# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001580642-25-006390
**Filing Date:** 2025-10
**Character Count:** 188065
**Document Hash:** bd6daf2af01a616bdab077f92cfae663
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006390.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001580642-25-006390

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALUED ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001437249

**ORGANIZATION NAME:**
- **EIN:** 262762915

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22208
- **FILM NUMBER:** 251372513

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Summitry Equity Fund (Series ID: S000025018)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000074420 | Summitry Equity Fund | GGEFX           |

### Belmont Theta Income Fund (Series ID: S000061578)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000199439 | Institutional Class Shares | BTIFX           |

### CHANNING INTRINSIC VALUE SMALL-CAP FUND (Series ID: S000071821)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000227329 | Institutional Class | OWLLX           |

### Regan Floating Rate MBS ETF (Series ID: S000084093)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000248358 | Regan Floating Rate MBS ETF | MBSF            |

?xml version='1.0' encoding='ASCII'?

**united states**

**securities and exchange commission**

**washington, d.c. 20549** 

**form n-csr**

**certified shareholder report of registered**

**management investment companies**

Investment Company Act file number 811-22208

**<u>Valued Advisers Trust</u>**

(Exact name of registrant as specified in charter)

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

Capitol Services, Inc.

108 Lakeland Ave., Dover, Delaware 19901

(Name and address of agent for service)

<u>With Copies to</u>:

Terry Davis

DLA Piper LLP

One Atlantic Center

1201 West Peachtree Street, Suite 2900

Atlanta, GA 30309

Registrant's telephone number, including area code: 513-587-3400

Date of fiscal year end: <u>1/31/2025</u> <br>Date of reporting period: <u>7/31/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Belmont Theta Income Fund

#### Institutional Class (BTIFX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](ifa8eb874b1ffc0c715c0ffd5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Belmont Theta Income Fund (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at https://www.gia.com/belmont/. You can also request this information by contacting us at (800) 789-1087.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $97 | 1.99% |

---

#### Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $16824220 |
| Number of Portfolio Holdings |  |
| Advisory Fee (net of waivers) | $58083 |
| Portfolio Turnover | 0% |

---

# Material Fund Changes
On July 15, 2025, the Board authorized an orderly liquidation of the Fund. The Board determined that closing and liquidating the Fund was in the best interests of the Fund and the Fund's shareholders. The Fund will close effective as of August 27, 2025.

![Image](ifa8eb874b1ffc0c715c0ffd5.jpg)

#### Semi-Annual Shareholder Report - July 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.gia.com/belmont/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 073125-BTIFX

#### Channing Intrinsic Value Small-Cap Fund

#### Institutional Class (OWLLX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](ie3e845330a6ea248eaa22f38.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Channing Intrinsic Value Small-Cap Fund for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/channing/. You can also request this information by contacting us at (833) 565-1919.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $46 | 0.95% |

---

# How did the Fund perform during the reporting period?
The six-month period ending July 31, 2025, has presented a complex mix of opportunities and challenges for small-cap investors relative to their large-cap peers. Investors favored growth over value and higher market capitalization stocks. Our strategy has maintained its core principles: investing in undervalued, small-cap businesses with long-term stability and strong management teams. The top three contributing sectors to relative performance were: Information Technology, Communication Services, and Industrials; whereas the top three detracting sectors of relative performance were: Materials, Energy, and Consumer Discretionary.

Investors are now shifting their focus to the economic and market landscape as it continues to be shaped by persistent policy volatility, uneven global growth, and evolving investor sentiment. Tariff policy actions remain front and center, with businesses, consumers, and policymakers adjusting in real time. At the same time, fiscal policy discussions have shifted toward permanent tax relief and targeted incentives aimed at offsetting any potential tariff-related drag. During this period, investors also faced concerns about the specifics of the One Big Beautiful Bill Act, worries about the rising fiscal deficit, as well as a further escalation of numerous Middle East conflicts, and the impact on oil prices.

Despite recent volatility, valuations in small-cap value equities remain compelling, particularly in sectors where pessimism has overshot fundamentals. We remain committed to Channing's high-conviction, quality-biased approach to intrinsic value investing and to positioning our clients for long-term success through thoughtful, opportunistic portfolio construction. We view our portfolio companies to be well-positioned for long-term growth and as having the wherewithal to sustain themselves as the economy moves into the next phase of the economic cycle. We believe individual stock selection will remain an essential and differentiating attribute to our performance. Valuation and fundamentals matter. We continue to believe our high-quality value discipline remains the best place to achieve long-term risk-adjusted returns.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i522ea249b82b3750940aec88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Channing Intrinsic Value Small-Cap Fund - I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Jun-2021** | $100000 | $100000 | $100000 |
| **Jul-2021** | $99000 | $101691 | $96421 |
| **Jul-2022** | $89850 | $94215 | $91825 |
| **Jul-2023** | $98682 | $106133 | $95446 |
| **Jul-2024** | $112934 | $128499 | $110413 |
| **Jul-2025** | $109684 | $148653 | $105701 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 30, 2021)** |
| Channing Intrinsic Value Small-Cap Fund - I | -2.88% | 2.29% |
| Russell 3000<sup>®</sup> Index | 15.68% | 10.19% |
| Russell 2000<sup>®</sup> Value Index | -4.27% | 1.37% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9006374 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 33% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Government Obligations Fund, Class X | 4.2% |
| Gates Industrial Corp. PLC | 3.2% |
| Lumentum Holdings, Inc. | 3.1% |
| Littelfuse, Inc. | 3.1% |
| Affiliated Managers Group, Inc. | 3.0% |
| Stifel Financial Corp. | 3.0% |
| Evercore, Inc., Class A | 2.9% |
| Parsons Corp. | 2.8% |
| Hexcel Corp. | 2.8% |
| MKS, Inc. | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i62618b9c65b3a481353924c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Energy | 1.4% |
| Health Care | 2.0% |
| Utilities | 3.0% |
| Materials | 3.9% |
| Money Market Funds | 4.2% |
| Real Estate | 4.3% |
| Communication Services | 5.0% |
| Consumer Discretionary | 13.3% |
| Information Technology | 14.2% |
| Financials | 22.8% |
| Industrials | 26.0% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i4652da3f650fc890fe2285ec.jpg)

#### Channing Intrinsic Value Small-Cap Fund - I (OWLLX)

#### Semi-Annual Shareholder Report - July 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/channing/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 073125-OWLLX

# Regan Floating Rate MBS ETF
(MBSF) NYSE Arca, Inc.

# Semi-Annual Shareholder Report - July 31, 2025
![Image](i2dd52d76231fad8b4599fb68.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Regan Floating Rate MBS ETF (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at https://www.regancapital.com/etf-mbsf/. You can also request this information by contacting us at (844) 988-6273.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Regan Floating Rate MBS ETF | $25 | 0.49% |

---

## What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](iad217f0674278a9e1ebb01bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| U.S. Government & Agencies | 6.2% |
| Collateralized Mortgage Obligations | 93.1% |

---

## **Fund Statistics** 
* Net Assets$161,548,476

* Number of Portfolio Holdings242

* Advisory Fee $372,175

* Portfolio Turnover2%

## Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i2dd52d76231fad8b4599fb68.jpg)

# Regan Floating Rate MBS ETF (MBSF)

# Semi-Annual Shareholder Report - July 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.regancapital.com/etf-mbsf/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 073125-MBSF

#### Summitry Equity Fund
(GGEFX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i0986596aa975e07589591f95.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Summitry Equity Fund (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at https://summitryfunds.com/reports/. You can also request this information by contacting us at (866) 954-6682.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Summitry Equity Fund | $62 | 1.25% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2cce181bae716b69ab985b31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 6.9% |
| Health Care | 7.1% |
| Industrials | 8.7% |
| Financials | 10.0% |
| Communications | 13.9% |
| Consumer Discretionary | 22.8% |
| Technology | 30.6% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $79288954 |
| Number of Portfolio Holdings | 28 |
| Advisory Fee (net of waivers) | $331920 |
| Portfolio Turnover | 9% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i0986596aa975e07589591f95.jpg)

#### Summitry Equity Fund (GGEFX)

#### Semi-Annual Shareholder Report - July 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://summitryfunds.com/reports/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 073125-GGEFX

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable – disclosed with annual report

**Item 3. Audit Committee Financial Expert.** 

Not applicable – disclosed with annual report

**Item 4. Principal Accountant Fees and Services.**

Not applicable – disclosed with annual report

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable – disclosed with annual report

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](bti_001.jpg)

**Belmont Theta Income Fund**

**Semi-Annual Financial Statements**

**and Additional Information**

**July 31, 2025**

**Fund Adviser:**

**Belmont Capital, LLC d/b/a Belmont Capital Group<sup>™</sup>**

**1875 Century Park East, Suite 1780**

**Los Angeles, CA 90067**

**Belmont Theta Income Fund**

**Statement of Assets and Liabilities**

*July 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** | |
| Cash | $16865089 |
| Interest receivable | 15167 |
| Prepaid expenses | 9997 |
| **Total Assets** | 16890253 |
| **Liabilities** |  |
| Payable to Adviser (Note 4) | 4988 |
| Payable to affiliates (Note 4) | 33375 |
| Payable to trustees | 3626 |
| Other accrued expenses | 24044 |
| **Total Liabilities** | 66033 |
| **Net Assets** | $16824220 |
| **Net Assets consist of:** |  |
| Paid-in capital | $17997227 |
| Accumulated deficit | (1173007) |
| **Net Assets** | $16824220 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 868465 |
| **Net asset value, offering and redemption price per share (Note 2)** | $19.37 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Belmont Theta Income Fund**

**Statement of Operations**

*For the Six Months Ended July 31, 2025*

---

| | |
|:---|:---|
| **Investment Income** | |
| Interest income | $369243 |
| **Total investment income** | 369243 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 162386 |
| Administration fees (Note 4) | 23767 |
| Fund accounting fees (Note 4) | 18790 |
| Compliance service fees (Note 4) | 13428 |
| Registration expenses | 11510 |
| Legal fees | 9828 |
| Trustee fees | 8450 |
| Transfer agent fees (Note 4) | 7140 |
| Audit and tax preparation fees | 7119 |
| Printing and postage expenses | 5531 |
| Custodian fees | 1858 |
| Miscellaneous expense | 19040 |
| **Total expenses** | 288847 |
| Fees contractually waived by Adviser (Note 4) | (104303) |
| Net operating expenses | 184544 |
| **Net investment income** | 184699 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized loss on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (10835) |
| &nbsp;&nbsp;&nbsp;Written options | (852776) |
| Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (7466) |
| &nbsp;&nbsp;&nbsp;Purchased options | 72547 |
| &nbsp;&nbsp;&nbsp;Written options | (202206) |
| **Net realized and change in unrealized loss on investments** | (1000736) |
| **Net decrease in net assets resulting from operations** | $(816037) |

