# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0000910472-26-005292
**Filing Date:** 2026-4
**Character Count:** 31035
**Document Hash:** bd14fb378e01c0ebdfb78c0dbb900da3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005292.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0000910472-26-005292

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**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:** 26826316

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Sound

Mind

Investing

Fund

Schedule

of

Investments

January

31,

2026

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

87.19%

Shares

Fair

Value

Cambria

Global

Value

ETF

312,730

$

10,879,877

First

Trust

Developed

Markets

ex-US

AlphaDEX®

Fund

114,140

9,966,671

iShares

Russell

1000

Value

ETF

(a) 123,540

27,161,504

SMI

3Fourteen

Full-Cycle

Trend

ETF

(a)(b) 969,600

25,826,653

USCF

SummerHaven

Dynamic

Commodity

Strategy

No

Fund

(c) 414,460

9,938,751

Total

Exchange-Traded

Funds

(Cost

$76,825,166)

83,773,456

MUTUAL

FUNDS

—

12.74%

Aegis

Value

Fund,

Inc.,

Institutional

Class

190,431

12,172,358

Artisan

International

Small

Cap

Fund,

Investor

Class

(c) 100

1,923

Artisan

International

Value

Fund,

Investor

Class

2,241

Artisan

Mid

Cap

Value

Fund,

Investor

Class

1,761

Champlain

Small

Company

Fund,

Institutional

Class

(c) 122

2,151

Columbia

Acorn

Fund,

Institutional

Class

(c) 137

1,878

Delaware

Ivy

Large

Cap

Growth

Fund,

Class

I

(c) 89

3,510

DFA

International

Small

Cap

Value

Portfolio,

Institutional

Class

3,307

DFA

International

Small

Company

Portfolio,

Institutional

Class

2,698

DFA

U.S.

Small

Cap

Value

Portfolio,

Institutional

Class

2,110

Franklin

Small

Cap

Value

Fund,

Advisor

Class

2,007

Hartford

International

Opportunities

Fund

(The),

Class

Y

2,409

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

1,702

Janus

Henderson

Mid

Cap

Value

Fund,

Class

T

1,758

Janus

Henderson

Venture

Fund,

Class

T

(c) 17

1,430

JOHCM

International

Select

Fund,

Institutional

Class

3,058

JPMorgan

Mid

Cap

Value

Fund,

Institutional

Class

1,536

JPMorgan

Small

Cap

Equity

Fund,

Select

Class

1,481

JPMorgan

Small

Cap

Growth

Fund,

Class

L

2,317

JPMorgan

U.S.

Research

Enhanced

Equity

Fund,

Institutional

Class

2,060

Longleaf

Partners

Fund

1,749

Longleaf

Partners

Small-Cap

Fund

2,955

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(c) 100

3,522

PRIMECAP

Odyssey

Aggressive

Growth

Fund

2,112

Prudential

Jennison

International

Opportunities,

Class

Z

2,263

Royce

Premier

Fund,

Investment

Class

1,781

T. Rowe

Price

International

Discovery

Fund,

Investor

Class

2,475

T. Rowe

Price

Mid-Cap

Growth

Fund,

Investor

Class

(c) 17

1,690

T. Rowe

Price

New

Horizons

Fund,

Investor

Class

(c) 32

1,753

T. Rowe

Price

Small-Cap

Value

Fund,

Investor

Class

1,751

Virtus

NFJ

Small-Cap

Value

Fund,

Institutional

Class

2,707

Wasatch

International

Growth

Fund,

Investor

Class

(c) 119

1,739

Total

Mutual

Funds

(Cost

$7,768,912)

12,240,192

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2026

-

(Unaudited)

MONEY

MARKET

FUNDS

-

0.21%

Shares

Fair

Value

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

3.61%

(d) 197,446

$

197,446

Total

Money

Market

Funds

(Cost

$197,446)

197,446

Total

Investments

—

100.14%

(Cost

$84,791,524)

96,211,094

Liabilities

in

Excess

of

Other

Assets — (0.14)%

(131,924)

NET

ASSETS

—

100.00%

$

96,079,170

(a) Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets. Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

January

31,

2026,

the

percentage

of

net

assets

invested

in

iShares

Russell

1000

Value

ETF

and

SMI

3Fourteen

Full-Cycle

Trend

ETF

was

28.27%

and

26.88%

of

the

Fund,

respectively.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

(b) Affiliated

(c) Non-income

producing

security.

(d) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2026. ETF

-

Exchange-Traded

Fund

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

January

31,

2026

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

79.89%

Shares

Fair

Value

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

81,450

$

10,775,836

Franklin

FTSE

Europe

ETF

16,180

620,179

Franklin

FTSE

Japan

ETF

25,500

932,790

Grayscale

Bitcoin

Mini

Trust

ETF

(a) 16,870

625,540

Invesco

QQQ

Trust,

Series

10,380

6,455,011

iShares

Core

U.S.

REIT

ETF

5,330

312,711

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

16,900

1,868,633

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

12,900

1,245,882

iShares

MSCI

EAFE

ETF

58,980

5,941,645

iShares

MSCI

Emerging

Markets

ex

China

ETF

95,070

7,588,488

iShares

Russell

2000

Value

ETF

33,600

6,514,368

ProShares

S&P®

500®

Dividend

Aristocrats

ETF

11,410

1,254,758

Schwab

High

Yield

Bond

ETF

93,810

2,497,223

Schwab

International

Equity

ETF

32,910

837,230

Schwab

Long-Term

U.S.

Treasury

ETF

58,930

1,866,313

Schwab

U.S.

Tips

ETF

35,080

934,531

SMI

3Fourteen

Real

Asset

Allocation

ETF

(b) 374,730

10,585,860

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

3,400

311,610

SPDR®

S&P®

Metals

&

Mining

ETF

12,350

1,466,192

USCF

SummerHaven

Dynamic

Commodity

Strategy

No

Fund

(a) 38,030

911,959

Vanguard

Energy

Index

Fund

ETF

4,360

626,924

Vanguard

Small-Cap

Index

Fund

ETF

4,570

1,233,397

Total

Exchange-Traded

Funds

(Cost

$57,698,792)

65,407,080

CLOSED-END

FUNDS

—

17.88%

Sprott

Physical

Gold

Trust

(a) 401,400

14,635,044

Total

Closed-End

Funds

Cost

($6,517,508)

14,635,044

MUTUAL

FUNDS

—

1.88%

AQR

Diversifying

Strategies

Fund,

Class

I

(a) 107,921

1,541,105

Total

Mutual

Funds

(Cost

$1,441,312)

1,541,105

MONEY

MARKET

FUNDS

-

0.36%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

3.61%

(c) 291,624

291,624

Total

Money

Market

Funds

(Cost

$291,624)

291,624

Total

Investments

—

100.01%

(Cost

$65,949,236)

81,874,853

Liabilities

in

Excess

of

Other

Assets — (0.01)%

(6,171)

NET

ASSETS

—

100.00%

$

81,868,682

(a) Non-income

producing

security.

(b) Affiliated

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2026. ETF

-

Exchange-Traded

Fund

REIT

-

Real

Estate

Investment

Trust

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

(continued)

January

31,

2026

-

(Unaudited)

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Multi-Strategy

Fund

Schedule

of

Investments

January

31,

2026

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

82.43%

Shares

Fair

Value

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

28,570

$

3,779,811

Cambria

Global

Value

ETF

73,430

2,554,630

Communication

Services

Select

Sector

SPDR®

Fund

4,080

489,926

Consumer

Discretionary

Select

Sector

SPDR®

Fund

2,700

327,159

Consumer

Staples

Select

Sector

SPDR®

Fund

26,723

Energy

Select

Sector

SPDR®

Fund

15,826

Financial

Select

Sector

SPDR®

Fund

10,530

562,723

First

Trust

Developed

Markets

ex-US

AlphaDEX®

Fund

28,330

2,473,767

Franklin

FTSE

Europe

ETF

5,660

216,948

Franklin

FTSE

Japan

ETF

8,910

325,928

Grayscale

Bitcoin

Mini

Trust

ETF

(a) 5,880

218,030

Health

Care

Select

Sector

SPDR®

Fund

47,969

Industrial

Select

Sector

SPDR®

Fund

1,510

249,814

Invesco

QQQ

Trust,

Series

3,640

2,263,607

iShares

Core

US

REIT

ETF

1,860

109,126

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

5,910

653,469

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

4,510

435,576

iShares

MSCI

EAFE

ETF

21,130

2,128,636

iShares

MSCI

Emerging

Markets

ex

China

ETF

33,100

2,642,042

iShares

Russell

1000

Value

ETF

29,340

6,450,692

iShares

Russell

2000

Value

ETF

11,730

2,274,212

Materials

Select

Sector

SPDR®

Fund

1,150

56,661

ProShares

S&P®

500®

Dividend

Aristocrats

ETF

3,990

438,780

Real

Estate

Select

Sector

SPDR®

Fund

8,700

Schwab

High

Yield

Bond

ETF

32,830

873,935

Schwab

International

Equity

ETF

9,790

249,058

Schwab

Long-Term

U.S.

Treasury

ETF

20,590

652,085

Schwab

U.S.

Tips

ETF

12,280

327,139

SMI

3Fourteen

Full-Cycle

Trend

ETF

(b) 233,000

6,206,281

SMI

3Fourteen

Real

Asset

Allocation

ETF

(b) 133,380

3,767,892

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

1,190

109,064

SPDR®

S&P®

Metals

&

Mining

ETF

18,160

2,155,955

Technology

Select

Sector

SPDR®

Fund

6,870

988,456

USCF

SummerHaven

Dynamic

Commodity

Strategy

No

Fund

(a) 112,310

2,693,194

Utilities

Select

Sector

SPDR®

Fund

12,110

Vanguard

Energy

Index

Fund

ETF

1,520

218,561

Vanguard

Small-Cap

Index

Fund

ETF

1,600

431,824

Total

Exchange-Traded

Funds

(Cost

$42,426,665)

47,436,309

CLOSED-END

FUNDS

—

8.91%

Sprott

Physical

Gold

Trust

(a) 140,670

5,128,828

Total

Closed-End

Funds

Cost

($2,350,480)

5,128,828

MUTUAL

FUNDS

—

8.48%

Aegis

Value

Fund,

Inc.,

Institutional

Class

46,440

2,968,455

AQR

Diversifying

Strategies

Fund,

Class

I

(a) 37,916

541,446

Invesco

International

Small-Mid

Company

Fund,

Class

Y

3,597

SMI

Multi-Strategy

Fund

Schedule

of

Investments

(continued)

January

31,

2026

-

(Unaudited)

MUTUAL

FUNDS

—

8.48%

-

continued

Shares

Fair

Value

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a) 100

$

3,522

ProFunds

Semiconductor

UltraSector

Fund,

Investor

Class

22,549

1,360,173

Wasatch

International

Growth

Fund,

Investor

Class

(a) 100

1,460

Total

Mutual

Funds

(Cost

$3,596,303)

4,878,653

MONEY

MARKET

FUNDS

-

0.24%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

3.61%

(c) 136,749

136,749

Total

Money

Market

Funds

(Cost

$136,749)

136,749

Total

Investments

—

100.06%

(Cost

$48,510,197)

57,580,539

Liabilities

in

Excess

of

Other

Assets — (0.06)%

(34,752)

NET

ASSETS

—

100.00%

$

57,545,787

(a) Non-income

producing

security.

(b) Affiliated

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2026. ETF

-

Exchange-Traded

Fund

REIT

-

Real

Estate

Investment

Trust

SPDR

-

Standard

&

Poor's

Depositary

Receipt

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $61647317.20

**Total Liabilities:** $4106025.69

**Net Assets:** $57541291.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123869 | -0.17%               | 0.80%                | 5.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $91361.98                | $-167178.36                                |
| Month 2  | $46781.21                | $-90224.46                                 |
| Month 3  | $867920.84               | $2269388.97                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AQR Funds                                                           | AQR Diversifying Strategies Fund Class I                        | CUSIP: 00191K351<br>LEI: 549300V0TAB4ICSX2404 | Long             | EC               | RF                | US        |     37916 | NS      | $541445.95    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Value Fd Inc                                                  | Aegis Value Fund, Inc. Class I                                  | CUSIP: 00761L102<br>LEI: 549300XSJEOGN3MJXQ62 | Long             | EC               | RF                | US        |     46440 | NS      | $2968455.60   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim International Mutual Funds (Invesco International Mutual Funds) | Invesco International Small-Mid Company Fund Class Y            | CUSIP: 00900W530<br>LEI: 549300CGSTEJJ7H1ET84 | Long             | EC               | RF                | US        |       100 | NS      | $3597.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon ETF Trust                                                | BNY Mellon US Large Cap Core Equity ETF                         | CUSIP: 09661T107<br>LEI: 549300E2C8EQYJ7B0H81 | Long             | EC               | RF                | US        |     28570 | NS      | $3779811.00   | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambria ETF Trust                                                   | Cambria Global Value ETF                                        | CUSIP: 132061409<br>LEI: 254900AGNELEKCKAOK33 | Long             | EC               | RF                | US        |     73430 | NS      | $2554629.70   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ETF Opportunities Trust                                             | SMI 3Fourteen REAL Asset Allocation ETF                         | CUSIP: 26923N397<br>LEI: 549300FWST5041130Z58 | Long             | EC               | RF                | US        |    133380 | NS      | $3767891.63   | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ETF Opportunities Trust                                             | SMI 3Fourteen Full-Cycle Trend ETF                              | CUSIP: 26923N512<br>LEI: 549300FWST5041130Z58 | Long             | EC               | RF                | US        |    233000 | NS      | $6206281.20   | 10.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                                    | Fidelity Investments Money Market Funds  - Government Portfolio | CUSIP: 31607A703<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    136749 | PA      | $136748.63    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Exchange-Traded AlphaDEX Fund II                        | First Trust Developed Markets ex-US AlphaDEX Fund USD Class     | CUSIP: 33737J174<br>LEI: 549300HROUDUV84QFV64 | Long             | EC               | RF                | US        |     28330 | NS      | $2473767.10   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton ETF Trust                                        | Franklin FTSE Europe ETF                                        | CUSIP: 35473P652<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |      5660 | NS      | $216947.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton ETF Trust                                        | Franklin FTSE Japan ETF                                         | CUSIP: 35473P744<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |      8910 | NS      | $325927.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust ETF                                    | Grayscale Bitcoin Mini Trust ETF                                | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |      5880 | NS      | $218030.40    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust, Series 1                                         | Invesco QQQ Trust Series 1                                      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |      3640 | NS      | $2263606.80   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares iBoxx $ Investment Grade Corporate Bond ETF             | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      5910 | NS      | $653468.70    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares MSCI EAFE ETF                                           | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     21130 | NS      | $2128636.20   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares Russell 1000 Value ETF                                  | CUSIP: 464287598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     29340 | NS      | $6450692.40   | 11.21%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares Russell 2000 Value ETF                                  | CUSIP: 464287630<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     11730 | NS      | $2274212.40   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares J.P. Morgan USD Emerging Markets Bond ETF               | CUSIP: 464288281<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4510 | NS      | $435575.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                       | iShares Core U.S. REIT ETF                                      | CUSIP: 464288521<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1860 | NS      | $109126.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                                                         | iShares MSCI Emerging Markets ex China ETF                      | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     33100 | NS      | $2642042.00   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lord Abbett Develo                                                  | Lord Abbett Developing Growth Fund, Inc. Class I                | CUSIP: 544006505<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $3522.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Profunds                                                            | Semiconductor UltraSector ProFund Investor Class                | CUSIP: 743185449<br>LEI: 549300HM4OOUYSE5DP77 | Long             | EC               | RF                | US        |     22549 | NS      | $1360172.69   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust                                                     | ProShares S&P 500 Dividend Aristocrats ETF                      | CUSIP: 74348A467<br>LEI: 5493005D9DS7C1P5AM59 | Long             | EC               | RF                | US        |      3990 | NS      | $438780.30    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                                   | SPDR S&P Metals & Mining ETF                                    | CUSIP: 78464A755<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     18160 | NS      | $2155955.20   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                                   | SPDR Bloomberg 1-3 Month T-Bill ETF USD Class                   | CUSIP: 78468R663<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      1190 | NS      | $109063.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab High Yield Bond ETF                                      | CUSIP: 808524631<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     32830 | NS      | $873934.60    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab Long-Term U.S. Treasury ETF                              | CUSIP: 808524680<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     20590 | NS      | $652085.30    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab International Equity ETF                                 | CUSIP: 808524805<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |      9790 | NS      | $249057.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                              | Schwab US TIPS ETF                                              | CUSIP: 808524870<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     12280 | NS      | $327139.20    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Materials Select Sector SPDR Fund                               | CUSIP: 81369Y100<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      1150 | NS      | $56660.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Health Care Select Sector SPDR Fund                             | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |       310 | NS      | $47969.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Consumer Staples Select Sector SPDR Fund                        | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |       320 | NS      | $26723.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Consumer Discretionary Select Sector SPDR Fund                  | CUSIP: 81369Y407<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      2700 | NS      | $327159.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Energy Select Sector SPDR Fund                                  | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |       310 | NS      | $15825.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Financial Select Sector SPDR Fund                               | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     10530 | NS      | $562723.20    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Industrial Select Sector SPDR Fund                              | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      1510 | NS      | $249814.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Technology Select Sector SPDR Fund                              | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      6870 | NS      | $988455.60    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Communication Services Select Sector SPDR Fund                  | CUSIP: 81369Y852<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      4080 | NS      | $489926.40    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Real Estate Select Sector SPDR Fund                             | CUSIP: 81369Y860<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |       210 | NS      | $8700.30      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                            | Utilities Select Sector SPDR Fund                               | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |       280 | NS      | $12110.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Asset Management LP                                          | Sprott Physical Gold Trust USD Class                            | CUSIP: 85207H104<br>LEI: 5493007M22KSTRPCA127 | Long             | EC               | RF                | CA        |    140670 | NS      | $5128828.20   | 8.91%             |  |  |  | No            |                  1 | On Loan: No      |
| USCF ETF Trust                                                      | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund         | CUSIP: 90290T809<br>LEI: 549300MH2TWHBRNV2U91 | Long             | EC               | RF                | US        |    112310 | NS      | $2693193.80   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                                                 | Vanguard Energy ETF                                             | CUSIP: 92204A306<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      1520 | NS      | $218560.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                                                | Vanguard Small-Cap ETF                                          | CUSIP: 922908751<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      1600 | NS      | $431824.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Wasatch Funds Trust                                                 | Wasatch International Growth Fund Investor Class                | CUSIP: 936793405<br>LEI: 549300B3CBVFTLZDYP46 | Long             | EC               | RF                | US        |       100 | NS      | $1460.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

**Name of Applicant:** Valued Advisers Trust

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer