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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Huntington National Bank</custodianName>
            <custodianLei>2WHM8VNJH63UN14OL754</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC </shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>084-05829</shareholderServiceAgentOther>
            <shareholderServiceIdNumberDesc>SEC File number </shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC </adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>084-05829</adminOther>
            <idNumberDesc>SEC File number </idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WOLVERINE EXECUTION SERVICES L.L.C.</brokerName>
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            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>18300</grossCommission>
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        </brokers>
        <aggregateCommission>18300</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WOLVERINE EXECUTION SERVICES L.L.C.</principalName>
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            <principalLei>549300J0EHU6M88PZ560</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>98131004.76</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HUNTINGTON NATIONAL BANK</principalName>
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            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>2WHM8VNJH63UN14OL754</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>79909402.47</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>178040407.20</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>101060104.30</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>5000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Huntington National Bank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="SMI Dynamic Allocation Fund" secFileNo="811-22208"/>
                <creditUser fundName="Sound Mind Investing Fund" secFileNo="811-22208"/>
                <creditUser fundName="SMI Multi-Strategy Fund" secFileNo="811-22208"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="468750" daysCreditUsed="36"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Ice Data Pricing &amp; Reference Data, LLC</liquidityName>
            <liquidityLei>5493000NQ9LYLDBCTL34</liquidityLei>
            <liquidityStateCountry liquidityCountry="US" liquidityState="US-NY"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Short-term investment vehicle</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Kovitz Core Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000077457</mgmtInvSeriesId>
        <mgmtInvLei>549300VUKI0ZJ3TE1C73</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Kovitz Core Equity ETF" sharesOutstandingClassId="C000237915" sharesOutstandingTickerSymbol="EQTY"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Kovitz Investment Group Partners, LLC</investmentAdviserName>
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            <investmentAdviserCrdNo>000282241</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-IL" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Brown Brothers Harriman &amp; Co</transferAgentName>
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            <transferAgentLei>5493006KMX1VFTPYPW14</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ice Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co </custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Brown Brothers Harriman &amp; Co</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493006KMX1VFTPYPW14</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC </adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>084-05829</adminOther>
            <idNumberDesc>SEC File number </idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BTIG LLC</brokerName>
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            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>32677.49</grossCommission>
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          <broker>
            <brokerName>MISCHLER FINANCIAL GROUP, INC.</brokerName>
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            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>37558.43</grossCommission>
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        </brokers>
        <aggregateCommission>70235.92</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1219609107.17</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</liquidityName>
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            <liquidityStateCountry liquidityCountry="US" liquidityState="US-NY"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Short-term investment vehicle</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>SMI Dynamic Allocation Fund</mgmtInvFundName>
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        <mgmtInvLei>549300YDH2SRPN4R1J34</mgmtInvLei>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="SMI Dynamic Allocation Fund" sharesOutstandingClassId="C000123870" sharesOutstandingTickerSymbol="SMIDX"/>
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        <fundTypes>
          <fundType>Fund of Funds</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
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        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SMI Advisory Services, LLC</investmentAdviserName>
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            <investmentAdviserCrdNo>000137872</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-IN" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC </transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ice Data Pricing &amp; Reference Data, LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Huntington National Bank</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC </shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>SEC File number </shareholderServiceIdNumberDesc>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC </adminName>
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        <brokers>
          <broker>
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        <aggregateCommission>41620.56</aggregateCommission>
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            <principalStateCountry principalState="US-OH" principalCountry="US"/>
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        <principalAggregatePurchase>25049789.73</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>73266493.60</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
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                <creditUser fundName="SMI Dynamic Allocation Fund" secFileNo="811-22208"/>
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        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Ice Data Pricing &amp; Reference Data, LLC</liquidityName>
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            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Short-term investment vehicle</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Dana Epiphany Equity Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000063526</mgmtInvSeriesId>
        <mgmtInvLei>549300YMYIQKZYBXXY21</mgmtInvLei>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000205825" sharesOutstandingTickerSymbol="ESGIX"/>
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
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        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dana Investment Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-14828</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105879</investmentAdviserCrdNo>
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            <investmentAdviserStateCountry investmentAdviserState="US-WI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC </transferAgentName>
            <transferAgentFileNo>084-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ice Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Huntington National Bank</custodianName>
            <custodianLei>2WHM8VNJH63UN14OL754</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC </shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>084-05829</shareholderServiceAgentOther>
            <shareholderServiceIdNumberDesc>SEC File number </shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC </adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>084-05829</adminOther>
            <idNumberDesc>SEC File number </idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>CAPITAL INSTITUTIONAL SERVICES, INC</brokerName>
            <brokerFileNo>008-22273</brokerFileNo>
            <brokerCrdNo>000007551</brokerCrdNo>
            <brokerLei>54930061X8RDWFDJIS05</brokerLei>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>28.50</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN &amp; COMPANY LLC</brokerName>
            <brokerFileNo>008-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2473</grossCommission>
          </broker>
          <broker>
            <brokerName>RAYMOND JAMES &amp; ASSOCIATES INC</brokerName>
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            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>4893.50</grossCommission>
          </broker>
          <broker>
            <brokerName>INSTINET LLC</brokerName>
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            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2512.85</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. MORGAN SECURITIES INC.</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1999</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>11906.85</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>68927742.15</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</liquidityName>
            <liquidityLei>5493000NQ9LYLDBCTL34</liquidityLei>
            <liquidityStateCountry liquidityCountry="US" liquidityState="US-NY"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Short-term investment vehicle</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Slow Capital Growth Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000088949</mgmtInvSeriesId>
        <mgmtInvLei>529900M9NWWSTWPVZD34</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Slow Capital Growth Fund" sharesOutstandingClassId="C000255350" sharesOutstandingTickerSymbol=" SLWGX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Slow Capital, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-110032</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000286688</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ENYJCC4C2PIS78</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
              <investmentAdviserStartDate>2024-11-27</investmentAdviserStartDate>
            </investmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
            <transferAgentFileNo>084-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank, N.A.</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>504713</custodianRssdId>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions LLC </shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>084-05829</shareholderServiceAgentOther>
            <shareholderServiceIdNumberDesc>SEC Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>Y</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>084-05829</adminOther>
            <idNumberDesc>SEC Number</idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>PERSHING LLC</brokerName>
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            <brokerCrdNo>000007560</brokerCrdNo>
            <brokerLei>ZI8Q1A8EI8LQFJNM0D94</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>6896.88</grossCommission>
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        <aggregateCommission>6896.88</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>61845406</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>ICE Data Pricing &amp; Reference Data LLC</liquidityName>
            <liquidityLei>5493000NQ9LYLDBCTL34</liquidityLei>
            <liquidityRssdId>N/A</liquidityRssdId>
            <liquidityStateCountry liquidityCountry="US" liquidityState="US-NY"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>Y</isLiquidityHiredTerminated>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>SMI Multi-Strategy Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000039947</mgmtInvSeriesId>
        <mgmtInvLei>54930025EQMP6DCX0571</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="SMI Multi-Strategy Fund" sharesOutstandingClassId="C000123869" sharesOutstandingTickerSymbol="SMILX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SMI Advisory Services, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-64882</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000137872</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-IN" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC </transferAgentName>
            <transferAgentFileNo>084-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ice Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Huntington National Bank</custodianName>
            <custodianLei>2WHM8VNJH63UN14OL754</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC </shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>084-05829</shareholderServiceAgentOther>
            <shareholderServiceIdNumberDesc>SEC File number </shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC </adminName>
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            <adminOther>084-05829</adminOther>
            <idNumberDesc>SEC File number </idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WOLVERINE EXECUTION SERVICES L.L.C.</brokerName>
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            <brokerLei>549300J0EHU6M88PZ560</brokerLei>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>20235.28</grossCommission>
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        <aggregateCommission>20235.28</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>HUNTINGTON NATIONAL BANK</principalName>
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            <principalLei>2WHM8VNJH63UN14OL754</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>42455163.92</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>WOLVERINE EXECUTION SERVICES L.L.C.</principalName>
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            <principalLei>549300J0EHU6M88PZ560</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
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        <principalAggregatePurchase>69330586.19</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>52136676.46</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
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            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>5000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Huntington National Bank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="SMI Dynamic Allocation Fund" secFileNo="811-22208"/>
                <creditUser fundName="Sound Mind Investing Fund" secFileNo="811-22208"/>
                <creditUser fundName="SMI Multi-Strategy Fund" secFileNo="811-22208"/>
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              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="250455" daysCreditUsed="11"/>
            </lineOfCreditDetail>
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        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Ice Data Pricing &amp; Reference Data, LLC</liquidityName>
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            <liquidityStateCountry liquidityCountry="US" liquidityState="US-NY"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Short-term investment vehicle</assetClassType>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Dana Epiphany Small Cap Equity Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000051394</mgmtInvSeriesId>
        <mgmtInvLei>5493005OGUYQV8N7HC77</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000161987" sharesOutstandingTickerSymbol="DSCIX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dana Investment Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-14828</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105879</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-WI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC </transferAgentName>
            <transferAgentFileNo>084-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ice Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Huntington National Bank</custodianName>
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        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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        <fundName>Kovitz Core Equity ETF</fundName>
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        <isInKindETF>Y</isInKindETF>
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    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
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    <signature registrantSignedName="Valued Advisers Trust" signedDate="2026-01-14" signature="Carol Highsmith" title="Secretary"/>
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</edgarSubmission>