---

*See accompanying notes which are an integral part of these financial statements.*

**Belmont Theta Income Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended <br> July 31,<br> 2025** | **For the<br> Year Ended<br> January 31,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $184699 | $525155 |
| Net realized gain (loss) on investment securities transactions, purchased options and written options | (863611) | 1672516 |
| Net change in unrealized appreciation (depreciation) of investment securities, purchased options and written options | (137125) | 23556 |
| **Net increase (decrease) in net assets resulting from operations** | (816037) | 2221227 |
| **Distributions to shareholders from Earnings (Note 2)** | (1238058) | (2518369) |
| **Total distributions** | (1238058) | (2518369) |
| **Capital Transactions - Institutional Class:** |  |  |
| Proceeds from shares sold | 660409 | 9989408 |
| Reinvestment of distributions | 1238058 | 2518369 |
| Amount paid for shares redeemed | (3215857) | (3877490) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (1317390) | 8630287 |
| **Total Increase (Decrease) in Net Assets** | (3371485) | 8333145 |
| **Net Assets** |  |  |
| Beginning of period | 20195705 | 11862560 |
| End of period | $16824220 | $20195705 |
| **Share Transactions - Institutional Class:** |  |  |
| Shares sold | 30964 | 447180 |
| Shares issued in reinvestment of distributions | 63883 | 119128 |
| Shares redeemed | (159758) | (177429) |
| **Net increase (decrease) in shares** | (64911) | 388879 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Belmont Theta Income Fund - Institutional Class**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** |
|  | **For the<br> Six Months Ended<br> July 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $21.64 | $21.79 | $19.57 | $19.42 | $19.09 | $20.03 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.23 | 0.44 | 0.49 | (0.26) | (0.39) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.07) | 2.23 | 1.99 | 0.41 | 0.72 | (0.72) |
| Total from investment operations | (0.84) | 2.67 | 2.48 | 0.15 | 0.33 | (0.94) |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (0.57) | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) | (2.25) | (0.12) |  |  |  |
| Total distributions | (1.43) | (2.82) | (0.26) |  |  |  |
| **Net asset value, end of period** | $19.37 | $21.64 | $21.79 | $19.57 | $19.42 | $19.09 |
| **Total Return<sup>(a)</sup>** | (3.86)%<sup>(b)</sup> | 12.59% | 12.72% | 0.77% | 1.73% | (4.69)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16824 | $20196 | $11863 | $10889 | $12923 | $12825 |
| Ratio of net expenses to average net assets<sup>(c)</sup> | 1.99 %<sup>(d)</sup> | 1.99% | 1.99% | 2.13% | 2.02% | 2.10% |
| Ratio of expenses to average net assets before waiver and reimbursement | 3.11 %<sup>(d)</sup> | 3.04% | 3.69% | 3.59% | 3.19% | 3.20% |
| Ratio of net investment income (loss) to average net assets | 1.99 %<sup>(d)</sup> | 2.87% | 2.35% | (1.21)% | (1.97)% | (1.08)% |
| Portfolio turnover rate | — %<sup>(b)</sup> | —% | —% | —% | —% | —% |

---

(a) Total
 return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(b) Not
 annualized.

(c) This
 ratio includes the impact of broker interest fees. If this cost had been excluded, the ratio of expenses to average net assets would have
 been 1.99% for the periods ended January 31, 2023, January 31, 2022, and January 31, 2021.

(d) Annualized.

*See accompanying notes which are an integral part of these financial statements.*

**Belmont Theta Income Fund**

**Notes to the Financial Statements**

*July 31, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

The Belmont Theta Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified series of Valued Advisers Trust (the "Trust"). The Trust is a management investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated June 13, 2008 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds authorized by the Board. The Fund currently offers one class of shares: Institutional Shares. The Fund commenced operations on April 30, 2018. The Fund's investment adviser is Belmont Capital, LLC d/b/a Belmont Capital Group<sup>™</sup> (the "Adviser"). The investment objective of the Fund is to seek long-term growth of capital and income generation.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the six months ended July 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations when incurred. During the six months ended July 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective interest method. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

**Share Valuation** – The NAV is calculated each day the New York Stock Exchange ("NYSE") is open by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding for the Fund.

**Options** – The Fund utilizes a strategy of writing collateralized put spread options on U.S. indices, including the S&P 500<sup>®</sup> Index (SPX). The Fund attempts to generate returns through the receipt of options premiums from selling put spreads, as well as through investments in fixed income instruments and the purchase of call options on U.S. indices, including the Cboe Volatility Index (VIX), which collectively, are intended to reduce volatility relative to what it would be if the Fund held the underlying equity index on which the put spread options are written. The Fund's investment in fixed income instruments typically consist of cash, investment grade money market instruments and short term U.S. Treasury obligations. As of the six months ended July 31, 2025, the Fund did not invest in options.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Debt securities are valued by the Adviser as "Valuation Designee" under the oversight of the Board, by using the mean between the closing bid and ask prices provided by a pricing service. If the closing bid and ask prices are not readily available, the pricing service may provide a price determined by a matrix pricing method. Matrix pricing is a mathematical technique used to value fixed income securities without relying exclusively on quoted prices. Matrix pricing takes into consideration recent transactions, yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant for the actual security being priced and for other securities with similar characteristics. These securities will generally be categorized as Level 2 securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will generally be categorized as Level 3 securities.

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at the mean between the most recent quoted bid and ask prices. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "Valuation Designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV as reported by the underlying fund companies. These securities are categorized as Level 1 securities.

Exchange-traded options on securities and indices purchased or sold by the Fund generally will be valued at the mean of the last bid and ask prices. If there is no such reported ask on the valuation date, purchased options are valued at the most recent bid price. If there is no such reported bid on the valuation date, written options are valued at the most recent ask price. On the last business day of each month, the Cboe Options Exchange ("Cboe") conducts special end-of-month non-trading closing rotations for the sole purpose of determining the fair value of the S&P 500<sup>®</sup> Index (SPX) option series. For month end valuations of SPX, the Cboe adjusted price will be used if the special end-of-month non-trading closing rotation fair value price differs from the price provided at market close. Options will generally be categorized as Level 2 securities.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

Under the terms of the investment advisory agreement, on behalf of the Fund (the "Agreement"), the Adviser manages the Fund's investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly at an annual rate of 1.75% of the average daily net assets of the Fund. For the six months ended July 31, 2025, the Adviser earned a fee of $162,386 from the Fund before the waivers described below. At July 31, 2025, the Fund owed the Adviser $4,988.

The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2026, so that total annual fund operating expenses do not exceed 1.99%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to: (i) interest, (ii) taxes, (iii) brokerage commissions, (iv) other expenditures which are capitalized in accordance with generally accepted accounting principles, (v) other extraordinary expenses not incurred in the ordinary course of the Fund's business, (vi) dividend expense on short sales, (vii) expenses incurred under a plan of distribution under Rule 12b-1, and (viii) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any "Acquired Fund Fees and Expenses," which are the expenses indirectly incurred by the Fund as a result of investing in money market funds or other investment companies, including exchange-traded funds, that have their own expenses.

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation that is in effect at the time of the repayment or at the time of the fee waiver or expense reimbursement, whichever is lower. For the six months ended July 31, 2025, the Adviser waived fees or reimbursed expenses totaling $104,303. As of July 31,

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| January 31, 2026 | $96572 |
| January 31, 2027 | 194325 |
| January 31, 2028 | 192173 |
| July 31, 2028 | 104303 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund, which are approved annually by the Board.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund and acts as the distributor of the Fund's shares. The Distributor is a wholly-owned subsidiary of Ultimus. The officers of the Trust are members of management and/or employees of Ultimus or of NLCS, and are not paid by the Trust for services to the Fund. There were no payments made to the Distributor by the Fund for the six months ended July 31, 2025.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the six months ended July 31, 2025, there were no purchases or sales of investment securities, other than short-term investments and short-term U.S. government obligations.

**NOTE 6. FEDERAL TAX INFORMATION**

At July 31, 2025, the Fund did not hold any investments, therefore there was no unrealized appreciation (depreciation) or tax cost of investments.

**Belmont Theta Income Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

The tax character of distributions paid for the fiscal year ended January 31, 2025, the Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1312707 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 1205662 |
| Total distributions paid | $2518369 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

At January 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $473463 |
| Undistributed long-term capital gains | 400159 |
| Unrealized appreciation on investments and written options | 7466 |
| Total accumulated earnings | $881088 |

---

As of January 31, 2025, the Fund had no short-term and long-term capital loss carryforwards.

**NOTE 7. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 8. SUBSEQUENT EVENTS**

On July 15, 2025, the Board authorized an orderly liquidation of the Fund. The Board determined that closing and liquidating the Fund was in the best interests of the Fund and the Fund's shareholders. The Fund will close effective as of August 27, 2025.

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no additional items requiring adjustment of the financial statements or additional disclosure.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (800) 789-1087 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](owllx_001.jpg)

**Channing Intrinsic Value Small-Cap Fund**

**Institutional Class - OWLLX**

**Semi-Annual Financial Statements**

**and Additional Information**

**July 31, 2025**

**Fund Adviser:**

**Channing Capital Management, LLC**

**10 S. LaSalle Street, Suite 2401**

**Chicago, IL 60603**

**(312) 223-0211**

**www.channingcapital.com**

**Channing Intrinsic Value Small-Cap Fund**

**Schedule of Investments**

*July 31, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.90%** | | |
| **Communication Services — 5.02%** |  |  |
| Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 5442 | $205653 |
| Nexstar Media Group, Inc. | 1316 | 246237 |
|  |  | 451890 |
| **Consumer Discretionary — 13.30%** |  |  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 827 | 183693 |
| Boyd Gaming Corp. | 2802 | 237890 |
| Brunswick Corp. | 3139 | 182972 |
| Installed Building Products, Inc. | 718 | 145244 |
| OneSpaWorld Holdings Ltd. | 9788 | 216511 |
| Valvoline, Inc.<sup>(a)</sup> | 6566 | 231452 |
|  |  | 1197762 |
| **Energy — 1.42%** |  |  |
| Northern Oil and Gas, Inc. | 4534 | 127677 |
| **Financials — 22.79%** |  |  |
| Affiliated Managers Group, Inc. | 1284 | 269474 |
| Artisan Partners Asset Management, Inc., Class A | 5220 | 236205 |
| Cadence Bank | 7125 | 248306 |
| Evercore, Inc., Class A | 878 | 264401 |
| First American Financial Corp. | 4145 | 248907 |
| Old National Bancorp | 10267 | 216736 |
| Renasant Corp. | 2022 | 74086 |
| Stifel Financial Corp. | 2351 | 268296 |
| Wintrust Financial Corp. | 1774 | 227037 |
|  |  | 2053448 |
| **Health Care — 2.04%** |  |  |
| Integer Holdings Corp.<sup>(a)</sup> | 1691 | 183490 |
| **Industrials — 25.98%** |  |  |
| Allegheny Technologies, Inc.<sup>(a)</sup> | 2082 | 160189 |
| Atmus Filtration Technologies, Inc. | 2011 | 78248 |
| Brink's Co. (The) | 2503 | 218612 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 11666 | 289318 |
| Herc Holdings, Inc. | 1872 | 218668 |
| Hexcel Corp. | 4190 | 251023 |
| McGrath RentCorp<sup>(a)</sup> | 1768 | 220629 |
| MSA Safety, Inc. | 1351 | 240302 |
| Parsons Corp.<sup>(a)</sup> | 3422 | 253912 |
| SPX Technologies, Inc.<sup>(a)</sup> | 1008 | 183849 |
| Timken Co. (The) | 2970 | 225987 |
|  |  | 2340737 |
| **Information Technology — 14.18%** |  |  |
| Advanced Energy Industries, Inc. | 1642 | 228107 |
| Belden, Inc. | 1914 | 236666 |
| Littelfuse, Inc. | 1090 | 280489 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 2555 | 281254 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Channing Intrinsic Value Small-Cap Fund**

**Schedule of Investments (continued)**

*July 31, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.90% - (continued)** | | |
| **Information Technology — 14.18% - continued** |  |  |
| MKS, Inc. | 2631 | $250419 |
|  |  | 1276935 |
| **Materials — 3.85%** |  |  |
| Avient Corp. | 5301 | 167353 |
| Louisiana-Pacific Corp. | 1984 | 179373 |
|  |  | 346726 |
| **Real Estate — 4.28%** |  |  |
| Corporate Office Properties Trust | 6421 | 175165 |
| STAG Industrial, Inc. | 6121 | 210134 |
|  |  | 385299 |
| **Utilities — 3.04%** |  |  |
| Portland General Electric Co. | 3255 | 133846 |
| Southwest Gas Holdings, Inc. | 1790 | 139870 |
|  |  | 273716 |
| **Total Common Stocks (Cost $7,233,522)** |  | 8637680 |
| **MONEY MARKET FUNDS — 4.24%** |  |  |
| First American Treasury Government Obligations Fund, Class X, 4.22%<sup>(b)</sup> | 381522 | 381522 |
| **Total Money Market Funds (Cost $381,522)** |  | 381522 |
| **Total Investments — 100.14% (Cost $7,615,044)** |  | 9019202 |
| **Liabilities in Excess of Other Assets — (0.14)%** |  | (12828) |
| **NET ASSETS — 100.00%** |  | $9006374 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of July 31, 2025.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS<sup>®</sup> ("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.

*See accompanying notes which are an integral part of these financial statements.*

**Channing Intrinsic Value Small-Cap Fund**

**Statement of Assets and Liabilities**

*July 31, 2025 - (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $7,615,044) (Note 3) | $9019202 |
| Receivable for investments sold | 37558 |
| Dividends receivable | 2012 |
| Receivable from Adviser (Note 4) | 24423 |
| Prepaid expenses | 10857 |
| **Total Assets** | 9094052 |
| **Liabilities** |  |
| Payable for investments purchased | 59496 |
| Payable to affiliates (Note 4) | 8256 |
| Payable to trustees | 1841 |
| Other accrued expenses | 18085 |
| **Total Liabilities** | 87678 |
| **Net Assets** | $9006374 |
| **Net Assets consist of:** |  |
| Paid-in capital | $8495264 |
| Accumulated earnings | 511110 |
| **Net Assets** | $9006374 |
| **Institutional Class:** |  |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 834529 |
| **Net asset value, offering and redemption price per share (Note 2)** | $10.79 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Channing Intrinsic Value Small-Cap Fund**

**Statement of Operations**

*For the six months ended July 31, 2025 - (Unaudited)*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $85879 |
| **Total investment income** | 85879 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 30376 |
| Administration and fund accounting fees (Note 4) | 36158 |
| Audit and tax preparation fees | 10000 |
| Compliance service fees (Note 4) | 9987 |
| Legal fees | 9699 |
| Trustee fees | 8959 |
| Transfer agent fees (Note 4) | 8631 |
| Registration expenses | 4721 |
| Custodian fees | 4487 |
| Printing and postage expenses | 3945 |
| Miscellaneous expense | 13731 |
| **Total expenses** | 140694 |
| Fees contractually waived and expenses reimbursed by Adviser (Note 4) | (99480) |
| **Net operating expenses** | 41214 |
| **Net investment income** | 44665 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized loss on investment securities transactions | (265044) |
| Net change in unrealized depreciation on investment securities | (308364) |
| **Net realized and change in unrealized loss on investments** | (573408) |
| **Net decrease in net assets resulting from operations** | $(528743) |

---

*See accompanying notes which are an integral part of these financial statements.*

**Channing Intrinsic Value Small-Cap Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> January 31,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $44665 | $43433 |
| Net realized gain (loss) on investment securities transactions | (265044) | 489183 |
| Net change in unrealized appreciation (depreciation) of investment securities | (308364) | 762212 |
| **Net increase (decrease) in net assets resulting from operations** | (528743) | 1294828 |
| **Distributions to shareholders from Earnings (Note 2)** |  | (44774) |
| **Total distributions** |  | (44774) |
| **Capital Transactions - Institutional Class:** |  |  |
| Proceeds from shares sold | 9000 | 2109000 |
| Reinvestment of distributions |  | 41578 |
| Amount paid for shares redeemed | (749999) | (107387) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (740999) | 2043191 |
| **Total Increase (Decrease) in Net Assets** | (1269742) | 3293245 |
| **Net Assets** |  |  |
| Beginning of period | 10276116 | 6982871 |
| End of period | $9006374 | $10276116 |
| **Share Transactions - Institutional Class:** |  |  |
| Shares sold | 949 | 198982 |
| Shares issued in reinvestment of distributions |  | 3829 |
| Shares redeemed | (82327) | (9694) |
| **Net increase (decrease) in shares** | (81378) | 193117 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Channing Intrinsic Value Small-Cap Fund - Institutional Class**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | |
|  | **For the<br> Six Months Ended<br> July 31,**<br>**2025** | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> January 31,**<br>**2022**<sup>(a)</sup>** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $11.22 | $9.66 | $9.27 | $9.77 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.05 | 0.05 | 0.05 | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.48) | 1.56 | 0.39 | (0.50) | (0.22) |
| Total from investment operations | (0.43) | 1.61 | 0.44 | (0.47) | (0.20) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) | (0.05) | (0.03) | (0.03) |
| Total distributions |  | (0.05) | (0.05) | (0.03) | (0.03) |
| **Net asset value, end of period** | $10.79 | $11.22 | $9.66 | $9.27 | $9.77 |
| **Total Return<sup>(b)</sup>** | (3.83)%<sup>(c)</sup> | 16.67% | 4.72% | (4.72)% | (2.03)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9006 | $10276 | $6983 | $7324 | $1868 |
| Ratio of net expenses to average net assets | 0.95 %<sup>(d)</sup> | 0.95% | 0.95% | 0.95% | 0.95 %<sup>(d)</sup> |
| Ratio of expenses to average net assets before waiver and reimbursement | 3.24 %<sup>(d)</sup> | 2.96% | 3.70% | 3.90% | 12.86 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 1.03 %<sup>(d)</sup> | 0.45% | 0.49% | 0.34% | 0.27 %<sup>(d)</sup> |
| Portfolio turnover rate | 33 %<sup>(c)</sup> | 48% | 65% | 72% | 23 %<sup>(c)</sup> |

---

(a) For the period June 30, 2021 (commencement
 of operations) to January 31, 2022.

(b) Total return represents the rate that the investor
 would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(c) Not annualized.

(d) Annualized.

*See accompanying notes which are an integral part of these financial statements.*

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements**

*July 31, 2025 - (Unaudited)*

**NOTE 1. ORGANIZATION**

The Channing Intrinsic Value Small-Cap Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end diversified series of Valued Advisers Trust (the "Trust"). The Trust is a management investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated June 13, 2008 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board" or "Trustees") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds authorized by the Board. The Fund currently offers one class of shares: Institutional Shares. The Fund commenced operations on June 30, 2021. The Fund's investment adviser is Channing Capital Management, LLC (the "Adviser"). The investment objective of the Fund is long-term capital appreciation.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the six months ended July 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations when incurred. During the six months ended July 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last tax year end and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date.

The calendar year end classification of distributions received from REITs during the fiscal year are reported subsequent to year end; accordingly, the Fund estimates the character of REIT distributions based on the most recent information available. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

**Share Valuation** – The NAV is calculated each day the New York Stock Exchange ("NYSE") is open by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding for the Fund.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "Valuation Designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV as reported by the underlying fund companies. These securities are categorized as Level 1 securities.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Adviser as Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Funds might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

a Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations.

The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $8637680 | $— | $— | $8637680 |
| Money Market Funds | 381522 |  |  | 381522 |
| Total | $9019202 | $— | $— | $9019202 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

Under the terms of the investment advisory agreement, on behalf of the Fund (the "Agreement"), the Adviser manages the Fund's investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly at an annual rate of 0.70% of the average daily net assets of the Fund. For the six months ended July 31, 2025, the Adviser earned a fee of $30,376 from the Fund before the waivers and reimbursements described below. At July 31, 2025, the Adviser owed the Fund $24,423.

The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2026, so that total annual fund operating expenses do not exceed 0.95%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to: (i) interest, (ii) taxes, (iii) brokerage commissions, (iv) other expenditures which are capitalized in accordance with GAAP, (v) other extraordinary expenses not incurred in the ordinary course of the Fund's business, (vi) dividend expense on short sales, (vii) expenses incurred under a plan of distribution under Rule 12b-1, and (viii) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any "Acquired Fund Fees and Expenses," which are the expenses indirectly incurred by the Fund as a result of investing in money market funds or other investment companies, including exchange-traded funds, that have their own expenses.

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation that is in effect at the time of the repayment or at the time of the fee waiver or expense reimbursement, whichever is lower. For the six months ended July 31, 2025, the Adviser waived fees or reimbursed expenses totaling $99,480. As of July 31, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| January 31, 2026 | $91006 |
| January 31, 2027 | 188169 |
| January 31, 2028 | 192075 |
| July 31, 2028 | 99480 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer and an Anti-money Laundering Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund.

The officers of the Trust are members of management and/or employees of Ultimus or of NLCS, and are not paid by the Trust for services to the Fund. Ultimus Fund Distributors, LLC (the "Distributor") acts as the distributor of the Fund's shares. The Distributor is a wholly-owned subsidiary of Ultimus. There were no payments made to the Distributor by the Fund for the six months ended July 31, 2025.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the six months ended July 31, 2025, purchases and sales of investment securities, other than short-term investments, were $2,851,718 and $3,794,581, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended July 31, 2025.

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

**NOTE 6. FEDERAL TAX INFORMATION**

At July 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1585732 |
| Gross unrealized depreciation | (181574) |
| Net unrealized appreciation on investments | 1404158 |
| Tax cost of investments | $7615044 |

---

At July 31, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

The tax character of distributions paid for the years ended January 31, 2025, the Fund's most recent fiscal year end, were as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $44774 |
| Total distributions paid | $44774 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

At January 31, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated capital and other losses | $(608512) |
| Unrealized appreciation on investments | 1648365 |
| Total accumulated earnings | $1039853 |

---

As of January 31, 2025, the Fund had short-term and long-term capital loss carryforwards of $603,214 and $0, respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. For the fiscal year ended January 31, 2025, the Fund utilized long-term capital loss carryforwards in the amount of $468,274. As of January 31, 2025, the Fund had deferred Qualified Late Year Ordinary losses of $5,298.

**NOTE 7. INDEMNIFICATIONS**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 - (Unaudited)*

**NOTE 8. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a meeting held on March 24, 2025, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreement (the "Channing Agreement") between Valued Advisers Trust (the "Trust") and Channing Capital Management, LLC ("Channing") with respect to the Channing Intrinsic Value Small-Cap Fund (the "Channing Fund"). Channing provided written information to the Board to assist the Board in its considerations.

Counsel reminded the Trustees of their fiduciary duties and responsibilities as summarized in a memorandum from his firm, including the factors to be considered, and the application of those factors to Channing and the Channing Agreement. In assessing the factors and reaching its decision, the Board took into consideration information furnished by Channing and the Trust's other service providers for the Board's review and consideration throughout the year at regular Board meetings, as well as information specifically prepared or presented in connection with the renewal process, including information presented at the March meeting. The Board requested and was provided with, and reflected on, information and reports relevant to the annual renewal of the Channing Agreement, including: (i) reports regarding the services and support provided to the Channing Fund by Channing; (ii) quarterly assessments of the investment performance of the Channing Fund; (iii) commentary on the reasons for the performance; (iv) presentations by Channing addressing its investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the Channing Fund and Channing; (vi) disclosure information contained in the Trust's registration statement and Channing's Form ADV; and (vii) a memorandum from Counsel, that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Channing Agreement. The Board also requested and received various informational materials including, without limitation: (a) documents containing information about Channing, including its financial information; a description of its personnel and the services it provides to the Channing Fund; information on Channing's investment advice and performance; summaries of the Channing Fund's expenses, compliance program, current legal matters, and other general information; (b) comparative expense and performance information for other mutual funds with strategies similar to the Channing Fund; and (c) the benefits to be realized by Channing from its relationship with the Channing Fund. The Board did not identify any particular information that was most relevant to its consideration of the Channing Agreement and each Trustee may have afforded different weight to the various factors.

**Additional Information (Unaudited) (continued)**

1. The nature, extent, and quality of the services to be provided by Channing. In this regard, the Board considered Channing's responsibilities under the Channing Agreement. The Trustees considered the services being provided by Channing to the Channing Fund. The Trustees discussed, among other things: the quality of advisory services (including research and recommendations with respect to portfolio securities), the process for formulating investment recommendations and assuring compliance with the Channing Fund's investment objectives and limitations, the coordination of services for the Channing Fund among the Channing Fund's service providers, and efforts to promote the Channing Fund and grow its assets. The Trustees considered Channing's continuity of, and commitment to retain, qualified personnel, and Channing's commitment to maintain its resources and systems. The Trustees considered Channing's personnel, including the education and experience of the personnel. After considering the foregoing information and further information in the meeting materials provided by Channing (including Channing's Form ADV), the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services provided by Channing were satisfactory and adequate for the Channing Fund.

2. Investment performance of the Channing Fund and Channing. In considering the investment performance of the Channing Fund and Channing, the Trustees compared the performance of the Channing Fund with the performance of funds in a peer group with similar objectives managed by other investment advisers, as well as with aggregated Morningstar category data. The Trustees also considered the consistency of Channing's management of the Channing Fund with its investment objective, strategies, and limitations. When comparing the performance of the Channing Fund to that of other funds in the peer group, the Trustees noted that the Channing Fund's performance for the one-year period ended December 31, 2024 was above the median and the Channing Fund's performance for the three year and since inception periods ended December 31, 2024 was below the median. When considering the performance of the Channing Fund as compared to its Morningstar category, the Trustees noted that the Channing Fund's performance was below the average and median for the one-year period ended December 31, 2024, above the average and median for the three-year period, and below the median for the since inception period. They also observed that the Channing Fund's performance was below its broad-based market benchmark index for the one-year, three-year and since inception periods, but the Channing Fund had outperformed its style-specific benchmark for the one-year, three-year and since inception periods ended December 31, 2024. The Trustees noted that Channing provided a custom peer group that differed from the peer group provided by Broadridge. They considered Channing's reasons for its assertion that this peer group provides a better comparison for the Channing Fund. When considering the performance of the Channing Fund as compared to the peer group provided by Channing, the Trustees noted that the Channing Fund outperformed the average for the one-year and since inception periods ended December 31, 2024. The Trustees also considered the performance of Channing's separate accounts that were managed in a manner similar to that of the Channing Fund and they noted that the performance was very comparable and that any differences were reasonable in light of the circumstances. After reviewing and discussing the investment performance of the Channing Fund further, Channing's experience managing the Channing Fund, Channing's historical performance, and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Channing Fund and Channing was satisfactory.

3. The costs of the services to be provided and profits to be realized by Channing from the relationship with the Channing Fund. In considering the costs of services to be provided and the profits to be

**Additional Information (Unaudited) (continued)**

realized by Channing from the relationship with the Channing Fund, the Trustees considered: (1) Channing's financial condition; (2) the asset levels of the Channing Fund; (3) the overall expenses of the Channing Fund; and (4) the nature and frequency of advisory fee payments. The Trustees reviewed information provided by Channing regarding its profits associated with managing the Channing Fund. The Trustees also considered potential benefits for Channing in managing the Channing Fund. The Trustees then compared the fees and expenses of the Channing Fund (including the management fee) to other comparable mutual funds. First, the Trustees compared the fees and expenses of the Channing Fund to those of other funds included in a custom peer group of funds with similar strategy and objective. The Trustees noted that the Channing Fund's management fee was below the average and median for its peer group and the net expense ratio was also lower than the average and median. The Trustees then considered the fees and expenses of the Channing Fund as compared to other funds in its Morningstar category. They noted that the management fee was below the average and median of the category and the net expense ratio was slightly above the category average and median. The Trustees acknowledged the commitment of Channing to continue to limit the expenses of the Channing Fund under the same terms going forward. The Trustees considered the services provided to the Channing Fund in light of the advisory fees and the peer group fee data and concluded that the fee was within an acceptable range. The Trustees noted that the management fee was lower than what Channing charges to its separate account clients who have investment strategies and objectives similar to the Channing Fund and similar asset levels. Based on the foregoing, the Board concluded that the fees to be paid to Channing by the Channing Fund and the profits to be realized by Channing, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Channing.

4. The extent to which economies of scale would be realized as the Channing Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Channing Fund's investors. In this regard, the Board considered that while the management fee remained the same at all asset levels, the Channing Fund's shareholders experienced benefits from the Channing Fund's expense limitation arrangement. The Trustees noted that once the Channing Fund's expenses fell below the cap set by the arrangement, the Channing Fund's shareholders would continue to benefit from the economies of scale under the Channing Fund's agreements with service providers other than Channing. In light of its ongoing consideration of the Channing Fund's asset levels, expectations for growth in the Channing Fund, and fee levels, the Board determined that the Channing Fund's fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Channing.

5. Possible conflicts of interest and benefits to Channing. In considering Channing's practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Channing Fund; the basis of decisions to buy or sell securities for the Channing Fund and/or Channing's other accounts; and the substance and administration of Channing's code of ethics. The Trustees also considered disclosure in the registration statement of the Trust relating to potential conflicts of interest. The Trustees noted that Channing identified no other potential benefits (in addition to the management fee) to Channing. Based on the foregoing, the Board determined that the standards and practices of Channing relating to the identification and mitigation of potential conflicts of interest and the benefits that it derives from managing the Channing Fund are acceptable.

**Additional Information (Unaudited) (continued)**

After additional consideration of the relevant factors and further discussion among the Board members, the Board determined to approve the continuation of the Channing Agreement.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (833) 565-1919 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](mbsf_001.jpg)

**Regan Floating Rate MBS ETF (MBSF)**

**NYSE Arca, Inc.**

*SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION*

*JULY 31, 2025*

*Fund Adviser:*

*Regan Capital, LLC*

*300 Crescent Court, Suite 1760*

*Dallas, TX 75201*

*(844) 988-6273*

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SCHEDULE OF INVESTMENTS | 2 |
| STATEMENT OF ASSETS AND LIABILITIES | 9 |
| STATEMENT OF OPERATIONS | 10 |
| STATEMENTS OF CHANGES IN NET ASSETS | 11 |
| FINANCIAL HIGHLIGHTS | 12 |
| NOTES TO THE FINANCIAL STATEMENTS | 13 |
| ADDITIONAL INFORMATION | 18 |

---

**Regan Floating Rate MBS ETF**

Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FA, 5.36%, 3/25/2032 | $47461 | $47640 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FB, 5.36%, 3/25/2032 | 47461 | 47640 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FC, 5.36%, 3/25/2032 | 47461 | 47640 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 53, Class FY, 4.96%, 8/25/2032 | 41052 | 40984 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 68, Class FB, 4.96%, 10/25/2032 | 32501 | 32400 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 64, Class FS, 5.83%, 7/25/2033 | 38855 | 39489 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 69, Class NF, 5.93%, 7/25/2033 | 185601 | 189198 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class FE, 4.96%, 9/25/2033 | 53519 | 53379 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 38, Class FK, 4.81%, 5/25/2034 | 172517 | 171593 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class PF, 4.81%, 4/25/2035 | 85403 | 84717 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 45, Class XA, 4.80%, 6/25/2035 | 226772 | 225186 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 106, Class PF, 4.81%, 12/25/2035 | 352860 | 346287 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 3, Class CF, 4.76%, 3/25/2036 | 113066 | 112150 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 24, Class F, 4.76%, 4/25/2036 | 308156 | 305185 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 20, Class GF, 4.81%, 4/25/2036 | 79984 | 79315 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 45, Class FM, 4.86%, 6/25/2036 | 103705 | 102994 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 62, Class FP, 4.71%, 7/25/2036 | 334916 | 332035 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 101, Class FD, 4.76%, 7/25/2036 | 28973 | 28550 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 101, Class FC, 4.76%, 7/25/2036 | 42754 | 42166 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 88, Class AF, 4.92%, 9/25/2036 | 104588 | 103966 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 86, Class CF, 5.66%, 9/25/2036 | 61789 | 62540 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 101, Class FA, 4.88%, 10/25/2036 | 800380 | 794733 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 104, Class FC, 4.71%, 11/25/2036 | 172302 | 170961 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class FB, 4.79%, 4/25/2037 | 88010 | 86937 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 54, Class AF, 5.02%, 4/25/2037 | 142119 | 141714 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 92, Class OF, 5.03%, 9/25/2037 | 103722 | 103107 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 102, Class FA, 5.03%, 11/25/2037 | 53045 | 52892 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 117, Class FM, 5.16%, 1/25/2038 | 251914 | 252324 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 117, Class MF, 5.16%, 1/25/2038 | 113448 | 113633 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 7, Class FA, 4.91%, 2/25/2038 | 212359 | 211544 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 12, Class FA, 5.13%, 3/25/2038 | 59593 | 59647 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 16, Class KF, 5.26%, 3/25/2038 | 107512 | 107405 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 68, Class FC, 5.43%, 8/25/2038 | 869659 | 879495 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 46, Class FA, 5.16%, 6/25/2039 | 278444 | 278374 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 46, Class FC, 5.16%, 6/25/2039 | 261399 | 261405 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 72, Class JF, 5.21%, 9/25/2039 | 280556 | 280903 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 58, Class FY, 5.19%, 6/25/2040 | 69050 | 69147 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 41, Class FK, 4.88%, 5/25/2041 | 193637 | 192128 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 55, Class FJ, 4.90%, 6/25/2041 | 558980 | 554911 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 149, Class MF, 4.96%, 11/25/2041 | 47422 | 47304 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 121, Class PF, 4.81%, 12/25/2041 | 158405 | 156058 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 19, Class JF, 5.01%, 3/25/2042 | 66176 | 65736 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 70, Class FA, 4.91%, 7/25/2042 | 820124 | 811845 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 116, Class FP, 4.71%, 10/25/2042 | 79850 | 78461 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 122, Class FM, 4.86%, 11/25/2042 | $1184427 | $1164054 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FA, 4.81%, 2/25/2043 | 142689 | 139589 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FB, 4.81%, 2/25/2043 | 185205 | 181209 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FA, 4.81%, 3/25/2043 | 416330 | 407712 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 92, Class FA, 5.01%, 9/25/2043 | 290569 | 286665 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 118, Class FB, 4.98%, 12/25/2043 | 147846 | 145423 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class KF, 4.91%, 3/25/2044 | 162161 | 160407 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class FE, 4.71%, 11/25/2045 | 85845 | 84559 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 2, Class FB, 4.86%, 2/25/2046 | 139059 | 137463 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FA, 4.81%, 3/25/2046 | 465063 | 461910 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class FL, 4.96%, 5/25/2046 | 1179959 | 1160482 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class FA, 4.81%, 11/25/2046 | 515973 | 513085 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class NF, 4.91%, 11/25/2046 | 656906 | 639098 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 91, Class AF, 4.86%, 12/25/2046 | 54068 | 53703 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 106, Class EF, 4.96%, 1/25/2047 | 1894430 | 1848641 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class FB, 4.71%, 10/25/2047 | 605944 | 602007 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 42, Class FD, 4.71%, 6/25/2048 | 449132 | 440596 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 36, Class FD, 4.71%, 6/25/2048 | 125957 | 124564 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 56, Class FD, 5.40%, 7/25/2048 | 73608 | 73930 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 15, Class FA, 4.96%, 4/25/2049 | 261287 | 254313 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 33, Class FB, 4.91%, 7/25/2049 | 285138 | 276806 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 38, Class FA, 4.91%, 7/25/2049 | 5073987 | 4926646 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 31, Class FB, 4.91%, 7/25/2049 | 484312 | 467936 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 38, Class CF, 4.91%, 7/25/2049 | 1228626 | 1193699 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 43, Class FD, 4.86%, 8/25/2049 | 648215 | 634045 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, 4.91%, 10/25/2049 | 1014365 | 991014 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 67, Class FB, 4.91%, 11/25/2049 | 182413 | 178693 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 61, Class AF, 4.96%, 11/25/2049 | 4741663 | 4607362 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 76, Class FA, 4.96%, 12/25/2049 | 126427 | 122788 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class QF, 4.96%, 12/25/2049 | 2150413 | 2090391 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 37, Class FH, 4.86%, 1/25/2050 | 775353 | 762187 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class FJ, 4.96%, 1/25/2050 | 1332512 | 1293361 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class FA, 4.96%, 1/25/2050 | 508229 | 493972 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 12, Class FL, 4.91%, 3/25/2050 | 722120 | 697372 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FE, 4.96%, 3/25/2050 | 5835953 | 5667066 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 36, Class FH, 4.91%, 6/25/2050 | 2163005 | 2082114 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 54, Class WF, 4.25%, 8/25/2050 | 421523 | 400722 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 37, Class FG, 4.76%, 8/25/2050 | 300783 | 293146 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class WF, 4.49%, 5/25/2051 | 469681 | 459480 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 41, Class GF, 4.96%, 3/25/2053 | 4013850 | 3969256 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 4, Class FB, 5.00%, 3/25/2053 | 1581219 | 1567130 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 21, Class FB, 5.65%, 7/25/2053 | 411277 | 409948 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 40, Class FA, 5.50%, 3/25/2054 | 729813 | 727384 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 75, Class FC, 5.30%, 10/25/2054 | 497385 | 494372 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 96, Class FB, 5.75%, 12/25/2054 | $1471079 | $1471645 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 104, Class FA, 5.40%, 1/25/2055 | 92775 | 92615 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 103, Class FH, 5.60%, 1/25/2055 | 902505 | 899555 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FB, 5.20%, 2/25/2055 | 185323 | 180359 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 32, Class FA, 5.60%, 5/25/2055 | 325236 | 323304 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 41, Class FG, 4.96%, 8/25/2059 | 711779 | 691866 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 62, Class FQ, 4.96%, 11/25/2059 | 544260 | 537878 |
| &nbsp;&nbsp;&nbsp;Fannie Mae Trust, Series W6, Class 6A, 4.73%, 8/25/2042 | 130243 | 127766 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2334, Class FO, 5.42%, 7/15/2031 | 40899 | 41235 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2582, Class FH, 5.70%, 7/15/2031 | 95027 | 96251 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2408, Class FO, 5.35%, 1/15/2032 | 24315 | 24371 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2406, Class FP, 5.43%, 1/15/2032 | 59829 | 60464 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2481, Class FE, 5.45%, 3/15/2032 | 44722 | 45157 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2463, Class FJ, 5.45%, 3/15/2032 | 46396 | 46842 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2444, Class FR, 5.45%, 5/15/2032 | 46904 | 47295 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2647, Class VF, 5.93%, 7/15/2033 | 88883 | 91021 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3969, Class AF, 4.90%, 10/15/2033 | 709638 | 706416 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2733, Class FB, 5.05%, 10/15/2033 | 40448 | 40521 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3305, Class BF, 4.77%, 7/15/2034 | 266136 | 263843 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4265, Class FD, 4.85%, 1/15/2035 | 352318 | 349903 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series S001, Class 1A2, 4.62%, 9/25/2035 | 894710 | 871745 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3155, Class PF, 4.80%, 5/15/2036 | 723535 | 717739 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3153, Class FX, 4.80%, 5/15/2036 | 114899 | 114048 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3153, Class EF, 4.86%, 5/15/2036 | 101000 | 100451 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3210, Class FA, 4.85%, 9/15/2036 | 283070 | 280916 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3222, Class KF, 4.85%, 9/15/2036 | 201981 | 200478 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3361, Class AF, 4.80%, 11/15/2036 | 53326 | 52837 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3281, Class AF, 4.77%, 2/15/2037 | 149728 | 148063 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3284, Class CF, 4.82%, 3/15/2037 | 221367 | 219105 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3309, Class FG, 4.88%, 4/15/2037 | 87987 | 87246 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3318, Class F, 4.70%, 5/15/2037 | 14379 | 14187 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3311, Class NF, 4.75%, 5/15/2037 | 94511 | 93139 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3361, Class LF, 5.00%, 8/15/2037 | 158944 | 158403 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4276, Class FA, 4.95%, 9/15/2037 | 282594 | 280324 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3371, Class FA, 5.05%, 9/15/2037 | 78875 | 78739 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3416, Class BF, 5.20%, 2/15/2038 | 306603 | 307628 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4832, Class FW, 4.78%, 4/15/2038 | 537509 | 530466 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3455, Class FG, 5.35%, 6/15/2038 | 803175 | 806847 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4615, Class AF, 4.78%, 10/15/2038 | 77408 | 76363 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5335, Class FB, 5.15%, 10/15/2039 | 161790 | 162226 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3639, Class FC, 5.20%, 2/15/2040 | 138388 | 138861 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3666, Class FC, 5.18%, 5/15/2040 | 146840 | 147026 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3757, Class PF, 4.95%, 8/15/2040 | 151291 | 150961 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3740, Class DF, 4.93%, 10/15/2040 | 92951 | 92141 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3759, Class FB, 4.95%, 11/15/2040 | $269206 | $266989 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3753, Class FA, 4.95%, 11/15/2040 | 766491 | 760257 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3997, Class FJ, 4.90%, 1/15/2041 | 227039 | 225127 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3843, Class FE, 5.00%, 4/15/2041 | 216801 | 215715 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4105, Class LF, 4.80%, 8/15/2041 | 309265 | 308138 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3930, Class KF, 4.95%, 9/15/2041 | 2900571 | 2881818 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4105, Class NF, 4.85%, 9/15/2042 | 832434 | 817430 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4116, Class LF, 4.75%, 10/15/2042 | 1509460 | 1479688 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4122, Class FP, 4.85%, 10/15/2042 | 237121 | 233561 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4159, Class FQ, 4.95%, 1/15/2043 | 465025 | 462602 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5031, Class FA, 4.64%, 8/15/2043 | 1908103 | 1847441 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4240, Class FA, 4.95%, 8/15/2043 | 591190 | 581156 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4255, Class GF, 4.80%, 9/15/2043 | 65788 | 64940 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4283, Class JF, 4.85%, 12/15/2043 | 508174 | 502628 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4286, Class VF, 4.90%, 12/15/2043 | 118659 | 117296 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4281, Class LF, 4.95%, 12/15/2043 | 1596724 | 1581995 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4310, Class FA, 5.00%, 2/15/2044 | 88331 | 87187 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4383, Class KF, 4.85%, 9/15/2044 | 6112199 | 5977415 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4431, Class FT, 4.85%, 1/15/2045 | 4702105 | 4604814 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4476, Class BF, 4.70%, 5/15/2045 | 274742 | 266644 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4587, Class AF, 4.80%, 6/15/2046 | 69825 | 69315 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4614, Class FK, 4.95%, 9/15/2046 | 2717942 | 2652084 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4945, Class F, 4.93%, 12/15/2046 | 503270 | 498288 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4648, Class FA, 4.95%, 1/15/2047 | 268838 | 262029 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4754, Class FM, 4.75%, 2/15/2048 | 891950 | 859156 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4792, Class FA, 4.75%, 5/15/2048 | 949791 | 912912 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4821, Class FL, 4.75%, 6/15/2048 | 531531 | 511901 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5383, Class AF, 5.31%, 8/15/2048 | 286022 | 287841 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4826, Class KF, 4.75%, 9/15/2048 | 48455 | 47230 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4852, Class BF, 4.85%, 12/15/2048 | 616119 | 595789 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4913, Class UF, 4.90%, 3/15/2049 | 1464358 | 1416249 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4863, Class F, 4.90%, 3/15/2049 | 166164 | 161156 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4882, Class FA, 4.90%, 5/15/2049 | 4060641 | 3944003 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4903, Class NF, 4.86%, 8/25/2049 | 392556 | 384756 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4916, Class FA, 4.86%, 9/25/2049 | 172588 | 171770 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4918, Class F, 4.91%, 10/25/2049 | 1902347 | 1848704 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4927, Class FG, 4.96%, 11/25/2049 | 306057 | 296542 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4940, Class FE, 5.01%, 1/25/2050 | 267783 | 260233 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4959, Class JF, 4.91%, 3/25/2050 | 649624 | 626215 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4990, Class FN, 4.81%, 5/25/2050 | 629829 | 604020 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4981, Class JF, 4.86%, 6/25/2050 | 1143485 | 1107254 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5119, Class QF, 4.55%, 6/25/2051 | 650754 | 598425 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5270, Class FH, 5.30%, 6/25/2052 | 767370 | 756781 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5396, Class HF, 5.30%, 4/25/2054 | 239620 | 240839 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4347, Class EF, 4.95%, 6/15/2054 | $2828190 | $2777939 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5469, Class F, 5.45%, 9/25/2054 | 459488 | 455185 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5475, Class FA, 5.45%, 11/25/2054 | 483540 | 480182 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5473, Class BF, 5.65%, 11/25/2054 | 142964 | 142944 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5482, Class FC, 5.65%, 12/25/2054 | 1222777 | 1220056 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5483, Class FD, 5.65%, 12/25/2054 | 853684 | 852246 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5505, Class FB, 5.85%, 2/25/2055 | 280999 | 282627 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 240, Class F22, 4.80%, 7/15/2036 | 126658 | 125589 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 330, Class F4, 4.78%, 10/15/2037 | 60755 | 60025 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 263, Class F5, 4.95%, 6/15/2042 | 467619 | 462856 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 264, Class F1, 5.00%, 7/15/2042 | 100140 | 99066 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 272, Class F1, 4.95%, 8/15/2042 | 81672 | 80577 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 271, Class F5, 4.95%, 8/15/2042 | 203512 | 200773 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 280, Class F1, 4.95%, 9/15/2042 | 325184 | 320679 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 359, Class F3, 4.90%, 10/15/2047 | 1689344 | 1662174 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 406, Class F4, 5.25%, 10/25/2053 | 706306 | 702646 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 32, Class FT, 4.77%, 1/20/2034 | 372516 | 372308 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 46, Class MF, 4.85%, 5/16/2034 | 66900 | 66639 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 84, Class F, 4.70%, 11/16/2035 | 83732 | 83093 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 78, Class FA, 4.92%, 12/16/2037 | 873378 | 871312 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 79, Class FA, 4.92%, 12/20/2037 | 1384178 | 1375615 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 3, Class FA, 4.92%, 1/20/2038 | 1153010 | 1151080 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FH, 5.20%, 6/16/2038 | 106703 | 107007 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FG, 5.22%, 6/16/2038 | 61865 | 62064 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 66, Class FN, 5.42%, 8/20/2038 | 146865 | 147315 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 68, Class FA, 5.42%, 8/20/2038 | 584953 | 587644 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 88, Class TF, 5.17%, 10/20/2038 | 364172 | 364159 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 6, Class FJ, 5.45%, 2/20/2039 | 505890 | 505927 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 12, Class FA, 5.42%, 3/20/2039 | 728742 | 730037 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 15, Class FL, 5.42%, 3/20/2039 | 728742 | 728779 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 29, Class FL, 5.10%, 5/16/2039 | $374027 | $374588 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 66, Class UF, 5.45%, 8/16/2039 | 95218 | 96053 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 149, Class MF, 4.87%, 12/20/2039 | 1482458 | 1470180 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 20, Class FD, 5.29%, 2/20/2040 | 180366 | 181308 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 31, Class FV, 5.22%, 3/20/2040 | 176881 | 177369 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 153, Class LF, 4.70%, 7/16/2041 | 223721 | 220605 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 135, Class FN, 4.85%, 10/16/2041 | 1826011 | 1806296 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 113, Class QF, 4.77%, 2/20/2042 | 190141 | 188502 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 34, Class FA, 4.92%, 3/20/2042 | 215088 | 212434 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 74, Class LF, 4.87%, 6/20/2042 | 1135349 | 1118405 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 124, Class GF, 4.72%, 10/20/2042 | 923745 | 906443 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 5, Class FA, 4.92%, 1/20/2044 | 2254321 | 2228094 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 110, Class DF, 4.69%, 8/20/2045 | 329570 | 319832 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 161, Class AF, 4.77%, 11/20/2045 | 539715 | 523890 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 33, Class UF, 4.92%, 3/20/2046 | 3124761 | 3058966 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 49, Class MF, 4.97%, 4/20/2046 | 981035 | 974310 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 83, Class NF, 4.84%, 6/20/2046 | 953308 | 919989 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 1, Class EF, 4.74%, 1/20/2048 | 1038481 | 1003250 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 138, Class FB, 4.77%, 10/20/2048 | 1839701 | 1778527 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 31, Class GF, 4.92%, 3/20/2049 | 349216 | 342848 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 35, Class GF, 4.92%, 3/20/2049 | 1266163 | 1243842 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 33, Class F, 4.92%, 3/20/2049 | 134232 | 131002 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 93.14%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 44, Class FM, 4.92%, 4/20/2049 | $1000705 | $974421 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 98, Class KF, 4.92%, 8/20/2049 | 3283777 | 3175175 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 125, Class FG, 4.92%, 10/20/2049 | 691411 | 674580 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 154, Class FC, 4.90%, 9/20/2052 | 1414051 | 1368772 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 111, Class FN, 5.55%, 8/20/2053 | 117108 | 117207 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 128, Class CF, 5.55%, 8/20/2053 | 124548 | 124656 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FL, 5.25%, 3/20/2054 | 218840 | 218036 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 64, Class YX, 5.40%, 4/20/2054 | 475163 | 475938 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 97, Class CF, 5.50%, 6/20/2054 | 205778 | 205467 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 126, Class FJ, 5.45%, 8/20/2054 | 140961 | 140151 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2011-H06, Class FA, 4.89%, 2/20/2061 | 164721 | 164891 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series H26, Class FG, 4.96%, 10/20/2065 | 153395 | 153667 |
| **Total Collateralized Mortgage Obligations (Cost $150,204,512)** |  | **150464834** |
| **U.S. GOVERNMENT & AGENCIES — 6.19%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, 4.44%, 4/30/2026 | 8000000 | 8005844 |
| &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, 4.47%, 7/31/2026 | 2000000 | 2001912 |
| **Total U.S. Government & Agencies (Cost $9,998,908)** |  | **10007756** |
| **Total Investments — 99.33% (Cost $160,203,420)** |  | **160472590** |
| Other Assets in Excess of Liabilities — 0.67% |  | 1075886 |
| **NET ASSETS — 100.00%** |  | $**161548476** |

---

(a) Floating rate security. The rate shown is the effective interest rate as of July 31, 2025.

REMIC - Real Estate Mortgage Investment Conduit

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Statement of Assets and Liabilities

July 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at fair value (cost $160,203,420) (Note 3) | $160472590 |
| &nbsp;&nbsp;&nbsp;Cash | 844925 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 255706 |
| &nbsp;&nbsp;&nbsp;Total Assets | 161573221 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser (Note 4) | 24745 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 24745 |
| **Net Assets** | $161548476 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 161075708 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 472768 |
| **Net Assets** | $161548476 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 6350000 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Note 2) | $25.44 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Statement of Operations

For the Six Months Ended July 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Interest income | $3834344 |
| &nbsp;&nbsp;&nbsp;Total investment income | 3834344 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment Adviser fees (Note 4) | 372175 |
| **Total operating expenses** | 372175 |
| **Net investment income** | 3462169 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities | 211376 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investment securities | (168459) |
| &nbsp;&nbsp;&nbsp;**Net realized and change in unrealized gain on investment securities** | 42917 |
| **Net increase in net assets resulting from operations** | $3505086 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> July 31,<br> 2025** | **For the**<br> **Period Ended**<br> **January 31,**<br> **2025<sup>(a)</sup>** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3462169 | $4124218 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities | 211376 | 32766 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment securities | (168459) | 437629 |
| **Net increase in net assets resulting from operations** | 3505086 | 4594613 |
| **Distributions to Shareholders from Earnings (Note 2)** | (3584858) | (4042073) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 20974848 | 151568574 |
| Amount paid for shares redeemed | (6994635) | (4473079) |
| **Net increase in net assets resulting from capital transactions** | 13980213 | 147095495 |
| **Total Increase in Net Assets** | 13900441 | 147648035 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 147648035 |  |
| &nbsp;&nbsp;&nbsp;End of period | $161548476 | $147648035 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 825000 | 5975000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (275000) | (175000) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 550000 | 5800000 |

---

(a) For the period February 27, 2024 (commencement of operations) to January 31, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Financial Highlights

**(For a share outstanding during each period)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> July 31,<br> 2025** | **<br>For the<br> Period Ended<br> January 31,<br> 2025<sup>(a)</sup>** |
|  | **(Unaudited)** | |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $25.46 | $25.00 |
| **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.57 | 1.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments |  | 0.45 |
| **Total from investment operations** | 0.57 | 1.60 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (1.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.01) |
| **Total distributions** | (0.59) | (1.14) |
| **Net asset value, end of period** | $25.44 | $25.46 |
| **Market price, end of period** | $25.53 | $25.52 |
| **Total Return<sup>(b)(c)</sup>** | 2.26% | 6.48% |
| **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $161548 | $147648 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(d)</sup> | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(d)</sup> | 4.56% | 5.29% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)(e)</sup> | 2% | 21% |

---

(a) For
 the period February 27, 2024 (commencement of operations) to January 31, 2025.

(b) Total
 return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of
 the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date at net asset value
 per share on their respective payment dates.

(c) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes which are an integral part of these financial statements.*

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements

July 31, 2025 (Unaudited)

**NOTE 1. ORGANIZATION**

The Regan Floating Rate MBS ETF (the "Fund") was registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-ended diversified series of Valued Advisers Trust (the "Trust") and commenced operations on February 27, 2024. The Trust is a management investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated June 13, 2008 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Regan Capital, LLC (the "Adviser"). The investment objective of the Fund is current income.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the six months ended July 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations when incurred. During the six months ended July 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

July 31, 2025 (Unaudited)

**Dividends and Distributions** – The Fund intends to distribute all or substantially all of its investment income and any realized net capital gains monthly. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Debt securities are valued by the Adviser as "Valuation Designee" under the oversight of the Board, by using the mean between the closing bid and ask prices provided by a pricing service. If the closing bid and ask prices are not readily available, the pricing service may provide a price determined by a matrix pricing method. Matrix pricing is a mathematical technique used to value fixed income securities without relying exclusively on quoted prices. Matrix pricing takes into consideration recent transactions, yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant for the actual security being priced and for other securities with similar characteristics. These securities will generally be categorized as Level 2 securities. If the

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

July 31, 2025 (Unaudited)

Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will generally be categorized as Level 3 securities.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations.

The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Collateralized Mortgage Obligations | $— | $150464834 | $— | $150464834 |
| U.S. Government & Agencies |  | 10007756 |  | 10007756 |
| Total | $— | $160472590 | $— | $160472590 |

---

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. ADVISER FEES AND OTHER TRANSACTIONS**

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. The Fund is obligated to pay the Adviser a unitary fee computed and accrued daily and paid monthly at an annual rate of 0.49% of the Fund's average daily net assets. Pursuant to the Agreement, the Adviser shall pay all operating expenses of the Fund, including the compensation and expenses of any employees of the Fund and of any other persons rendering any services to the Fund; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including expenses incurred by the Fund in connection with the organization and initial registration of shares of the Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, Administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders; the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates, if any, or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

July 31, 2025 (Unaudited)

solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Fund's shares, excluding expenses which the Fund is authorized to pay pursuant to Rule 12b-1 under the 1940 Act; and all other operating expenses not specifically assumed by the Fund.

In the event that the Adviser pays or assumes any expenses of the Trust not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein contained shall be deemed to relieve the Adviser of any obligation to the Fund under any separate agreement or arrangement between the parties. For the six months ended July 31, 2025, the Adviser earned a fee of $372,175 from the Fund. At July 31, 2025, the Fund owed the Adviser $24,745.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting services to the Fund. The Adviser pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Adviser, which are approved annually by the Board.

The officers of the Trust are members of management and/or employees of Ultimus or of NLCS, and are not paid by the Trust for services to the Fund. Northern Lights Distributors, LLC (the "Distributor") acts as the distributor of the Fund's shares. The Distributor is an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the six months ended July 31, 2025, purchases and sales of investment securities, other than short-term investments, were $8,233,290 and $3,242,348, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended July 31, 2025.

For the six months ended July 31, 2025, there were no purchases or sales of in-kind transactions.

For the six months ended July 31, 2025, the Fund had in-kind net realized gains of $0.

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units". Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge", and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

July 31, 2025 (Unaudited)

shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the six months ended July 31, 2025, the Fund received $4,500 and $0 in fixed fees and variable fees, respectively. The Transaction Fees for the Fund are listed in the table below:

---

| | |
|:---|:---|
| **Fixed Fee** | **Variable Charge** |
| $250 | 2.00%\* |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

**NOTE 7. FEDERAL TAX INFORMATION**

At July 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $655342 |
| Gross unrealized depreciation | (386172) |
| Net unrealized appreciation on investments | $269170 |
| Tax cost of investments | $160203420 |

---

The tax character of distributions paid for the fiscal period ended January 31, 2025, the Fund's most recent fiscal period end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $4042073 |
| Total distributions paid | $4042073 |

---

(a) Short-term capital gain distributions
 are treated as ordinary income for tax purposes.

At January 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $114911 |
| Unrealized appreciation on investments | 437629 |
| Total accumulated earnings | $552540 |

---

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 9. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Regan Floating Rate MBS ETF**

Additional Information (Unaudited)

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

The Adviser pays all operating expenses of the Fund, including compensation of Directors and Officers.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (844) 988-6273 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](ggefx_001.jpg)

**Summitry Equity Fund**

**GGEFX**

**Semi-Annual Financial Statements**

**and Additional Information**

**July 31, 2025**

**Summitry LLC**

**919 E. Hillsdale Boulevard, Suite 150**

**Foster City, CA 94404**

**(866) 954-6682**

**Summitry Equity Fund**

**Schedule of Investments**

*July 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 93.10%** | | |
| **Communications — 13.92%** |  |  |
| Alphabet, Inc., Class A | 14343 | $2752422 |
| Meta Platforms, Inc., Class A | 6106 | 4722624 |
| Netflix, Inc.<sup>(a)</sup> | 1208 | 1400555 |
| Universal Music Group NV - ADR | 151840 | 2162202 |
|  |  | 11037803 |
| **Consumer Discretionary — 22.77%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 20941 | 4902498 |
| Lowe's Companies, Inc. | 12925 | 2889642 |
| LVMH Moet Hennessy Louis Vuitton SE - ADR<sup>(a)</sup> | 14659 | 1577602 |
| Ross Stores, Inc. | 17913 | 2445841 |
| Starbucks Corp. | 23665 | 2109971 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 8017 | 4128835 |
|  |  | 18054389 |
| **Financials — 10.03%** |  |  |
| Charles Schwab Corp. (The) | 34728 | 3393968 |
| Moody's Corp. | 3190 | 1645179 |
| Wells Fargo & Co. | 36142 | 2914129 |
|  |  | 7953276 |
| **Health Care — 7.05%** |  |  |
| Agilent Technologies, Inc. | 25192 | 2892293 |
| Thermo Fisher Scientific, Inc. | 5766 | 2696643 |
|  |  | 5588936 |
| **Industrials — 8.73%** |  |  |
| Carrier Global Corp. | 38865 | 2666915 |
| GXO Logistics, Inc.<sup>(a)</sup> | 37043 | 1841408 |
| Old Dominion Freight Line, Inc. | 8094 | 1208030 |
| Rentokil Initial PLC - ADR<sup>(a)</sup> | 48649 | 1205036 |
|  |  | 6921389 |
| **Technology — 30.60%** |  |  |
| Fiserv, Inc.<sup>(a)</sup> | 20768 | 2885506 |
| Mastercard, Inc., Class A | 7019 | 3976052 |
| Microsoft Corp. | 3663 | 1954211 |
| Nintendo Company Ltd. - ADR | 121514 | 2551794 |
| Salesforce.com, Inc. | 8083 | 2088081 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 27193 | 6570373 |
| Visa, Inc., Class A | 6278 | 2168861 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 6077 | 2060225 |
|  |  | 24255103 |
| **Total Common Stocks (Cost $44,692,198)** |  | 73810896 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Summitry Equity Fund**

**Schedule of Investments (continued)**

*July 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS — 6.89%** | | |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(b)</sup> | 5466934 | $5466934 |
| **Total Money Market Funds (Cost $5,466,934)** |  | 5466934 |
| **Total Investments — 99.99% (Cost $50,159,132)** |  | 79277830 |
| **Other Assets in Excess of Liabilities — 0.01%** |  | 11124 |
| **NET ASSETS — 100.00%** |  | $79288954 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of July 31, 2025.

ADR - American Depositary Receipt

*See accompanying notes which are an integral part of these financial statements.*

**Summitry Equity Fund**

**Statement of Assets and Liabilities**

*July 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $50,159,132) (Note 3) | $79277830 |
| Receivable for fund shares sold | 39407 |
| Dividends receivable | 48891 |
| Prepaid expenses | 21763 |
| **Total Assets** | 79387891 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 5363 |
| Payable to Adviser (Note 4) | 60573 |
| Payable to affiliates (Note 4) | 12735 |
| Payable to Trustees | 2759 |
| Other accrued expenses | 17507 |
| **Total Liabilities** | 98937 |
| **Net Assets** | $79288954 |
| **Net Assets consist of:** |  |
| Paid-in capital | $41068579 |
| Accumulated earnings | 38220375 |
| **Net Assets** | $79288954 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 3003269 |
| **Net asset value, offering and redemption price per share (Note 2)** | $26.40 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Summitry Equity Fund**

**Statement of Operations**

*For the Six Months Ended July 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $34,004) | $395715 |
| **Total investment income** | 395715 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 379844 |
| Administration (Note 4) | 38326 |
| Fund accounting fees (Note 4) | 16317 |
| Registration expenses | 11802 |
| Audit and tax preparation fees | 9984 |
| Transfer agent fees (Note 4) | 9917 |
| Legal fees | 9691 |
| Compliance service fees (Note 4) | 9205 |
| Trustee fees | 8522 |
| Custodian fees | 6157 |
| Printing and postage expenses | 5957 |
| Insurance expenses | 1717 |
| Miscellaneous | 15128 |
| **Total expenses** | 522567 |
| Fees contractually waived by Adviser (Note 4) | (47924) |
| **Net operating expenses** | 474643 |
| **Net investment loss** | (78928) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities transactions | 7334388 |
| Net change in unrealized depreciation of investment securities | (7173528) |
| **Net realized and change in unrealized gain on investments** | 160860 |
| **Net increase in net assets resulting from operations** | $81932 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Summitry Equity Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> July 31,<br> 2025** | **For the<br> Year Ended<br> January 31,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(78928) | $(327277) |
| Net realized gain on investment securities transactions | 7334388 | 6634532 |
| Net change in unrealized appreciation (depreciation) of investment securities | (7173528) | 13531543 |
| Net increase in net assets resulting from operations | 81932 | 19838798 |
| **Distributions to Shareholders (Note 2)** |  |  |
| Earnings |  | (6674579) |
| Total distributions |  | (6674579) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 2059039 | 7186224 |
| Reinvestment of distributions |  | 6674579 |
| Amount paid for shares redeemed | (6777468) | (11941213) |
| Net increase (decrease) in net assets resulting from capital transactions | (4718429) | 1919590 |
| **Total Increase (Decrease) in Net Assets** | (4636497) | 15083809 |
| **Net Assets** |  |  |
| Beginning of period | 83925451 | 68841642 |
| End of period | $79288954 | $83925451 |
| **Share Transactions** |  |  |
| Shares sold | 85078 | 289950 |
| Shares issued in reinvestment of distributions |  | 262675 |
| Shares redeemed | (275258) | (486307) |
| Net increase (decrease) in shares outstanding | (190180) | 66318 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Summitry Equity Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** |
|  | **For the<br> Six Months Ended<br> July 31,**<br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | $26.28 | $22.01 | $19.67 | $25.21 | $21.60 | $19.19 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.03) | (0.10) | (0.08) | (0.09) | (0.16) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | 6.64 | 4.22 | (2.52) | 5.54 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.12 | 6.54 | 4.14 | (2.61) | 5.38 | 2.41 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (2.27) | (1.80) | (2.93) | (1.77) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (2.27) | (1.80) | (2.93) | (1.77) |  |
| **Net asset value, end of period** | $26.40 | $26.28 | $22.01 | $19.67 | $25.21 | $21.60 |
| **Total Return<sup>(a)</sup>** | 0.46 %<sup>(b)</sup> | 30.08% | 21.71% | (9.38)% | 24.72% | 12.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $79289 | $83925 | $68842 | $60914 | $72807 | $63321 |
| Ratio of expenses to average net assets after expense waiver | 1.25 %<sup>(c)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of expenses to average net assets before expense waiver | 1.38 %<sup>(c)</sup> | 1.37% | 1.35% | 1.34% | 1.31% | 1.35% |
| Ratio of net investment loss to average net assets after expense waiver | (0.21)%<sup>(c)</sup> | (0.44)% | (0.41)% | (0.45)% | (0.61)% | (0.36)% |
| Portfolio turnover rate | 9.20 %<sup>(b)</sup> | 11.17% | 10.61% | 22.53% | 23.57% | 23.21% |

---

(a) Total return in the above table
 represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(b) Not annualized.

(c) Annualized.

*See accompanying notes which are an integral part of these financial statements.*

**Summitry Equity Fund**

**Notes to the Financial Statements**

*July 31, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

The Summitry Equity Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified series of Valued Advisers Trust (the "Trust"), and commenced operations on April 1, 2009. The Trust is a management investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated June 13, 2008 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board" or "Trustees") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds authorized by the Board. The Fund's investment adviser is Summitry LLC (the "Adviser"). The investment objective of the Fund is to provide long-term capital appreciation. A secondary objective is to provide current income.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

As of and during the six months ended July 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations when incurred. During the six months ended July 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**Share Valuation** – The NAV is calculated each day the New York Stock Exchange ("NYSE") is open by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding for the Fund.

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "Valuation Designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV as reported by the underlying fund companies. These securities are categorized as Level 1 securities.

The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $73810896 | $— | $— | $73810896 |
| Money Market Funds | 5466934 |  |  | 5466934 |
| Total | $79277830 | $— | $— | $79277830 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

Under the terms of the investment advisory agreement on behalf of the Fund, the Adviser manages the Fund's investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund. For the six months ended July 31, 2025, the Adviser earned a fee of $379,844 from the Fund before the waivers described below. At July 31, 2025, the Fund owed the Adviser $60,573.

The Adviser has contractually agreed to waive or limit its fees and to assume certain Fund operating expenses, until May 31, 2026, so that total annual operating expenses do not exceed 1.25%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business, dividend expense on short sales, expenses incurred under a plan of distribution under Rule 12b-1, and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, incurred by the Fund in any fiscal year. The operating expense limitation also excludes any "Acquired Fund Fees and Expenses". Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of investing in other investment companies, including exchange-traded funds, closed-end funds and money market funds

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

that have their own expenses. For the six months ended July 31, 2025, the Adviser waived fees of $47,924.

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in effect at the time of the waiver or reimbursement and any expense limitation in place at the time of the repayment. As of July 31, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| January 31, 2026 | $23744 |
| January 31, 2027 | 62038 |
| January 31, 2028 | 88100 |
| July 31, 2028 | 47924 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund.

The officers of the Trust are members of management and/or employees of Ultimus or of NLCS, and are not paid by the Trust for services to the Fund. Ultimus Fund Distributors, LLC (the "Distributor") acts as the distributor of the Fund's shares. The Distributor is a wholly-owned subsidiary of Ultimus. There were no payments made to the Distributor by the Fund for the six months ended July 31, 2025.

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will pay the Distributor and/or any registered securities dealer, financial institution or any other person (the "Recipient") a shareholder servicing fee of 0.25% of the average daily net assets of the Fund in connection with the promotion and distribution of the Fund's shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Fund or Distributor may pay all or a portion of these fees to any Recipient who renders assistance in distributing or

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 Expenses actually incurred. It is anticipated that the Plan will benefit shareholders because an effective sales program typically is necessary in order for the Fund to reach and maintain a sufficient size to achieve efficiently its investment objectives and to realize economies of scale. The Plan is not active as of July 31, 2025.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the six months ended July 31, 2025, purchases and sales of investment securities, other than short-term investments, were $6,692,056 and $10,426,700, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended July 31, 2025.

**NOTE 6. FEDERAL TAX INFORMATION**

At July 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $29680811 |
| Gross unrealized depreciation | (562111) |
| Net unrealized appreciation on investments | $29118700 |
| Tax cost of investments | $50159132 |

---

The tax character of distributions paid for the fiscal year ended January 31, 2025, the Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | $6674579 |
| Total distributions paid | $6674579 |

---

At January 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | $1892421 |
| Accumulated capital and other losses | (46204) |
| Unrealized appreciation on investments | 36292226 |
| Total accumulated earnings | $38138443 |

---

As of January 31, 2025, the Fund had deferred qualified late year ordinary losses of $46,204.

**Summitry Equity Fund**

**Notes to the Financial Statements (continued)**

*July 31, 2025 (Unaudited)*

**NOTE 7. SECTOR RISK**

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of July 31, 2025, the Fund had 30.60% of the value of its net assets invested in stocks within the Technology sector.

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 9. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (866) 954-6682 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None.

**Item 16. Controls and Procedures**

(a) The registrant's Principal
 Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required
 by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this
 report on Form N-CSR.

(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](vat_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](vat_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Valued Advisers Trust

---

| | |
|:---|:---|
| By | /s/ Matthew J. Miller |
|  | Matthew J. Miller |
|  | President and Principal Executive Officer |

---

Date: <u>10/3/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Matthew J. Miller |
|  | Matthew J. Miller |
|  | President and Principal Executive Officer |

---

Date: <u>10/3/2025</u>

---

| | |
|:---|:---|
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond |
|  | Treasurer and Principal Financial Officer |

---

Date: <u>10/3/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<u>CERTIFICATIONS</u>

I, Matthew J. Miller, certify that:

1. I have reviewed this report on Form N-CSR of Valued Advisers Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) d isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 10/3/2025 | /s/ Matthew J. Miller |
|  |  | Matthew J. Miller<br> President and Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of Valued Advisers Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) d isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 10/3/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification of president and Treasurer pursuant to 18 U.S.C. section 1350,<br> as adopted pursuant to section 906 of the sarbanes oxley act of 2002**

Matthew J. Miller, President, and Zachary P. Richmond, Treasurer of Valued Advisers Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended July 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President and Principal Executive Officer<br> Valued Advisers Trust | Treasurer and Principal Financial Officer<br> Valued Advisers Trust |
| /s/ Matthew J. Miller | /s/ Zachary P. Richmond |
| Matthew J. Miller | Zachary P. Richmond |

---

Date: <u>10/3/2025</u> Date: <u>10/3/2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Valued Advisers Trust and will be retained by Valued Advisers Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.