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Form N-PX · fund registrantSEC filer no. 1437249

VALUED ADVISERS TRUST

fund voting report

Vote records reported
3,832year to 30 June 2026
Against management
11.0%440 of 4,014 marked votes
Say-on-pay support
76.3%for, of for + against + abstain
Shareholder-proposal support
27.1%for, of for + against + abstain
86.1% for10.1% against3.8% other11.0% against management4,018 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

In its Form N-PX for the year to 30 June 2026, VALUED ADVISERS TRUST listed 3,832 vote records. Votes against management made up 11.0% of those marked either way (440 of 4,014); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 5.0%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 76.3% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 27.1% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (61.5% of 52), HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE (54.5% of 44) and CORPORATE GOVERNANCE (41.3% of 155).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share11.0%6.2%10.6%
Say-on-pay support rate76.3%91.6%86.0%
Shareholder-proposal support rate27.1%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS2,7792,654574.2%
SECTION 14A SAY-ON-PAY VOTES2531825722.9%
AUDIT-RELATED3052257825.9%
INVESTMENT COMPANY MATTERS9900.0%
SHAREHOLDER RIGHTS AND DEFENSES5343961.5%
EXTRAORDINARY TRANSACTIONS2319417.4%
CAPITAL STRUCTURE686534.4%
COMPENSATION1691412412.5%
CORPORATE GOVERNANCE157833741.3%
ENVIRONMENT OR CLIMATE5844619.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE44132054.5%
DIVERSITY, EQUITY, AND INCLUSION81625.0%
OTHER SOCIAL ISSUES107238222.4%
OTHER1841116.7%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20244,59218.5%80.8%24.7%
year to 30 June 20255,63212.4%82.3%33.1%
year to 30 June 20263,83211.0%76.3%27.1%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, VALUED ADVISERS TRUST voted against management on 40 of the 181 it marked either way (22.1%) in the year to 30 June 2026.

Shareholder proposals it supported

Of 122 proposals from security holders that could be told apart in the filings and on which it cast a vote, VALUED ADVISERS TRUST voted for 32 (26.2%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Data Operations in Human Rights Hotspots
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Visa Inc.27 Jan 2026Shareholder proposal on shareholder right to act by written consent.
JPMorgan Chase & Co.19 May 2026Lobbying alignment
Eli Lilly and Company4 May 2026Shareholder proposal to prepare an annual lobbying report.
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
Netflix, Inc.4 Jun 2026Stockholder proposal entitled, "Proposal 4 - Shareholder Right to Act by Written Consent,"
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
AT&T INC.14 May 2026EEO-1 Report Disclosure Policy
AT&T INC.14 May 2026Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
Adobe Inc.15 Apr 2026Environment or climate
Adobe Inc.15 Apr 2026Stockholder Proposal Regarding Board Matrix.
Linde Plc29 Jul 2025A shareholder proposal requesting an annual report regarding the alignment of the Company's direct and...
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
Lam Research Corporation4 Nov 2025Stockholder proposal titled "Realistic Shareholder Ability to Call for a Special Shareholder Meeting,"
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Zoetis Inc.20 May 2026Shareholder proposal to permit shareholder action by written consent.
L3Harris Technologies, Inc.11 May 2026Shareholder Proposal titled "Improve Shareholder Ability to Call for a Special Shareholder Meeting".
Sysco Corporation14 Nov 2025Adopt Mandatory Policy Separating the Roles of CEO and Board Chair
Delta Air Lines, Inc.18 Jun 2026A shareholder proposal requesting the ability for shareholders to act by written consent.
IQVIA Holdings Inc.23 Apr 2026If properly presented, a stockholder proposal concerning separate Chairman and Chief Executive Officer roles.
MKS Instruments, Inc.11 May 2026A shareholder proposal to reduce the threshold percentage of shareholders required to call a special...
The Timken Company8 May 2026Corporate governance
Eagle Materials Inc.4 Aug 2025Non-binding advisory stockholder proposal requesting the declassification of our Board of Directors.
Group 1 Automotive, Inc.12 May 2026Shareholder Proposal: Give Shareholders an Ability to Call for a Special Shareholder Meeting.
SkyWest, Inc.5 May 2026A shareholder proposal regarding collective bargaining policy.
Asbury Automotive Group, Inc.4 May 2026Stockholder proposal regarding special stockholder meetings.

Shares on loan

VALUED ADVISERS TRUST reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

8 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Dana Large Cap Equity Fund67014.8%67.4%40.3%
Dana Epiphany Equity Fund64518.3%61.0%67.9%
Dana Epiphany Small Cap Equity Fund54419.3%63.8%not reported
BFS Equity Fund33313.6%100.0%0.0%
S6415880801440.0%100.0%0.0%
Sound Mind Investing Fund210.0%not reportednot reported
SMI Multi-Strategy Fund180.0%not reportednot reported
SMI Dynamic Allocation Fund160.0%not reportednot reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did VALUED ADVISERS TRUST vote on executive pay?

In the year to 30 June 2026 VALUED ADVISERS TRUST reported 236 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 180 were for (76.3%), 56 against and 0 abstentions. Counting one item per company meeting, it voted against management on 40 of the 181 say-on-pay items it marked either way.

How often does VALUED ADVISERS TRUST vote against management?

11.0% of the time in the year to 30 June 2026: 440 of the 4,014 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did VALUED ADVISERS TRUST support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 57 votes on proposals from security holders in the year to 30 June 2026 and voted for 4 of them (7.0%). Across every category it voted for 27.1% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by VALUED ADVISERS TRUST (filer no. 1437249), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.