Valued Advisers Trust NPORT-P Smi Multi-strategy Fund (Jul 2024 report)

Sound

Mind

Investing

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

83.58%

Shares

Fair

Value

Alpha

Architect

U.S.

Quantitative

Momentum

ETF

64,800‌

$

3,892,536‌

Fidelity

Blue

Chip

Growth

ETF

(a)

214,070‌

8,785,433‌

Invesco

S&P

500

Momentum

ETF

59,950‌

5,155,700‌

iShares

Russell

1000

Growth

ETF

21,890‌

7,840,779‌

iShares

Russell

2000

Value

ETF

58,330‌

9,986,679‌

SMI

3Fourteen

Full-Cycle

Trend

ETF

(a)

(b)

2,051,620‌

54,593,609‌

Total

Exchange-Traded

Funds

Cost

($85,228,842)

90,254,736‌

MUTUAL

FUNDS

—

16.11%

AllianzGI

NFJ

Small-Cap

Value

Fund

162‌

2,654‌

Artisan

International

Small

Cap

Fund,

Investor

Class

(a)

100‌

1,812‌

Artisan

International

Value

Fund,

Investor

Class

(a)

150‌

7,566‌

Artisan

Mid

Cap

Value

Fund,

Investor

Class

279‌

4,625‌

Champlain

Small

Company

Fund,

Institutional

Class

(a)

100‌

2,259‌

Columbia

Acorn

Fund,

Institutional

Class

(a)

137‌

1,617‌

Delaware

Ivy

Large

Cap

Growth

Fund

(a)

89‌

3,391‌

DFA

International

Small

Cap

Value

Portfolio,

Institutional

Class

100‌

2,353‌

DFA

International

Small

Company

Portfolio,

Institutional

Class

100‌

2,069‌

DFA

U.S.

Small

Cap

Value

Portfolio,

Institutional

Class

100‌

4,997‌

Franklin

Small

Cap

Value

Fund,

Advisor

Class

100‌

6,580‌

Hartford

International

Opportunities

Fund

(The),

Class

Y

248‌

4,918‌

Hennessy

Cornerstone

Growth

Fund,

Institutional

Class

135,725‌

5,076,132‌

Hennessy

Cornerstone

Mid

Cap

30

Fund,

Institutional

Class

(a)

411,462‌

11,208,227‌

Invesco

Oppenheimer

International

Small-Mid

Company

Fund,

Class

Y

100‌

4,339‌

Janus

Henderson

Mid

Cap

Value

Fund,

Class

T

200‌

3,414‌

Janus

Henderson

Venture

Fund,

Class

T

(a)

100‌

8,645‌

JOHCM

International

Select

Fund,

Institutional

Class

100‌

2,449‌

JPMorgan

Mid

Cap

Value

Fund,

Institutional

Class

100‌

3,967‌

JPMorgan

Small

Cap

Equity

Fund,

Select

Class

100‌

5,901‌

JPMorgan

Small

Cap

Growth

Fund,

Class

L

100‌

2,183‌

JPMorgan

U.S.

Research

Enhanced

Equity

Fund,

Institutional

Class

100‌

4,313‌

Longleaf

Partners

Fund

150‌

3,593‌

Longleaf

Partners

Small-Cap

Fund

100‌

2,740‌

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a)

100‌

2,761‌

Needham

Growth

Fund,

Institutional

Class

(a)

13,615‌

987,202‌

PRIMECAP

Odyssey

Aggressive

Growth

Fund

100‌

4,505‌

Prudential

Jennison

International

Opportunities,

Class

Z

(a)

185‌

5,712‌

Royce

Premier

Fund,

Investment

Class

300‌

3,756‌

T.

Rowe

Price

International

Discovery

Fund,

Investor

Class

75‌

5,095‌

T.

Rowe

Price

Mid-Cap

Growth

Fund,

Investor

Class

50‌

5,329‌

T.

Rowe

Price

New

Horizons

Fund,

Investor

Class

100‌

5,720‌

T.

Rowe

Price

Small-Cap

Value

Fund,

Investor

Class

100‌

5,718‌

Wasatch

International

Growth

Fund,

Investor

Class

(a)

150‌

3,743‌

Total

Mutual

Funds

Cost

($14,611,806)

17,400,285‌

Sound

Mind

Investing

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

MONEY

MARKET

FUNDS

-

0.48%

Shares

Fair

Value

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

5.26%

(c)

519,613‌

$

519,613‌

Total

Money

Market

Funds

(Cost

$519,613)

519,613‌

Total

Investments

—

100.17%

(Cost

$100,360,261)

108,174,634‌

Liabilities

in

Excess

of

Other

Assets — (0.17)%

(179,442‌)

NET

ASSETS

—

100.00%

$

107,995,192‌

(a)

Non-income

producing

security.

(b)

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

July

31,

2024,

the

percentage

of

net

assets

invested

in

SMI

3Fourteen

Full-Cycle

Trend

ETF

was

50.55%

of

the

Fund.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ETF

-

Exchange-Traded

Fund

SMI

Dynamic

Allocation

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

87.47%

Shares

Fair

Value

Invesco

BulletShares

2024

Corporate

Bond

ETF

97,470‌

$

2,054,668‌

Invesco

BulletShares

2025

Corporate

Bond

ETF

100,330‌

2,059,775‌

Invesco

QQQ

Trust,

Series

1

37,030‌

17,443,723‌

iShares

Core

U.S.

REIT

ETF

13,950‌

794,313‌

iShares

iBoxx

$High

Yield

Corporate

Bond

ETF

12,790‌

1,004,527‌

iShares

iBoxx

$Investment

Grade

Corporate

Bond

ETF

20,520‌

2,248,171‌

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

12,970‌

1,173,137‌

iShares

MSCI

EAFE

ETF

45,330‌

3,642,719‌

iShares

MSCI

Emerging

Markets

ex

China

ETF

63,000‌

3,793,860‌

iShares

Russell

2000

ETF

3,680‌

823,805‌

iShares

TIPS

Bond

ETF

8,500‌

919,530‌

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

56,010‌

5,141,717‌

SPDR®

Bloomberg

Barclays

High

Yield

Bond

ETF

10,440‌

1,000,570‌

SPDR®

S&P

500®

ETF

31,200‌

17,185,272‌

Vanguard

Intermediate-Term

Bond

ETF

26,540‌

2,033,228‌

Vanguard

Long-Term

Bond

ETF

25,840‌

1,870,816‌

Vanguard

Real

Estate

ETF

2,646‌

239,225‌

Vanguard

Short-Term

Bond

ETF

25,870‌

2,008,288‌

Total

Exchange-Traded

Funds

Cost

($59,675,160)

65,437,344‌

CLOSED

END

FUNDS

—

10.36%

Sprott

Physical

Gold

Trust

(a)

408,330‌

7,750,103‌

Total

Closed

End

Funds

Cost

($6,641,201)

7,750,103‌

MONEY

MARKET

FUNDS

-

2.35%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

5.26%

(b)

1,756,077‌

1,756,077‌

Total

Money

Market

Funds

(Cost

$1,756,077)

1,756,077‌

Total

Investments

—

100.18%

(Cost

$68,072,438)

74,943,524‌

Liabilities

in

Excess

of

Other

Assets — (0.18)%

(131,933‌)

NET

ASSETS

—

100.00%

$

74,811,591‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ETF

-

Exchange-Traded

Fund

REIT

-

Real

Estate

Investment

Trust

SPDR

-

Standard

&

Poor's

Depositary

Receipt

SMI

Multi-Strategy

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

—

81.56%

Shares

Fair

Value

Alpha

Architect

U.S.

Quantitative

Momentum

ETF

12,100‌

$

726,847‌

Fidelity

Blue

Chip

Growth

ETF

(a)

39,780‌

1,632,571‌

Invesco

BulletShares

2024

Corporate

Bond

ETF

42,080‌

887,046‌

Invesco

BulletShares

2025

Corporate

Bond

ETF

43,340‌

889,770‌

Invesco

QQQ

Trust,

Series

1

12,940‌

6,095,646‌

Invesco

S&P

500

Momentum

ETF

11,490‌

988,140‌

iShares

Europe

ETF

8,270‌

462,458‌

iShares

iBoxx

$High

Yield

Corporate

Bond

ETF

10,750‌

844,305‌

iShares

iBoxx

$Investment

Grade

Corporate

Bond

ETF

9,140‌

1,001,378‌

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

5,460‌

493,857‌

iShares

MSCI

EAFE

ETF

7,330‌

589,039‌

iShares

MSCI

Emerging

Markets

ex

China

ETF

9,700‌

584,134‌

iShares

Russell

1000

Growth

ETF

5,190‌

1,859,006‌

iShares

Russell

2000

ETF

1,270‌

284,302‌

iShares

Russell

2000

Value

ETF

11,890‌

2,035,687‌

iShares

TIPS

Bond

ETF

4,970‌

537,655‌

SMI

3Fourteen

Full-Cycle

Trend

ETF

(a)

401,400‌

10,681,255‌

SPDR®

Bloomberg

1-3

Month

T-Bill

ETF

2,490‌

228,582‌

SPDR®

NYSE

Technology

ETF

3,190‌

600,085‌

SPDR®

S&P

500®

ETF

10,600‌

5,838,586‌

SPDR®

S&P®

Regional

Banking

ETF

37,960‌

2,212,309‌

Vanguard

Intermediate-Term

Bond

ETF

12,080‌

925,449‌

Vanguard

Long-Term

Bond

ETF

12,980‌

939,752‌

Vanguard

Real

Estate

ETF

3,088‌

279,186‌

Vanguard

Short-Term

Bond

ETF

11,540‌

895,850‌

Total

Exchange-Traded

Funds

Cost

($39,803,291)

42,512,895‌

MUTUAL

FUNDS

—

10.85%

Communication

Services

Select

Sector

SPDR®

Fund

7,320‌

627,983‌

Hennessy

Cornerstone

Growth

Fund,

Institutional

Class

20,380‌

762,207‌

Hennessy

Cornerstone

Mid

Cap

30

Fund,

Institutional

Class

(a)

94,123‌

2,563,912‌

Invesco

International

Small-Mid

Company

Fund,

Class

Y

(a)

100‌

4,339‌

Lord

Abbett

Developing

Growth

Fund,

Inc.,

Institutional

Class

(a)

100‌

2,761‌

Needham

Growth

Fund,

Institutional

Class

(a)

6,807‌

493,601‌

Red

Oak

Technology

Select

Fund,

Institutional

Class

(a)

12,786‌

604,158‌

T.

Rowe

Price

Science

&

Technology

Fund,

Inc.,

Investor

Class

(a)

12,073‌

591,438‌

Wasatch

International

Growth

Fund,

Investor

Class

(a)

100‌

2,495‌

Total

Mutual

Funds

Cost

($5,106,671)

5,652,894‌

CLOSED

END

FUNDS

—

5.23%

Sprott

Physical

Gold

Trust

(a)

143,530‌

2,724,199‌

Total

Closed

End

Funds

Cost

($2,400,596)

2,724,199‌

SMI

Multi-Strategy

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

MONEY

MARKET

FUNDS

-

2.26%

Shares

Fair

Value

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

5.26%

(b)

1,179,688‌

$

1,179,688‌

Total

Money

Market

Funds

(Cost

$1,179,688)

1,179,688‌

Total

Investments

—

99.90%

(Cost

$48,490,246)

52,069,676‌

Other

Assets

in

Excess

of

Liabilities — 0.10%

51,426‌

NET

ASSETS

—

100.00%

$

52,121,102‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt