# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0000910472-25-002831
**Filing Date:** 2025-10
**Character Count:** 42938
**Document Hash:** dc90bb8470dea6fcf7659c74c25cffd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002831.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000910472-25-002831

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**PERIOD START**: 20260531

**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:** 251433118

**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

### LS Opportunity Fund (Series ID: S000029069)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000089323 | LS Opportunity Fund - Institutional Class | LSOFX           |

## Nport-Ex

LS

Opportunity

Fund

Schedule

of

Investments

August

31,

2025

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

DOMESTIC

—

78.91%

Shares

Fair

Value

Communication

Services

—

1.94%

Alphabet,

Inc.,

Class

A

(a) 17,105

$

3,641,826

Consumer

Discretionary

—

3.92%

Darden

Restaurants,

Inc.

(a) 11,035

2,283,583

Home

Depot,

Inc.

(The)

(a) 7,830

3,185,009

Texas

Roadhouse,

Inc.

(a) 10,869

1,875,446

7,344,038

Consumer

Staples

—

6.44%

Church

&

Dwight

Co.,

Inc.

(a) 19,268

1,795,007

Colgate-Palmolive

Co.

(a) 27,020

2,271,571

Kenvue,

Inc.

(a) 119,512

2,475,094

Keurig

Dr

Pepper,

Inc.

(a) 80,144

2,331,389

Mondelez

International,

Inc.,

Class

A

(a) 26,630

1,636,147

Simply

Good

Foods

Co.

(The)

(a) (b) 54,528

1,561,136

12,070,344

Energy

—

2.59%

Exxon

Mobil

Corp.

(a) 29,026

3,317,382

Permian

Resources

Corp.

(a) 107,821

1,540,762

4,858,144

Financials

—

32.08%

Ameris

Bancorp

(a) 44,376

3,251,873

Arthur

J. Gallagher

&

Co.

(a) 9,277

2,808,612

Brown

&

Brown,

Inc.

(a) 61,055

5,919,282

Cboe

Global

Markets,

Inc.

(a) (b) 11,691

2,758,491

Citigroup,

Inc.

(a) 23,238

2,244,094

F.N.B.

Corp.

(a) 236,209

3,942,328

Fidelity

National

Information

Services,

Inc.

(a) 36,507

2,548,554

Globe

Life,

Inc.

(a) 42,417

5,936,259

KeyCorp

109,100

2,112,176

PJT

Partners,

Inc.,

Class

A

(a) 17,176

3,074,504

PNC

Financial

Services

Group,

Inc.

(The)

(a) 35,904

7,447,926

Primerica,

Inc.

(a) 12,774

3,440,549

Progressive

Corp.

(The)

(a) 15,233

3,763,465

Prosperity

Bancshares,

Inc.

(a) (b) 54,116

3,741,039

SouthState

Corp.

(a) 44,970

4,589,638

Unum

Group

(a) 36,500

2,549,890

60,128,680

Health

Care

—

8.04%

Abbott

Laboratories

(a) 35,550

4,716,063

Cigna

Corp.

(The)

(a) 9,083

2,732,802

Johnson

&

Johnson

(a) 23,477

4,159,420

Merck

&

Co.,

Inc.

(a) 41,082

3,455,818

15,064,103

Industrials

—

10.81%

CACI

International,

Inc.,

Class

A

(a) (b) 8,761

4,202,827

Carrier

Global

Corp.

(a) 59,662

3,889,962

Curtiss-Wright

Corp.

(a) 4,269

2,041,222

Honeywell

International,

Inc.

(a) 10,999

2,414,281

LS

Opportunity

Fund

Schedule

of

Investments

(continued)

August

31,

2025

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

DOMESTIC

—

78.91%

-

continued

Shares

Fair

Value

Industrials

—

10.81%

-

continued

Leidos

Holdings,

Inc.

(a) 18,259

$

3,303,418

Paychex,

Inc.

(a) 12,557

1,751,137

RTX

Corp.

(a) 16,714

2,650,840

20,253,687

Information

Technology

—

8.60%

Applied

Materials,

Inc.

(a) 9,129

1,467,578

Littelfuse,

Inc.

(a) 12,612

3,276,976

Microsoft

Corp.

(a) 6,990

3,541,763

Teradyne,

Inc.

(a) 21,831

2,581,298

Trimble,

Inc.

(a) (b) 36,427

2,944,030

Zebra

Technologies

Corp.,

Class

A

(a) (b) 7,293

2,312,537

16,124,182

Materials

—

1.65%

PPG

Industries,

Inc.

(a) (b) 27,767

3,088,523

Real

Estate

—

2.84%

Howard

Hughes

Holdings,

Inc.

(The)

(a) (b) 28,384

2,164,848

St.

Joe

Co.

(The)

(a) 62,787

3,168,232

5,333,080

Total

Common

Stocks

-

Long

-

Domestic

(Cost $114,911,353)

147,906,607

COMMON

STOCKS

-

LONG

-

INTERNATIONAL

—

14.33%

Consumer

Staples

—

0.99%

Nestle

S.A.

19,706

1,856,673

Energy

—

1.39%

Schlumberger

Ltd.

(a) 70,816

2,608,861

Financials

—

5.74%

Everest

Re

Group,

Ltd.

(a) 13,229

4,522,731

Fairfax

Financial

Holdings

Ltd.

3,626

6,241,144

10,763,875

Industrials

—

5.04%

Eaton

Corp.

PLC

(a) 19,067

6,657,052

Pentair

PLC

(a) 26,067

2,802,985

9,460,037

Materials

—

1.17%

Agnico

Eagle

Mines

Ltd.

(a) 15,228

2,195,421

Total

Common

Stocks

-

Long

-

International

(Cost $17,264,799)

26,884,867

EXCHANGE-TRADED

FUNDS

—

1.11%

Abrdn

Physical

Platinum

Shares

ETF

(a) (b) 16,606

2,079,403

Total

Exchange-Traded

Funds

(Cost $1,586,981)

2,079,403

LS

Opportunity

Fund

Schedule

of

Investments

(continued)

August

31,

2025

-

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PUT

OPTIONS

PURCHASED

—

0.01%

Walmart,

Inc.

$

1,270,438

$

85.00 12/19/2025

$

18,618

Total

Put

Options

Purchased

(Cost

$55,032)

18,618

CALL

OPTIONS

PURCHASED

—

0.07%

U.S.

Bancorp

$

1,586,975

$

47.50 9/19/2025

$

65,000

U.S.

Bancorp

640,197

45.00 1/16/2026

69,102

Total

Call

Options

Purchased

(Cost

$81,823)

134,102

MONEY

MARKET

FUNDS

-

5.22%

Shares

Invesco

Treasury

Portfolio,

Institutional

Class,

4.16%

(c) 9,788,447

9,788,447

Total

Money

Market

Funds

(Cost

$9,788,447)

9,788,447

Total

Investments

—

99.65%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$143,688,435)

186,812,044

Other

Assets

in

Excess

of

Liabilities — 0.35%

654,392

NET

ASSETS

—

100.00%

$

187,466,436

(a) All

or

a

portion

of

the

security

is

held

as

collateral

for

securities

sold

short.

The

fair

value

of

this

collateral

on

August

31,

2025

was

$99,000,265.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ETF

-

Exchange-Traded

Fund

LS

Opportunity

Fund

Schedule

of

Securities

Sold

Short

August

31,

2025

-

(Unaudited)

COMMON

STOCKS

-

SHORT

-

DOMESTIC

-

(21.64)%

Shares

Fair

Value

Communications

-

(0.91)%

Walt

Disney

Co.

(The)

(14,434)

$

(1,708,697)

Consumer

Discretionary

-

(3.22)%

Hilton

Grand

Vacations,

Inc.

(a) (40,956)

(1,946,229)

McDonald's

Corp.

(7,275)

(2,281,003)

Starbucks

Corp.

(20,500)

(1,807,895)

(6,035,127)

Consumer

Staples

-

(5.22)%

Campbell

Soup

Co.

(29,589)

(944,777)

Dollar

Tree,

Inc.

(a) (7,935)

(866,264)

Kimberly-Clark

Corp.

(14,493)

(1,871,626)

Post

Holdings,

Inc.

(a) (30,022)

(3,396,989)

Sysco

Corp.

(33,595)

(2,703,390)

(9,783,046)

Financials

-

(10.88)%

Capitol

Federal

Financial,

Inc.

(213,361)

(1,382,579)

Comerica,

Inc.

(29,810)

(2,103,990)

Goldman

Sachs

Group,

Inc.

(The)

(2,263)

(1,686,501)

Houlihan

Lokey,

Inc.

(9,093)

(1,811,780)

Markel

Corp.

(a) (1,014)

(1,986,487)

Marsh

&

McLennan

Cos.,

Inc.

(12,982)

(2,671,825)

Northwest

Bancshares,

Inc.

(146,936)

(1,858,740)

Old

Republic

International

Corp.

(61,163)

(2,444,685)

Park

National

Corp.

(5,575)

(957,618)

Prudential

Financial,

Inc.

(31,812)

(3,488,504)

(20,392,709)

Health

Care

-

(1.41)%

HCA

Healthcare,

Inc.

(4,532)

(1,830,747)

UnitedHealth

Group,

Inc.

(2,634)

(816,197)

(2,646,944)

TOTAL

COMMON

STOCKS

-

SHORT

-

DOMESTIC

(Proceeds

Received $38,255,657)

(40,566,523)

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL

-

(7.01)%

Financials

-

(5.91)%

Aon

PLC,

Class

A

(5,304)

(1,946,568)

Bank

of

Nova

Scotia

(The)

(a) (38,827)

(2,424,868)

Commonwealth

Bank

of

Australia

(24,175)

(2,694,197)

RenaissanceRe

Holdings

Ltd.

(7,521)

(1,827,528)

Westpac

Banking

Corp.

(86,469)

(2,184,784)

(11,077,945)

Industrials

-

(1.10)%

Johnson

Controls

International

PLC

(19,367)

(2,070,139)

TOTAL

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL

(Proceeds

Received $11,649,832)

(13,148,084)

EXCHANGE-TRADED

FUNDS

-

(4.24)%

Energy

Select

Sector

SPDR®

Fund

(10,483)

(947,558)

LS

Opportunity

Fund

Schedule

of

Securities

Sold

Short

(continued)

August

31,

2025

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

-

(4.24)%

Shares

Fair

Value

Industrial

Select

Sector

SPDR®

Fund

(14,560)

$

(2,213,265)

Vanguard

Industrials

ETF

(a) (7,603)

(2,214,830)

Vanguard

Information

Technology

ETF

(3,689)

(2,571,307)

TOTAL

EXCHANGE-TRADED

FUNDS

(Proceeds

Received $6,984,475)

(7,946,960)

TOTAL

SECURITIES

SOLD

SHORT

-

(32.89)%

(Proceeds

Received

$56,889,964)

$

(61,661,567)

(a) Non-dividend

expense

producing

security.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt

The

sectors

shown

on

the

schedule

of

investments

and

schedule

of

securities

sold

short

are

based

on

the

Global

Industry

Classification

Standard,

or

GICS®

("GICS"). The

GICS

was

developed

by

and/or

is

the

exclusive

property

of

MSCI,

Inc.

and

Standard

&

Poor's

Financial

Services

LLC

("S&P"). GICS

is

a

service

mark

of

MSCI,

Inc.

and

S&P

and

has

been

licensed

for

use

by

Ultimus

Fund

Solutions,

LLC.

## 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:** LS OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000029069

- **c. LEI of Series:** 549300QQ64C1N4236K79

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $249582711.07

**Total Liabilities:** $62095920.80

**Net Assets:** $187486790.27

**Cash Not Reported:** $62350865.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089323 | 1.52%                | -0.11%               | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $426089.91               | $2383714.30                                |
| Month 2  | $1251731.56              | $-1363721.88                               |
| Month 3  | $49125.01                | $957694.68                                 |

**Designated Index Information**

- **Index Name:** LS OPPORTUNITY DRP

- **Index Identifier:** LS OPPORTUNITY DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Post Holdings Inc.                         | Post Holdings, Inc.                            | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Short            | EC               | CORP              | US        |    -30022 | NS      | $-3396989.30  | -1.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                            | Starbucks Corp.                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Short            | EC               | CORP              | US        |    -20500 | NS      | $-1807895.00  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.               | Honeywell International, Inc.                  | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     10999 | NS      | $2414280.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                 | Carrier Global Corp.                           | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     59662 | NS      | $3889962.40   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                      | Eaton Corp. PLC                                | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     19067 | NS      | $6657052.38   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                  | Prosperity Bancshares, Inc.                    | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54116 | NS      | $3741039.08   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                            | Home Depot, Inc./The                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      7830 | NS      | $3185009.10   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc.                | Howard Hughes Holdings Inc                     | CUSIP: 44267T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28384 | NS      | $2164847.68   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                           | Merck & Co., Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     41082 | NS      | $3455817.84   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                           | Markel Corp.                                   | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Short            | EC               | CORP              | US        |     -1014 | NS      | $-1986486.84  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                | KENVUE INC                                     | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    119512 | NS      | $2475093.52   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd.                        | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     15228 | NS      | $2195420.76   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Fed Fin In                         | Capitol Federal Financial, Inc.                | CUSIP: 14057J101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -213361 | NS      | $-1382579.28  | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                  | Goldman Sachs Group, Inc./The                  | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Short            | EC               | CORP              | US        |     -2263 | NS      | $-1686500.75  | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                  | Raytheon Technologies Corp.                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     16714 | NS      | $2650840.40   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                              | Alphabet, Inc.                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     17105 | NS      | $3641825.55   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                           | Arthur J Gallagher & Co.                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      9277 | NS      | $2808611.75   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC         | Johnson Controls International PLC             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Short            | EC               | CORP              | IE        |    -19367 | NS      | $-2070138.63  | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                        | Texas Roadhouse, Inc.                          | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     10869 | NS      | $1875445.95   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                        | Leidos Holdings, Inc.                          | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     18259 | NS      | $3303418.28   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                       | Keurig Dr Pepper, Inc.                         | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     80144 | NS      | $2331388.96   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                 | Unum Group                                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     36500 | NS      | $2549890.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Walmart Inc. Put @ 85, Expiring December 2025  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       174 | NS      | $18618.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | U.S. Bancorp Call @ 45 January 2026            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       131 | NS      | $69102.50     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SouthState Corp.                           | South State Corp.                              | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     44970 | NS      | $4589638.20   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                             | Ameris Bancorp                                 | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     44376 | NS      | $3251873.28   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                    | Cboe Global Markets, Inc.                      | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     11691 | NS      | $2758491.45   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                          | PJT Partners, Inc.                             | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     17176 | NS      | $3074504.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                        | Vanguard Information Technology ETF            | CUSIP: 92204A702<br>LEI: 549300MP6BT0L4Q61L10 | Short            | EC               | RF                | US        |     -3689 | NS      | $-2571306.78  | -1.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                            | Primerica, Inc.                                | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     12774 | NS      | $3440549.16   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                        | Houlihan Lokey, Inc.                           | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Short            | EC               | CORP              | US        |     -9093 | NS      | $-1811780.25  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                  | The Simply Good Foods Co.                      | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54528 | NS      | $1561136.64   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| St. Joe Co.                                | St. Joe Co.                                    | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |     62787 | NS      | $3168232.02   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                | Paychex, Inc.                                  | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     12557 | NS      | $1751136.44   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                         | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Short            | EC               | CORP              | US        |     -4532 | NS      | $-1830746.72  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                | Trimble, Inc.                                  | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     36427 | NS      | $2944030.14   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                        | Bank of Nova Scotia/The                        | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Short            | EC               | CORP              | CA        |    -38827 | NS      | $-2424867.51  | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                     | Applied Materials, Inc.                        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      9129 | NS      | $1467578.04   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                        | Abbott Laboratories                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     35550 | NS      | $4716063.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                            | Cigna Group/The                                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      9083 | NS      | $2732802.21   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation                 | Kimberly-Clark Corp.                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |    -14493 | NS      | $-1871626.02  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                        | Vanguard Industrials ETF                       | CUSIP: 92204A603<br>LEI: 549300MP6BT0L4Q61L10 | Short            | EC               | RF                | US        |     -7603 | NS      | $-2214829.93  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                  | Nestle SA                                      | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     19706 | NS      | $1856672.84   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                      | Colgate-Palmolive Co.                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     27020 | NS      | $2271571.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                            | Dollar Tree, Inc.                              | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Short            | EC               | CORP              | US        |     -7935 | NS      | $-866263.95   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                          | Everest Group, Ltd.                            | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     13229 | NS      | $4522730.52   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                     | Permian Resources Corp.                        | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    107821 | NS      | $1540762.09   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Limited         | Fairfax Financial Holdings Ltd.                | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      3626 | NS      | $6241143.72   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Platinum ETF Trust                   | Aberdeen Standard Physical Platinum Shares ETF | CUSIP: 003260106<br>LEI: N/A                  | Long             | EC               | RF                | US        |     16606 | NS      | $2079403.32   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.          | PNC Financial Services Group, Inc.             | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     35904 | NS      | $7447925.76   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                      | Comerica, Inc.                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Short            | EC               | CORP              | US        |    -29810 | NS      | $-2103989.80  | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                             | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     23238 | NS      | $2244093.66   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     23477 | NS      | $4159420.09   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                          | Sysco Corp.                                    | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Short            | EC               | CORP              | US        |    -33595 | NS      | $-2703389.65  | -1.44%            |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                | Progressive Corp./The                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     15233 | NS      | $3763464.98   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Park National Corp                         | Park National Corp.                            | CUSIP: 700658107<br>LEI: 5493001T01TDELV5OO63 | Short            | EC               | CORP              | US        |     -5575 | NS      | $-957617.75   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                              | Teradyne, Inc.                                 | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     21831 | NS      | $2581297.44   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services, Inc.   | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     36507 | NS      | $2548553.67   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                         | STIT- Treasury Portfolio                       | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   9788447 | PA      | $9788446.58   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                   | Darden Restaurants, Inc.                       | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     11035 | NS      | $2283582.90   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                       | PPG Industries, Inc.                           | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     27767 | NS      | $3088523.41   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                   | Industrial Select Sector SPDR Fund             | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Short            | EC               | RF                | US        |    -14560 | NS      | $-2213265.60  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                            | Microsoft Corp.                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6990 | NS      | $3541763.10   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                       | Schlumberger Ltd.                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     70816 | NS      | $2608861.44   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                    | Aon PLC                                        | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Short            | EC               | CORP              | IE        |     -5304 | NS      | $-1946568.00  | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                       | Curtiss-Wright Corp.                           | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      4269 | NS      | $2041222.35   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                        | Walt Disney Co./The                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Short            | EC               | CORP              | US        |    -14434 | NS      | $-1708696.92  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | U.S. Bancorp Call 47.5 Spetember 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       325 | NS      | $65000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.           | Marsh & McLennan Cos., Inc.                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Short            | EC               | CORP              | US        |    -12982 | NS      | $-2671825.42  | -1.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp.                      | Westpac Banking Corp.                          | CUSIP: Q97417101<br>LEI: EN5TNI6CI43VEPAMHL14 | Short            | EC               | CORP              | AU        |    -86469 | NS      | $-2184783.78  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc                 | Hilton Grand Vacations, Inc.                   | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Short            | EC               | CORP              | US        |    -40956 | NS      | $-1946229.12  | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                    | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Short            | EC               | CORP              | US        |     -2634 | NS      | $-816197.58   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                | Pentair PLC                                    | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |     26067 | NS      | $2802984.51   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                            | Littelfuse, Inc.                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     12612 | NS      | $3276975.96   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| The Campbells Co.                          | Campbell Soup Co.                              | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Short            | EC               | CORP              | US        |    -29589 | NS      | $-944776.77   | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                    | KeyCorp                                        | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    109100 | NS      | $2112176.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                   | Northwest Bancshares, Inc.                     | CUSIP: 667340103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -146936 | NS      | $-1858740.40  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.               | Mondelez International, Inc.                   | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     26630 | NS      | $1636147.20   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                | RenaissanceRe Holdings Ltd.                    | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Short            | EC               | CORP              | BM        |     -7521 | NS      | $-1827527.79  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                   | Energy Select Sector SPDR Fund                 | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Short            | EC               | RF                | US        |    -10483 | NS      | $-947558.37   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation     | Old Republic International Corp.               | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Short            | EC               | CORP              | US        |    -61163 | NS      | $-2444685.11  | -1.30%            |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                           | McDonald's Corp.                               | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Short            | EC               | CORP              | US        |     -7275 | NS      | $-2281003.50  | -1.22%            |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                    | CACI International, Inc.                       | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      8761 | NS      | $4202826.92   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                             | Globe Life, Inc.                               | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     42417 | NS      | $5936259.15   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                          | Brown & Brown, Inc.                            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     61055 | NS      | $5919282.25   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation             | Zebra Technologies Corp.                       | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      7293 | NS      | $2312537.37   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc.                    | Church & Dwight Co., Inc.                      | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     19268 | NS      | $1795006.88   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth Bank of Australia             | Commonwealth Bank of Australia                 | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Short            | EC               | CORP              | AU        |    -24175 | NS      | $-2694197.04  | -1.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                 | Prudential Financial, Inc.                     | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Short            | EC               | CORP              | US        |    -31812 | NS      | $-3488503.92  | -1.86%            |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                  | F.N.B. Corp.                                   | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    236209 | NS      | $3942328.21   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                          | Exxon Mobil Corp.                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     29026 | NS      | $3317381.54   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-31

**Name of Applicant:** Valued Advisers Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller