# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001752724-23-074994
**Filing Date:** 2023-3
**Character Count:** 47406
**Document Hash:** e77bda3bc4c5f5f4836d35ace1b2d8b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074994.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074994

**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:** 23784014

**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

### Sound Mind Investing Fund (Series ID: S000039946)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000123868 | Sound Mind Investing Fund | SMIFX           |

## Nport-Ex

Sound

Mind

Investing

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

37.56%

Shares

Fair

Value

Energy

Select

Sector

SPDR®

Fund

5,260

$

473,032

Invesco

S&P

Ultra

Dividend

Revenue

ETF

233,660

10,881,546

iShares

S&P

500®

Value

ETF

146,180

22,684,212

iShares

U.S.

Aerospace

&

Defense

ETF

4,050

464,414

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

85,430

7,836,494

SPDR®

S&P

Oil

&

Gas

Equipment

&

Services

ETF

6,200

542,934

Total

Exchange-Traded

Funds

Cost

($41,335,957)

42,882,632

MUTUAL

FUNDS

—

0.24%

Akre

Focus

Fund,

Institutional

Class

5,266

AllianzGI

Dividend

Value

Fund

2,154

AllianzGI

NFJ

Small-Cap

Value

Fund

2,482

American

Century

Equity

Income

Fund,

Investor

Class

895

American

Century

International

Opportunities

Fund,

Institutional

Class

(a) 360

3,298

AMG

Yacktman

Focused

Fund,

Institutional

Class

1,923

AMG

Yacktman

Fund,

Institutional

Class

2,240

Artisan

International

Small

Cap

Fund,

Investor

Class

(a) 100

1,669

Artisan

International

Value

Fund,

Investor

Class

6,300

Artisan

Mid

Cap

Value

Fund,

Investor

Class

4,765

Artisan

Small

Cap

Fund,

Investor

Class

3,995

BlackRock

International

Opportunities

Portfolio,

Institutional

Class

3,316

BNY

Mellon

Opportunistic

Small

Cap

Fund,

Investor

Class

3,104

Bridgeway

Ultra-Small

Company

Market

Fund,

Class

N

1,163

Buffalo

Small

Cap

Fund,

Inc.,

Investor

Class

(a) 150

2,210

Champlain

Small

Company

Fund,

Institutional

Class

2,145

Chartwell

Small

Cap

Value

Fund

2,253

Columbia

Acorn

Fund,

Institutional

Class

(a) 137

1,347

Columbia

Acorn

International,

Institutional

Class

(a) 100

2,368

Columbia

Contrarian

Core

Fund,

Institutional

Class

2,398

Columbia

Small

Cap

Growth

Fund

I,

Institutional

Class

(a) 100

2,017

Davis

Opportunity

Fund,

Class

Y

3,889

Delaware

Select

Growth

Fund,

Institu

tional

Class

(a) 100

2,330

Delaware

Small

Cap

Value

Fund,

Institutional

Class

7,452

Delaware

Value

Fund,

Institutional

Class

2,742

DFA

International

Small

Cap

Value

Portfolio,

Institutional

Class

2,038

DFA

International

Small

Company

Portfolio,

Institutional

Class

1,886

DFA

U.S.

Small

Cap

Value

Portfolio,

Institutional

Class

4,268

Fidelity

Mid-Cap

Stock

Fund

6,014

Fidelity

Small

Cap

Discovery

Fund

2,530

Fidelity

Small

Cap

Stock

Fund

2,382

Fidelity

Small

Cap

Value

Fund

2,933

Franklin

Small

Cap

Value

Fund,

Advisor

Class

5,849

Hartford

International

Opportunities

Fund

(The),

Class

Y

4,398

Heartland

Value

Fund

4,421

Hennessy

Cornerstone

Mid

Cap

Fund,

Institutional

Class

1,884

Hennessy

Focus

Fund,

Investor

Class

2,506

Invesco

American

Value

Fund,

Class

Y

4,423

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

4,179

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

MUTUAL

FUNDS

—

0.24%

-

continued

Janus

Henderson

Contrarian

Fund,

Class

T

$

2,529

Janus

Henderson

Mid

Cap

Value

Fund,

Class

T

3,210

Janus

Henderson

Overseas

Fund,

Class

T

4,313

Janus

Henderson

Venture

Fund,

Class

T

7,664

JOHCM

International

Select

Fund,

Institutional

Class

2,164

JPMorgan

Mid

Cap

Value

Fund,

Institutional

Class

3,678

JPMorgan

Small

Cap

Equity

Fund,

Select

Class

5,529

JPMorgan

Small

Cap

Growth

Fund,

Class

L

(a) 100

1,897

JPMorgan

U.S.

Research

Enhanced

Equity

Fund,

Institutional

Class

3,108

Longleaf

Partners

Fund

3,156

Longleaf

Partners

International

Fund

2,333

Longleaf

Partners

Small-Cap

Fund

2,337

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a) 100

2,417

Miller

Opportunity

Trust,

Institutional

Class

2,904

Morgan

Stanley

Discovery

Portfolio,

Institutional

Class

(a) 100

1,210

Morgan

Stanley

Growth

Portfolio,

Institutional

Class

(a) 100

3,013

Neuberger

Berman

Genesis

Fund,

Institutional

Class

5,907

Nicholas

Fund,

Inc.

(a) 50

3,687

Oakmark

International

Fund,

Investor

Class

3,923

Oakmark

International

Small

Cap

Fund,

Institutional

Class

2,739

Oakmark

Select

Fund,

Institutional

Class

8,539

PRIMECAP

Odyssey

Aggressive

Growth

Fund

(a) 100

4,058

Principal

SmallCap

Growth

Fund

I,

Institutional

Class

(a) 200

2,646

Prudential

Jennison

International

Opportunities,

Class

Z

4,832

Royce

Micro-Cap

Fund,

Investment

Class

1,155

Royce

Opportunity

Fund,

Investment

Class

4,761

Royce

Premier

Fund,

Investment

Class

3,378

Royce

Special

Equity

Fund,

Institutional

Class

2,502

T. Rowe

Price

International

Discovery

Fund,

Investor

Class

4,634

T. Rowe

Price

Mid-Cap

Growth

Fund,

Investor

Class

4,796

T. Rowe

Price

New

Horizons

Fund,

Investor

Class

5,082

T. Rowe

Price

Small-Cap

Value

Fund,

Investor

Class

5,248

Thornburg

Value

Fund,

Institutional

Class

6,637

TIAA-CREF

International

Equity

Fund,

Institutional

Class

1,225

Touchstone

Sands

Capital

Select

Growth

Fund,

Class

Y

(a) 100

1,094

Tweedy

Browne

International

Value

Fund

4,046

Vanguard

Strategic

Equity

Fund,

Investor

Class

3,347

Victory

RS

Small

Cap

Growth

Fund,

Class

Y

5,154

Wasatch

International

Growth

Fund,

Investor

Class

(a) 150

3,609

Wasatch

Micro

Cap

Fund,

Investor

Class

(a) 100

632

Total

Mutual

Funds

Cost

($227,174)

268,525

MONEY

MARKET

FUNDS

-

62.09%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.24%

(b) (c) 70,890,625

70,890,625

Total

Money

Market

Funds

(Cost

$70,890,625)

70,890,625

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

Total

Investments

—

99.89%

(Cost

$112,453,756)

$

114,041,782

Other

Assets

in

Excess

of

Liabilities — 0.11%

129,134

NET

ASSETS

—

100.00%

$

114,170,916

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023. (c) 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.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

As

of

January

31,

2023,

the

percentage

of

net

assets

invested

in

Fidelity

Investments

Money

Market

Government

Portfolio

were

62.09%

of

the

Fund.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

34.45%

Shares

Fair

Value

iShares

MSCI

EAFE

ETF

(a) 426,360

$

30,506,058

Total

Exchange-Traded

Funds

Cost

($28,641,746)

30,506,058

MUTUAL

FUNDS

—

4.63%

Gold

Bullion

Strategy

Fund

(The),

Investor

Class

(b) 183,604

4,105,380

Total

Mutual

Funds

(Cost $4,300,000)

4,105,380

CLOSED

END

FUNDS

—

25.92%

Sprott

Physical

Gold

Trust

(a) (b) 1,536,990

22,962,631

Total

Closed

End

Funds

Cost

($22,662,255)

22,962,631

MONEY

MARKET

FUNDS

-

34.96%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.24%

(a) (c) 30,966,291

30,966,291

Total

Money

Market

Funds

(Cost

$30,966,291)

30,966,291

Total

Investments

—

99.96%

(Cost

$86,570,292)

88,540,360

Other

Assets

in

Excess

of

Liabilities — 0.04%

36,510

NET

ASSETS

—

100.00%

$

88,576,870

(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.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

As

of

January

31,

2023,

the

percentage

of

net

assets

invested

in

iShares

MSCI

EAFE

ETF,

Sprott

Physical

Gold

Trust

and

Fidelity

Investments

Money

Market

Government

Portfolio

were

34.45 %,

25.92%

and

34.96%

of

the

Fund,

respectively.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023. ETF

-

Exchange-Traded

Fund

SMI

Multi-Strategy

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

39.45%

Shares

Fair

Value

Energy

Select

Sector

SPDR®

Fund

32,090

$

2,885,854

Invesco

S&P

Ultra

Dividend

Revenue

ETF

53,860

2,508,260

iShares

MSCI

EAFE

ETF

138,580

9,915,399

iShares

S&P

500®

Value

ETF

32,050

4,973,519

iShares

U.S.

Aerospace

&

Defense

ETF

6,070

696,047

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

13,200

1,210,836

SPDR®

S&P

Oil

&

Gas

Equipment

&

Services

ETF

9,060

793,384

Total

Exchange-Traded

Funds

Cost

($21,348,325)

22,983,299

MUTUAL

FUNDS

—

1.32%

AMG

Yacktman

Focused

Fund,

Institutional

Class

1,923

Fidelity

Select

Energy

Portfolio

12,853

752,657

Invesco

International

Small-Mid

Company

Fund,

Class

Y

4,179

Longleaf

Partners

International

Fund

2,333

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a) 100

2,417

Miller

Opportunity

Trust,

Institutional

Class

2,904

Morgan

Stanley

Discovery

Portfolio,

Institutional

Class

(a) 100

1,210

Oakmark

International

Fund,

Investor

Class

1,308

Wasatch

International

Growth

Fund,

Investor

Class

(a) 100

2,406

Total

Mutual

Funds

Cost

($560,423)

771,337

CLOSED

END

FUNDS

—

17.11%

Sprott

Physical

Gold

Trust

(a) 667,452

9,971,733

Total

Closed

End

Funds

Cost

($9,972,044)

9,971,733

MONEY

MARKET

FUNDS

-

42.03%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.24%

(b) (c) 24,495,488

24,495,488

Total

Money

Market

Funds

(Cost

$24,495,488)

24,495,488

Total

Investments

—

99.91%

(Cost

$56,376,280)

58,221,857

Other

Assets

in

Excess

of

Liabilities — 0.09%

54,428

NET

ASSETS

—

100.00%

$

58,276,285

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023. (c) 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.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

As

of

January

31,

2023,

the

percentage

of

net

assets

invested

in

Fidelity

Investments

Money

Market

Government

Portfolio

were

42.03 %

of

the

Fund.

ETF

-

Exchange-Traded

Fund

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:** SOUND MIND INVESTING

- **b. EDGAR series identifier (if any):** S000039946

- **c. LEI of Series:** 549300L5369VQJ9OOL46

**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:** $114318598.52

**Total Liabilities:** $121602.80

**Net Assets:** $114196995.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123868 | 1.81%                | -1.18%               | 2.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1007.06                 | $1929147.13                                |
| Month 2  | $1064603.46              | $-2809201.60                               |
| Month 3  | $0.00                    | $2299605.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Columbia Funds Series Trust I                                       | Columbia Small Cap Growth Fund I                                  | CUSIP: 19765P596<br>LEI: 549300W5GIE6ZOZOTD82 | Long             | EC               | RF                | US        |       100 | NS      | $2017.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Funds Inc                                          | Artisan International Small Cap Fund                              | CUSIP: 04314H808<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $1669.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim International Mutual Funds (Invesco International Mutual Funds) | Invesco Oppenheimer International Small-Mid Co Fnd                | CUSIP: 00900W530<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $4179.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Funds Inc                                          | Artisan Small Cap Fund                                            | CUSIP: 04314H105<br>LEI: N/A                  | Long             | EC               | RF                | US        |       125 | NS      | $3995.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Funds II                                                  | BlackRock International Opportunities Portfolio                   | CUSIP: 091929109<br>LEI: 549300D3TWJFD5S1P721 | Long             | EC               | RF                | US        |       100 | NS      | $3316.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wasatch Funds Trust                                                 | Wasatch International Growth Fund                                 | CUSIP: 936793405<br>LEI: 549300B3CBVFTLZDYP46 | Long             | EC               | RF                | US        |       150 | NS      | $3609.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Funds Inc                                          | Artisan Mid Cap Value Fund                                        | CUSIP: 04314H709<br>LEI: N/A                  | Long             | EC               | RF                | US        |       279 | NS      | $4764.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trust For Advised Portfolios                                        | Miller Opportunity Trust                                          | CUSIP: 89832P333<br>LEI: 549300YZEFREMRTE2K87 | Long             | EC               | RF                | US        |       100 | NS      | $2904.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Value Fu                                                  | Heartland Value Fund                                              | CUSIP: 422359109<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $4421.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dfa Invt Dimensions Group Inc                                       | DFA International Small Cap Value Portfolio                       | CUSIP: 233203736<br>LEI: 549300XGRTBJCE41BD26 | Long             | EC               | RF                | US        |       100 | NS      | $2038.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Funds                                                         | Royce Special Equity Fund                                         | CUSIP: 780905535<br>LEI: N/A                  | Long             | EC               | RF                | US        |       150 | NS      | $2502.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Equity Series                                      | Neuberger Berman Genesis Fund                                     | CUSIP: 641233200<br>LEI: 5493007JOB1812PHXG23 | Long             | EC               | RF                | US        |       100 | NS      | $5907.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rowe T Price New Horizons Fund Inc                                  | T. Rowe Price New Horizons Fund                                   | CUSIP: 779562107<br>LEI: E0J2ATABWUU4WO6I2K88 | Long             | EC               | RF                | US        |       100 | NS      | $5082.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                       | iShares S&P 500 Value ETF                                         | CUSIP: 464287408<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    146180 | NS      | $22684212.40  | 19.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Chartwell Funds                                                     | Chartwell Small Cap Value Fund                                    | CUSIP: 16140T509<br>LEI: N/A                  | Long             | EC               | RF                | US        |       118 | NS      | $2252.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hennessy Mutual Fd                                                  | Hennessey Cornerstone Mid Cap 30 Fund                             | CUSIP: 425888609<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $1884.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                                                   | JPMorgan US Research Enhanced Equity Fund                         | CUSIP: 4812A1860<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |       100 | NS      | $3107.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Acorn Tr                                                   | Columbia Acorn Fund                                               | CUSIP: 197199409<br>LEI: N/A                  | Long             | EC               | RF                | US        |       137 | NS      | $1347.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Trust                                             | AllianzGI NFJ Small-Cap Value Fund                                | CUSIP: 92837Q603<br>LEI: 549300JFX7YJRKFQYL29 | Long             | EC               | RF                | US        |       162 | NS      | $2482.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                               | Invesco S&P Ultra Dividend Revenue ETF                            | CUSIP: 46138G656<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |    233660 | NS      | $10881546.20  | 9.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Sector Funds (Invesco Sector Funds)                             | Invesco American Value Fund                                       | CUSIP: 00143M794<br>LEI: C791731MUP758KD8DB31 | Long             | EC               | RF                | US        |       141 | NS      | $4423.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMG Funds                                                           | AMG Yacktman Fund                                                 | CUSIP: 00170K588<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $2240.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Horizon F                                                  | Vanguard Strategic Equity Fund                                    | CUSIP: 922038104<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | RF                | US        |       100 | NS      | $3347.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                                                   | JPMorgan Small Cap Equity Fund                                    | CUSIP: 4812A1373<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |       100 | NS      | $5529.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Longleaf Partners                                                   | Longleaf Partners Small-Cap Fund                                  | CUSIP: 543069207<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $2337.00      | 0.00%             |  |  |  | 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        |     85430 | NS      | $7836493.90   | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Tweedy Browne Fund Inc                                              | Tweedy Browne Global Value Fund                                   | CUSIP: 901165100<br>LEI: 5493005J2AI9DYTRQ585 | Long             | EC               | RF                | US        |       150 | NS      | $4045.50      | 0.00%             |  |  |  | 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      | $2417.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios                                                  | Victory RS Small Cap Growth Fund                                  | CUSIP: 92647Q405<br>LEI: 549300V07N3HJP1EW330 | Long             | EC               | RF                | US        |       100 | NS      | $5154.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                                                  | Energy Select Sector SPDR Fund                                    | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      5260 | NS      | $473031.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Commwlth Tr                                                | Fidelity Small Cap Stock Fund                                     | CUSIP: 315912501<br>LEI: RRU0WCSIEQVV8NJYCG61 | Long             | EC               | RF                | US        |       150 | NS      | $2382.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Securities Fund                                            | Fidelity Small Cap Value Fund                                     | CUSIP: 316389832<br>LEI: LIUMB3NDWOFJPXVROE85 | Long             | EC               | RF                | US        |       150 | NS      | $2932.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Delaware Gp Eq Fii                                                  | Delaware Value Fund                                               | CUSIP: 24610C857<br>LEI: N/A                  | Long             | EC               | RF                | US        |       144 | NS      | $2742.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rowe T Price Small Cap Value Fund Inc                               | T. Rowe Price Small-Cap Value Fund                                | CUSIP: 77957Q103<br>LEI: ZPMK6UBY3Q3LBDC3GP51 | Long             | EC               | RF                | US        |       100 | NS      | $5248.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Advantage Funds Inc                                      | BNY Mellon Opportunistic Small Cap Fund                           | CUSIP: 05587N638<br>LEI: 549300SWCD16M4CV8Q16 | Long             | EC               | RF                | US        |       100 | NS      | $3104.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Funds                                                         | Royce Opportunity Fund                                            | CUSIP: 780905832<br>LEI: N/A                  | Long             | EC               | RF                | US        |       318 | NS      | $4761.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Trust                                             | AllianzGI Dividend Value Fund                                     | CUSIP: 92837N600<br>LEI: 549300JFX7YJRKFQYL29 | Long             | EC               | RF                | US        |       200 | NS      | $2154.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin V Inv Tr                                                   | Franklin Small Cap Value Fund                                     | CUSIP: 355148503<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $5849.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Longleaf Partners                                                   | Longleaf Partners Fund                                            | CUSIP: 543069108<br>LEI: N/A                  | Long             | EC               | RF                | US        |       150 | NS      | $3156.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                                                   | SPDR S&P Oil & Gas Equipment & Services ETF                       | CUSIP: 78468R549<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      6200 | NS      | $542934.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Touchstone Funds Group Trust                                        | Touchstone Sands Capital Select Growth Fund                       | CUSIP: 89155H827<br>LEI: 5493006SE4K8V7N8TJ90 | Long             | EC               | RF                | US        |       100 | NS      | $1094.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wasatch Advisors F                                                  | Wasatch Micro Cap Fund                                            | CUSIP: 936772508<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $632.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Investment Fund                                               | Janus Henderson Venture Fund                                      | CUSIP: 471023507<br>LEI: W6UYDZFUOFJ4HQQ32382 | Long             | EC               | RF                | US        |       100 | NS      | $7664.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyageur Mut Fds 3                                                  | Delaware Select Growth Fund                                       | CUSIP: 928931757<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $2330.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgeway Fds Inc                                                   | Bridgeway Ultra-Small Company Market Fund                         | CUSIP: 108747403<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $1163.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Century Cap Portfolios Inc                                 | American Century Equity Income Fund                               | CUSIP: 025076100<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $895.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiaa Cref Institut                                                  | TIAA-CREF International Equity Fund                               | CUSIP: 87244W102<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $1225.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dfa Invt Dimensions Group Inc                                       | DFA U.S. Small Cap Value Portfolio                                | CUSIP: 233203819<br>LEI: 549300XGRTBJCE41BD26 | Long             | EC               | RF                | US        |       100 | NS      | $4268.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Commwlth Tr                                                | Fidelity Small Cap Discovery Fund                                 | CUSIP: 315912600<br>LEI: RRU0WCSIEQVV8NJYCG61 | Long             | EC               | RF                | US        |       100 | NS      | $2530.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Longleaf Partners                                                   | Longleaf Partners International Fund                              | CUSIP: 543069405<br>LEI: N/A                  | Long             | EC               | RF                | US        |       150 | NS      | $2332.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dfa Invt Dimensions Group Inc                                       | DFA International Small Company Portfolio                         | CUSIP: 233203629<br>LEI: 549300XGRTBJCE41BD26 | Long             | EC               | RF                | US        |       100 | NS      | $1886.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Acorn Tr                                                   | Columbia Acorn International                                      | CUSIP: 197199813<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $2368.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Funds Inc                                                 | Principal SmallCap Growth Fund I                                  | CUSIP: 74253J461<br>LEI: 549300HZGBXSW6DSXF23 | Long             | EC               | RF                | US        |       200 | NS      | $2646.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Profesionally Managed Portfolios                                    | Akre Focus Fund                                                   | CUSIP: 742935125<br>LEI: N/A                  | Long             | EC               | RF                | US        |       101 | NS      | $5266.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Primecap Odyssey F                                                  | PRIMECAP Odyssey Aggressive Growth Fund                           | CUSIP: 74160Q202<br>LEI: 5493004GQ7ACYH108358 | Long             | EC               | RF                | US        |       100 | NS      | $4058.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Fund Trust                             | Morgan Stanley Instituional Fund Trust Discovery Growth Portfolio | CUSIP: 617440508<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | RF                | US        |       100 | NS      | $1210.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Investment Fund                                               | Janus Henderson Contrarian Fund                                   | CUSIP: 471023655<br>LEI: W6UYDZFUOFJ4HQQ32382 | Long             | EC               | RF                | US        |       100 | NS      | $2529.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fleming Cap Mut Fd                                                  | JPMorgan Mid Cap Value Fund                                       | CUSIP: 339128100<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $3678.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Funds Series Trust I                                       | Columbia Contrarian Core Fund                                     | CUSIP: 19765P406<br>LEI: 549300W5GIE6ZOZOTD82 | Long             | EC               | RF                | US        |        91 | NS      | $2397.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential World Fund Inc                                           | Prudential Jennison International Opportunities  Fund             | CUSIP: 743969651<br>LEI: 549300FF2KD1XH54I851 | Long             | EC               | RF                | US        |       185 | NS      | $4832.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Funds                                                         | Royce Micro-Cap Fund                                              | CUSIP: 780905709<br>LEI: N/A                  | Long             | EC               | RF                | US        |       106 | NS      | $1155.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Funds Inc                                          | Artisan International Value Fund                                  | CUSIP: 04314H881<br>LEI: N/A                  | Long             | EC               | RF                | US        |       150 | NS      | $6300.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Devonshir                                                  | Fidelity Mid-Cap Stock Fund                                       | CUSIP: 316128404<br>LEI: 549300478VTUOFTSUU57 | Long             | EC               | RF                | US        |       150 | NS      | $6013.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Buffalo Small Cap                                                   | Buffalo Small Cap Fund, Inc.                                      | CUSIP: 119804102<br>LEI: N/A                  | Long             | EC               | RF                | US        |       150 | NS      | $2209.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rowe T Price Mid Cap Growth Fd                                      | T. Rowe Price Mid-Cap Growth Fund                                 | CUSIP: 779556109<br>LEI: 80RXPO345YBHPM0J9835 | Long             | EC               | RF                | US        |        50 | NS      | $4796.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Investment Fund                                               | Janus Henderson Mid Cap Value Fund                                | CUSIP: 471023598<br>LEI: W6UYDZFUOFJ4HQQ32382 | Long             | EC               | RF                | US        |       200 | NS      | $3210.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                       | iShares U.S. Aerospace & Defense ETF                              | CUSIP: 464288760<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4050 | NS      | $464413.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hennessy Funds Trust                                                | Hennessy Focus Fund                                               | CUSIP: 42588P700<br>LEI: 254900O0F8MQNN7UZ261 | Long             | EC               | RF                | US        |        50 | NS      | $2506.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Harris Associates Investment Trust                                  | Oakmark International Small Cap Fund                              | CUSIP: 413838509<br>LEI: 54930037R1JTV3ZYFY28 | Long             | EC               | RF                | US        |       150 | NS      | $2739.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust Ii                                                  | JPMorgan Small Cap Growth Fund                                    | CUSIP: 4812C0290<br>LEI: 549300IMXLYKELY96B40 | Long             | EC               | RF                | US        |       100 | NS      | $1897.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rowe T Price International Funds Inc                                | T. Rowe Price International Discovery Fund                        | CUSIP: 77956H302<br>LEI: 549300O4BT3AMY6OUC26 | Long             | EC               | RF                | US        |        75 | NS      | $4633.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advisors Inner Circle Fd II                                         | Champlain Small Company Fund                                      | CUSIP: 00766Y190<br>LEI: 549300OEHDTB2ALCAX69 | Long             | EC               | RF                | US        |       100 | NS      | $2145.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHCM Funds Trust                                                   | JOHCM International Select Fund                                   | CUSIP: 46653M849<br>LEI: 549300T1VINOEO8DGR87 | Long             | EC               | RF                | US        |       100 | NS      | $2164.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicholas Fund Inc                                                   | Nicholas Fund, Inc.                                               | CUSIP: 653735100<br>LEI: N/A                  | Long             | EC               | RF                | US        |        50 | NS      | $3686.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colcheste                                                  | Fidelity Investments Money Market Funds  - Government Portfolio   | CUSIP: 31607A703<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  70890625 | PA      | $70890625.42  | 62.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Royce Funds                                                         | Royce Premier Fund                                                | CUSIP: 780905600<br>LEI: N/A                  | Long             | EC               | RF                | US        |       300 | NS      | $3378.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Harris Associates Investment Trust                                  | Oakmark Select Fund                                               | CUSIP: 413838608<br>LEI: 54930037R1JTV3ZYFY28 | Long             | EC               | RF                | US        |       150 | NS      | $8539.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Investment Fund                                               | Janus Henderson Overseas Fund                                     | CUSIP: 471023846<br>LEI: W6UYDZFUOFJ4HQQ32382 | Long             | EC               | RF                | US        |       100 | NS      | $4313.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Delaware Group Val                                                  | Delaware Small Cap Value Fund                                     | CUSIP: 246097208<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $7452.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Davis Series                                                        | Davis Opportunity Fund                                            | CUSIP: 239103831<br>LEI: 254900Q6I0WAL4QT7252 | Long             | EC               | RF                | US        |       100 | NS      | $3889.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMG Funds                                                           | AMG Yacktman Focused Fund                                         | CUSIP: 00170K562<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $1923.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Harris Associates Investment Trust                                  | Oakmark International Fund                                        | CUSIP: 413838202<br>LEI: 54930037R1JTV3ZYFY28 | Long             | EC               | RF                | US        |       150 | NS      | $3922.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Centy World Mut Fds Inc                                    | American Century International Opportunities Fund                 | CUSIP: 025086737<br>LEI: N/A                  | Long             | EC               | RF                | US        |       360 | NS      | $3298.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Thornburg Investment Trust                                          | Thornburg Value Fund                                              | CUSIP: 885215632<br>LEI: 5493001XM52H8S4WYY82 | Long             | EC               | RF                | US        |       100 | NS      | $6637.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Mutual Funds Inc                                           | Hartford International Opportunities Fund/The                     | CUSIP: 416645885<br>LEI: N/A                  | Long             | EC               | RF                | US        |       248 | NS      | $4398.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Fund Inc                               | Morgan Stanley Institutional Fund, Inc. - Growth Portfolio        | CUSIP: 61744J861<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $3012.97      | 0.00%             |  |  |  | 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