Valued Advisers Trust NPORT-P Sound Mind Investing Dynamic Allocation Fund (Jan 2023 report)

Sound

Mind

Investing

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

37.56%

Shares

Fair

Value

Energy

Select

Sector

SPDR®

Fund

5,260‌

$

473,032‌

Invesco

S&P

Ultra

Dividend

Revenue

ETF

233,660‌

10,881,546‌

iShares

S&P

500®

Value

ETF

146,180‌

22,684,212‌

iShares

U.S.

Aerospace

&

Defense

ETF

4,050‌

464,414‌

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

85,430‌

7,836,494‌

SPDR®

S&P

Oil

&

Gas

Equipment

&

Services

ETF

6,200‌

542,934‌

Total

Exchange-Traded

Funds

Cost

($41,335,957)

42,882,632‌

MUTUAL

FUNDS

—

0.24%

Akre

Focus

Fund,

Institutional

Class

101‌

5,266‌

AllianzGI

Dividend

Value

Fund

200‌

2,154‌

AllianzGI

NFJ

Small-Cap

Value

Fund

162‌

2,482‌

American

Century

Equity

Income

Fund,

Investor

Class

100‌

895‌

American

Century

International

Opportunities

Fund,

Institutional

Class

(a)

360‌

3,298‌

AMG

Yacktman

Focused

Fund,

Institutional

Class

100‌

1,923‌

AMG

Yacktman

Fund,

Institutional

Class

100‌

2,240‌

Artisan

International

Small

Cap

Fund,

Investor

Class

(a)

100‌

1,669‌

Artisan

International

Value

Fund,

Investor

Class

150‌

6,300‌

Artisan

Mid

Cap

Value

Fund,

Investor

Class

279‌

4,765‌

Artisan

Small

Cap

Fund,

Investor

Class

125‌

3,995‌

BlackRock

International

Opportunities

Portfolio,

Institutional

Class

100‌

3,316‌

BNY

Mellon

Opportunistic

Small

Cap

Fund,

Investor

Class

100‌

3,104‌

Bridgeway

Ultra-Small

Company

Market

Fund,

Class

N

100‌

1,163‌

Buffalo

Small

Cap

Fund,

Inc.,

Investor

Class

(a)

150‌

2,210‌

Champlain

Small

Company

Fund,

Institutional

Class

100‌

2,145‌

Chartwell

Small

Cap

Value

Fund

118‌

2,253‌

Columbia

Acorn

Fund,

Institutional

Class

(a)

137‌

1,347‌

Columbia

Acorn

International,

Institutional

Class

(a)

100‌

2,368‌

Columbia

Contrarian

Core

Fund,

Institutional

Class

91‌

2,398‌

Columbia

Small

Cap

Growth

Fund

I,

Institutional

Class

(a)

100‌

2,017‌

Davis

Opportunity

Fund,

Class

Y

100‌

3,889‌

Delaware

Select

Growth

Fund,

Institu

tional

Class

(a)

100‌

2,330‌

Delaware

Small

Cap

Value

Fund,

Institutional

Class

100‌

7,452‌

Delaware

Value

Fund,

Institutional

Class

144‌

2,742‌

DFA

International

Small

Cap

Value

Portfolio,

Institutional

Class

100‌

2,038‌

DFA

International

Small

Company

Portfolio,

Institutional

Class

100‌

1,886‌

DFA

U.S.

Small

Cap

Value

Portfolio,

Institutional

Class

100‌

4,268‌

Fidelity

Mid-Cap

Stock

Fund

150‌

6,014‌

Fidelity

Small

Cap

Discovery

Fund

100‌

2,530‌

Fidelity

Small

Cap

Stock

Fund

150‌

2,382‌

Fidelity

Small

Cap

Value

Fund

150‌

2,933‌

Franklin

Small

Cap

Value

Fund,

Advisor

Class

100‌

5,849‌

Hartford

International

Opportunities

Fund

(The),

Class

Y

248‌

4,398‌

Heartland

Value

Fund

100‌

4,421‌

Hennessy

Cornerstone

Mid

Cap

30

Fund,

Institutional

Class

100‌

1,884‌

Hennessy

Focus

Fund,

Investor

Class

50‌

2,506‌

Invesco

American

Value

Fund,

Class

Y

141‌

4,423‌

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

100‌

4,179‌

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

MUTUAL

FUNDS

—

0.24%

-

continued

Janus

Henderson

Contrarian

Fund,

Class

T

100‌

$

2,529‌

Janus

Henderson

Mid

Cap

Value

Fund,

Class

T

200‌

3,210‌

Janus

Henderson

Overseas

Fund,

Class

T

100‌

4,313‌

Janus

Henderson

Venture

Fund,

Class

T

100‌

7,664‌

JOHCM

International

Select

Fund,

Institutional

Class

100‌

2,164‌

JPMorgan

Mid

Cap

Value

Fund,

Institutional

Class

100‌

3,678‌

JPMorgan

Small

Cap

Equity

Fund,

Select

Class

100‌

5,529‌

JPMorgan

Small

Cap

Growth

Fund,

Class

L

(a)

100‌

1,897‌

JPMorgan

U.S.

Research

Enhanced

Equity

Fund,

Institutional

Class

100‌

3,108‌

Longleaf

Partners

Fund

150‌

3,156‌

Longleaf

Partners

International

Fund

150‌

2,333‌

Longleaf

Partners

Small-Cap

Fund

100‌

2,337‌

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a)

100‌

2,417‌

Miller

Opportunity

Trust,

Institutional

Class

100‌

2,904‌

Morgan

Stanley

Discovery

Portfolio,

Institutional

Class

(a)

100‌

1,210‌

Morgan

Stanley

Growth

Portfolio,

Institutional

Class

(a)

100‌

3,013‌

Neuberger

Berman

Genesis

Fund,

Institutional

Class

100‌

5,907‌

Nicholas

Fund,

Inc.

(a)

50‌

3,687‌

Oakmark

International

Fund,

Investor

Class

150‌

3,923‌

Oakmark

International

Small

Cap

Fund,

Institutional

Class

150‌

2,739‌

Oakmark

Select

Fund,

Institutional

Class

150‌

8,539‌

PRIMECAP

Odyssey

Aggressive

Growth

Fund

(a)

100‌

4,058‌

Principal

SmallCap

Growth

Fund

I,

Institutional

Class

(a)

200‌

2,646‌

Prudential

Jennison

International

Opportunities,

Class

Z

185‌

4,832‌

Royce

Micro-Cap

Fund,

Investment

Class

106‌

1,155‌

Royce

Opportunity

Fund,

Investment

Class

318‌

4,761‌

Royce

Premier

Fund,

Investment

Class

300‌

3,378‌

Royce

Special

Equity

Fund,

Institutional

Class

150‌

2,502‌

T.

Rowe

Price

International

Discovery

Fund,

Investor

Class

75‌

4,634‌

T.

Rowe

Price

Mid-Cap

Growth

Fund,

Investor

Class

50‌

4,796‌

T.

Rowe

Price

New

Horizons

Fund,

Investor

Class

100‌

5,082‌

T.

Rowe

Price

Small-Cap

Value

Fund,

Investor

Class

100‌

5,248‌

Thornburg

Value

Fund,

Institutional

Class

100‌

6,637‌

TIAA-CREF

International

Equity

Fund,

Institutional

Class

100‌

1,225‌

Touchstone

Sands

Capital

Select

Growth

Fund,

Class

Y

(a)

100‌

1,094‌

Tweedy

Browne

International

Value

Fund

150‌

4,046‌

Vanguard

Strategic

Equity

Fund,

Investor

Class

100‌

3,347‌

Victory

RS

Small

Cap

Growth

Fund,

Class

Y

100‌

5,154‌

Wasatch

International

Growth

Fund,

Investor

Class

(a)

150‌

3,609‌

Wasatch

Micro

Cap

Fund,

Investor

Class

(a)

100‌

632‌

Total

Mutual

Funds

Cost

($227,174)

268,525‌

MONEY

MARKET

FUNDS

-

62.09%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.24%

(b)

(c)

70,890,625‌

70,890,625‌

Total

Money

Market

Funds

(Cost

$70,890,625)

70,890,625‌

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

Total

Investments

—

99.89%

(Cost

$112,453,756)

$

114,041,782‌

Other

Assets

in

Excess

of

Liabilities — 0.11%

129,134‌

NET

ASSETS

—

100.00%

$

114,170,916‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023.

(c)

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,

2023,

the

percentage

of

net

assets

invested

in

Fidelity

Investments

Money

Market

Government

Portfolio

were

62.09%

of

the

Fund.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

34.45%

Shares

Fair

Value

iShares

MSCI

EAFE

ETF

(a)

426,360‌

$

30,506,058‌

Total

Exchange-Traded

Funds

Cost

($28,641,746)

30,506,058‌

MUTUAL

FUNDS

—

4.63%

Gold

Bullion

Strategy

Fund

(The),

Investor

Class

(b)

183,604‌

4,105,380‌

Total

Mutual

Funds

(Cost $4,300,000)

4,105,380‌

CLOSED

END

FUNDS

—

25.92%

Sprott

Physical

Gold

Trust

(a)

(b)

1,536,990‌

22,962,631‌

Total

Closed

End

Funds

Cost

($22,662,255)

22,962,631‌

MONEY

MARKET

FUNDS

-

34.96%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.24%

(a)

(c)

30,966,291‌

30,966,291‌

Total

Money

Market

Funds

(Cost

$30,966,291)

30,966,291‌

Total

Investments

—

99.96%

(Cost

$86,570,292)

88,540,360‌

Other

Assets

in

Excess

of

Liabilities — 0.04%

36,510‌

NET

ASSETS

—

100.00%

$

88,576,870‌

(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,

2023,

the

percentage

of

net

assets

invested

in

iShares

MSCI

EAFE

ETF,

Sprott

Physical

Gold

Trust

and

Fidelity

Investments

Money

Market

Government

Portfolio

were

34.45

%,

25.92%

and

34.96%

of

the

Fund,

respectively.

(b)

Non-income

producing

security.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023.

ETF

-

Exchange-Traded

Fund

SMI

Multi-Strategy

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

39.45%

Shares

Fair

Value

Energy

Select

Sector

SPDR®

Fund

32,090‌

$

2,885,854‌

Invesco

S&P

Ultra

Dividend

Revenue

ETF

53,860‌

2,508,260‌

iShares

MSCI

EAFE

ETF

138,580‌

9,915,399‌

iShares

S&P

500®

Value

ETF

32,050‌

4,973,519‌

iShares

U.S.

Aerospace

&

Defense

ETF

6,070‌

696,047‌

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

13,200‌

1,210,836‌

SPDR®

S&P

Oil

&

Gas

Equipment

&

Services

ETF

9,060‌

793,384‌

Total

Exchange-Traded

Funds

Cost

($21,348,325)

22,983,299‌

MUTUAL

FUNDS

—

1.32%

AMG

Yacktman

Focused

Fund,

Institutional

Class

100‌

1,923‌

Fidelity

Select

Energy

Portfolio

12,853‌

752,657‌

Invesco

International

Small-Mid

Company

Fund,

Class

Y

100‌

4,179‌

Longleaf

Partners

International

Fund

150‌

2,333‌

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a)

100‌

2,417‌

Miller

Opportunity

Trust,

Institutional

Class

100‌

2,904‌

Morgan

Stanley

Discovery

Portfolio,

Institutional

Class

(a)

100‌

1,210‌

Oakmark

International

Fund,

Investor

Class

50‌

1,308‌

Wasatch

International

Growth

Fund,

Investor

Class

(a)

100‌

2,406‌

Total

Mutual

Funds

Cost

($560,423)

771,337‌

CLOSED

END

FUNDS

—

17.11%

Sprott

Physical

Gold

Trust

(a)

667,452‌

9,971,733‌

Total

Closed

End

Funds

Cost

($9,972,044)

9,971,733‌

MONEY

MARKET

FUNDS

-

42.03%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.24%

(b)

(c)

24,495,488‌

24,495,488‌

Total

Money

Market

Funds

(Cost

$24,495,488)

24,495,488‌

Total

Investments

—

99.91%

(Cost

$56,376,280)

58,221,857‌

Other

Assets

in

Excess

of

Liabilities — 0.09%

54,428‌

NET

ASSETS

—

100.00%

$

58,276,285‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023.

(c)

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,

2023,

the

percentage

of

net

assets

invested

in

Fidelity

Investments

Money

Market

Government

Portfolio

were

42.03

%

of

the

Fund.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt