      9590 | NS      | $1099014.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Value Fd Inc                                                  | Aegis Value Fund, Inc.                                          | CUSIP: 00761L102<br>LEI: 549300XSJEOGN3MJXQ62 | Long             | EC               | RF                | US        |     48916 | NS      | $2266747.93   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                                                 | Vanguard Energy ETF                                             | CUSIP: 92204A306<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |       800 | NS      | $97960.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wasatch Funds Trust                                                 | Wasatch International Growth Fund                               | CUSIP: 936793405<br>LEI: 549300B3CBVFTLZDYP46 | Long             | EC               | RF                | US        |       100 | NS      | $2415.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton ETF Trust                                        | Franklin FTSE Europe ETF                                        | CUSIP: 35473P652<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |      5790 | NS      | $191996.40    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                                    | Fidelity Investments Money Market Funds  - Government Portfolio | CUSIP: 31607A703<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    175977 | PA      | $175976.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust                                              | SPDR S&P 500 ETF Trust                                          | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      1260 | NS      | $796420.80    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ETF Opportunities Trust                                             | SMI 3Fourteen REAL Asset Allocation ETF                         | CUSIP: 26923N397<br>LEI: 549300FWST5041130Z58 | Long             | EC               | RF                | US        |    113470 | NS      | $2940836.03   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust ETF                                    | Grayscale Bitcoin Mini Trust ETF                                | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |      6230 | NS      | $322091.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares MSCI EAFE ETF                                           | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     47830 | NS      | $4186081.60   | 8.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambria ETF Trust                                                   | Cambria Global Value ETF                                        | CUSIP: 132061409<br>LEI: 254900AGNELEKCKAOK33 | Long             | EC               | RF                | US        |     60720 | NS      | $1664335.20   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                               | Invesco International BuyBack Achievers ETF                     | CUSIP: 46138E644<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     13570 | NS      | $671176.27    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                                                      | Global X Defense Tech ETF                                       | CUSIP: 37960A529<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     27420 | NS      | $1681394.40   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | ISHARES CORE US REIT ETF                                        | CUSIP: 464288521<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      3470 | NS      | $194354.70    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim International Mutual Funds (Invesco International Mutual Funds) | Invesco Oppenheimer International Small-Mid Co Fnd              | CUSIP: 00900W530<br>LEI: 549300CGSTEJJ7H1ET84 | Long             | EC               | RF                | US        |       100 | NS      | $4154.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Fund Inc                               | Morgan Stanley Institutional Fund, Inc. - Growth Portfolio      | CUSIP: 61744J861<br>LEI: 54930067DYRSUSGS4E97 | Long             | EC               | RF                | US        |     24197 | NS      | $1649056.29   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AQR Funds                                                           | AQR Diversifying Strategies Fund                                | CUSIP: 00191K351<br>LEI: 549300V0TAB4ICSX2404 | Long             | EC               | RF                | US        |     36517 | NS      | $487861.86    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                                   | SPDR S&P Aerospace & Defense ETF                                | CUSIP: 78464A631<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      5010 | NS      | $1084865.40   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton ETF Trust                                        | Franklin FTSE Japan ETF                                         | CUSIP: 35473P744<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |      3070 | NS      | $97472.50     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab High Yield Bond ETF                                      | CUSIP: 808524631<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     37270 | NS      | $985046.10    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** Valued Advisers Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller