| SOUND MIND INVESTING FUND |
| SCHEDULE OF INVESTMENTS |
| July 31, 2020 (Unaudited) |
| EXCHANGE-TRADED FUNDS — 14.79% | Shares | Fair Value | ||||||
| Invesco QQQ Trust Series 1 | 19,800 | $ | 5,262,642 | |||||
| Invesco S&P 500® Top 50 ETF | 30,870 | 7,804,554 | ||||||
| Vanguard Mid-Cap ETF | 32,880 | 5,730,655 | ||||||
| Total Exchange-Traded Funds (Cost $17,481,606) | 18,797,851 | |||||||
| MUTUAL FUNDS — 79.27% | ||||||||
| Akre Focus Fund, Institutional Class | 101 | 5,271 | ||||||
| Allianz NFJ Dividend Value Fund, Institutional Class | 200 | 2,046 | ||||||
| Allianz NFJ Small-Cap Value Fund, Institutional Class | 162 | 2,188 | ||||||
| American Century Equity Income Fund, Investor Class | 100 | 822 | ||||||
| American Century International Opportunities Fund, Institutional Class | 360 | 4,126 | ||||||
| AMG Yacktman Focused Fund, Institutional Class | 100 | 1,715 | ||||||
| AMG Yacktman Fund, Institutional Class | 100 | 1,912 | ||||||
| Artisan International Small Cap Fund, Investor Class | 100 | 1,613 | ||||||
| Artisan International Value Fund, Investor Class | 150 | 4,872 | ||||||
| Artisan Mid Cap Value Fund, Investor Class | 279 | 4,455 | ||||||
| Artisan Small Cap Fund, Investor Class | 125 | 5,244 | ||||||
| Baron Focused Growth Fund, Institutional Class | 300,715 | 8,353,869 | ||||||
| BlackRock International Opportunities Portfolio, Institutional Class | 100 | 2,997 | ||||||
| BNY Mellon Opportunistic Small Cap Fund, Investor Class | 100 | 2,575 | ||||||
| Bridgeway Small-Cap Growth Fund, Class N | 205 | 4,587 | ||||||
| Bridgeway Ultra-Small Company Market Fund, Class N | 100 | 1,043 | ||||||
| Buffalo Small Cap Fund, Inc. | 150 | 2,496 | ||||||
| Centre American Select Equtiy Fund, Institutional Class | 159,869 | 1,908,833 | ||||||
| Champlain Small Company Fund, Institutional Class | 100 | 1,933 | ||||||
| Chartwell Small Cap Value Fund | 118 | 1,711 | ||||||
| Columbia Acorn Fund, Class Z | 137 | 2,044 | ||||||
| Columbia Acorn International Fund, Class Z | 100 | 3,121 | ||||||
| Columbia Contrarian Core Fund, Class Z | 91 | 2,565 | ||||||
| Columbia Small Cap Growth Fund I, Class Z | 100 | 2,600 | ||||||
| Davis Opportunity Fund, Class Y | 100 | 3,361 | ||||||
| Delaware Select Growth Fund, Institutional Class | 100 | 4,408 | ||||||
| Delaware Small Cap Value Fund, Institutional Class | 100 | 4,965 | ||||||
| Delaware Value Fund, Institutional Class | 144 | 2,767 | ||||||
| Deutsche Small Cap Core Fund, Institutional Class | 52 | 1,398 | ||||||
| DFA International Small Cap Value Portfolio, Institutional Class | 100 | 1,564 | ||||||
| DFA International Small Company Portfolio, Institutional Class | 100 | 1,650 | ||||||
| DFA U.S. Small Cap Value Portfolio, Institutional Class | 100 | 2,636 | ||||||
| Fairholme Fund | 100 | 1,904 | ||||||
| Fidelity Advisor Growth Opportunities Fund, Institutional Class | 107,902 | 13,708,938 | ||||||
| Fidelity Advisor International Growth Fund, Institutional Class | 63,966 | 1,034,966 | ||||||
| Fidelity Mid-Cap Stock Fund | 150 | 4,775 | ||||||
| Fidelity Small Cap Discovery Fund | 100 | 2,002 | ||||||
| Fidelity Small Cap Stock Fund | 150 | 2,498 | ||||||
| Fidelity Small Cap Value Fund | 150 | 1,898 | ||||||
| Franklin Small Cap Value Fund, Advisor Class | 100 | 4,374 | ||||||
| Hartford International Opportunities Fund (The), Class Y | 248 | 4,280 | ||||||
| Heartland Value Fund | 100 | 3,393 | ||||||
| Hennessy Focus Fund, Investor Class | 50 | 3,777 | ||||||
| Invesco American Value Fund, Class Y | 141 | 4,088 | ||||||
| Invesco Oppenheimer International Small-Mid Company Fund, Class Y | 100 | 4,949 | ||||||
| Janus Henderson Contrarian Fund, Class T | 282,089 | 6,031,072 | ||||||
| Janus Henderson Mid Cap Value Fund, Class T | 200 | 2,702 | ||||||
| Janus Henderson Overseas Fund, Class T | 100 | 3,198 | ||||||
| Janus Henderson Venture Fund, Class T | 100 | 8,140 | ||||||
| JOHCM International Select Fund, Institutional Class | 100 | 2,656 | ||||||
| JPMorgan Mid Cap Value Fund, Institutional Class | 100 | 3,310 | ||||||
| JPMorgan Small Cap Equity Fund, Select Class | 100 | 5,636 | ||||||
| JPMorgan Small Cap Growth Fund, Class L | 100 | 2,332 | ||||||
| JPMorgan U.S. Large Cap Core Plus Fund, Class A | 95,639 | 2,512,433 | ||||||
| JPMorgan U.S. Large Cap Core Plus Fund, Institutional Class | 149,983 | 4,015,055 | ||||||
| JPMorgan U.S. Research Enhanced Equity Fund, Institutional Class | 100 | 2,837 | ||||||
| Longleaf Partners Fund | 150 | 2,628 | ||||||
| Longleaf Partners International Fund | 150 | 2,112 | ||||||
| Longleaf Partners Small-Cap Fund | 100 | 2,485 | ||||||
| Lord Abbett Developing Growth Fund, Inc., Institutional Class | 100 | 3,050 | ||||||
| MainStay Mackay U.S. Equity Opportunities Fund, Institutional Class | 100 | 772 | ||||||
| Miller Opportunity Trust, Institutional Class | 194,333 | 6,051,544 | ||||||
| Morgan Stanley Discovery Portfolio, Institutional Class | 272,835 | 8,976,282 | ||||||
| Morgan Stanley Growth Portfolio, Institutional Class | 100 | 7,790 | ||||||
| Morgan Stanley International Opportunity Portfolio, Institutional Class | 241,856 | 8,375,464 | ||||||
| Morgan Stanley Multi-Cap Growth Trust, Institutional Class | 128,536 | 10,086,229 | ||||||
| Needham Growth Fund, Institutional Class | 60,024 | 2,992,810 | ||||||
| Needham Small Cap Growth Fund, Institutional Class | 242,025 | 5,445,564 | ||||||
| Neuberger Berman Genesis Fund, Institutional Class | 100 | 6,162 | ||||||
| Nicholas Fund, Inc. | 50 | 3,513 |
| Oakmark International Fund, Investor Class | 150 | 2,924 | ||||||
| Oakmark International Small Cap Fund, Institutional Class | 150 | 1,970 | ||||||
| Oakmark Select Fund, Institutional Class | 150 | 5,606 | ||||||
| Polen Growth Fund, Institutional Class | 100 | 4,018 | ||||||
| PRIMECAP Odyssey Aggressive Growth Fund | 100 | 4,655 | ||||||
| Principal SmallCap Growth Fund I, Institutional Class | 200 | 2,974 | ||||||
| Prudential Jennison International Opportunities Fund, Class Z | 246,106 | 6,610,415 | ||||||
| Royce Micro-Cap Fund, Investment Class | 106 | 1,054 | ||||||
| Royce Opportunity Fund, Investment Class | 100 | 1,099 | ||||||
| Royce Premier Fund, Investment Class | 300 | 3,501 | ||||||
| Royce Special Equity Fund, Institutional Class | 150 | 2,372 | ||||||
| T. Rowe Price International Discovery Fund, Investor Class | 75 | 5,662 | ||||||
| T. Rowe Price Mid-Cap Growth Fund, Investor Class | 50 | 4,938 | ||||||
| T. Rowe Price New Horizons Fund, Investor Class | 100 | 7,650 | ||||||
| T. Rowe Price Small-Cap Value Fund, Investor Class | 100 | 4,188 | ||||||
| Thornburg Value Fund, Institutional Class | 100 | 7,438 | ||||||
| TIAA-CREF International Equity Fund, Institutional Class | 100 | 1,084 | ||||||
| Touchstone Mid Cap Fund, Institutional Class | 110,373 | 4,225,067 | ||||||
| Touchstone Sands Capital Select Growth Fund, Class Y | 100 | 1,773 | ||||||
| Tweedy Browne Global Value Fund | 150 | 3,624 | ||||||
| Vanguard International Growth Fund, Admiral Class | 66,446 | 8,343,626 | ||||||
| Vanguard Strategic Equity Fund, Investor Class | 100 | 3,018 | ||||||
| Victory RS Small Cap Growth Fund, Class Y | 100 | 8,564 | ||||||
| Wasatch Emerging Markets Small Cap Fund, Investor Class | 1,000 | 2,990 | ||||||
| Wasatch International Growth Fund, Investor Class | 150 | 4,821 | ||||||
| Wasatch Micro Cap Fund, Investor Class | 201,832 | 1,826,582 | ||||||
| Total Mutual Funds (Cost $88,875,530) | 100,766,618 | |||||||
| MONEY MARKET FUNDS - 9.13% | ||||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.09%(a) | 11,610,747 | 11,610,747 | ||||||
| Total Money Market Funds (Cost $11,610,747) | 11,610,747 | |||||||
| Total Investments — 103.19% (Cost $117,967,883) | 131,175,216 | |||||||
| Liabilities in Excess of Other Assets — (3.19)% | (4,050,265 | ) | ||||||
| NET ASSETS — 100.00% | $ | 127,124,951 |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
| ETF | - Exchange-Traded Fund |
See accompanying notes which are an integral part of this schedule of investments.
| SMI DYNAMIC ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS |
| July 31, 2020 (Unaudited) |
| CLOSED END FUNDS — 3.03% | Shares | Fair Value | ||||||
| Sprott Physical Gold Trust | 234,840 | $ | 3,694,033 | |||||
| Total Closed End Funds (Cost $3,287,145) | 3,694,033 | |||||||
| EXCHANGE-TRADED FUNDS — 95.83% | ||||||||
| Invesco DB Gold Fund(a) | 597,010 | 34,842,160 | ||||||
| SPDR S&P 500® ETF | 114,870 | 37,507,352 | ||||||
| Vaneck Vectors Gold Miners ETF(a) | 45,600 | 1,958,064 | ||||||
| Vanguard Long-Term Bond ETF(a) | 364,110 | 42,626,358 | ||||||
| Total Exchange-Traded Funds (Cost $102,547,987) | 116,933,934 | |||||||
| MONEY MARKET FUNDS - 1.11% | ||||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.09%(b) | 1,359,512 | 1,359,512 | ||||||
| Total Money Market Funds (Cost $1,359,512) | 1,359,512 | |||||||
| Total Investments — 99.97% (Cost $107,194,644) | 121,987,479 | |||||||
| Other Assets in Excess of Liabilities — 0.03% | 35,379 | |||||||
| NET ASSETS — 100.00% | $ | 122,022,858 | ||||||
| (a) | Represents an investment greater than 25% of the Fund’s net assets. Performance of the Fund may be adversely impacted by concentrated investments in securities. The financial statements and portfolio holdings for these securities can be found at www.sec.gov. As of July 31, 2020, the percentage of net assets invested in Invesco DB Gold Fund, Vaneck Vectors Gold Miners ETF and Vanguard Long-Term Bond ETF were 28.55%, 30.74% and 34.93%, respectively, of the Fund. |
| (b) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
See accompanying notes which are an integral part of this schedule of investments.
| SMI 50/40/10 FUND |
| SCHEDULE OF INVESTMENTS |
| July 31, 2020 (Unaudited) |
| EXCHANGE-TRADED FUNDS — 63.88% | Shares | Fair Value | ||||||
| Invesco DB Gold Fund | 217,130 | $ | 12,671,946 | |||||
| Invesco QQQ Trust Series 1 | 4,970 | 1,320,976 | ||||||
| Invesco S&P 500® Top 50 ETF | 7,360 | 1,860,755 | ||||||
| SPDR S&P 500® ETF | 30,260 | 9,880,494 | ||||||
| Vanguard Long-Term Bond ETF | 96,880 | 11,341,742 | ||||||
| Vanguard Mid-Cap ETF | 4,240 | 738,990 | ||||||
| Total Exchange-Traded Funds (Cost $32,945,457) | 37,814,903 | |||||||
| MUTUAL FUNDS — 36.39% | ||||||||
| AMG Yacktman Focused Fund, Institutional Class | 100 | 1,715 | ||||||
| Baron Focused Growth Fund, Institutional Class | 31,009 | 861,422 | ||||||
| Centre American Select Equity Fund, Institutional Class | 59,172 | 706,509 | ||||||
| Fidelity Advisor Growth Opportunities Fund, Institutional Class | 20,181 | 2,563,964 | ||||||
| Fidelity Select Health Care | 167,312 | 5,163,260 | ||||||
| Invesco Oppenheimer International Small-Mid Company Fund, Class Y | 100 | 4,949 | ||||||
| Janus Henderson Contrarian Fund, Class T | 40,345 | 862,570 | ||||||
| JPMorgan U.S. Large Cap Core Plus Fund, Class A | 26,779 | 703,481 | ||||||
| Longleaf Partners International Fund | 150 | 2,112 | ||||||
| Lord Abbett Developing Growth Fund, Inc., Institutional Class | 100 | 3,050 | ||||||
| Miller Opportunity Trust, Institutional Class | 27,837 | 866,852 | ||||||
| Morgan Stanley Discovery Portfolio, Institutional Class | 42,840 | 1,483,537 | ||||||
| Morgan Stanley International Opportunity Portfolio, Institutional Class | 38,913 | 1,280,248 | ||||||
| Morgan Stanley Multi-Cap Growth Trust, Institutional Class | 17,735 | 1,391,688 | ||||||
| Needham Growth Fund, Institutional Class | 21,942 | 1,094,045 | ||||||
| Needham Small Cap Growth Fund, Institutional Class | 58,346 | 1,312,776 | ||||||
| Oakmark International Fund, Investor Class | 50 | 975 | ||||||
| Prudential Jennison International Opportunities Fund, Class Z | 47,760 | 1,282,841 | ||||||
| Royce Opportunity Fund, Investment Class | 100 | 1,099 | ||||||
| Touchstone Mid Cap Fund, Institutional Class | 18,086 | 692,315 | ||||||
| Vanguard International Growth Fund, Admiral Class | 10,060 | 1,263,189 | ||||||
| Wasatch International Growth Fund, Investor Class | 100 | 3,214 | ||||||
| Total Mutual Funds (Cost $18,481,284) | 21,545,811 | |||||||
| MONEY MARKET FUNDS - 0.57% | ||||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.09%(a) | 340,003 | 340,003 | ||||||
| Total Money Market Funds (Cost $340,003) | 340,003 | |||||||
| Total Investments — 100.84% (Cost $51,766,744) | 59,700,717 | |||||||
| Liabilities in Excess of Other Assets — (0.84)% | (499,332 | ) | ||||||
| NET ASSETS — 100.00% | $ | 59,201,385 |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
See accompanying notes which are an integral part of this schedule of investments.
At July 31, 2020, the cost and net unrealized appreciation (depreciation) of investments for federal tax purposes was as follows:
| Sound Mind | SMI Dynamic | |||||||||||
| Investing Fund | Allocation Fund | SMI 50/40/10 Fund | ||||||||||
| Gross appreciation | $ | 13,097,402 | $ | 14,792,835 | $ | 7,968,156 | ||||||
| Gross depreciation | (243,561 | ) | - | (34,183 | ) | |||||||
| Net appreciation on investments | $ | 12,853,841 | $ | 14,792,835 | $ | 7,933,973 | ||||||
| Tax cost of investments | $ | 118,321,375 | $ | 107,194,644 | $ | 51,766,744 | ||||||
At July 31, 2020, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.
SMI Funds
Notes to the Schedules of Investments
July 31, 2020
(Unaudited)
The Sound Mind Investing Fund ("SMI Fund"), SMI Dynamic Allocation Fund and SMI 50/40/10 Fund (each a "Fund" and collectively, the "Funds") are each investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with the generally accepted accounting principles in the United States of America (“GAAP”).
Security Transactions and Related Income – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective interest method, if applicable. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Securities Valuation and Fair Value Measurements - Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
SMI Funds
Notes to the Schedules of Investments - continued
July 31, 2020
(Unaudited)
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.
| • | Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
| • | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments based on the best information available) |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security’s primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, a Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board of Trustees. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (“NAV”). These securities are categorized as Level 1 securities. In the event that the ending NAV for a mutual fund is unavailable at the end of day pricing time, SMI Advisory Services, LLC (the "Adviser") may, in accordance with the Valued Advisers Trust’s (the "Trust") valuation policies, consider all appropriate factors in determining the fair value of the mutual fund. In such cases the security will generally be categorized as a Level 2 security.
In accordance with the Trust’s valuation policies, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would be the amount that the Fund might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair value pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund’s NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.
SMI Funds
Notes to the Schedules of Investments - continued
July 31, 2020
(Unaudited)
The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2020:
| Valuation Inputs | ||||||||||||||||
| SMI Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 18,797,851 | $ | - | $ | - | $ | 18,797,851 | ||||||||
| Mutual Funds | 100,766,618 | - | - | 100,766,618 | ||||||||||||
| Money Market Funds | 11,610,747 | - | - | 11,610,747 | ||||||||||||
| Total Investments | $ | 131,175,216 | $ | - | $ | - | $ | 131,175,216 | ||||||||
| Valuation Inputs | ||||||||||||||||
| SMI Dynamic Allocation Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Closed End Funds | $ | 3,694,033 | $ | - | $ | - | $ | 3,694,033 | ||||||||
| Exchange-Traded Funds | 116,933,934 | - | - | 116,933,934 | ||||||||||||
| Money Market Funds | 1,359,512 | - | - | 1,359,512 | ||||||||||||
| Total Investments | $ | 121,987,479 | $ | - | $ | - | $ | 121,987,479 | ||||||||
| Valuation Inputs | ||||||||||||||||
| SMI 50/40/10 Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 37,814,903 | $ | - | $ | - | $ | 37,814,903 | ||||||||
| Mutual Funds | 21,545,811 | - | - | 21,545,811 | ||||||||||||
| Money Market Funds | 340,003 | - | - | 340,003 | ||||||||||||
| Total Investments | $ | 59,700,717 | $ | - | $ | - | $ | 59,700,717 | ||||||||
The Funds did not hold any investments at the end of reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of level 3 securities is included for this reporting period.