Valued Advisers Trust NPORT-P Sound Mind Investing Dynamic Allocation Fund (Jan 2022 report)

Sound

Mind

Investing

Fund

Schedule

of

Investments

January

31,

2022

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

71.17%

Shares

Fair

Value

Energy

Select

Sector

SPDR

®

Fund

38,030‌

$

2,506,938‌

First

Trust

Natural

Gas

ETF

197,020‌

3,830,069‌

Invesco

DB

Commodity

Index

Tracking

Fund

(a)

509,890‌

11,431,734‌

Invesco

Dynamic

Large

Cap

Value

ETF

119,020‌

5,790,323‌

iShares

S&P

500

®

Value

ETF

202,090‌

31,127,922‌

iShares

S&P

Small-Cap

600

®

Value

ETF

110,230‌

11,010,875‌

Simplify

US

Equity

PLUS

Downside

Convexity

ETF

358,450‌

11,330,605‌

SPDR

®

Bloomberg

1-3

Month

T-Bill

ETF

(a)

147,670‌

13,501,467‌

SPDR

®

S&P

®

Oil

&

Gas

Exploration

&

Production

ETF

23,540‌

2,509,364‌

Total

Exchange-Traded

Funds

Cost

($92,374,133)

93,039,297‌

MUTUAL

FUNDS

—

27.50%

Shares

Fair

Value

Akre

Focus

Fund,

Institutional

Class

101‌

6,192‌

AllianzGI

Dividend

Value

Fund

200‌

2,614‌

AllianzGI

NFJ

Small-Cap

Value

Fund

162‌

2,845‌

American

Century

Equity

Income

Fund,

Investor

Class

100‌

970‌

American

Century

International

Opportunities

Fund,

Institutional

Class

360‌

3,871‌

AMG

Yacktman

Focused

Fund,

Institutional

Class

100‌

2,088‌

AMG

Yacktman

Fund,

Institutional

Class

100‌

2,430‌

Artisan

International

Small

Cap

Fund,

Investor

Class

100‌

1,835‌

Artisan

International

Value

Fund,

Investor

Class

150‌

6,311‌

Artisan

Mid

Cap

Value

Fund,

Investor

Class

279‌

5,825‌

Artisan

Small

Cap

Fund,

Investor

Class

125‌

4,378‌

BlackRock

International

Opportunities

Portfolio,

Institutional

Class

100‌

3,402‌

BNY

Mellon

Opportunistic

Small

Cap

Fund,

Investor

Class

100‌

3,243‌

Bridgeway

Small-Cap

Value

Fund,

Class

N

247,510‌

8,747,002‌

Bridgeway

Ultra-Small

Company

Market

Fund,

Class

N

100‌

1,284‌

Buffalo

Small

Cap

Fund,

Inc.

150‌

2,409‌

Champlain

Small

Company

Fund,

Institutional

Class

100‌

2,276‌

Chartwell

Small

Cap

Value

Fund

118‌

2,265‌

Columbia

Acorn

Fund,

Class

Z

137‌

1,637‌

Columbia

Acorn

International,

Class

Z

100‌

2,876‌

Columbia

Contrarian

Core

Fund,

Class

Z

91‌

2,940‌

Columbia

Small

Cap

Growth

Fund

I,

Class

Z

100‌

2,395‌

Davis

Opportunity

Fund,

Class

Y

100‌

4,297‌

Delaware

Select

Growth

Fund,

Institutional

Class

100‌

3,522‌

Delaware

Small

Cap

Value

Fund,

Institutional

Class

100‌

7,818‌

Delaware

Value

Fund,

Institutional

Class

144‌

3,040‌

Deutsche

Small

Cap

Core

Fund,

Institutional

Class

52‌

2,292‌

DFA

International

Small

Cap

Value

Portfolio,

Institutional

Class

100‌

2,103‌

DFA

International

Small

Company

Portfolio,

Institutional

Class

100‌

2,070‌

DFA

U.S.

Small

Cap

Value

Portfolio,

Institutional

Class

100‌

4,221‌

Fairholme

Fund

(a)

100‌

2,936‌

Fidelity

Mid-Cap

Stock

Fund

150‌

6,089‌

Fidelity

Select

Energy

Portfolio

59,837‌

2,499,999‌

Fidelity

Select

Natural

Resources

Portfolio

78,939‌

2,500,000‌

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2022

-

(Unaudited)

MUTUAL

FUNDS

—

27.50%

-

continued

Shares

Fair

Value

Fidelity

Small

Cap

Discovery

Fund

100‌

$

2,908‌

Fidelity

Small

Cap

Stock

Fund

150‌

2,708‌

Fidelity

Small

Cap

Value

Fund

150‌

3,129‌

Franklin

Small

Cap

Value

Fund,

Advisor

Class

100‌

5,946‌

Hartford

International

Opportunities

Fund

(The),

Class

Y

248‌

4,757‌

Heartland

Value

Fund

100‌

4,430‌

Hennessy

Cornerstone

Mid

Cap

30

Fund,

Institutional

Class

100‌

1,952‌

Hennessy

Focus

Fund,

Investor

Class

50‌

3,167‌

Hotchkis

and

Wiley

Mid-Cap

Value

Fund,

Institutional

Class

126,816‌

5,809,427‌

Invesco

American

Value

Fund,

Class

Y

141‌

5,546‌

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

100‌

4,900‌

Janus

Henderson

Contrarian

Fund,

Class

T

100‌

2,719‌

Janus

Henderson

Mid

Cap

Value

Fund,

Class

T

200‌

3,244‌

Janus

Henderson

Overseas

Fund,

Class

T

100‌

4,358‌

Janus

Henderson

Venture

Fund,

Class

T

100‌

8,501‌

Jensen

Quality

Growth

Fund

107,810‌

6,775,872‌

JOHCM

International

Select

Fund,

Institutional

Class

100‌

2,716‌

JPMorgan

Mid

Cap

Value

Fund,

Institutional

Class

100‌

4,080‌

JPMorgan

Small

Cap

Equity

Fund,

Select

Class

100‌

6,196‌

JPMorgan

Small

Cap

Growth

Fund,

Class

L

100‌

2,172‌

JPMorgan

U.S.

Research

Enhanced

Equity

Fund,

Institutional

Class

100‌

3,486‌

Longleaf

Partners

Fund

150‌

3,701‌

Longleaf

Partners

International

Fund

150‌

2,546‌

Longleaf

Partners

Small-Cap

Fund

100‌

2,568‌

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

100‌

2,829‌

MainStay

WMC

Enduring

Capital

Fund,

Institutional

Class

281,928‌

9,309,272‌

Miller

Opportunity

Trust,

Institutional

Class

100‌

3,943‌

Morgan

Stanley

Discovery

Portfolio,

Institutional

Class

100‌

2,177‌

Morgan

Stanley

Growth

Portfolio,

Institutional

Class

100‌

5,782‌

Neuberger

Berman

Genesis

Fund,

Institutional

Class

100‌

6,692‌

Nicholas

Fund,

Inc.

50‌

4,048‌

Oakmark

International

Fund,

Investor

Class

150‌

4,257‌

Oakmark

International

Small

Cap

Fund,

Institutional

Class

150‌

2,873‌

Oakmark

Select

Fund,

Institutional

Class

150‌

9,395‌

PRIMECAP

Odyssey

Aggressive

Growth

Fund

100‌

4,726‌

Principal

SmallCap

Growth

Fund

I,

Institutional

Class

200‌

2,956‌

Prudential

Jennison

International

Opportunities,

Class

Z

185‌

5,788‌

Royce

Micro-Cap

Fund,

Investment

Class

106‌

1,268‌

Royce

Opportunity

Fund,

Investment

Class

318‌

4,961‌

Royce

Premier

Fund,

Investment

Class

300‌

3,576‌

Royce

Special

Equity

Fund,

Institutional

Class

150‌

2,679‌

T.

Rowe

Price

International

Discovery

Fund,

Investor

Class

75‌

5,669‌

T.

Rowe

Price

Mid-Cap

Growth

Fund,

Investor

Class

50‌

5,235‌

T.

Rowe

Price

New

Horizons

Fund,

Investor

Class

100‌

6,478‌

T.

Rowe

Price

Small-Cap

Value

Fund,

Investor

Class

100‌

5,700‌

Thornburg

Value

Fund,

Institutional

Class

100‌

7,095‌

TIAA-CREF

International

Equity

Fund,

Institutional

Class

100‌

1,348‌

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2022

-

(Unaudited)

MUTUAL

FUNDS

—

27.50%

-

continued

Shares

Fair

Value

Touchstone

Sands

Capital

Select

Growth

Fund,

Class

Y

100‌

$

1,596‌

Tweedy

Browne

International

Value

Fund

150‌

4,340‌

Vanguard

Strategic

Equity

Fund,

Investor

Class

100‌

3,650‌

Victory

RS

Small

Cap

Growth

Fund,

Class

Y

100‌

6,766‌

Wasatch

International

Growth

Fund,

Investor

Class

150‌

4,493‌

Wasatch

Micro

Cap

Fund,

Investor

Class

100‌

802‌

Total

Mutual

Funds

Cost

($37,253,663)

35,950,898‌

MONEY

MARKET

FUNDS

-

10.02%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

0.01%

(b)

13,102,475‌

13,102,475‌

Total

Money

Market

Funds

(Cost

$13,102,475)

13,102,475‌

Total

Investments

—

108.69%

(Cost

$142,730,271)

142,092,670‌

Liabilities

in

Excess

of

Other

Assets — (8.69)%

(11,361,898‌)

NET

ASSETS

—

100.00%

$

130,730,772‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2022.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

January

31,

2022

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

99.57%

Shares

Fair

Value

iShares

MSCI

EAFE

ETF

(a)

500,890‌

$

37,977,480‌

iShares

S&P

500

®

Value

ETF

114,040‌

17,565,581‌

Real

Estate

Select

Sector

SPDR

Fund

170,880‌

8,089,459‌

SPDR

S&P

500

®

ETF

41,810‌

18,810,737‌

Vanguard

Real

Estate

ETF

(a)

265,610‌

28,218,406‌

Total

Exchange-Traded

Funds

Cost

($100,776,906)

110,661,663‌

MONEY

MARKET

FUNDS

-

0.49%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

0.01%

(b)

550,061‌

550,061‌

Total

Money

Market

Funds

(Cost

$550,061)

550,061‌

Total

Investments

—

100.06%

(Cost

$101,326,967)

111,211,724‌

Liabilities

in

Excess

of

Other

Assets — (0.06)%

(65,963‌)

NET

ASSETS

—

100.00%

$

111,145,761‌

(a)

Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets.  Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.  The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.  As

of

January

31,

2022,

the

percentage

of

net

assets

invested

in

iShares

MSCI

EAFE

ETF

and

Vanguard

Real

Estate

ETF

was

34.17%

and

25.39%,

respectively.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2022.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Multi-Strategy

Fund

(Formerly

SMI

50/40/10

Fund)

Schedule

of

Investments

January

31,

2022

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

85.58%

Shares

Fair

Value

Energy

Select

Sector

SPDR

®

Fund

43,050‌

$

2,837,856‌

First

Trust

Natural

Gas

ETF

44,030‌

855,943‌

Invesco

DB

Commodity

Index

Tracking

Fund

(a)

104,700‌

2,347,374‌

Invesco

Dynamic

Large

Cap

Value

ETF

40,980‌

1,993,677‌

iShares

MSCI

EAFE

ETF

140,450‌

10,648,920‌

iShares

S&P

500

®

Value

ETF

46,170‌

7,111,565‌

iShares

S&P

Small-Cap

600

®

Value

ETF

23,160‌

2,313,452‌

Simplify

US

Equity

PLUS

Downside

Convexity

ETF

69,200‌

2,187,412‌

SPDR

®

Bloomberg

1-3

Month

T-Bill

ETF

(a)

13,300‌

1,216,019‌

SPDR

®

S&P

500

®

ETF

12,080‌

5,434,913‌

SPDR

®

S&P

®

Oil

&

Gas

Exploration

&

Production

ETF

7,360‌

784,576‌

Vanguard

S&P

500

Value

ETF

31,870‌

4,739,069‌

Vanguard

R

eal

Estate

ETF

95,900‌

10,188,416‌

Total

Exchange-Traded

Funds

Cost

($49,639,116)

52,659,192‌

MUTUAL

FUNDS

—

10.79%

AMG

Yacktman

Focused

Fund,

Institutional

Class

100‌

2,088‌

Bridgeway

Small-Cap

Value

Fund,

Class

N

69,796‌

2,466,606‌

Fidelity

Select

Energy

Portfolio

18,717‌

782,000‌

Fidelity

Select

Natural

Resources

Portfolio

24,692‌

782,000‌

Hotchkis

and

Wiley

Mid-Cap

Value

Fund,

Institutional

Class

8,781‌

402,248‌

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

100‌

4,900‌

Jensen

Quality

Growth

Fund

18,358‌

1,153,830‌

Longleaf

Partners

International

Fund

150‌

2,546‌

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

100‌

2,829‌

MainStay

WMC

Enduring

Capital

Fund,

Institutional

Class

31,148‌

1,028,500‌

Miller

Opportunity

Trust,

Institutional

Class

100‌

3,943‌

Morgan

Stanley

Discovery

Portfolio,

Institutional

Class

100‌

2,177‌

Oakmark

International

Fund,

Investor

Class

50‌

1,419‌

Wasatch

International

Growth

Fund,

Investor

Class

100‌

2,995‌

Total

Mutual

Funds

Cost

($6,785,178)

6,638,081‌

MONEY

MARKET

FUNDS

-

4.93%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

0.01%

(b)

3,036,432‌

3,036,432‌

Total

Money

Market

Funds

(Cost

$3,036,432)

3,036,432‌

Total

Investments

—

101.30%

(Cost

$59,460,726)

62,333,705‌

Liabilities

in

Excess

of

Other

Assets — (1.30)%

(797,732‌)

NET

ASSETS

—

100.00%

$

61,535,973‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2022.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt