Valued Advisers Trust NPORT-P LS Opportunity Fund (Feb 2023 report)

LS

Opportunity

Fund

Schedule

of

Investments

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

DOMESTIC

—

84.83%

Shares

Fair

Value

Communication

Services

—

1.15%

Alphabet,

Inc.,

Class

A

(a)

9,225‌

$

830,803‌

Alphabet,

Inc.,

Class

C

(a)

9,450‌

853,335‌

1,684,138‌

Consumer

Discretionary

—

5.03%

Darden

Restaurants,

Inc.

(b)

12,200‌

1,744,478‌

eBay,

Inc.

(b)

26,425‌

1,212,907‌

Expedia

Group,

Inc.

(a)

10,477‌

1,141,679‌

Home

Depot,

Inc.

(The)

(b)

6,925‌

2,053,540‌

Texas

Roadhouse,

Inc.

12,000‌

1,218,480‌

7,371,084‌

Consumer

Staples

—

4.89%

Church

&

Dwight

Co.,

Inc.

(b)

27,450‌

2,299,761‌

Colgate-Palmolive

Co.

9,850‌

722,005‌

Mondelez

International,

Inc.,

Class

A

(b)

32,700‌

2,131,386‌

Procter

&

Gamble

Co.

(The)

14,710‌

2,023,508‌

7,176,660‌

Energy

—

6.33%

Hess

Corp.

11,500‌

1,549,050‌

Pioneer

Natural

Resources

Co.

(b)

17,112‌

3,429,416‌

Schlumberger

Ltd.

(b)

80,875‌

4,303,359‌

9,281,825‌

Financials

—

40.08%

Arthur

J.

Gallagher

&

Co.

(b)

19,416‌

3,637,588‌

Berkshire

Hathaway,

Inc.,

Class

B

(a)

(b)

22,215‌

6,779,574‌

Brown

&

Brown,

Inc.

(b)

53,982‌

3,026,771‌

Cboe

Global

Markets,

Inc.

(b)

15,425‌

1,946,172‌

Citigroup,

Inc.

(b)

18,675‌

946,636‌

Comerica,

Inc.

(b)

37,050‌

2,597,205‌

Federated

Hermes,

Inc.,

Class

B

(b)

78,441‌

3,086,653‌

Fidelity

National

Information

Services,

Inc.

(b)

25,062‌

1,588,179‌

Globe

Life,

Inc.

(b)

37,505‌

4,563,983‌

KeyCorp

(b)

113,600‌

2,077,744‌

Markel

Corp.

(a)

1,380‌

1,835,207‌

PayPal

Holdings,

Inc.

(a)

(b)

12,475‌

918,160‌

Pinnacle

Financial

Partners,

Inc.

21,975‌

1,628,128‌

PJT

Partners,

Inc.,

Class

A

(b)

17,250‌

1,360,680‌

PNC

Financial

Services

Group,

Inc.

(The)

(b)

11,110‌

1,754,491‌

Primerica,

Inc.

(b)

12,550‌

2,408,847‌

Progressive

Corp.

(The)

(b)

29,980‌

4,302,730‌

SouthState

Corp.

24,025‌

1,938,337‌

State

Street

Corp.

(b)

30,950‌

2,744,646‌

Synovus

Financial

Corp.

(b)

41,615‌

1,739,923‌

U.S.

Bancorp

(b)

63,400‌

3,026,082‌

Voya

Financial,

Inc.

(b)

43,737‌

3,257,969‌

W.R.

Berkley

Corp.

(b)

23,920‌

1,583,265‌

58,748,970‌

LS

Opportunity

Fund

Schedule

of

Investments

(continued)

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

DOMESTIC

—

84.83%

-

continued

Shares

Fair

Value

Health

Care

—

7.79%

Abbott

Laboratories

(b)

8,750‌

$

890,050‌

Cigna

Corp.

(b)

8,268‌

2,415,083‌

DENTSPLY

SIRONA,

Inc.

19,750‌

751,882‌

Johnson

&

Johnson

(b)

11,894‌

1,822,874‌

Merck

&

Co.,

Inc.

(b)

32,174‌

3,418,166‌

Pfizer,

Inc.

(b)

52,175‌

2,116,740‌

11,414,795‌

Industrials

—

11.05%

Carrier

Global

Corp.

(b)

52,735‌

2,374,657‌

Eaton

Corp.

PLC

(b)

17,400‌

3,043,782‌

General

Dynamics

Corp.

(b)

7,615‌

1,735,535‌

Leidos

Holdings,

Inc.

(b)

26,368‌

2,559,542‌

Otis

Worldwide

Corp.

(b)

21,930‌

1,855,717‌

Paychex,

Inc.

(b)

11,100‌

1,225,440‌

Raytheon

Technologies

Corp.

(b)

15,510‌

1,521,376‌

Sensata

Technologies

Holding

PLC

(b)

37,025‌

1,872,724‌

16,188,773‌

Information

Technology

—

4.23%

Littelfuse,

Inc.

(b)

5,230‌

1,353,158‌

Microsoft

Corp.

(b)

6,190‌

1,543,910‌

Oracle

Corp.

(b)

24,725‌

2,160,965‌

Zebra

Technologies

Corp.,

Class

A

(a)

3,800‌

1,140,950‌

6,198,983‌

Materials

—

2.86%

Axalta

Coating

Systems

Ltd.

(a)

29,400‌

876,120‌

Newmont

Goldcorp

Corp.

14,245‌

621,224‌

PPG

Industries,

Inc.

(b)

20,379‌

2,691,251‌

4,188,595‌

Real

Estate

—

1.42%

Howard

Hughes

Corp.

(The)

(a)

(b)

25,095‌

2,085,896‌

Total

Common

Stocks

-

Long

-

Domestic

(Cost $108,168,348)

124,339,719‌

COMMON

STOCKS

-

LONG

-

INTERNATIONAL

—

11.43%

Consumer

Staples

—

1.02%

Nestle

S.A.

13,200‌

1,486,771‌

Financials

—

6.31%

Everest

Re

Group

Ltd.

(b)

6,830‌

2,622,515‌

Fairfax

Financial

Holdings

Ltd.

4,276‌

2,989,266‌

First

BanCorp.

117,100‌

1,699,121‌

RenaissanceRe

Holdings

Ltd.

(b)

9,005‌

1,935,174‌

9,246,076‌

Health

Care

—

1.86%

Medtronic

PLC

(b)

32,900‌

2,724,120‌

LS

Opportunity

Fund

Schedule

of

Investments

(continued)

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

INTERNATIONAL

—

11.43%

-

continued

Shares

Fair

Value

Industrials

—

1.72%

Pentair

PLC

(b)

45,225‌

$

2,529,886‌

Materials

—

0.52%

Agnico

Eagle

Mines

Ltd.

(b)

16,632‌

765,571‌

Total

Common

Stocks

-

Long

-

International

(Cost $14,643,764)

16,752,424‌

EXCHANGE-TRADED

FUNDS

—

0.80%

Aberdeen

Standard

Physical

Platinum

Shares

ETF

(a)

(b)

13,235‌

1,166,930‌

Total

Exchange-Traded

Funds

(Cost $1,284,105)

1,166,930‌

MONEY

MARKET

FUNDS

-

1.81%

Invesco

Treasury

Portfolio,

Institutional

Class,

4.50%

(c)

2,656,938‌

2,656,938‌

Total

Money

Market

Funds

(Cost

$2,656,938)

2,656,938‌

Total

Investments

—

98.87%

    (Cost

$126,753,155)

144,916,011‌

Other

Assets

in

Excess

of

Liabilities — 1.13%

1,649,056‌

NET

ASSETS

—

100.00%

$

146,565,067‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

the

security

is

held

as

collateral

for

securities

sold

short.

The

fair

value

of

this

collateral

on

February

28,

2023

was

$76,531,414.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

February

28,

2023.

ETF

-

Exchange-Traded

Fund

LS

Opportunity

Fund

Schedule

of

Securities

Sold

Short

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

-

SHORT

-

DOMESTIC

-

(25.16)%

Shares

Fair

Value

Consumer

Discretionary

-

(2.30)%

McDonald's

Corp.

(5,000‌)

$

(1,319,550‌)

Service

Corp.

International

(30,300‌)

(2,046,159‌)

(3,365,709‌)

Consumer

Staples

-

(6.29)%

Dollar

Tree,

Inc.

(a)

(14,775‌)

(2,146,512‌)

Edgewell

Personal

Care

Co.

(36,050‌)

(1,539,335‌)

Hershey

Co.

(The)

(5,975‌)

(1,423,962‌)

Kellogg

Co.

(18,625‌)

(1,228,133‌)

Kimberly-Clark

Corp.

(23,085‌)

(2,886,779‌)

(9,224,721‌)

Financials

-

(10.37)%

Affiliated

Managers

Group,

Inc.

(4,600‌)

(733,286‌)

Associated

Banc-Corp

(33,450‌)

(774,367‌)

Berkshire

Hills

Bancorp,

Inc.

(25,650‌)

(745,389‌)

Byline

Bancorp,

Inc.

(29,900‌)

(737,035‌)

CNO

Financial

Group,

Inc.

(46,550‌)

(1,192,611‌)

Community

Bank

System,

Inc.

(16,625‌)

(1,014,956‌)

Dime

Community

Bancshares,

Inc.

(24,175‌)

(740,722‌)

Enterprise

Financial

Services

Corp.

(15,650‌)

(852,299‌)

First

Hawaiian,

Inc.

(26,925‌)

(736,399‌)

Goldman

Sachs

Group,

Inc.

(The)

(4,750‌)

(1,670,337‌)

M&T

Bank

Corp.

(4,293‌)

(666,660‌)

Prudential

Financial,

Inc.

(13,159‌)

(1,315,900‌)

Travelers

Companies,

Inc.

(The)

(11,350‌)

(2,101,112‌)

Truist

Financial

Corp.

(27,919‌)

(1,310,797‌)

Washington

Trust

Bancorp,

Inc.

(14,700‌)

(617,400‌)

(15,209,270‌)

Health

Care

-

(1.48)%

Boston

Scientific

Corp.

(a)

(22,400‌)

(1,046,528‌)

CVS

Health

Corp.

(13,475‌)

(1,125,702‌)

(2,172,230‌)

Industrials

-

(2.18)%

Lockheed

Martin

Corp.

(2,460‌)

(1,166,680‌)

Snap-on,

Inc.

(8,175‌)

(2,032,959‌)

(3,199,639‌)

Information

Technology

-

(2.54)%

Amphenol

Corp.,

Class

A

(13,950‌)

(1,081,404‌)

Apple,

Inc.

(17,925‌)

(2,642,324‌)

(3,723,728‌)

TOTAL

COMMON

STOCKS

-

SHORT

-

DOMESTIC 

(Proceeds

Received $36,713,820)

(36,895,297‌)

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL

-

(4.93)%

Financials

-

(4.93)%

Commonwealth

Bank

of

Australia

(30,255‌)

(2,049,224‌)

Muenchener

Rueckversicherungs-Gesellshaft

AG

(6,050‌)

(2,087,289‌)

Swiss

Re

AG

(20,250‌)

(2,111,413‌)

Westpac

Banking

Corp.

(63,700‌)

(965,398‌)

LS

Opportunity

Fund

Schedule

of

Securities

Sold

Short

(continued)

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL

-

(4.93)%

-

continued

Shares

Fair

Value

TOTAL

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL 

(Proceeds

Received $6,905,096)

$

(7,213,324‌)

EXCHANGE-TRADED

FUNDS

-

(2.62)%

Vanguard

Energy

ETF

(32,900‌)

(3,836,140‌)

TOTAL

EXCHANGE-TRADED

FUNDS 

(Proceeds

Received $4,100,408)

(3,836,140‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(32.71)%

(Proceeds

Received

$47,719,324)

$

(47,944,761‌)

(a)

Non-dividend

expense

producing

security.

ETF

-

Exchange-Traded

Fund

The

sectors

shown

on

the

schedule

of

investments

and

schedule

of

securities

sold

short

are

based

on

the

Global

Industry

Classification

Standard,

or

GICS®

("GICS").  The

GICS

was

developed

by

and/or

is

the

exclusive

property

of

MSCI,

Inc.

and

Standard

&

Poor's

Financial

Services

LLC

("S&P").  GICS

is

a

service

mark

of

MSCI,

Inc.

and

S&P

and

has

been

licensed

for

use

by

Ultimus

Fund

Solutions,

LLC.

LS

Opportunity

Fund

Schedule

of

Written

Options

February

28,

2023

-

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

CALL

OPTIONS

WRITTEN

-

(0.27)%

Cboe

Global

Markets,

Inc.

(89)

$

(1,122,913

)

$

140.00

1/19/2024

$

(57,405

)

Cigna

Corp.

(78)

(2,278,380

)

330.00

1/19/2024

(129,480

)

State

Stree

Corp.

(185)

(1,640,580

)

100.00

1/19/2024

(120,250

)

Texas

Roadhouse,

Inc.

(57)

(578,778

)

105.00

1/19/2024

(58,995

)

Texas

Roadhouse,

Inc.

(36)

(365,544

)

110.00

1/19/2024

(32,760

)

Total

Call

Options

Written  (Premiums

Received

$570,656)

$

(398,890

)