# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001752724-23-017745
**Filing Date:** 2023-1
**Character Count:** 43854
**Document Hash:** 45d73d48aea609f91eee1ad675af3710
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-017745.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001752724-23-017745

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230531

**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:** 23566445

**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           |

## 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:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $182164405.48

**Total Liabilities:** $49190066.28

**Net Assets:** $132974339.20

**Cash Not Reported:** $47809475.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089323 | -3.62%               | 6.11%                | 3.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-465633.51              | $-4098572.40                               |
| Month 2  | $-853199.88              | $8127575.12                                |
| Month 3  | $-522891.79              | $4918972.44                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| W.R. Berkley Corporation                   | W.R. Berkley Corp.                                        | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     21770 | NS      | $1660615.60   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                            | CVS Health Corp.                                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Short            | EC               | CORP              | US        |    -12325 | NS      | $-1255671.00  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                       | M&T Bank Corp.                                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Short            | EC               | CORP              | US        |     -7793 | NS      | $-1324965.86  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                 | Carrier Global Corp.                                      | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     48085 | NS      | $2131127.20   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                      | Eaton Corp. PLC                                           | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     14850 | NS      | $2427232.50   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                      | Lowe's Cos., Inc.                                         | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Short            | EC               | CORP              | US        |     -6870 | NS      | $-1460218.50  | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp.                    | Synovus Financial Corp                                    | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     42600 | NS      | $1794738.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                             | Home Depot, Inc./The                                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6275 | NS      | $2033037.25   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                           | Merck & Co., Inc.                                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     32810 | NS      | $3613037.20   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                              | Alphabet, Inc.                                            | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      8100 | NS      | $821745.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Citigroup Inc. Call @ 55 December 2022                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       267 | NS      | $667.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company          | Pioneer Natural Resources Co.                             | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     15899 | NS      | $3752005.01   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company               | Procter & Gamble Co./The                                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     12910 | NS      | $1925655.60   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd.                                   | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     14232 | NS      | $716865.84    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Darden Restaurants Inc. Call @ 135 January 2023           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        34 | NS      | $51000.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Service Corporation International          | Service Corp International/US                             | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Short            | EC               | CORP              | US        |    -27650 | NS      | $-1975592.50  | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation               | Truist Financial Corp.                                    | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Short            | EC               | CORP              | US        |    -43300 | NS      | $-2026873.00  | -1.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                  | Edgewell Personal Care Co.                                | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Short            | EC               | CORP              | US        |    -23700 | NS      | $-1024077.00  | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                  | Goldman Sachs Group, Inc./The                             | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Short            | EC               | CORP              | US        |     -4350 | NS      | $-1679752.50  | -1.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corporation          | Raytheon Technologies Corp.                               | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14210 | NS      | $1402811.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                              | Alphabet, Inc.                                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2700 | NS      | $272673.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                           | Arthur J Gallagher & Co.                                  | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     19825 | NS      | $3947355.75   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                        | Texas Roadhouse, Inc.                                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     10400 | NS      | $1032928.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | CBOE Global Markets Inc. Call @ 140 January 2024          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -89 | NS      | $-90780.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Selective Insurance Group Inc.             | Selective Insurance Group, Inc.                           | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Short            | EC               | CORP              | US        |    -11050 | NS      | $-1062126.00  | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                        | Leidos Holdings, Inc.                                     | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     24500 | NS      | $2678585.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC           | Sensata Technologies Holding NV                           | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     26775 | NS      | $1207552.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Reinsurance Company Limited          | Swiss Re AG                                               | CUSIP: H8431B109<br>LEI: 529900PS9YW3YY29F326 | Short            | EC               | CORP              | CH        |    -31700 | NS      | $-2821276.55  | -2.12%            |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corporation                     | South State Corp.                                         | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     14750 | NS      | $1295787.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                | RenaissanceRe Holdings Ltd.                               | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      8955 | NS      | $1691689.05   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited             | Axalta Coating Systems Ltd.                               | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     25400 | NS      | $681736.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corporation          | Horace Mann Educators Corp.                               | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Short            | EC               | CORP              | US        |    -24800 | NS      | $-957032.00   | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                    | Cboe Global Markets, Inc.                                 | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     14125 | NS      | $1791615.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation               | General Dynamics Corp.                                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      8365 | NS      | $2111242.35   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc.              | Cross Country Healthcare, Inc.                            | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Short            | EC               | CORP              | US        |    -19800 | NS      | $-708444.00   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                          | PJT Partners, Inc.                                        | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     14900 | NS      | $1147449.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp.                     | Independent Bank Corp.                                    | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Short            | EC               | CORP              | US        |     -8300 | NS      | $-751316.00   | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                            | Primerica, Inc.                                           | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     11450 | NS      | $1706393.50   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico                  | First BanCorp. (Puerto Rico)                              | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    100350 | NS      | $1543383.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corporation                   | State Street Corp.                                        | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     28200 | NS      | $2246694.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                | Paychex, Inc.                                             | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      9650 | NS      | $1196889.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                        | Newmont Goldcorp Corp.                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     12095 | NS      | $574149.65    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                  | eBay, Inc.                                                | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     22625 | NS      | $1028080.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                        | Chevron Corp.                                             | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -10900 | NS      | $-1998079.00  | -1.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                       | Amphenol Corp.                                            | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Short            | EC               | CORP              | US        |     -8150 | NS      | $-655504.50   | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Eaton Corp. PLC Call @ 155 January 2023                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -34 | NS      | $-40970.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                        | Abbott Laboratories                                       | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      7500 | NS      | $806850.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation              | Boston Scientific Corp.                                   | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Short            | EC               | CORP              | US        |    -20600 | NS      | $-932562.00   | -0.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp Inc.              | Washington Trust Bancorp, Inc.                            | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Short            | EC               | CORP              | US        |    -12500 | NS      | $-622000.00   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp                         | Howard Hughes Corp/The                                    | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |     21420 | NS      | $1596646.80   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corporation                          | Cigna Corp.                                               | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      9370 | NS      | $3081699.30   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation                 | Kimberly-Clark Corp.                                      | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |    -18560 | NS      | $-2517292.80  | -1.89%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Darnden Restaurants, Inc. Call @ 145, Expiring 01/20/2023 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -17 | NS      | $-13685.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard World Fds                         | Vanguard Energy ETF                                       | CUSIP: 92204A306<br>LEI: 549300MP6BT0L4Q61L10 | Short            | EC               | RF                | US        |    -30300 | NS      | $-3867189.00  | -2.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                  | Nestle SA                                                 | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     11950 | NS      | $1418644.19   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Home Depot, Inc./The                                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       108 | NS      | $176310.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Company                  | Colgate-Palmolive Co.                                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      8650 | NS      | $670202.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                            | Dollar Tree, Inc.                                         | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Short            | EC               | CORP              | US        |    -11200 | NS      | $-1683248.00  | -1.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd.                      | Everest Re Group Ltd.                                     | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      6335 | NS      | $2140849.90   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                           | Hess Corp.                                                | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     10500 | NS      | $1511055.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Home Depot, Inc./The Call @ 330, Expiring January 2023    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -53 | NS      | $-57770.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                              | U.S. Bancorp                                              | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     57800 | NS      | $2623542.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Limited         | Fairfax Financial Holdings Ltd.                           | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      3920 | NS      | $2246761.72   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.            | Affiliated Managers Group, Inc.                           | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Short            | EC               | CORP              | US        |     -4100 | NS      | $-657722.00   | -0.49%            |  |  |  | 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        |     11985 | NS      | $1148522.55   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc           | PNC Financial Services Group, Inc.                        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     10110 | NS      | $1701108.60   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                             | Citigroup, Inc.                                           | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     15825 | NS      | $766088.25    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     10844 | NS      | $1930232.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                | Progressive Corp./The                                     | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     32875 | NS      | $4344431.25   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                          | Expedia, Inc.                                             | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      9350 | NS      | $998954.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Texas Roadhouse, Inc. Call @ 100 January 2023             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -48 | NS      | $-21120.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Texas Roadhouse, Inc. Call @ 100 June 2023                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -36 | NS      | $-37440.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services, Inc.              | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     10150 | NS      | $736687.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                         | STIT- Treasury Portfolio                                  | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   3406143 | PA      | $3406142.67   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                   | Darden Restaurants, Inc.                                  | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     12200 | NS      | $1793278.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc                         | Byline Bancorp, Inc.                                      | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Short            | EC               | CORP              | US        |    -25900 | NS      | $-590261.00   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Darnden Restaurants, Inc. Call @ 140, Expiring 01/20/2023 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -17 | NS      | $-19125.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                       | PPG Industries, Inc.                                      | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     17900 | NS      | $2420438.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.          | Hanover Insurance Group, Inc.                             | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Short            | EC               | CORP              | US        |     -7300 | NS      | $-1075290.00  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                                             | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     26450 | NS      | $2090608.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                      | Microsoft Corp.                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5640 | NS      | $1438989.60   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                       | Schlumberger Ltd.                                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     73875 | NS      | $3808256.25   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                       | Snap-on, Inc.                                             | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Short            | EC               | CORP              | US        |     -7425 | NS      | $-1786455.00  | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                  | CNO Financial Group, Inc.                                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Short            | EC               | CORP              | US        |    -66250 | NS      | $-1555550.00  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.           | Marsh & McLennan Cos., Inc.                               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      6650 | NS      | $1151647.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc            | Pinnacle Financial Partners, Inc.                         | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     20025 | NS      | $1679897.25   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Eaton Corp. PLC Call @ 140 January 2023                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        45 | NS      | $112950.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Federated Hermes Inc                       | Federated Investors, Inc.                                 | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     79950 | NS      | $3034902.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                | Lockheed Martin Corp.                                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Short            | EC               | CORP              | US        |     -1350 | NS      | $-655006.50   | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                    | Berkshire Hathaway, Inc.                                  | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     20195 | NS      | $6434127.00   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                | Pentair PLC                                               | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |     31975 | NS      | $1463495.75   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                            | Littelfuse, Inc.                                          | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      4640 | NS      | $1143760.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                    | KeyCorp                                                   | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    113600 | NS      | $2136816.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Incorporation              | PayPal Holdings, Inc.                                     | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      9075 | NS      | $711570.75    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                       | Otis Worldwide Corp.                                      | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     19930 | NS      | $1556333.70   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.               | Mondelez International, Inc.                              | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     29800 | NS      | $2014778.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                      | Comerica, Inc.                                            | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     33900 | NS      | $2431986.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc.             | Dime Community Bancshares, Inc.                           | CUSIP: 25432X102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -20525 | NS      | $-732126.75   | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Company                            | Kellogg Co.                                               | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Short            | EC               | CORP              | US        |    -16325 | NS      | $-1190908.75  | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Community Bank System Inc                  | Community Bank System, Inc.                               | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Short            | EC               | CORP              | US        |    -15025 | NS      | $-978728.50   | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                 | Apple, Inc.                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Short            | EC               | CORP              | US        |     -4375 | NS      | $-647631.25   | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corporation                         | Markel Corp.                                              | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      1200 | NS      | $1589808.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co (The)                           | Hershey Co./The                                           | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Short            | EC               | CORP              | US        |     -5225 | NS      | $-1228763.25  | -0.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Soup Company                      | Campbell Soup Co.                                         | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Short            | EC               | CORP              | US        |    -25300 | NS      | $-1357851.00  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corporation                     | McDonald's Corp.                                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Short            | EC               | CORP              | US        |     -4550 | NS      | $-1241194.50  | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                             | Globe Life, Inc.                                          | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     34375 | NS      | $4123625.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                          | Brown & Brown, Inc.                                       | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     58325 | NS      | $3475586.75   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                         | Oracle Corp.                                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     22625 | NS      | $1878553.75   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation             | Zebra Technologies Corp.                                  | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      1850 | NS      | $500018.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co., Inc.                  | Church & Dwight Co., Inc.                                 | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     24900 | NS      | $2038563.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hills Bancorp, Inc.              | Berkshire Hills Bancorp, Inc.                             | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Short            | EC               | CORP              | US        |    -22200 | NS      | $-692196.00   | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth Bank of Australia             | Commonwealth Bank of Australia                            | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Short            | EC               | CORP              | AU        |    -42755 | NS      | $-3130297.52  | -2.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                 | Prudential Financial, Inc.                                | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Short            | EC               | CORP              | US        |    -11959 | NS      | $-1291930.77  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                         | Voya Financial, Inc.                                      | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     40250 | NS      | $2655695.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                | Pfizer, Inc.                                              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     38475 | NS      | $1928751.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-11-30

**Name of Applicant:** Valued Advisers Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller