# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001752724-23-074983
**Filing Date:** 2023-3
**Character Count:** 32431
**Document Hash:** 7be9f2280773afd39651df4fb34d21a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074983.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074983

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALUED ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001437249
- **IRS NUMBER:** 262762915

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22208
- **FILM NUMBER:** 23784004

**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

### Foundry Partners Fundamental Small Cap Value Fund (Series ID: S000039824)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000123465 | Institutional Class | DRISX           |
| C000123466 | Investor Class      | DRSVX           |

## Nport-Ex

Foundry

Partners

Fundamental

Small

Cap

Value

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

96.85%

Shares

Fair

Value

Consumer

Discretionary

—

9.95%

Dana,

Inc.

312,825

$

5,674,646

Group

Automotive,

Inc.

9,495

2,030,506

Guess,

Inc.

100,916

2,338,223

Hanesbrands,

Inc.

378,720

3,196,397

International

Game

Technology

PLC

165,749

4,384,061

KB

Home

71,888

2,764,094

Kontoor

Brands,

Inc.

88,396

4,221,792

24,609,719

Consumer

Staples

—

2.47%

Primo

Water

Corp.

152,971

2,393,996

United

Natural

Foods,

Inc.

(a) 89,219

3,713,295

6,107,291

Energy

—

9.78%

Chord

Energy

Corp.

20,186

2,893,259

Comstock

Resources,

Inc.

179,705

2,183,416

Enerplus

Corp.

238,795

4,238,611

EnerSys

31,633

2,626,172

Murphy

Oil

Corp.

43,196

1,883,778

Oil

States

International,

Inc.

(a) 456,224

3,905,277

Ranger

Oil

Corp.,

Class

A

78,820

3,310,440

World

Fuel

Services

Corp.

110,644

3,131,225

24,172,178

Financials

—

21.98%

Affiliated

Managers

Group,

Inc.

35,716

6,169,582

Associated

Banc-Corp.

208,831

4,679,903

Axos

Financial,

Inc.

(a) 75,347

3,625,698

CNO

Financial

Group,

Inc.

184,385

4,749,758

F.N.B.

Corp.

317,968

4,537,403

Fulton

Financial

Corp.

280,077

4,685,688

Hancock

Whitney

Corp.

91,810

4,726,379

Lazard

Ltd.,

Class

A

108,226

4,337,698

MGIC

Investment

Corp.

328,691

4,641,117

Old

National

Bancorp

204,621

3,580,868

Prosperity

Bancshares,

Inc.

37,202

2,822,144

Umpqua

Holdings

Corp.

218,887

3,983,743

Unum

Group

42,698

1,794,597

54,334,578

Health

Care

—

4.83%

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a) 299,939

3,455,297

MEDNAX,

Inc.

(a) 145,337

2,230,923

Sage

Therapeutics,

Inc.

(a) 32,850

1,456,569

Select

Medical

Holdings

Corp.

112,744

3,277,468

Vanda

Pharmaceuticals,

Inc.

(a) 196,538

1,509,412

11,929,669

Industrials

—

14.39%

Advanced

Energy

Industries,

Inc.

37,912

3,515,959

Foundry

Partners

Fundamental

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

Allison

Transmission

Holdings,

Inc.

105,702

4,765,046

Crane

Holding

Co.

36,941

4,281,831

Curtiss-Wright

Corp.

18,386

3,048,399

DHT

Holdings,

Inc.

309,585

2,653,143

EMCOR

Group,

Inc.

25,664

3,804,688

Hillenbrand,

Inc.

69,499

3,256,723

KBR,

Inc.

50,834

2,604,226

Kennametal,

Inc.

72,848

2,076,168

nVent

Electric

PLC

84,126

3,344,009

SMART

Global

Holdings,

Inc.

(a) 129,344

2,223,423

35,573,615

Materials

—

13.59%

Alamos

Gold,

Inc.,

Class

A

491,595

5,427,209

Eagle

Materials,

Inc.

32,014

4,676,605

Hudbay

Minerals,

Inc.

207,233

1,201,951

Minerals

Technologies,

Inc.

41,053

2,851,131

Pan

American

Silver

Corp.

157,634

2,873,668

UFP

Industries,

Inc.

43,475

4,067,086

Univar

Solutions,

Inc.

(a) 136,971

4,722,760

Warrior

Met

Coal,

Inc.

110,400

4,181,952

Worthington

Industries,

Inc.

63,022

3,584,061

33,586,423

Real

Estate

—

5.61%

Apple

Hospitality

REIT,

Inc.

189,683

3,363,079

CareTrust

REIT,

Inc.

159,628

3,307,492

CTO

Realty

Growth,

Inc.

36,254

712,029

Lexington

Realty

Trust

290,243

3,352,307

Retail

Opportunity

Investments

Corp.

198,588

3,143,648

13,878,555

Technology

—

12.17%

Cohu,

Inc.

(a) 95,413

3,442,501

Progress

Software

Corp.

83,155

4,410,541

Sanmina

Corp.

(a) 60,735

3,700,584

Sapiens

International

Corp.

N.V.

53,203

1,205,580

Science

Applications

International

Corp.

41,960

4,354,609

TTM

Technologies,

Inc.

(a) 333,068

5,235,829

Ultra

Clean

Holdings,

Inc.

(a) 89,512

3,012,079

Vishay

Intertechnology,

Inc.

206,996

4,738,138

30,099,861

Utilities

—

2.08%

National

Fuel

Gas

Co.

88,767

5,153,812

Total

Common

Stocks

(Cost $194,842,256)

239,445,701

MONEY

MARKET

FUNDS

-

3.50%

Federated

Hermes

Government

Obligations

Fund,

Institutional

Class,

4.15%

(b) 8,650,869

8,650,869

Total

Money

Market

Funds

(Cost

$8,650,869)

8,650,869

Total

Investments

—

100.35%

(Cost

$203,493,125)

248,096,570

Foundry

Partners

Fundamental

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

Liabilities

in

Excess

of

Other

Assets — (0.35)%

(869,516)

NET

ASSETS

—

100.00%

$

247,227,054

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023. REIT

-

Real

Estate

Investment

Trust

## 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:** FOUNDRY PARTNERS FUNDAMENTAL SMALL CAP VALUE FUND

- **b. EDGAR series identifier (if any):** S000039824

- **c. LEI of Series:** 54930053SLTKYXVEOR98

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $248254857.70

**Total Liabilities:** $855397.51

**Net Assets:** $247399460.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123465 | 7.12%                | -6.31%               | 7.25%                |
| Class ID C000123466 | 7.11%                | -6.33%               | 7.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1228172.57              | $15993230.37                               |
| Month 2  | $-716307.31              | $-16244287.98                              |
| Month 3  | $4283194.91              | $13066074.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kennametal Inc                                     | Kennametal, Inc.                             | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     72848 | NS      | $2076168.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Incorporated                                  | Dana, Inc.                                   | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |    312825 | NS      | $5674645.50   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Oil Corp.                                   | Ranger Oil Corp.                             | CUSIP: 70788V102<br>LEI: 5493003S4AVU6OSXB118 | Long             | EC               | CORP              | US        |     78820 | NS      | $3310440.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                                 | nVent Electric PLC                           | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     84126 | NS      | $3344008.50   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| International Game Technology PLC                  | International Game Technology PLC            | CUSIP: G4863A108<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | GB        |    165749 | NS      | $4384061.05   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc                         | Apple Hospitality REIT, Inc.                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    189683 | NS      | $3363079.59   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerplus Corp                                      | Enerplus Corp.                               | CUSIP: 292766102<br>LEI: 549300OEXJU0X6FYBQ42 | Long             | EC               | CORP              | CA        |    238795 | NS      | $4238611.25   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                              | MGIC Investment Corp.                        | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    328691 | NS      | $4641116.92   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                       | Vishay Intertechnology, Inc.                 | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    206996 | NS      | $4738138.44   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corporation New | Science Applications International Corp.     | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     41960 | NS      | $4354608.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                               | Associated Banc-Corp.                        | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    208831 | NS      | $4679902.71   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                            | EnerSys                                      | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     31633 | NS      | $2626171.66   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Industries, Inc.                       | Worthington Industries, Inc.                 | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     63022 | NS      | $3584061.14   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corporation                        | Hancock Whitney Corporation                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     91810 | NS      | $4726378.80   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                                 | UFP Industries, Inc.                         | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     43475 | NS      | $4067086.25   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmace Inc                                 | Vanda Pharmaceuticals, Inc.                  | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |    196538 | NS      | $1509411.84   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Univar Solutions Inc                               | Univar, Inc.                                 | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |    136971 | NS      | $4722760.08   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                          | CNO Financial Group, Inc.                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    184385 | NS      | $4749757.60   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                                    | EMCOR Group, Inc.                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     25664 | NS      | $3804688.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                         | Unum Group                                   | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     42698 | NS      | $1794596.94   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Retail Opportunity Investments Corp                | Retail Opportunity Investments Corp.         | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    198588 | NS      | $3143648.04   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Water Corporation                            | Primo Water Corp.                            | CUSIP: 74167P108<br>LEI: 5493005TMUI9D3MY9I37 | Long             | EC               | CORP              | CA        |    152971 | NS      | $2393996.15   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                               | Old National Bancorp                         | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    204621 | NS      | $3580867.50   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                                 | Kontoor Brands, Inc.                         | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     88396 | NS      | $4221792.96   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources, Inc.                           | Comstock Resources, Inc.                     | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |    179705 | NS      | $2183415.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                                 | Chord Energy Corp.                           | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     20186 | NS      | $2893259.38   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc.                         | Minerals Technologies, Inc.                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     41053 | NS      | $2851130.85   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                                | Hudbay Minerals, Inc.                        | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |    207233 | NS      | $1201951.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc                  | Allison Transmission Holdings, Inc.          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |    105702 | NS      | $4765046.16   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.                   | Advanced Energy Industries, Inc.             | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     37912 | NS      | $3515958.88   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                                   | Alamos Gold, Inc.                            | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    491595 | NS      | $5427208.80   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                          | Pan American Silver Corp.                    | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    157634 | NS      | $2873667.82   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc.                                   | Hanesbrands, Inc.                            | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |    378720 | NS      | $3196396.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand, Inc.                                  | Hillenbrand, Inc.                            | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     69499 | NS      | $3256723.14   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Smart Global Holdings Inc                          | SMART Global Holdings, Inc.                  | CUSIP: G8232Y101<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | KY        |    129344 | NS      | $2223423.36   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International, Inc.                     | Oil States International, Inc.               | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |    456224 | NS      | $3905277.44   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.                            | Progress Software Corp.                      | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |     83155 | NS      | $4410541.20   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                               | Lexington Realty Trust                       | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    290243 | NS      | $3352306.65   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                            | KBR, Inc.                                    | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     50834 | NS      | $2604225.82   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc New                          | CTO Realty Growth Inc.                       | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36254 | NS      | $712028.56    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                                 | CareTrust REIT, Inc.                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    159628 | NS      | $3307492.16   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                          | Prosperity Bancshares, Inc.                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37202 | NS      | $2822143.72   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Ltd.                                        | Lazard Ltd.                                  | CUSIP: G54050102<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | BM        |    108226 | NS      | $4337698.08   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                          | F.N.B. Corp.                                 | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    317968 | NS      | $4537403.36   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust                     | Federated Hermes Government Obligations Fund | CUSIP: 60934N104<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |   8650869 | PA      | $8650869.21   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Holdings Co.                                 | Crane Holding Co.                            | CUSIP: 224441105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36941 | NS      | $4281831.31   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess Inc                                          | Guess?, Inc.                                 | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |    100916 | NS      | $2338223.72   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                               | TTM Technologies, Inc.                       | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    333068 | NS      | $5235828.96   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                           | Cohu, Inc.                                   | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     95413 | NS      | $3442501.04   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals, Inc.                     | Ironwood Pharmaceuticals, Inc.               | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |    299939 | NS      | $3455297.28   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                    | Affiliated Managers Group, Inc.              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     35716 | NS      | $6169581.84   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sage Therapeutics Inc                              | SAGE Therapeutics, Inc.                      | CUSIP: 78667J108<br>LEI: 5493000JX4BJS9W6CN35 | Long             | EC               | CORP              | US        |     32850 | NS      | $1456569.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                               | Eagle Materials, Inc.                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     32014 | NS      | $4676605.12   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                           | Ultra Clean Holdings, Inc.                   | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     89512 | NS      | $3012078.80   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corporation                | Select Medical Holdings Corp.                | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112744 | NS      | $3277468.08   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapiens International Corporation N.V.             | Sapiens International Corp. NV               | CUSIP: G7T16G103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     53203 | NS      | $1205579.98   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                          | National Fuel Gas Co.                        | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     88767 | NS      | $5153812.02   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                        | MEDNAX, Inc.                                 | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145337 | NS      | $2230922.95   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                                 | Axos Financial, Inc.                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     75347 | NS      | $3625697.64   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                       | Fulton Financial Corp.                       | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |    280077 | NS      | $4685688.21   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Co                                 | Umpqua Holdings Corp.                        | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |    218887 | NS      | $3983743.40   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                         | United Natural Foods, Inc.                   | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     89219 | NS      | $3713294.78   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                             | Murphy Oil Corp.                             | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     43196 | NS      | $1883777.56   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                               | Curtiss-Wright Corp.                         | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     18386 | NS      | $3048398.80   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                            | KB Home                                      | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     71888 | NS      | $2764093.60   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                               | Warrior Met Coal, Inc.                       | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    110400 | NS      | $4181952.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                           | Group 1 Automotive, Inc.                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      9495 | NS      | $2030505.75   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc.                                  | DHT Holdings, Inc.                           | CUSIP: Y2065G121<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | US        |    309585 | NS      | $2653143.45   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| World Fuel Services Corp                           | World Fuel Services Corp.                    | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |    110644 | NS      | $3131225.20   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                       | Sanmina Corp.                                | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     60735 | NS      | $3700583.55   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** Valued Advisers Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller