# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001580642-25-004120
**Filing Date:** 2025-7
**Character Count:** 260742
**Document Hash:** f318b3d5aeb90750c937a83a36400491
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004120.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001580642-25-004120

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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:** 251110492

**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

### Sound Mind Investing Fund (Series ID: S000039946)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000123868 | Sound Mind Investing Fund | SMIFX           |

### SMI Multi-Strategy Fund (Series ID: S000039947)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000123869 | SMI Multi-Strategy Fund | SMILX           |

### SMI Dynamic Allocation Fund (Series ID: S000039948)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000123870 | SMI Dynamic Allocation Fund | SMIDX           |

### Dana Large Cap Equity Fund (Series ID: S000042642)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000131829 | Investor Class Shares      | DLCEX           |
| C000131830 | Institutional Class Shares | DLCIX           |

### Dana Epiphany Small Cap Equity Fund (Series ID: S000051394)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000161987 | Institutional Class Shares | DSCIX           |

### Dana Epiphany Equity Fund (Series ID: S000063526)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000205825 | Institutional Class Shares | ESGIX           |

### Kovitz Core Equity ETF (Series ID: S000077457)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000237915 | Kovitz Core Equity ETF | EQTY            |

### Slow Capital Growth Fund (Series ID: S000088949)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000255350 | Slow Capital Growth Fund | SLWGX           |

?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

**Valued Advisers Trust**

(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>10/31/2024</u> <br>Date of reporting period: <u>4/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Dana Epiphany Equity Fund

#### Institutional Class (ESGIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1109198a63a553d64d9e77a9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dana Epiphany Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/dana/**. You can also request this information by contacting us at (855) 280-9648.

# 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 | $41 | 0.85% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $63044524 |
| Number of Portfolio Holdings | 51 |
| Advisory Fee (net of waivers) | $159411 |
| Portfolio Turnover | 17% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;2.4% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6e1e266e142a59eafde8e9c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 1.0% |
| Materials | 2.0% |
| Real Estate | 2.1% |
| Utilities | 2.5% |
| Energy | 3.0% |
| Consumer Staples | 6.1% |
| Industrials | 7.6% |
| Communications | 9.3% |
| Consumer Discretionary | 10.3% |
| Health Care | 10.9% |
| Financials | 11.9% |
| Technology | 33.1% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i79156847bda2ed03f3e8468e.jpg)

#### Dana Epiphany Equity Fund - Institutional (ESGIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-ESGIX

#### Dana Epiphany Small Cap Equity Fund

#### Institutional Class (DSCIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ie71375597bf9514af655d7e7.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dana Epiphany Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/dana/**. You can also request this information by contacting us at (855) 280-9648.

# 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 | $44 | 0.95% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $26409395 |
| Number of Portfolio Holdings | 62 |
| Advisory Fee (net of waivers) | $35513 |
| Portfolio Turnover | 21% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;AXIS Capital Holdings Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;ExlService Holdings, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;TransMedics Group, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Lantheus Holdings, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | &nbsp;&nbsp;1.9% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2529ea0472e195f92322482e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 1.1% |
| Communications | 1.2% |
| Consumer Staples | 3.2% |
| Energy | 3.2% |
| Utilities | 3.3% |
| Real Estate | 5.9% |
| Materials | 6.0% |
| Consumer Discretionary | 8.2% |
| Industrials | 14.0% |
| Technology | 17.1% |
| Health Care | 17.5% |
| Financials | 19.1% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](id71b42eee59b1b7452e777e2.jpg)

#### Dana Epiphany Small Cap Equity Fund - Institutional (DSCIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-DSCIX

#### Dana Large Cap Equity Fund

#### Institutional Class (DLCIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ie8648f1222b71798d7831c9f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dana Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/dana/**. You can also request this information by contacting us at (855) 280-9648.

# 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 | $37 | 0.75% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $62483790 |
| Number of Portfolio Holdings | 53 |
| Advisory Fee (net of waivers) | $132469 |
| Portfolio Turnover | 13% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.2% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i937e1abd95c57ef027a7ad33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.0% |
| Materials | 2.0% |
| Real Estate | 2.2% |
| Utilities | 2.6% |
| Energy | 3.0% |
| Consumer Staples | 6.0% |
| Industrials | 7.0% |
| Communications | 9.1% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.8% |
| Financials | 14.6% |
| Technology | 32.1% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](if9286a7814599ad0e0e61145.jpg)

#### Dana Large Cap Equity Fund - Institutional (DLCIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-DLCIX

#### Dana Large Cap Equity Fund

#### Investor Class (DLCEX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i438d8c496640c7b95778108b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dana Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/dana/**. You can also request this information by contacting us at (855) 280-9648.

# 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** |
| Investor | $49 | 1.00% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $62483790 |
| Number of Portfolio Holdings | 53 |
| Advisory Fee (net of waivers) | $132469 |
| Portfolio Turnover | 13% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.2% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie5eb63f027d5f5f21e44ec18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.0% |
| Materials | 2.0% |
| Real Estate | 2.2% |
| Utilities | 2.6% |
| Energy | 3.0% |
| Consumer Staples | 6.0% |
| Industrials | 7.0% |
| Communications | 9.1% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.8% |
| Financials | 14.6% |
| Technology | 32.1% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i178d72a08d38b97d64004018.jpg)

#### Dana Large Cap Equity Fund - Investor (DLCEX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-DLCEX

#### Kovitz Core Equity ETF
(EQTY)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i4275c4c2dbef3fe600e8e8a9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Kovitz Core Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.kovitz.com/eqty. You can also request this information by contacting us at (877) 714-2327.

# 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** |
| Kovitz Core Equity ETF | $49 | 0.99% |

---

# How did the Fund perform during the reporting period?
For the six-month period ended April 30, 2025, the Fund achieved a total return of -1.70% while the Fund's benchmark, the S&P500<sup>®</sup> Index ("S&P500"), returned -1.74%. Performance variance between the Fund and the S&P500 is expected over shorter time periods. Our strategic intent is that the Fund will outperform the S&P500 over a full market cycle.

There were no changes to our approach to investing during the period, and we don't expect any changes prospectively. The Fund continues to employ the Kovitz Core Equity Team's fundamental, research-driven process, which seeks to build and maintain a diversified portfolio of 25-40 equity investments with an emphasis on holding the stocks of well-managed, growing, competitively advantaged, and financially strong companies at good prices.

For the period, the Fund's Financials sector holdings were the most additive sector group to the Fund's performance relative to the S&P500. The majority of the Fund's Financials holdings evince business models that are resilient to economic cycles and are more correlated to more persistent consumer electronic payments, insurance markets, and financial markets trading activity, which tends to increase during periods of economic uncertainty. Economic and trade uncertainty have escalated in the early months of the Trump Administration.

The Fund's Consumer Staples holdings have recently enjoyed good growth relative to the stocks' valuation levels such that this portfolio sector also outperformed its comparator in the benchmark.

Offsetting the positive relative contributions from Financials and Consumer Staples sectors, the Fund's Health Care, Consumer Discretionary, and Industrials stocks underperformed on a relative basis during the period. Stocks in these sectors have seen volatility as the Trump Administration has cut health care funding, and the previously mentioned economic uncertainty is impacting consumer confidence and business confidence. We added, in the aggregate, to the Fund's Health Care and Industrials sector holdings on the expectation that there exists long-term underappreciated value in our holdings in these sectors. The Fund's Consumer Discretionary sector weight ended the quarter slightly lower than it began as the portfolio management team is circumspect about the persistence of consumer spending during this period of declining consumer confidence.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iebdc1b2dcce538e3c768e2b5.jpg)

---

| | | |
|:---|:---|:---|
| | **Kovitz Core Equity ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **12/27/11** | $10000 | $10000 |
| **04/30/12** | $11220 | $11122 |
| **04/30/13** | $13721 | $13001 |
| **04/30/14** | $16003 | $15658 |
| **04/30/15** | $17402 | $17690 |
| **04/30/16** | $16254 | $17904 |
| **04/30/17** | $19673 | $21112 |
| **04/30/18** | $21536 | $23912 |
| **04/30/19** | $24106 | $27139 |
| **04/30/20** | $20197 | $27373 |
| **04/30/21** | $33897 | $39960 |
| **04/30/22** | $31720 | $40045 |
| **04/30/23** | $32156 | $41112 |
| **04/30/24** | $38377 | $50429 |
| **04/30/25** | $42182 | $56529 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Kovitz Core Equity ETF - NAV | 9.91% | 15.87% | 9.26% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

***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 redemption of fund shares. Call (877) 714-2327 or visit https://www.kovitz.com/eqty for updated performance information.***

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id154294133cda8c19326df46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.0% |
| Materials | 1.1% |
| Health Care | 7.4% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 10.0% |
| Communications | 11.5% |
| Industrials | 15.6% |
| Technology | 17.1% |
| Financials | 24.9% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1139818305 |
| Number of Portfolio Holdings | 37 |
| Advisory Fee | $5845648 |
| Portfolio Turnover | 21% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i3d1112fdc1b36ca7b3f44b71.jpg)

#### Kovitz Core Equity ETF - Fund (EQTY)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-EQTY

#### Slow Capital Growth Fund
(SLWGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i3cfb8402aab2378ba021b9cd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Slow Capital Growth Fund (the "Fund") for the period of December 6, 2024 to April 30, 2025. You can find additional information about the Fund at https://slowcapitalfunds.com/literature. You can also request this information by contacting us at 833-377-2715.

# What were the Fund's costs for the reporting period?
(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** |
| Slow Capital Growth Fund | $41 | 0.99% |

---

# How did the Fund perform during the reporting period?
From inception through April 30, 2025, the Slow Capital Growth Fund (SLWGX) returned -10.80%, trailing the MorningStar US Target Market Exposure Index's -8.35%.

The period was marked by heightened macro uncertainty. The Federal Reserve maintained its policy rate amid persistent inflation, while newly announced U.S. tariffs on Chinese imports stoked recession concerns. Despite these headwinds, we left the Fund's portfolio largely unchanged, supported by durable fundamentals and constructive earnings results across many holdings.

Performance was mixed across sectors. Communications was the strongest contributor, led by Netflix (+47%) and Spotify (+36%), which drove a +2.15% contribution. Technology was the largest detractor, paced bay a -24% decline in NVIDIA and a -1.21% drag on the fund' return. In total, the Technology sector accounted for more than a00 basis point drag on the fund's performance since inception.

By individual holdings, the top-five contributing companies had since-inception returns ranging between +30-47%, contributing nearly 6% to the fund's return. However, our five largest detractors, combined for over a -6% drag, fully offsetting our top contributors.

Our approach remains focused on ownership of what the Adviser believes are exceptional businesses that compound value over time. While short-term volatility tested the market, we believe long-term orientation and emphasis on fundamental research continue to position the Fund's portfolio for durable growth.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i93a233cc482da594971dcf93.jpg)

---

| | | |
|:---|:---|:---|
| | **Slow Capital Growth Fund** | **Morningstar US Target Market Exposure** |
| **Dec-2024** | $10000 | $10000 |
| **Apr-2025** | $8920 | $9165 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (December 6, 2024)** |
| Slow Capital Growth Fund | -10.80% |
| Morningstar US Target Market Exposure | -8.35% |

---

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEX OR ANY DATA INCLUDED THEREIN AND THE MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***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.***

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4cd3ad5ec727626269a041f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Energy | 1.7% |
| Financials | 1.9% |
| Real Estate | 2.1% |
| Industrials | 2.3% |
| Consumer Staples | 4.8% |
| Health Care | 12.2% |
| Communications | 14.3% |
| Consumer Discretionary | 17.1% |
| Technology | 42.4% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $63679780 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee (net of waivers) | $73661 |
| Portfolio Turnover | 0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i3cfb8402aab2378ba021b9cd.jpg)

#### Slow Capital Growth Fund - - (SLWGX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SLWGX

#### SMI Dynamic Allocation Fund
(SMIDX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i3b14597a61c8dd55fc349a92.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about SMI Dynamic Allocation Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/smi/**. You can also request this information by contacting us at (877) 764-3863. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| SMI Dynamic Allocation Fund | $66 | 1.31% |

---

# How did the Fund perform during the reporting period?
SMI's Dynamic Asset Allocation (DAA) strategy (the sole strategy used in the SMI Dynamic Allocation Fund "SMIDX") generated a gain of +4.51% during the six months ended April 30, 2025. The fund's advisor is pleased with this result, given that U.S. stocks corrected sharply during this period. The S&P 500 Index finished the period with a loss of -1.74%, while a 60/40 blend of the S&P 500 Index and Bloomberg U.S. Aggregate Bond Index was essentially flat (+0.05%).

Over the past year, the SMI Funds has adopted an "enhanced" approach that involves owning more positions. Instead of only owning the top performing three of six broad asset classes, the strategy now offers some exposure to Stocks, Bonds, and Alternative classes all the time, with the relative weightings between those classes shifting. It's less of an "all or nothing" approach at the individual asset class level, while retaining DAA's emphasis on the specific performance attributes of each asset class during varying economic environments.

This approach has recently begun trading within a new ETF, SMI 3Fourteen REAL Asset Allocation (ticker: RAA). This ETF has become a significant position within SMIDX, complementing its traditional holdings.

Multiple factors contributed to DAA's positive performance. One key component was DAA's significant allocation to gold, which gained +17.92% during the period. Increasing DAA's allocation to foreign stocks at the end of January was another key decision. Foreign stocks would rally +6.95% over the following three months, while U.S. stocks (as measured by the S&P 500 Index) would fall -7.50%. Particularly fortuitous was the system's call to significantly reduce U.S. stock exposure at the end of March, just days before the early-April tariff correction began in earnest.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0881de53746359cd00fe80ae.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SMI Dynamic Allocation Fund** | **S&P 500 Index TR** | **Weighted Index\*** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9213 | $10121 | $10205 | $10272 |
| **Apr-2017** | $9586 | $11934 | $11312 | $10357 |
| **Apr-2018** | $10132 | $13517 | $12187 | $10324 |
| **Apr-2019** | $10068 | $15341 | $13466 | $10870 |
| **Apr-2020** | $10635 | $15474 | $14194 | $12049 |
| **Apr-2021** | $12284 | $22589 | $17852 | $12017 |
| **Apr-2022** | $12035 | $22637 | $17288 | $10994 |
| **Apr-2023** | $11511 | $23240 | $17584 | $10947 |
| **Apr-2024** | $11754 | $28507 | $19793 | $10786 |
| **Apr-2025** | $13531 | $31955 | $21886 | $11651 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SMI Dynamic Allocation Fund | 15.12% | 4.94% | 3.07% |
| S&P 500 Index TR | 12.10% | 15.61% | 12.32% |
| Weighted Index\* | 10.58% | 9.05% | 8.15% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |

---

\* The Weighted Index for the SMI Dynamic Allocation Fund is comprised of 60% S&P 500 and 40% Bloomberg U.S. Aggregate Bond Index.

***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 redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $69222316 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee | $360471 |
| Portfolio Turnover | 131% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Sprott Physical Gold Trust | 19.9% |
| iShares MSCI EAFE ETF | 16.3% |
| SPDR<sup>®</sup> Bloomberg 1-3 Month T-Bill ETF | 16.2% |
| SMI 3Fourteen Real Asset Allocation ETF | 10.6% |
| Schwab High Yield Bond ETF | 5.1% |
| SPDR<sup>®</sup> S&P<sup>®</sup>500<sup>®</sup> ETF Trust | 4.6% |
| Invesco QQQ Trust, Series 1 | 4.3% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.9% |
| AQR Diversifying Strategies Fund, Class I | 3.2% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7074949cf9dd7bb2d1c5fb0d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate ETFs | 0.4 |
| Money Markets, Cash & Cash Equivalents | 0.88 |
| Alternative Funds & ETFs | 6.47 |
| Dynamic Asset Allocation ETFs | 10.63 |
| Domestic Equity ETFs | 12.96 |
| Fixed Income ETFs | 14.92 |
| Short Term Treasury ETFs | 16.25 |
| International ETFs | 17.56 |
| Gold Funds | 19.93 |

---

# Material Fund Changes
Until February 28, 2025, the Advisor had an operating expense limitation agreement in place where it had contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, dividend expense on short sales, 12b-1 fees, and acquired fund fees and expenses) did not exceed 1.45% with respect to the Dynamic Allocation Fund. The contractual arrangement for the Fund expired February 28, 2025 and was not renewed. Each prior waiver or reimbursement by the Advisor is subject to repayment by the Fund within the three years following the date of such waiver or reimbursement, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

![Image](i4c7d1bf67525614348c3008e.jpg)

#### SMI Dynamic Allocation Fund

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMIDX

#### SMI Multi-Strategy Fund
(SMILX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i11bb0202d488fb7959a44a03.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about SMI Multi-Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/smi/**. You can also request this information by contacting us at (877) 764-3863. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| SMI Multi-Strategy Fund | $62 | 1.25% |

---

# How did the Fund perform during the reporting period?
SMI's Multi-Strategy Fund (SMILX) portfolio consists of the following strategies and weightings: 50% Dynamic Asset Allocation "DAA", 40% Stock Upgrading, and 10% Sector Rotation. For the six months ended April 30, 2025, the SMI Multi-Strategy Fund fell -0.56%. This compared favorably to the S&P 500 Index's loss of -1.74%, while falling slightly short of a 60% stock, 40% bond portfolio's gain of 0.05%.

SMI's Dynamic Asset Allocation ("DAA") strategy (50% of SMILX) generated a gain of +4.51%. DAA's performance was largely attributable to gains from gold, as well as timely moves to increase foreign stock exposure, while reducing U.S. stock exposure significantly immediately prior to April's market correction.

SMI's Stock Upgrading strategy (40% of SMILX) fell -3.45% during the period. This isn't terribly surprising, given this strategy includes both large- and small-company U.S. stocks, and U.S. small-caps struggled during the period falling -9.97% during the period. All things considered, the managers felt Stock Upgrading handled the transition from post-election bull market to April's sharp correction well, decreasing the portfolio's risk exposure incrementally throughout the early months of 2025.

The 10% Sector Rotation (SR) allocation strategy was hit hard by the market correction, falling -20.0%. The strong gains of 2024 had SR positioned in aggressive funds, with portfolio holdings such as semiconductors and internet stocks, when 2025's steep correction began. The steep decline of the next 8-10 weeks reinforces why we limit SR's size within the overall portfolio.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i330e97fa8c86135056b04a15.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SMI Multi-Strategy Fund** | **S&P 500 Index TR** | **Weighted Index\*** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9260 | $10121 | $10205 | $10272 |
| **Apr-2017** | $10176 | $11934 | $11312 | $10357 |
| **Apr-2018** | $11433 | $13517 | $12187 | $10324 |
| **Apr-2019** | $11322 | $15341 | $13466 | $10870 |
| **Apr-2020** | $11065 | $15474 | $14194 | $12049 |
| **Apr-2021** | $14793 | $22589 | $17852 | $12017 |
| **Apr-2022** | $14252 | $22637 | $17288 | $10994 |
| **Apr-2023** | $13933 | $23240 | $17584 | $10947 |
| **Apr-2024** | $14646 | $28507 | $19793 | $10786 |
| **Apr-2025** | $16049 | $31955 | $21886 | $11651 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SMI Multi-Strategy Fund | 9.58% | 7.72% | 4.84% |
| S&P 500 Index TR | 12.10% | 15.61% | 12.32% |
| Weighted Index\* | 10.58% | 9.05% | 8.15% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |

---

\* The Weighted Index for the SMI Multi-Strategy Fund is comprised of 60% S&P 500 and 40% Bloomberg U.S. Aggregate Bond Index.

***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 redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49879038 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee (net of waivers) | $216718 |
| Portfolio Turnover | 112% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SMI 3Fourteen Full-Cycle Trend ETF | 20.9% |
| Sprott Physical Gold Trust | 10.4% |
| SPDR<sup>®</sup> Bloomberg 1-3 Month T-Bill ETF | 8.5% |
| iShares MSCI EAFE ETF | 8.2% |
| SMI 3Fourteen Real Asset Allocation ETF | 4.8% |
| Aegis Value Fund, Inc., Institutional Class | 4.0% |
| Cambria Global Value ETF | 3.3% |
| First Trust STOXX<sup>®</sup> European Select Dividend Index Fund | 3.3% |
| Fidelity Investments Money Market Government Portfolio, Institutional Class | 3.1% |
| Schwab High Yield Bond ETF | 2.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4036cbe07ed499ed06336805.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| DAA Real Estate ETF's | 0.21 |
| DAA Alternative Funds & ETFs | 3.25 |
| Money Markets, Cash & Cash Equivalents | 4.17 |
| DAA Dynamic Allocation ETFs | 4.81 |
| DAA Domestic ETFs | 6.54 |
| DAA Fixed Income ETFs | 7.48 |
| International Funds | 8.02 |
| Small Cap Funds | 8.04 |
| DAA Short Term Treasury ETFs | 8.51 |
| Sector Funds & ETF's | 8.79 |
| DAA International ETFs | 8.8 |
| DAA Gold Funds | 10.45 |
| Large Cap ETF's | 20.93 |

---

# Material Fund Changes
Effective March 1, 2025, the Advisor has entered into an operating expense limitation agreement with respect to the Multi-Strategy Fund where it has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Multi-Strategy Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, dividend expense on short sales, 12b-1 fees, and acquired fund fees and expenses) do not exceed 1.45% of the Multi-Strategy Fund's average daily net assets. The contractual arrangement for the Multi-Strategy Fund is in place through February 28, 2026. Until February 28, 2025, the expense limit was 1.30%. Each waiver or reimbursement by the Advisor is subject to repayment by the Multi-Strategy Fund within the three years following the date of such waiver or reimbursement, provided that the Multi-Strategy Fund is able to make the repayment without exceeding the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

![Image](i0cce74ae29f6ab71caf79f00.jpg)

#### SMI Multi-Strategy Fund

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMILX

#### Sound Mind Investing Fund
(SMIFX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i35fc997ab3b50d8bcf4c4966.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Sound Mind Investing Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/smi/**. You can also request this information by contacting us at (877) 764-3863. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| Sound Mind Investing Fund | $53 | 1.08% |

---

# How did the Fund perform during the reporting period?
SMI's Stock Upgrading strategy (the sole strategy used in the Sound Mind Investing Fund "SMIFX") posted a loss of -3.45% during the six months ended April 30, 2025. This was larger than the S&P 500 Index's loss of -1.74%. Given that the small-company Russell 2000 Index fell -9.97% during the period and SMIFX includes exposure to small company stocks through its investment in other funds, this slightly larger loss wasn't surprising.

Stock Upgrading performed well through mid-February as markets rose buoyed by post-election optimism. The strategy reduced risk as 2025 unfolded — pivoting out of small-growth stocks and into commodities at the end of January, and replacing a portion of its U.S. large company holdings with international stocks in late March — but the sharp U.S. market correction from mid-February through April 8 turned early gains into losses. Over the past year, Stock Upgrading began allocating roughly half of the portfolio to the SMI 3Fourteen Full-cycle Trend ETF (FCTE). Whereas the rest of the portfolio applies its upgrading process to mutual funds and ETFs, FCTE applies a different, but similar, process to a universe of U.S. large-company quality stocks. Trend-following strategies often struggle when market trends shift abruptly, as they did in February. Fortunately, both portions of the Stock Upgrading portfolio handled this trend-shift reasonably smoothly.

While the addition of the FCTE holding to SMIFX's portfolio didn't add value during this specific six-month period, we remain optimistic that it will over time. That belief has been reinforced by FCTE outperforming the S&P 500 Index on a 2025 year-to-date basis (through April 30) as well as since the ETF's inception last July. Its strong performance record across the full market cycle offers Stock Upgrading what the managers believe to be an improved way to achieve large company U.S. stock exposure with this portion of the Stock Upgrading portfolio.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i009727f414338ceaa3535405.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sound Mind Investing Fund** | **S&P 500 Index TR** | **SMI Custom Index\*** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9439 | $10121 | $9592 |
| **Apr-2017** | $10737 | $11934 | $11494 |
| **Apr-2018** | $12350 | $13517 | $12972 |
| **Apr-2019** | $12433 | $15341 | $13816 |
| **Apr-2020** | $11194 | $15474 | $12535 |
| **Apr-2021** | $17132 | $22589 | $19670 |
| **Apr-2022** | $16659 | $22637 | $17853 |
| **Apr-2023** | $16354 | $23240 | $18057 |
| **Apr-2024** | $17606 | $28507 | $20986 |
| **Apr-2025** | $18792 | $31955 | $22633 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sound Mind Investing Fund | 6.74% | 10.92% | 6.51% |
| S&P 500 Index TR | 12.10% | 15.61% | 12.32% |
| SMI Custom Index\* | 7.84% | 12.54% | 8.51% |

---

\* The SMI Custom Index for the Sound Mind Investing Fund is comprised of 20 Russell 1000<sup>®</sup> Value Index, 20% Russell 1000<sup>®</sup> Growth Index, 20% Russell 2000<sup>®</sup> Value Index, 20% Russell 2000<sup>®</sup> Growth Index and 20% MSCI EAFE Index.

***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 redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $95661634 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee (net of waivers) | $436037 |
| Portfolio Turnover | 64% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SMI 3Fourteen Full-Cycle Trend ETF | 53.9% |
| Aegis Value Fund, Inc., Institutional Class | 8.6% |
| Cambria Global Value ETF | 8.4% |
| Fidelity Investments Money Market Government Portfolio, Institutional Class | 7.1% |
| First Trust STOXX<sup>®</sup> European Select Dividend Index Fund | 6.4% |
| Kinetics Paradigm Fund, Institutional Class | 4.4% |
| Kinetics Market Opportunities Fund, No Load Class | 4.1% |
| Invesco International BuyBack Achievers ETF | 3.2% |
| Global X Defense Tech ETF | 1.2% |
| Fidelity Select Telecommunications Portfolio | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i79c56bf0bcc8862316ed9b7f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Funds & ETF's | 4.2 |
| Money Markets, Cash & Cash Equivalents | 6.79 |
| Small Cap Funds | 17.07 |
| International Funds & ETFs | 18.08 |
| Large Cap Funds & ETFs | 53.86 |

---

# Material Fund Changes
Until February 28, 2025, the Advisor had an operating expense limitation agreement in place where it had contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, dividend expense on short sales, 12b-1 fees, and acquired fund fees and expenses) did not exceed 1.45% of the Fund's average daily net assets with respect to the SMI Fund. The contractual arrangement for the Fund expired on February 28, 2025 and was not renewed. Each prior waiver or reimbursement by the Advisor is subject to repayment by the Fund within the three years following the date of such waiver or reimbursement, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

![Image](i9dd904b6f381753060fcb8dd.jpg)

#### Sound Mind Investing Fund

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMIFX

&nbsp;&nbsp;&nbsp;&nbsp;(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) ![](dana_001.jpg)

**DANA LARGE CAP EQUITY FUND**

**DANA EPIPHANY SMALL CAP EQUITY FUND**

**DANA EPIPHANY EQUITY FUND**

**Semi-Annual Financial Statements**

**and Additional Information**

**April 30, 2025**

**Dana Investment Advisors, Inc.**

**20700 Swenson Drive, Suite 400**

**Waukesha, WI 53186**

**(855) 280-9648**

**www.danafunds.com**

**Dana Large Cap Equity Fund**

**Schedule of Investments**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.53%** |  |  |
| **Communications — 9.13%** |  |  |
| Alphabet, Inc., Class A | 14000 | $2223200 |
| Meta Platforms, Inc., Class A | 2900 | 1592100 |
| T-Mobile US, Inc. | 5000 | 1234750 |
| Walt Disney Co. (The) | 7200 | 654840 |
|  |  | 5704890 |
| **Consumer Discretionary — 10.10%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11800 | 2176156 |
| PulteGroup, Inc. | 10400 | 1066832 |
| Restaurant Brands International, Inc. | 15400 | 991760 |
| Royal Caribbean Cruises Ltd. | 5000 | 1074550 |
| TJX Cos., Inc. (The) | 7800 | 1003704 |
|  |  | 6313002 |
| **Consumer Staples — 6.05%** |  |  |
| Keurig Dr Pepper, Inc. | 14000 | 484260 |
| Kimberly-Clark Corp. | 5400 | 711612 |
| Kroger Co. (The) | 19200 | 1386432 |
| Sysco Corp. | 16800 | 1199520 |
|  |  | 3781824 |
| **Energy — 2.96%** |  |  |
| Diamondback Energy, Inc. | 6000 | 792060 |
| Exxon Mobil Corp. | 2800 | 295764 |
| Schlumberger Ltd. | 23000 | 764750 |
|  |  | 1852574 |
| **Financials — 14.55%** |  |  |
| American Express Co. | 4400 | 1172204 |
| Bank of America Corp. | 1000 | 39880 |
| Bank of New York Mellon Corp. (The) | 17000 | 1366970 |
| Interactive Brokers Group, Inc., Class A | 7700 | 1323245 |
| JPMorgan Chase & Co. | 5200 | 1272024 |
| Reinsurance Group of America, Inc. | 6600 | 1236246 |
| Visa, Inc., Class A | 3800 | 1312900 |
| Wells Fargo & Co. | 19300 | 1370493 |
|  |  | 9093962 |
| **Health Care — 10.84%** |  |  |
| AbbVie, Inc. | 6700 | 1307170 |
| Boston Scientific Corp.<sup>(a)</sup> | 12000 | 1234440 |
| Eli Lilly & Co. | 1500 | 1348425 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 3200 | 496224 |
| McKesson Corp. | 2020 | 1439836 |
| UnitedHealth Group, Inc. | 2300 | 946312 |
|  |  | 6772407 |
| **Industrials — 6.98%** |  |  |
| Delta Air Lines, Inc. | 22300 | 928349 |
| L3Harris Technologies, Inc. | 5000 | 1100100 |
| Parker-Hannifin Corp. | 1880 | 1137513 |

---

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

**Dana Large Cap Equity Fund**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.53% - continued** |  |  |
| **Industrials — 6.98% - continued** |  |  |
| Vertiv Holdings Co., Class A | 14000 | $1195320 |
|  |  | 4361282 |
| **Materials — 1.98%** |  |  |
| Graphic Packaging Holding Co. | 23700 | 599847 |
| Linde PLC | 1400 | 634522 |
|  |  | 1234369 |
| **Real Estate — 2.15%** |  |  |
| Gaming and Leisure Properties, Inc. | 15000 | 717900 |
| Iron Mountain, Inc. | 7000 | 627690 |
|  |  | 1345590 |
| **Technology — 32.16%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 2140 | 802457 |
| Apple, Inc. | 19400 | 4122500 |
| Broadcom, Inc. | 8000 | 1539760 |
| Dell Technologies, Inc., Class C | 10000 | 917600 |
| Lam Research Corp. | 11000 | 788370 |
| Microsoft Corp. | 9400 | 3715443 |
| NVIDIA Corp. | 32200 | 3507224 |
| Oracle Corp. | 1400 | 197008 |
| Salesforce, Inc. | 3960 | 1064092 |
| ServiceNow, Inc.<sup>(a)</sup> | 1200 | 1146012 |
| Uber Technologies, Inc.<sup>(a)</sup> | 13400 | 1085534 |
| Workday, Inc., Class A<sup>(a)</sup> | 4900 | 1200500 |
|  |  | 20086500 |
| **Utilities — 2.63%** |  |  |
| CenterPoint Energy, Inc. | 21300 | 826014 |
| PPL Corp. | 22400 | 817600 |
|  |  | 1643614 |
| **Total Common Stocks (Cost $40,966,658)** |  | 62190014 |
| **MONEY MARKET FUNDS - 0.98%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(b)</sup> | 611658 | 611658 |
| **Total Money Market Funds (Cost $611,658)** |  | 611658 |
| **Total Investments — 100.51% (Cost $41,578,316)** |  | 62801672 |
| **Liabilities in Excess of Other Assets — (0.51)%** |  | (317882) |
| **NET ASSETS — 100.00%** |  | $62483790 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

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

**Dana Epiphany Small Cap Equity Fund**

**Schedule of Investments**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.69%** |  |  |
| **Communications — 1.21%** |  |  |
| Magnite, Inc.<sup>(a)</sup> | 26836 | $319080 |
| **Consumer Discretionary — 8.18%** |  |  |
| Acushnet Holdings Corp. | 6855 | 453938 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 3825 | 399101 |
| Group 1 Automotive, Inc. | 1127 | 454891 |
| Kontoor Brands, Inc. | 7089 | 426403 |
| Modine Manufacturing Co.<sup>(a)</sup> | 5214 | 425671 |
|  |  | 2160004 |
| **Consumer Staples — 3.15%** |  |  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 6713 | 415333 |
| Simply Good Foods Co. (The)<sup>(a)</sup> | 11560 | 417432 |
|  |  | 832765 |
| **Energy — 3.21%** |  |  |
| Civitas Resources, Inc. | 9431 | 256995 |
| SM Energy Co. | 12743 | 290413 |
| Weatherford International PLC | 7286 | 301640 |
|  |  | 849048 |
| **Financials — 19.04%** |  |  |
| Atlantic Union Bancshares Corp. | 16672 | 461814 |
| AXIS Capital Holdings Ltd. | 6310 | 607779 |
| Evercore, Inc., Class A | 2507 | 514662 |
| Pinnacle Financial Partners, Inc. | 4918 | 492980 |
| PJT Partners, Inc., Class A | 2965 | 420170 |
| Primerica, Inc. | 1966 | 515230 |
| SouthState Corp. | 5701 | 494733 |
| Stifel Financial Corp. | 5442 | 466325 |
| Synovus Financial Corp. | 11766 | 509703 |
| Wintrust Financial Corp. | 4932 | 548290 |
|  |  | 5031686 |
| **Health Care — 17.55%** |  |  |
| Alkermes PLC<sup>(a)</sup> | 8042 | 231368 |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 3851 | 432429 |
| Blueprint Medicines Corp.<sup>(a)</sup> | 5556 | 497262 |
| Cytokinetics, Inc.<sup>(a)</sup> | 6670 | 285743 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 15710 | 261572 |
| Ensign Group, Inc. (The) | 3871 | 499320 |
| Insmed, Inc.<sup>(a)</sup> | 5075 | 365400 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 4961 | 517631 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 1000 | 333910 |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 56137 | 289667 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 8624 | 392478 |
| TransMedics Group, Inc.<sup>(a)</sup> | 5728 | 527032 |
|  |  | 4633812 |
| **Industrials — 13.98%** |  |  |
| Applied Industrial Technologies, Inc. | 2238 | 544461 |
| Cactus, Inc., Class A | 7756 | 294263 |

---

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

**Dana Epiphany Small Cap Equity Fund**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.69% - continued** |  |  |
| **Industrials — 13.98% - continued** |  |  |
| Clean Harbors, Inc.<sup>(a)</sup> | 2415 | $516665 |
| FTI Consulting, Inc.<sup>(a)</sup> | 3010 | 500503 |
| Hub Group, Inc., Class A | 12949 | 409059 |
| Installed Building Products, Inc. | 2373 | 393515 |
| Powell Industries, Inc. | 2977 | 545117 |
| SPX Technologies, Inc.<sup>(a)</sup> | 3637 | 487904 |
|  |  | 3691487 |
| **Materials — 6.01%** |  |  |
| Advanced Drainage Systems, Inc. | 4810 | 545887 |
| Avient Corp. | 9568 | 318710 |
| Eagle Materials, Inc. | 1668 | 377619 |
| Element Solutions, Inc. | 16896 | 344847 |
|  |  | 1587063 |
| **Real Estate — 5.96%** |  |  |
| Agree Realty Corp. | 7032 | 545754 |
| STAG Industrial, Inc. | 15508 | 512229 |
| Tanger Factory Outlet Centers, Inc. | 16410 | 517079 |
|  |  | 1575062 |
| **Technology — 17.11%** |  |  |
| Agilysys, Inc.<sup>(a)</sup> | 5312 | 394947 |
| CSG Systems International, Inc. | 8511 | 511766 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 11002 | 533378 |
| Fabrinet<sup>(a)</sup> | 2255 | 462410 |
| i3 Verticals, Inc., Class A<sup>(a)</sup> | 16967 | 426211 |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 41763 | 295264 |
| PDF Solutions, Inc.<sup>(a)</sup> | 18887 | 346576 |
| SPS Commerce, Inc.<sup>(a)</sup> | 3232 | 463825 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 16912 | 316339 |
| Veeco Instruments, Inc.<sup>(a)</sup> | 20554 | 384360 |
| Verint Systems, Inc.<sup>(a)</sup> | 21676 | 382365 |
|  |  | 4517441 |
| **Utilities — 3.29%** |  |  |
| Chesapeake Utilities Corp. | 3474 | 457422 |
| Clearway Energy, Inc., Class C | 14003 | 410848 |
|  |  | 868270 |
| **Total Common Stocks (Cost $24,477,045)** |  | 26065718 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.07%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(b)</sup> | 281565 | 281565 |
| **Total Money Market Funds (Cost $281,565)** |  | 281565 |
| **Total Investments — 99.76% (Cost $24,758,610)** |  | 26347283 |
| **Other Assets in Excess of Liabilities — 0.24%** |  | 62112 |
| **NET ASSETS — 100.00%** |  | $26409395 |

---

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

**Dana Epiphany Small Cap Equity Fund**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

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

**Dana Epiphany Equity Fund**

**Schedule of Investments**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.86%** |  |  |
| **Communications — 9.26%** |  |  |
| Alphabet, Inc., Class A | 11400 | $1810320 |
| Alphabet, Inc., Class C | 3000 | 482670 |
| Magnite, Inc.<sup>(a)</sup> | 86000 | 1022540 |
| Meta Platforms, Inc., Class A | 2800 | 1537200 |
| T-Mobile US, Inc. | 4000 | 987800 |
|  |  | 5840530 |
| **Consumer Discretionary — 10.32%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11800 | 2176156 |
| Autoliv, Inc. | 9200 | 857716 |
| Genuine Parts Co. | 6800 | 799340 |
| Home Depot, Inc. (The) | 1000 | 360490 |
| PulteGroup, Inc. | 10000 | 1025800 |
| Tapestry, Inc. | 18200 | 1285830 |
|  |  | 6505332 |
| **Consumer Staples — 6.06%** |  |  |
| Kimberly-Clark Corp. | 9600 | 1265088 |
| Kroger Co. (The) | 18600 | 1343106 |
| Sysco Corp. | 17000 | 1213800 |
|  |  | 3821994 |
| **Energy — 3.01%** |  |  |
| Diamondback Energy, Inc. | 7200 | 950472 |
| Exxon Mobil Corp. | 3900 | 411957 |
| Weatherford International PLC | 13000 | 538200 |
|  |  | 1900629 |
| **Financials — 11.93%** |  |  |
| American Express Co. | 4200 | 1118922 |
| Bank of America Corp. | 30400 | 1212352 |
| Bank of New York Mellon Corp. (The) | 17000 | 1366970 |
| JPMorgan Chase & Co. | 5200 | 1272024 |
| Reinsurance Group of America, Inc. | 6800 | 1273708 |
| Visa, Inc., Class A | 3700 | 1278350 |
|  |  | 7522326 |
| **Health Care — 10.88%** |  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 15000 | 1543050 |
| Elevance Health, Inc. | 3500 | 1472030 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 7400 | 1147518 |
| ResMed, Inc. | 6300 | 1490517 |
| Zoetis, Inc., Class A | 7700 | 1204280 |
|  |  | 6857395 |
| **Industrials — 7.58%** |  |  |
| Clean Harbors, Inc.<sup>(a)</sup> | 4600 | 984124 |
| Howmet Aerospace, Inc. | 12000 | 1662960 |
| Johnson Controls International PLC | 14200 | 1191380 |
| Vertiv Holdings Co., Class A | 11000 | 939180 |
|  |  | 4777644 |
| **Materials — 2.04%** |  |  |
| Graphic Packaging Holding Co. | 24000 | 607440 |

---

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

**Dana Epiphany Equity Fund**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.86% - continued** |  |  |
| **Materials — 2.04% - continued** |  |  |
| Linde PLC | 1500 | $679845 |
|  |  | 1287285 |
| **Real Estate — 2.16%** |  |  |
| Iron Mountain, Inc. | 8000 | 717360 |
| STAG Industrial, Inc. | 19500 | 644085 |
|  |  | 1361445 |
| **Technology — 33.13%** |  |  |
| Apple, Inc. | 19400 | 4122500 |
| Broadcom, Inc. | 7200 | 1385784 |
| Cisco Systems, Inc. | 21000 | 1212330 |
| Dell Technologies, Inc., Class C | 9800 | 899248 |
| Fiserv, Inc.<sup>(a)</sup> | 6000 | 1107420 |
| Lam Research Corp. | 11000 | 788370 |
| Microsoft Corp. | 9600 | 3794496 |
| NVIDIA Corp. | 32000 | 3485440 |
| Salesforce, Inc. | 3600 | 967356 |
| ServiceNow, Inc.<sup>(a)</sup> | 1160 | 1107812 |
| Uber Technologies, Inc.<sup>(a)</sup> | 10000 | 810100 |
| Workday, Inc., Class A<sup>(a)</sup> | 4900 | 1200500 |
|  |  | 20881356 |
| **Utilities — 2.49%** |  |  |
| Portland General Electric Co. | 16500 | 694980 |
| PPL Corp. | 24000 | 876000 |
|  |  | 1570980 |
| **Total Common Stocks (Cost $51,061,088)** |  | 62326916 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.97%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(b)</sup> | 613226.0 | 613226 |
| **Total Money Market Funds (Cost $613,226)** |  | 613226 |
| **Total Investments — 99.83% (Cost $51,674,314)** |  | 62940142 |
| **Other Assets in Excess of Liabilities — 0.17%** |  | 104382 |
| **NET ASSETS — 100.00%** |  | $63044524 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

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

**Dana Funds**

**Statements of Assets and Liabilities**

*April 30, 2025 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Dana<br> Large Cap<br> Equity Fund** | **Dana<br> Epiphany<br> Small Cap<br> Equity Fund** | <br>**Dana**<br> **Epiphany**<br> **Equity Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $41,578,316, $24,758,610 and $51,674,314) (Note 3) | $62801672 | $26347283 | $62940142 |
| Receivable for fund shares sold | 4497 | 86077 | 256287 |
| Dividends receivable | 29936 | 11650 | 25193 |
| Prepaid expenses | 14497 | 11170 | 16071 |
| **Total Assets** | 62850602 | 26456180 | 63237693 |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 319403 | 18501 | 141166 |
| Payable to Adviser (Note 4) | 16304 | 1779 | 22272 |
| Accrued Distribution (12b-1) fees (Note 4) | 1140 |  |  |
| Payable to Administrator (Note 4) | 9057 | 7751 | 8382 |
| Payable to trustees (Note 4) | 2885 | 2885 | 2885 |
| Other accrued expenses | 18023 | 15869 | 18464 |
| **Total Liabilities** | 366812 | 46785 | 193169 |
| **Net Assets** | $62483790 | $26409395 | $63044524 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $36399546 | $24550832 | $51079081 |
| Accumulated earnings | 26084244 | 1858563 | 11965443 |
| **Net Assets** | $62483790 | $26409395 | $63044524 |
| **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $57012308 | $26409395 | $63044524 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 2805302 | 2162322 | 4378127 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Note 2) | $20.32 | $12.21 | $14.40 |
| **Investor Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $5471482 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 268526 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Note 2) | $20.38 |  |  |

---

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

**Dana Funds**

**Statements of Operations**

*For the six months ended April 30, 2025 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Dana<br> Large Cap**<br> **Equity Fund** | **Dana<br> Epiphany<br> Small Cap<br> Equity Fund** | <br>**Dana<br> Epiphany**<br> **Equity Fund** |
| **Investment Income** |  |  |  |
| Dividend income | $419212 | $173050 | $382794 |
| **Total investment income** | 419212 | 173050 | 382794 |
| **Expenses** |  |  |  |
| Investment Adviser fees (Note 4) | 223855 | 112739 | 210749 |
| Administration fees (Note 4) | 24101 | 19191 | 21546 |
| Registration expenses | 18206 | 11094 | 11834 |
| Fund accounting fees (Note 4) | 17233 | 14361 | 14361 |
| Transfer agent fees (Note 4) | 13212 | 10907 | 13444 |
| Audit and tax preparation fees | 10083 | 9862 | 9968 |
| Trustee fees (Note 4) | 8750 | 8750 | 8750 |
| Legal fees | 8628 | 8306 | 8306 |
| Distribution (12b-1) fees, Investor Class (Note 4) | 8055 |  |  |
| Custodian fees | 4663 | 2964 | 4957 |
| Compliance service fees (Note 4) | 4614 | 4614 | 4614 |
| Printing and postage expenses | 3437 | 2712 | 3804 |
| Insurance expenses | 1752 | 1691 | 1800 |
| Miscellaneous expenses | 11091 | 12845 | 12988 |
| **Total expenses** | 357680 | 220036 | 327121 |
| Fees contractually waived by Adviser (Note 4) | (91386) | (77226) | (51338) |
| **Net operating expenses** | 266294 | 142810 | 275783 |
| **Net investment income** | 152918 | 30240 | 107011 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain on investment securities transactions | 4835466 | 278217 | 654303 |
| Net change in unrealized depreciation on investment securities | (6605068) | (4133638) | (2769055) |
| **Net realized and change in unrealized loss on investments** | (1769602) | (3855421) | (2114752) |
| **Net decrease in net assets resulting from operations** | $(1616684) | $(3825181) | $(2007741) |

---

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

**Dana Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Dana Large Cap Equity Fund** | **Dana Large Cap Equity Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | **(Unaudited)** |  |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $152918 | $469270 |
| Net realized gain on investment securities transactions | 4835466 | 13279484 |
| Net change in unrealized appreciation (depreciation) of investment securities | (6605068) | 13222720 |
| Net increase (decrease) in net assets resulting from operations | (1616684) | 26971474 |
| **Distributions to Shareholders from Earnings (Note 2)** |  |  |
| Institutional Class | (12188895) | (7484373) |
| Investor Class | (1225804) | (2215598) |
| Total distributions | (13414699) | (9699971) |
| **Capital Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2221953 | 18127290 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 8748448 | 4682358 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (5296365) | (34352949) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | 5674036 | (11543301) |
| **Capital Transactions – Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 80828 | 75938 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1069014 | 2129829 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1037901) | (17266319) |
| &nbsp;&nbsp;&nbsp;Total – Investor Class | 111941 | (15060552) |
| Net increase (decrease) in net assets resulting from capital transactions | 5785977 | (26603853) |
| **Total Decrease in Net Assets** | (9245406) | (9332350) |
| **Net Assets** |  |  |
| Beginning of period | 71729196 | 81061546 |
| End of period | $62483790 | $71729196 |
| **Share Transactions - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 98839 | 785277 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 399683 | 221305 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (240618) | (1475219) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | 257904 | (468637) |
| **Share Transactions - Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3791 | 3115 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 48679 | 101106 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (47634) | (750832) |
| &nbsp;&nbsp;&nbsp;Total – Investor Class | 4836 | (646611) |

---

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

**Dana Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Dana Epiphany Small Cap Equity Fund** | **Dana Epiphany Small Cap Equity Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $30240 | $32906 |
| Net realized gain on investment securities transactions | 278217 | 1491947 |
| Net change in unrealized appreciation (depreciation) of investment securities | (4133638) | 6272356 |
| Net increase (decrease) in net assets resulting from operations | (3825181) | 7797209 |
| **Distributions to Shareholders from Earnings (Note 2)** |  |  |
| Institutional Class | (1422241) | (67727) |
| Total distributions | (1422241) | (67727) |
| **Capital Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2877176 | 7239440 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1409301 | 66663 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (4507645) | (6420324) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | (221168) | 885779 |
| Net increase (decrease) in net assets resulting from capital transactions | (221168) | 885779 |
| **Total Increase (Decrease) in Net Assets** | (5468590) | 8615261 |
| **Net Assets** |  |  |
| Beginning of period | 31877985 | 23262724 |
| End of period | $26409395 | $31877985 |
| **Share Transactions - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 217096 | 522372 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 101253 | 4860 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (335052) | (474539) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | (16703) | 52693 |

---

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

**Dana Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Dana Epiphany Equity Fund** | **Dana Epiphany Equity Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $107011 | $362934 |
| Net realized gain on investment securities transactions | 654303 | 3480325 |
| Net change in unrealized appreciation (depreciation) of investment securities | (2769055) | 14956565 |
| Net increase (decrease) in net assets resulting from operations | (2007741) | 18799824 |
| **Distributions to Shareholders from Earnings (Note 2)** |  |  |
| Institutional Class | (1081645) | (404951) |
| Total distributions | (1081645) | (404951) |
| **Capital Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 8145059 | 10017487 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1057155 | 392341 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (7632710) | (23816024) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | 1569504 | (13406196) |
| Net increase (decrease) in net assets resulting from capital transactions | 1569504 | (13406196) |
| **Total Increase (Decrease) in Net Assets** | (1519882) | 4988677 |
| **Net Assets** |  |  |
| Beginning of period | 64564406 | 59575729 |
| End of period | $63044524 | $64564406 |
| **Share Transactions - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 540366 | 709982 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 67723 | 28462 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (497375) | (1735987) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | 110714 | (997543) |

---

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

**Dana Large Cap Equity Fund – Institutional Class**

**Financial Highlights**

*(For a share oustanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $25.51 | $20.64 | $21.26 | $29.20 | $21.25 | $22.69 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.06 | 0.16 | 0.27 | 0.28 | 0.17 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.41) | 7.40 | 1.01 | (4.60) | 8.39 | 0.86 |
| Total from investment operations | (0.35) | 7.56 | 1.28 | (4.32) | 8.56 | 1.09 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.18) | (0.28) | (0.25) | (0.17) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (4.78) | (2.51) | (1.62) | (3.37) | (0.44) | (2.30) |
| Total distributions | (4.84) | (2.69) | (1.90) | (3.62) | (0.61) | (2.53) |
| Net asset value, end of period | $20.32 | $25.51 | $20.64 | $21.26 | $29.20 | $21.25 |
| **Total Return<sup>(a)</sup>** | (2.75)%<sup>(b)</sup> | 39.37% | 6.44% | (17.16)% | 40.89% | 4.65% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57012 | $64988 | $62265 | $82373 | $115544 | $91379 |
| Before waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.02 %<sup>(c)</sup> | 0.98% | 0.91% | 0.87% | 0.86% | 0.91% |
| After waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75 %<sup>(c)</sup> | 0.75% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.47 %<sup>(c)</sup> | 0.63% | 1.21% | 1.14% | 0.65% | 1.10% |
| Portfolio turnover rate<sup>(d)</sup> | 13 %<sup>(b)</sup> | 12% | 55% | 38% | 30% | 57% |

---

(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.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole
 without distinguishing among the classes of shares.

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

**Dana Large Cap Equity Fund – Investor Class**

**Financial Highlights**

*(For a share oustanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $25.56 | $20.65 | $21.26 | $29.20 | $21.26 | $22.69 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.15 | 0.20 | 0.22 | 0.10 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.40) | 7.35 | 1.03 | (4.60) | 8.39 | 0.87 |
| Total from investment operations | (0.37) | 7.50 | 1.23 | (4.38) | 8.49 | 1.05 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.08) | (0.22) | (0.19) | (0.11) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (4.78) | (2.51) | (1.62) | (3.37) | (0.44) | (2.30) |
| Total distributions | (4.81) | (2.59) | (1.84) | (3.56) | (0.55) | (2.48) |
| Net asset value, end of period | $20.38 | $25.56 | $20.65 | $21.26 | $29.20 | $21.26 |
| **Total Return<sup>(a)</sup>** | (2.82)%<sup>(b)</sup> | 38.97% | 6.22% | (17.38)% | 40.48% | 4.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5471 | $6741 | $18797 | $19932 | $26537 | $24615 |
| Before waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.27 %<sup>(c)</sup> | 1.22% | 1.16% | 1.12% | 1.11% | 1.16% |
| After waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.00 %<sup>(c)</sup> | 0.99% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.22 %<sup>(c)</sup> | 0.43% | 0.95% | 0.89% | 0.40% | 0.85% |
| Portfolio turnover rate<sup>(d)</sup> | 13 %<sup>(b)</sup> | 12% | 55% | 38% | 30% | 57% |

---

(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.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole
 without distinguishing among the classes of shares.

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

**Dana Epiphany Small Cap Equity Fund – Institutional Class Financial Highlights**

*(For a share oustanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended <br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $14.63 | $10.94 | $11.62 | $15.91 | $9.82 | $10.24 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.01 | 0.01 | 0.04 | 0.01 | (0.03) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.77) | 3.71 | (0.14) | (3.02) | 6.12 | (0.42) |
| Total from investment operations | (1.76) | 3.72 | (0.10) | (3.01) | 6.09 | (0.41) |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.03) | (0.04) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.65) |  | (0.54) | (1.28) |  |  |
| Total distributions | (0.66) | (0.03) | (0.58) | (1.28) |  | (0.01) |
| Net asset value, end of period | $12.21 | $14.63 | $10.94 | $11.62 | $15.91 | $9.82 |
| **Total Return<sup>(a)</sup>** | (12.60)%<sup>(b)</sup> | 34.04% | (0.81)% | (20.59)% | 62.02% | (4.04)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26409 | $31878 | $23263 | $13458 | $17439 | $9861 |
| Before waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.46 %<sup>(c)</sup> | 1.47% | 1.52% | 1.95% | 2.05% | 2.58% |
| After waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.95 %<sup>(c)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.20 %<sup>(c)</sup> | 0.11% | 0.33% | 0.06% | (0.24)% | 0.02% |
| Portfolio turnover rate | 21 %<sup>(b)</sup> | 47% | 59% | 82% | 92% | 88% |

---

(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.*

**Dana Epiphany Equity Fund – Institutional Class Financial Highlights**

*(For a share oustanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended <br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.13 | $11.32 | $11.51 | $13.97 | $10.25 | $11.58 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.08 | 0.11 | 0.11 | 0.06 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.50) | 3.82 | (0.19) | (2.27) | 3.87 | 0.47 |
| Total from investment operations | (0.47) | 3.90 | (0.08) | (2.16) | 3.93 | 0.56 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.09) | (0.11) | (0.11) | (0.06) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.24) |  |  | (0.19) | (0.15) | (1.79) |
| Total distributions | (0.26) | (0.09) | (0.11) | (0.30) | (0.21) | (1.89) |
| Net asset value, end of period | $14.40 | $15.13 | $11.32 | $11.51 | $13.97 | $10.25 |
| **Total Return<sup>(a)</sup>** | (3.26)%<sup>(b)</sup> | 34.49% | (0.71)% | (15.76)% | 38.70% | 4.76% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $63045 | $64564 | $59576 | $72991 | $67557 | $13062 |
| Before waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.01 %<sup>(c)</sup> | 1.01% | 0.98% | 0.96% | 1.12% | 2.00% |
| After waiver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.85 %<sup>(c)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.33 %<sup>(c)</sup> | 0.57% | 0.90% | 0.91% | 0.57% | 0.89% |
| Portfolio turnover rate | 17 %<sup>(b)</sup> | 37% | 60% | 33% | 18% | 67% |

---

(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.*

**Dana Funds**

**Notes to the Financial Statements**

*April 30, 2025 - (Unaudited)*

**NOTE 1. ORGANIZATION**

The Dana Large Cap Equity Fund (the "Large Cap Fund"), the Dana Epiphany Small Cap Equity Fund (the "Small Cap Fund"), and the Dana Epiphany Equity Fund (the "Epiphany Equity Fund") (each a "Fund" and collectively, the "Funds") are each 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 ("Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Board. The investment adviser to the Funds is Dana Investment Advisors, Inc. (the "Adviser"). Each Fund seeks long-term growth of capital.

The Large Cap Fund currently offers Investor Class shares and Institutional Class shares. The Small Cap Fund and Epiphany Equity Fund currently offer Institutional Class shares. The only difference between the classes is the Investor Class 12b-1 fee that is discussed in Note 4. Each share represents an equal proportionate interest in the assets and liabilities belonging to the Fund and is entitled to such dividends and distributions out of income belonging to the Fund as declared by the Board.

Each Fund operates as a single operating segment. Each 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 each Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies," including Accounting Standard Update 2013-08. The following is a summary of significant accounting policies followed by the Funds in the preparation of their 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.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

**Federal Income Taxes** – The Funds make no provision for federal income or excise tax. Each 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. Each 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 Funds could incur a tax expense.

As of and during the six months ended April 30, 2025, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations when incurred. During the six months ended April 30, 2025, the Funds did not incur any interest or penalties. Management of the Funds 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 based on each fund's relative net assets or another appropriate basis (as determined by the Board). Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire fund.

**Security Transactions and Related Income –** The Funds follow industry practice and record 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. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

The Funds may hold Real Estate Investment Trusts ("REITs") which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the REIT's underlying taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from REITs that represent a return of capital or capital gains are recorded as a reduction of the cost of the REITs or as a realized gain, respectively.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

**Dividends and Distributions –** The Funds intend to distribute substantially all of their net investment income, if any, at least quarterly. The Funds intend to distribute their net realized long-term and short-term capital gains, if any, annually. 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 year 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 in the components of the 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 Funds.

**Share Valuation –** The NAV per share of each class of each Fund is calculated each day the New York Stock Exchange ("NYSE") is open by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class.

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

Each 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 a 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.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

Various inputs are used in determining the value of each 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 Funds' 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.

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.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

In accordance with the Trust's valuation policies, 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 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 Funds' investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $62190014 | $— | $— | $62190014 |
| Money Market Funds | 611658 |  |  | 611658 |
| Total | $62801672 | $— | $— | $62801672 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $26065718 | $— | $— | $26065718 |
| Money Market Funds | 281565 |  |  | 281565 |
| Total | $26347283 | $— | $— | $26347283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Epiphany Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $62326916 | $— | $— | $62326916 |
| Money Market Funds | 613226 |  |  | 613226 |
| Total | $62940142 | $— | $— | $62940142 |

---

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

The Funds did not hold any investments during or at the end of the reporting period in 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.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

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

The Adviser, under the terms of the management agreement for each Fund, manages the Funds' investments subject to oversight of the Board. As compensation for its management services, the Funds are obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 0.65%, 0.75% and 0.65% of the average daily net assets of the Large Cap Fund, the Small Cap Fund and the Epiphany Equity Fund, respectively.

The Adviser has contractually agreed to waive its management fee and/or reimburse certain operating expenses through February 28, 2026, but only to the extent necessary so that the Funds' net expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, fees and expenses paid under a distribution plan adopted pursuant to Rule 12b-1, fees and expenses paid under a shareholder services plan, and indirect expenses (such as "acquired fund fees and expenses") do not exceed 0.75% of the average daily net assets of the Institutional Class and the Investor Class for the Large Cap Fund, 0.95% of the average daily net assets of the Institutional Class for the Small Cap Fund, and 0.85% of the average daily net assets of the Institutional Class for the Epiphany Equity Fund..

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the applicable Fund within three years following the date in which 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 waiver or expense reimbursement, and the expense limitation in effect at the time of the repayment. The expense limitation agreements may not be terminated except by mutual consent of the Adviser and the Board.

The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Through** | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| October 31, 2025 | $88208 | $83547 | $47329 |
| October 31, 2026 | 185548 | 143132 | 85812 |
| October 31, 2027 | 182241 | 153069 | 101548 |
| April 30, 2028 | 91386 | 77226 | 51338 |

---

The Trust retains Ultimus Fund Solutions, LLC ("Ultimus" or "Administrator") to provide the Funds with administration, fund accounting and transfer agent services, including all regulatory reporting.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer and an Anti-Money Laundering Compliance 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 Funds.

The officers of the Trust are members of management and/or employees of the Administrator or of NLCS and are not paid by the Trust for services to the Funds. Ultimus Fund Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Ultimus, acts as the distributor of the Funds' shares. There were no payments made to the Distributor by the Funds for the six months ended April 30, 2025.

The Trust, with respect to the Large Cap Fund, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Large Cap Fund will pay the Distributor and any registered securities dealer, financial institution or any other person (a "Recipient") a shareholder servicing fee aggregating at a rate of 0.25% of the average daily net assets for the Investor Class shares in connection with the promotion and distribution of the Large Cap Fund's shares or the provision of shareholder support 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 Investor Class shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Large Cap Fund or Distributor may pay all or a portion of these fees to any Recipient who renders assistance in distributing or 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 paid 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 Large Cap Fund to reach and maintain a sufficient size to achieve efficiently its investment objectives and to realize economies of scale.

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

For the six months ended April 30, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large Cap Fund | $8904385 | $16097341 |
| Small Cap Fund | 6382977 | 8025644 |
| Epiphany Fund | 11430970 | 10858474 |

---

There were no purchases or sales of long-term U.S. government obligations during the six months ended April 30, 2025.

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

**NOTE 6. FEDERAL TAX INFORMATION**

At April 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| Gross unrealized appreciation | $22633861 | $4040593 | $13302752 |
| Gross unrealized depreciation | (1410505) | (2451920) | (2036924) |
| Net unrealized appreciation/(depreciation) on investments | 21223356 | 1588673 | 11265828 |
| Tax cost of investments | 41578316 | 24758610 | 51674314 |

---

At April 30, 2025, the difference between book basis and tax basis unrealized appreciation for the Large Cap Fund, Small Cap Fund and Epiphany Equity Fund was attributable primarily to the tax deferral of losses on wash sales.

The tax character of distributions paid for the fiscal year ended October 31, 2024, the Funds' most recent fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $551947 | $43745 | $404951 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 9148024 | 23982 |  |
| Total distributions paid | $9699971 | $67727 | $404951 |

---

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

At October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| Undistributed ordinary income | $2579094 | $— | $30356 |
| Undistributed long-term capital gains | 10736596 | 1399901 | 1002889 |
| Unrealized appreciation on investments | 27799937 | 5706085 | 14021584 |
| Total accumulated earnings | $41115627 | $7105986 | $15054829 |

---

**NOTE 7. SECTOR RISK**

If a 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

**Dana Funds**

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

*April 30, 2025 - (Unaudited)*

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 April 30, 2025, the Large Cap Fund and Epiphany Equity Fund had 32.16% and 33.13% of the value of their net assets invested in stocks within the Technology sector, respectively.

**NOTE 8. 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 Funds. 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 Funds 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**

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (855) 280-9648 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](slow_001.jpg)

**Slow Capital Growth Fund**

**Semi-Annual Financial Statements**

**and Additional Information**

**April 30, 2025**

**Slow Capital, Inc.**

**300-B Crakes Landing Rd, Suite 190**

**Greenbrae, CA 94904**

**(833) 377-2715**

**Slow Capital Growth Fund**

**Schedule of Investments**

*April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.80%** |  |  |
| **Communications — 14.31%** |  |  |
| Alphabet, Inc., Class A | 14026 | $2227329 |
| Netflix, Inc.<sup>(a)</sup> | 3299 | 3733544 |
| Spotify Technology S.A.<sup>(a)</sup> | 5136 | 3153401 |
|  |  | 9114274 |
| **Consumer Discretionary — 17.05%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 15315 | 2824392 |
| MercadoLibre, Inc.<sup>(a)</sup> | 1389 | 3237551 |
| Ross Stores, Inc. | 12665 | 1760435 |
| Tesla, Inc.<sup>(a)</sup> | 10747 | 3032374 |
|  |  | 10854752 |
| **Consumer Staples — 4.75%** |  |  |
| Clorox Co. (The) | 8602 | 1224065 |
| Costco Wholesale Corp. | 1813 | 1803028 |
|  |  | 3027093 |
| **Energy — 1.71%** |  |  |
| First Solar, Inc.<sup>(a)</sup> | 8656 | 1089098 |
| **Financials — 1.94%** |  |  |
| Chubb Ltd. | 4325 | 1237296 |
| **Health Care — 12.20%** |  |  |
| Illumina, Inc.<sup>(a)</sup> | 15398 | 1194885 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 5055 | 2607368 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 1042 | 1115534 |
| Regeneron Pharmaceuticals, Inc. | 2984 | 1786700 |
| Repligen Corp.<sup>(a)</sup> | 7722 | 1065559 |
|  |  | 7770046 |
| **Industrials — 2.27%** |  |  |
| Deere & Co. | 3124 | 1448161 |
| **Real Estate — 2.14%** |  |  |
| American Tower Corp. | 6047 | 1363054 |
| **Technology — 42.43%** |  |  |
| Accenture PLC, Class A | 4048 | 1210959 |
| Analog Devices, Inc. | 8908 | 1736347 |
| Apple, Inc. | 9912 | 2106300 |
| Autodesk, Inc.<sup>(a)</sup> | 6335 | 1737374 |
| Broadcom, Inc. | 15530 | 2989059 |
| CrowdStrike Holdings, Inc., Class A<sup>(a)</sup> | 5787 | 2481871 |
| Datadog, Inc., Class A<sup>(a)</sup> | 18320 | 1871571 |
| HubSpot, Inc.<sup>(a)</sup> | 3078 | 1882197 |
| Nvidia Corp. | 24555 | 2674531 |
| ON Semiconductor Corp.<sup>(a)</sup> | 29687 | 1178574 |
| ServiceNow, Inc.<sup>(a)</sup> | 2826 | 2698859 |
| Synopsys, Inc.<sup>(a)</sup> | 3865 | 1774074 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 5189 | 1212617 |

---

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

**Slow Capital Growth Fund**

**Schedule of Investments (continued)**

*April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.80% - continued** |  |  |
| **Technology — 42.43% - continued** |  |  |
| Workday, Inc., Class A<sup>(a)</sup> | 5958 | $1459710 |
|  |  | 27014043 |
| **Total Common Stocks (Cost $67,164,800)** |  | 62917817 |
| **Other Assets in Excess of Liabilities — 1.20%** |  | 761963 |
| **NET ASSETS — 100.00%** |  | $63679780 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

ETF - Exchange-Traded Fund

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

**Slow Capital Growth Fund**

**Statement of Assets and Liabilities**

*April 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** | |
| Investments in securities at fair value (cost $67,164,800) (Note 3) | $62917817 |
| Cash and Cash Equivalents | 809767 |
| Dividends and interest receivable | 21626 |
| Prepaid expenses | 4603 |
| **Total Assets** | 63753813 |
| **Liabilities** |  |
| Payable to Adviser (Note 4) | 27566 |
| Payable to affiliates (Note 4) | 25037 |
| Payable to Trustees | 3499 |
| Other accrued expenses | 17931 |
| **Total Liabilities** | 74033 |
| **Net Assets** | $63679780 |
| **Net Assets consist of:** |  |
| Paid-in capital | $68004376 |
| Accumulated deficits | (4324596) |
| **Net Assets<sup>(a)</sup>** | $63679780 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 7137436 |
| **Net asset value ("NAV"), offering and redemption price per share (Note 2)** | $8.92 |

---

(a) The
 Fund charges a 2.00% redemption fee on shares redeemed within 90 calendar days of purchase. Shares are redeemed at the Net Asset Value
 if held longer than 90 calendar days.

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

**Slow Capital Growth Fund**

**Statement of Operations**

*For the Period Ended April 30, 2025<sup>(a)</sup> (Unaudited)*

---

| | |
|:---|:---|
| **Investment Income** | |
| Dividend income (net of foreign taxes withheld of $934) | $77105 |
| Interest income | 15647 |
| **Total investment income** | 92752 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 85245 |
| Administration (Note 4) | 33521 |
| Transfer agent fees (Note 4) | 11319 |
| Audit and tax preparation fees | 8692 |
| Compliance service fees (Note 4) | 8418 |
| Legal fees | 7816 |
| Trustee fees | 7390 |
| Printing and postage expenses | 5839 |
| Custodian fees | 2405 |
| Registration expenses | 392 |
| Insurance expenses | 2 |
| Miscellaneous | 10910 |
| **Total expenses** | 181949 |
| Fees contractually waived by Adviser (Note 4) | (11584) |
| **Net operating expenses** | 170365 |
| **Net investment loss** | (77613) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net change in unrealized depreciation of investment securities | (4246983) |
| **Net realized and change in unrealized loss on investments** | (4246983) |
| **Net decrease in net assets resulting from operations** | $(4324596) |

---

(a) For
 the period December 6, 2024 (commencement of operations) to April 30, 2025.

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

**Slow Capital Growth Fund**

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> April 30,<br> 2025<sup>(a)</sup>** |
|  | **(Unaudited)** |
| **Increase (Decrease) in Net Assets due to:** |  |
| **Operations** |  |
| Net investment loss | $(77613) |
| Net change in unrealized depreciation of investment securities | (4246983) |
| Net decrease in net assets resulting from operations | (4324596) |
| **Capital Transactions** |  |
| Proceeds from shares sold | 68004413 |
| Amount paid for shares redeemed | (38) |
| Proceeds from redemption fees<sup>(b)</sup> | 1 |
| Net increase in net assets resulting from capital transactions | 68004376 |
| **Total Increase in Net Assets** | 63679780 |
| **Net Assets** |  |
| Beginning of period | $— |
| **End of period** | $63679780 |
| **Share Transactions** |  |
| Shares sold | 7137440 |
| Shares redeemed | (4) |
| Net increase in shares outstanding | 7137436 |

---

(a) For
 the period December 6, 2024 (commencement of operations) to April 30, 2025.

(b) The
 Fund charges a 2.00% redemption fee on shares redeemed within 90 calendar days of purchase. Shares are redeemed at the Net Asset Value
 if held longer than 90 calendar days.

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

**Slow Capital Growth Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended**<br> **April 30,<br> 2025<sup>(a)</sup>** |
| **Selected Per Share Data** | |
| **Net asset value, beginning of period** | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.08) |
| Less distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |
| **Net asset value, end of period** | $8.92 |
| **Total Return<sup>(b)</sup>** | (10.80)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $63680 |
| Ratio of expenses to average net assets after expense waiver | 0.99 %<sup>(d)</sup> |
| Ratio of expenses to average net assets before expense waiver | 1.05 %<sup>(d)</sup> |
| Ratio of net investment loss to average net assets after expense waiver | (0.45)%<sup>(d)</sup> |
| Portfolio turnover rate | — %<sup>(c)</sup> |

---

(a) For
 the period December 6, 2024 (commencement of operations) to April 30, 2025.

(b) 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.

(c) Not
 annualized.

(d) Annualized.

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

**Slow Capital Growth Fund**

**Notes to the Financial Statements**

*April 30, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

The Slow Capital Growth Fund (the "Fund") is a diversified series of Valued Advisers Trust (the "Trust"). The Trust was established under the laws of Delaware by an Agreement and Declaration of Trust dated June 13, 2008 (the "Trust Agreement") and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). 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 Slow Capital, Inc. (the "Adviser"). The investment objective of the Fund is to provide 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 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.

**Slow Capital Growth Fund**

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

*April 30, 2025 (Unaudited)*

As of and during the period ended April 30, 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 period ended April 30, 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).

**Redemption Fees** – The Fund charges a 2.00% redemption fee, for shares redeemed within 90 calendar days of purchase. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as an increase in paid-in capital and such fees become part of the Fund's daily net asset value ("NAV") calculation.

**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.

**Slow Capital Growth Fund**

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

*April 30, 2025 (Unaudited)*

**Share Valuation** – The NAV is calculated each day the New York Stock Exchange (the "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

**Slow Capital Growth Fund**

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

*April 30, 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.

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,

**Slow Capital Growth Fund**

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

*April 30, 2025 (Unaudited)*

however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

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 April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
| Common Stocks<sup>(a)</sup> | $62917817 | $— | $— | $62917817 |  |
| Total | $62917817 | $— | $— | $62917817 |  |

---

(a) 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 0.50% of the average daily net assets of the Fund. For the six months ended April 30, 2025, the Adviser earned a fee of $85,245 from the Fund before the waivers described below. At April 30, 2025, the Fund owed the Adviser $27,566.

The Adviser has contractually agreed to waive or limit its fees and to assume certain Fund operating expenses, until February 28, 2027, so that total annual operating expenses do not exceed 1.00%. 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

**Slow Capital Growth Fund**

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

*April 30, 2025 (Unaudited)*

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 that have their own expenses. For the six months ended April 30, 2025, the Adviser waived fees of $11,584.

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 April 30, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| July 31, 2028 | 11584 |

---

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 period ended April 30, 2025.

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

For the period ended April 30, 2025, purchases and sales of investment securities, other than short-term investments, were $67,164,800 and $–, respectively.

There were no purchases or sales of long-term U.S. government obligations during the period ended April 30, 2025.

**Slow Capital Growth Fund**

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

*April 30, 2025 (Unaudited)*

**NOTE 6. FEDERAL TAX INFORMATION**

At April 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $3170064 |
| Gross unrealized depreciation | (7417047) |
| Net unrealized depreciation on investments | $(4246983) |
| Tax cost of investments | $67164800 |

---

**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 April 30, 2025, the Fund had 42.43% 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**

At a meeting held on September 3-4, 2024, the Board of Trustees (the "Board") considered the approval of the Investment Advisory Agreement (the "Slow Capital Agreement") between Valued Advisers Trust (the "Trust") and Slow Capital, Inc. ("Slow Capital") with respect to the Slow Capital Growth Fund (the "Slow Capital Fund"). Slow Capital provided written information to the Board to assist the Board in its considerations.

The Board discussed the proposed contractual arrangements between Slow Capital and the Trust with respect to the Slow Capital Fund. Trust counsel reminded the Trustees of their fiduciary duties and responsibilities, including the factors to be considered, and the application of those factors to Slow Capital. The Trustees considered the information provided for their review in advance of the meeting, which included, among other things, a letter from counsel to Slow Capital, Slow Capital's response to that letter, financial information relating to Slow Capital, and Slow Capital's Form ADV. The Board did not identify any particular information that was most relevant to its consideration to approve the Slow Capital Agreement and each Trustee may have afforded different weight to the various factors.

1. The nature, extent, and quality of the services to be provided by Slow Capital. In this regard, the Board considered responsibilities that Slow Capital would have under the Slow Capital Agreement. The Trustees considered the services proposed to be provided by Slow Capital to the Slow Capital Fund, including without limitation: Slow Capital's procedures for formulating investment recommendations and assuring compliance with the Slow Capital Fund's investment objectives and limitations; the efforts of Slow Capital during the Slow Capital Fund's start-up phase, its anticipated coordination of services for the Slow Capital Fund among the Slow Capital Fund's service providers, and its anticipated efforts to promote the Slow Capital Fund and grow its assets. The Trustees considered Slow Capital's continuity of, and commitment to retain, qualified personnel and Slow Capital's commitment to maintain and enhance its resources and systems, and Slow Capital's cooperation with the Board and counsel for the Slow Capital Fund. The Trustees considered Slow Capital's personnel, including the education and experience of Slow Capital's personnel. After considering the foregoing information and further information in the Meeting materials provided by Slow Capital (including Slow Capital's Form ADV), the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services proposed to be provided by Slow Capital will be satisfactory and adequate for the Slow Capital Fund.

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

2. Investment Performance of the Slow Capital Fund and Slow Capital. The Board noted that the Slow Capital Fund had not commenced operations and, thus, did not have investment performance information to review. The Trustees reviewed information regarding the performance of Slow Capital's accounts with a strategy similar to the Slow Capital Fund. The Board reflected upon their discussions with personnel of Slow Capital, a review of such persons' background and qualifications, and the anticipated implementation of the Slow Capital Fund's investment strategies. After reviewing the information provided, the Board concluded, in light of the foregoing factors, that the investment performance of Slow Capital was satisfactory.

3. The costs of the services to be provided and profits to be realized by Slow Capital from the relationship with the Slow Capital Fund. In this regard, the Board considered: the financial condition of Slow Capital and the level of commitment to the Slow Capital Fund and Slow Capital by the principals of Slow Capital; the projected asset levels of the Slow Capital Fund; Slow Capital's payment of startup costs for the Slow Capital Fund; and the overall anticipated expenses of the Slow Capital Fund, including the expected nature and frequency of advisory fee payments. The Board also considered potential benefits for Slow Capital in managing the Slow Capital Fund. The Board compared the expected fees and expenses of the Slow Capital Fund (including the management fee) to other funds included in its expected Morningstar category and its custom peer group. They noted that the Slow Capital Fund's proposed management fee was below the category average and median, and the expected net expense ratio was above the category median and the category average. They also noted that the proposed management fee was lower than the peer group average and median and the expected net expense ratio was higher than the peer group average and median. Following this comparison and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Slow Capital by the Slow Capital Fund were fair and reasonable in light of the services to be provided.

4. The extent to which economies of scale would be realized as the Slow Capital Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Slow Capital Fund's investors. In this regard, the Board considered the Slow Capital Fund's fee arrangements with Slow Capital. The Board noted that the management fee would stay the same as asset levels increased, although it also noted that the shareholders of the Slow Capital Fund would benefit from the Expense Limitation Agreement. The Board also noted that the Slow Capital Fund would benefit from economies of scale under the Trust's agreements with service providers other than Slow Capital. Following further discussion of the Slow Capital Fund's projected asset levels, expectations for growth, and levels of fees, the Board determined that the Slow Capital Fund's fee arrangements with Slow Capital were fair and reasonable in relation to the nature and quality of the services to be provided by Slow Capital.

5. Possible conflicts of interest and benefits to Slow Capital. In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Slow Capital Fund; the basis of decisions to buy or sell securities for the Slow Capital Fund and/or Slow Capital's other accounts; the substance and administration of Slow Capital's code of ethics and other relevant policies described in Slow Capital's Form ADV. Following further consideration and discussion, the Board determined that Slow Capital's standards and practices relating to the identification and mitigation of potential conflicts of interest were satisfactory and

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

the anticipated benefits to be realized by Slow Capital from managing the Slow Capital Fund were acceptable.

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

**Proxy Voting**

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 833-377-2715 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](kovitz_001.jpg)

**Kovitz Core Equity ETF**

**Semi-Annual Financial Statements**

**and Additional Information**

**April 30, 2025**

**Fund Adviser:**

**Kovitz Investment Group Partners, LLC**

**71 South Wacker Drive, Suite 1860**

**Chicago, IL 60606**

**Toll Free (877) 714-2327**

**Kovitz Core Equity ETF**

**Schedule of Investments**

*April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS —96.04%** |  |  |
| **Communications — 11.51%** |  |  |
| Alphabet, Inc., Class A | 24678 | $3918866 |
| Alphabet, Inc., Class C | 266065 | 42807198 |
| Meta Platforms, Inc., Class A | 71990 | 39522510 |
| Universal Music Group NV - ADR | 3081745 | 44931842 |
|  |  | 131180416 |
| **Consumer Discretionary — 10.04%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 273965 | 50524625 |
| CarMax, Inc.<sup>(a)</sup> | 496333 | 32097855 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 151070 | 10792441 |
| Lowe's Companies, Inc. | 93982 | 21010616 |
|  |  | 114425537 |
| **Consumer Staples — 8.36%** |  |  |
| Dollar Tree, Inc.<sup>(a)</sup> | 428273 | 35019883 |
| Philip Morris International, Inc. | 351940 | 60308439 |
|  |  | 95328322 |
| **Financials — 24.89%** |  |  |
| American Express Co. | 78765 | 20983784 |
| Aon PLC, Class A | 93224 | 33074943 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 72225 | 38513980 |
| Charles Schwab Corp. (The) | 702967 | 57221514 |
| Fiserv, Inc.<sup>(a)</sup> | 195105 | 36010530 |
| Intercontinental Exchange, Inc. | 304550 | 51155264 |
| Visa, Inc., Class A | 135155 | 46696053 |
|  |  | 283656068 |
| **Health Care — 7.42%** |  |  |
| Abbott Laboratories | 5962 | 779532 |
| Becton, Dickinson and Co. | 220398 | 45642222 |
| Stryker Corp. | 4085 | 1527463 |
| Thermo Fisher Scientific, Inc. | 85425 | 36647325 |
|  |  | 84596542 |
| **Industrials — 15.64%** |  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 938677 | 20481932 |
| Ashtead Group PLC - ADR | 157881 | 33966518 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 851079 | 11344883 |
| Jacobs Solutions, Inc. | 339724 | 42057831 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 249347 | 36255054 |
| PACCAR, Inc. | 378690 | 34161625 |
|  |  | 178267843 |
| **Materials — 1.06%** |  |  |
| PPG Industries, Inc. | 111101 | 12094455 |
| **Technology — 17.12%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 52868 | 19824443 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 203534 | 19814035 |
| Analog Devices, Inc. | 95024 | 18522078 |
| Apple, Inc. | 73745 | 15670813 |
| Applied Materials, Inc. | 137047 | 20654353 |

---

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

**Kovitz Core Equity ETF**

**Schedule of Investments (continued)**

*April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 96.04% - continued** |  |  |
| **Technology — 17.12% - continued** |  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 229580 | $18887546 |
| Microsoft Corp. | 96079 | 37976185 |
| Oracle Corp. | 152916 | 21518340 |
| Salesforce, Inc. | 82783 | 22244620 |
|  |  | 195112413 |
| **Total Common Stocks/Investments — 96.04% (Cost $898,827,957)** |  | 1094661596 |
| **Other Assets in Excess of Liabilities — 3.96%** |  | 45156709 |
| **NET ASSETS — 100.00%** |  | $1139818305 |

---

(a) Non-income producing security.

ADR - American Depositary Receipt

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

**Kovitz Core Equity ETF**

**Statement of Assets and Liabilities**

*April 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $898,827,957) (Note 3) | $1094661596 |
| Cash | 45570770 |
| Dividends and interest receivable | 318683 |
| Tax reclaims receivable | 61525 |
| **Total Assets** | 1140612574 |
| **Liabilities** |  |
| Payable to Adviser (Note 4) | 794269 |
| **Total Liabilities** | 794269 |
| **Net Assets** | $1139818305 |
| **Net Assets consist of:** |  |
| Paid-in capital | $920345147 |
| Accumulated earnings | 219473158 |
| **Net Assets** | $1139818305 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 49973196 |
| Net asset value, offering and redemption price per share (Note 2) | $22.81 |

---

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

**Kovitz Core Equity ETF**

**Statement of Operations**

*For the Six Months Ended April 30, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $12,018) | $5949187 |
| Interest income | 855948 |
| **Total investment income** | 6805135 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 5845648 |
| **Total expenses** | 5845648 |
| **Net operating expenses** | 5845648 |
| **Net investment income** | 959487 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (32503227) |
| &nbsp;&nbsp;&nbsp;In-kind transactions | 92005178 |
| Net change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities transactions | (81314763) |
| **Net realized and change in unrealized loss on investments** | (21812812) |
| **Net decrease in net assets resulting from operations** | $(20853325) |

---

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

**Kovitz Core Equity ETF**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> April 30,<br> 2025** | **For the Year<br> Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $959487 | $4026677 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 59501951 | 110362528 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities | (81314763) | 171638165 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (20853325) | 286027370 |
| **Distributions to Shareholders from Earnings (Note 2)** | (3899002) | (2460068) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 204372555 | 320508463 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (199269405) | (276777154) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 5103150 | 43731309 |
| **Total Increase (Decrease) in Net Assets** | (19649177) | 327298611 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1159467482 | 832168871 |
| &nbsp;&nbsp;&nbsp;End of period | $1139818305 | $1159467482 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8625000 | 14900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (8450000) | (12750000) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 175000 | 2150000 |

---

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

**Kovitz Core Equity ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $23.28 | $17.46 | $17.74 | $26.41 | $17.94 | $18.81 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 | 0.08 | 0.06 | (0.04) | (0.04) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.41) | 5.79 | 1.47 | (4.44) | 9.10 | 0.05 |
| Total from investment operations | (0.39) | 5.87 | 1.53 | (4.48) | 9.06 | 0.08 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.05) | (0.01) |  | — <sup>(a)</sup> | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (1.80) | (4.19) | (0.59) | (0.78) |
| Total distributions | (0.08) | (0.05) | (1.81) | (4.19) | (0.59) | (0.95) |
| Net asset value, end of period | $22.81 | $23.28 | $17.46 | $17.74 | $26.41 | $17.94 |
| Market price, end of period | $22.79 | $23.25 | $17.48 | $— | $— | $— |
| **Total Return<sup>(b)</sup>** | (1.70)%<sup>(c)</sup> | 33.68% | 9.47% | (20.01)% | 51.56% | 0.23% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $1139818 | $1159467 | $832169 | $76576 | $99367 | $77665 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after expense waiver | 0.99 %<sup>(d)</sup> | 0.99% | 0.99% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before expense waiver | 0.99 %<sup>(d)</sup> | 0.99% | 1.00% | 1.30% | 1.28% | 1.34% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets after expense waiver | 0.16 %<sup>(d)</sup> | 0.39% | 0.26% | (0.18)% | (0.17)% | 0.15% |
| Portfolio turnover rate<sup>(e)</sup> | 21 %<sup>(c)</sup> | 25% | 20% | 26% | 20% | 46% |

---

(a) Rounds
 to less than $0.005 per share.

(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 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.*

**Kovitz Core Equity ETF**

**Notes to the Financial Statements**

*April 30, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

The Kovitz Core Equity ETF (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's investment adviser is Kovitz Investment Group Partners, LLC (the "Adviser"). The investment objective of the Fund is to provide 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 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.

**Kovitz Core Equity ETF**

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

*April 30, 2025 (Unaudited)*

As of and during the six months ended April 30, 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 April 30, 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.

**Time Deposits** – Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board). The Adviser has agreed to pay all regular and recurring expenses of the Fund under terms of the management agreement.

**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

**Kovitz Core Equity ETF**

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

*April 30, 2025 (Unaudited)*

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.

**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 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.)

**Kovitz Core Equity ETF**

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

*April 30, 2025 (Unaudited)*

● 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.

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.

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $1094661596 | $— | $— | $1094661596 |
| Total | $1094661596 | $— | $— | $1094661596 |

---

<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.

**Kovitz Core Equity ETF**

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

*April 30, 2025 (Unaudited)*

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

Under the terms of the management agreement, on behalf of the Fund, the Adviser is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, compensation paid to the Independent Board Members, legal, audit and other services, except for the fee payments to the Adviser under the Investment Advisory Agreement (also known as a "unitary advisory fee"), interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses (if any), litigation expenses and other extraordinary expenses. The Fund pays the Adviser a unitary advisory fee at an annual rate equal to 0.99% of the Fund's average daily net assets. For the six months ended April 30, 2025, the Adviser earned a fee of $5,845,649 from the Fund. At April 30, 2025, the Fund owed the Adviser $794,269.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting to the Fund.

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

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 April 30, 2025, purchases and sales of investment securities, other than short-term investments and in-kind transactions, were $268,525,577 and $237,015,122, respectively.

For the six months ended April 30, 2025, purchases and sales for in-kind transactions were $193,208,083 and $194,061,274, respectively.

For the six months ended April 30, 2025, the Fund had in-kind net realized gains of $92,005,178.

**Kovitz Core Equity ETF**

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

*April 30, 2025 (Unaudited)*

**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 shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the six months ended April 30, 2025, the Fund received $10,200 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** |
| $300 | 2.00%\* |

---

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

**NOTE 7. FEDERAL TAX INFORMATION**

At April 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $223623163 |
| Gross unrealized depreciation | (32267187) |
| Net unrealized appreciation on investments | $195355976 |
| Tax cost of investments | $903305620 |

---

**Kovitz Core Equity ETF**

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

*April 30, 2025 (Unaudited)*

At April 30, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on organizational expense amortization and tax deferral of wash sales.

The tax character of distributions paid for the fiscal year ended October 31, 2024, the Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $2460068 |
| Total distributions paid | $2460068 |

---

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

At October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $2671545 |
| Accumulated Capital and Other Losses | (31116799) |
| Unrealized Appreciation on Investments | 272670739 |
| Total Accumulated Earnings | $244225485 |

---

As of October 31, 2024, the Fund had short-term and long-term capital loss carryforwards of $7,528,657 and $23,587,613, 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.

**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 (877) 714-2327 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](smi_001.jpg)

**Sound Mind Investing Fund (SMIFX)**

**SMI Dynamic Allocation Fund (SMIDX)**

**SMI Multi-Strategy Fund (SMILX)**

**Semi-Annual Financial Statements**

**and Additional Information**

**April 30, 2025**

**Funds' Adviser:**

**SMI Advisory Services, LLC**

**4400 Ray Boll Blvd.**

**Columbus, IN 47203**

**(877) 764-3863**

**(877) SMI-FUND**

**www.smifund.com**

**Sound Mind Investing Fund**

**Schedule of Investments**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 75.12%** | | |
| Cambria Global Value ETF | 315540 | $8076246 |
| First Trust STOXX<sup>®</sup> European Select Dividend Index Fund | 427620 | 6127795 |
| Global X Defense Tech ETF | 21340 | 1106479 |
| Invesco International BuyBack Achievers ETF | 68360 | 3073466 |
| ProShares Ultra Communication Services ETF | 9180 | 716449 |
| ProShares Ultra Energy ETF | 17850 | 539427 |
| ProShares Ultra Financials ETF | 8340 | 696265 |
| SMI 3Fourteen Full-Cycle Trend ETF<sup>(a)(b)</sup> | 2034710 | 51518857 |
| **Total Exchange-Traded Funds (Cost $73,266,559)** |  | 71854984 |
| **MUTUAL FUNDS — 18.10%** |  |  |
| Aegis Value Fund, Inc., Institutional Class | 202196 | 8148497 |
| Artisan International Small Cap Fund, Investor Class<sup>(c)</sup> | 100 | 1768 |
| Artisan International Value Fund, Investor Class<sup>(c)</sup> | 40 | 2013 |
| Artisan Mid Cap Value Fund, Investor Class | 117 | 1719 |
| Champlain Small Company Fund, Institutional Class<sup>(c)</sup> | 100 | 2061 |
| Columbia Acorn Fund, Institutional Class<sup>(c)</sup> | 137 | 1466 |
| Delaware Ivy Large Cap Growth Fund, Class I<sup>(c)</sup> | 89 | 3317 |
| DFA International Small Cap Value Portfolio, Institutional Class | 100 | 2526 |
| DFA International Small Company Portfolio, Institutional Class | 100 | 2149 |
| DFA U.S. Small Cap Value Portfolio, Institutional Class | 38 | 1605 |
| Fidelity Select Telecommunications Portfolio | 17007 | 958333 |
| Franklin Small Cap Value Fund, Advisor Class | 29 | 1536 |
| Hartford International Opportunities Fund (The), Class Y | 98 | 2058 |
| Invesco Oppenheimer International Small-Mid Company Fund, Class Y | 47 | 1848 |
| Janus Henderson Mid Cap Value Fund, Class T | 111 | 1633 |
| Janus Henderson Venture Fund, Class T<sup>(c)</sup> | 17 | 1250 |
| JOHCM International Select Fund, Institutional Class | 100 | 2403 |
| JPMorgan Mid Cap Value Fund, Institutional Class | 46 | 1620 |
| JPMorgan Small Cap Equity Fund, Select Class | 31 | 1535 |
| JPMorgan Small Cap Growth Fund, Class L | 100 | 1916 |
| JPMorgan U.S. Research Enhanced Equity Fund, Institutional Class | 42 | 1730 |
| Kinetics Market Opportunities Fund, No Load Class | 45960 | 3949359 |
| Kinetics Paradigm Fund, Institutional Class<sup>(c)</sup> | 27630 | 4202006 |
| Longleaf Partners Fund | 79 | 1759 |
| Longleaf Partners Small-Cap Fund | 100 | 2674 |
| Lord Abbett Developing Growth Fund, Inc., Institutional Class<sup>(c)</sup> | 100 | 2531 |
| PRIMECAP Odyssey Aggressive Growth Fund | 40 | 1645 |
| Prudential Jennison International Opportunities, Class Z<sup>(c)</sup> | 64 | 2024 |
| Royce Premier Fund, Investment Class | 157 | 1533 |
| T. Rowe Price International Discovery Fund, Investor Class | 30 | 1973 |
| T. Rowe Price Mid-Cap Growth Fund, Investor Class<sup>(c)</sup> | 17 | 1596 |
| T. Rowe Price New Horizons Fund, Investor Class<sup>(c)</sup> | 32 | 1606 |
| T. Rowe Price Small-Cap Value Fund, Investor Class | 32 | 1550 |

---

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

**Sound Mind Investing Fund**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MUTUAL FUNDS — 18.10% - continued** | | |
| Virtus NFJ Small-Cap Value Fund, Institutional Class | 162 | $2230 |
| Wasatch International Growth Fund, Investor Class<sup>(c)</sup> | 77 | 1714 |
| **Total Mutual Funds (Cost $17,165,710)** |  | 17317183 |
| **MONEY MARKET FUNDS - 7.07%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(d)</sup> | 6767475 | 6767475 |
| **Total Money Market Funds (Cost $6,767,475)** |  | 6767475 |
| **Total Investments — 100.29% (Cost $97,199,744)** |  | 95939642 |
| **Liabilities in Excess of Other Assets — (0.29)%** |  | (278008) |
| **NET ASSETS — 100.00%** |  | $95661634 |

---

(a) Represents
 an investment greater than 25% of the Fund's net assets. Performance of the Fund may be adversely impacted by concentrated investments
 in securities. As of April 30, 2025, the percentage of net assets invested in SMI 3Fourteen Full-Cycle Trend ETF was 53.85% of the
 Fund. The financial statements and portfolio holdings for these securities can be found at www.sec.gov.

(b) Affiliated
 Company.

(c) Non-income
 producing security.

(d) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

ETF - Exchange-Traded Fund

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

**SMI Dynamic Allocation Fund**

**Schedule of Investments**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 76.01%** | | |
| BNY Mellon US Large Cap Core Equity ETF | 8460 | $895068 |
| Franklin FTSE Europe ETF | 8820 | 286826 |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 22110 | 922208 |
| Invesco QQQ Trust, Series 1 | 6240 | 2966933 |
| iShares Core U.S. REIT ETF | 4890 | 273547 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 25220 | 2723256 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 18070 | 1625577 |
| iShares MSCI EAFE ETF | 133540 | 11317516 |
| iShares MSCI Emerging Markets ex China ETF | 4930 | 279728 |
| iShares MSCI Global Metals & Mining Producers ETF<sup>(a)</sup> | 7690 | 270380 |
| ProShares S&P<sup>®</sup> 500<sup>®</sup> Dividend Aristocrats ETF | 13950 | 1369890 |
| Schwab High Yield Bond ETF | 136580 | 3546983 |
| Schwab Long-Term U.S. Treasury ETF | 33480 | 1074373 |
| Schwab U.S. Tips ETF | 50660 | 1359208 |
| SMI 3Fourteen Real Asset Allocation ETF<sup>(a)(b)</sup> | 304660 | 7356503 |
| SPDR<sup>®</sup> Bloomberg 1-3 Month T-Bill ETF | 122620 | 11246707 |
| SPDR<sup>®</sup> S&P<sup>®</sup> 500<sup>®</sup> ETF Trust | 5770 | 3199695 |
| USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund<sup>(a)</sup> | 67510 | 1366402 |
| Vanguard Energy Index Fund ETF | 2360 | 264131 |
| Vanguard Small-Cap Index Fund ETF | 1280 | 276672 |
| **Total Exchange-Traded Funds (Cost $51,071,457)** |  | 52621603 |
| **MUTUAL FUNDS — 3.17%** |  |  |
| AQR Diversifying Strategies Fund, Class I<sup>(a)</sup> | 169206 | 2192912 |
| **Total Mutual Funds (Cost $2,179,435)** |  | 2192912 |
| **CLOSED-END FUNDS — 19.93%** |  |  |
| Sprott Physical Gold Trust<sup>(a)</sup> | 548770 | 13796078 |
| **Total Closed-End Funds (Cost $9,489,578)** |  | 13796078 |
| **MONEY MARKET FUNDS - 0.30%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(c)</sup> | 206192 | 206192 |
| **Total Money Market Funds (Cost $206,192)** |  | 206192 |
| **Total Investments — 99.41% (Cost $62,946,662)** |  | 68816785 |
| **Other Assets in Excess of Liabilities — 0.59%** |  | 405531 |
| **NET ASSETS — 100.00%** |  | $69222316 |

---

(a) Non-income
 producing security.

(b) Affiliated
 Company.

(c) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

SPDR - Standard & Poor's Depositary Receipt

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

**SMI Multi-Strategy Fund**

**Schedule of Investments**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 70.11%** | | |
| BNY Mellon US Large Cap Core Equity ETF | 2470 | $261326 |
| Cambria Global Value ETF | 64450 | 1649598 |
| First Trust STOXX<sup>®</sup> European Select Dividend Index Fund | 114510 | 1640928 |
| Franklin FTSE Europe ETF | 3210 | 104389 |
| Global X Defense Tech ETF | 19910 | 1032334 |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 8230 | 343273 |
| Invesco International BuyBack Achievers ETF | 15620 | 702275 |
| Invesco QQQ Trust, Series 1 | 2270 | 1079317 |
| iShares Core US REIT ETF | 1880 | 105167 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9110 | 983698 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 6540 | 588338 |
| iShares MSCI EAFE ETF | 48200 | 4084950 |
| iShares MSCI Emerging Markets ex China ETF | 1770 | 100430 |
| iShares MSCI Global Metals & Mining Producers ETF | 2890 | 101612 |
| ProShares S&P<sup>®</sup> 500<sup>®</sup> Dividend Aristocrats ETF | 5010 | 491982 |
| ProShares Ultra Energy ETF | 17850 | 539427 |
| Schwab High Yield Bond ETF | 49270 | 1279542 |
| Schwab Long-Term U.S. Treasury ETF | 12220 | 392140 |
| Schwab U.S. Tips ETF | 18250 | 489648 |
| SMI 3Fourteen Full-Cycle Trend ETF<sup>(b)</sup> | 412260 | 10438423 |
| SMI 3Fourteen Real Asset Allocation ETF<sup>(a)(b)</sup> | 99430 | 2400897 |
| SPDR<sup>®</sup>Bloomberg 1-3 Month T-Bill ETF | 46290 | 4245719 |
| SPDR<sup>®</sup>S&P<sup>®</sup> 500<sup>®</sup> ETF Trust | 2210 | 1225533 |
| USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund<sup>(a)</sup> | 24080 | 487379 |
| Vanguard Energy Index Fund ETF | 860 | 96251 |
| Vanguard Small-Cap Index Fund ETF | 490 | 105914 |
| **Total Exchange-Traded Funds (Cost $34,737,831)** |  | 34970490 |
| **MUTUAL FUNDS — 15.27%** |  |  |
| Aegis Value Fund, Inc., Institutional Class | 50000 | 2014989 |
| AQR Diversifying Strategies Fund, Class I<sup>(a)</sup> | 60828 | 788337 |
| Fidelity Select Telecommunications Portfolio | 15867 | 894125 |
| Invesco International Small-Mid Company Fund, Class Y<sup>(a)</sup> | 100 | 3905 |
| Kinetics Market Opportunities Fund, Institutional Class | 9216 | 791952 |
| Kinetics Paradigm Fund, Institutional Class<sup>(a)</sup> | 7889 | 1199811 |
| Lord Abbett Developing Growth Fund, Inc., Institutional Class<sup>(a)</sup> | 100 | 2531 |
| Profunds Communication Services UltraSector Fund, Investor Class | 20817 | 940738 |
| ProFunds Financials UltraSector Fund, Investor Class | 23662 | 979148 |
| Wasatch International Growth Fund, Investor Class<sup>(a)</sup> | 100 | 2223 |
| **Total Mutual Funds (Cost $7,687,966)** |  | 7617759 |

---

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

**SMI Multi-Strategy Fund**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **CLOSED-END FUNDS — 10.45%** | | |
| Sprott Physical Gold Trust<sup>(a)</sup> | 207380 | $5213533 |
| **Total Closed-End Funds (Cost $3,695,852)** |  | 5213533 |
| **MONEY MARKET FUNDS - 3.11%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26%<sup>(c)</sup> | 1548900 | 1548900 |
| **Total Money Market Funds (Cost $1,548,900)** |  | 1548900 |
| **Total Investments — 98.94% (Cost $47,670,549)** |  | 49350682 |
| **Other Assets in Excess of Liabilities — 1.06%** |  | 528356 |
| **NET ASSETS — 100.00%** |  | $49879038 |

---

(a) Non-income
 producing security.

(b) Affiliated
 Company.

(c) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

SPDR - Standard & Poor's Depositary Receipt

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

**SMI Funds**

**Statements of Assets and Liabilities**

*April 30, 2025 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Sound Mind<br> Investing<br> Fund** | **SMI<br> Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $44,570,910, $55,455,052 and $34,543,256) (Note 3) | $44420785 | $61460282 | $36511363 |
| Investment in affiliates, at value (cost $52,628,834, $7,491,610 and $13,127,293) | 51518857 | 7356503 | 12839319 |
| Receivable for fund shares sold | 1525 | 384 |  |
| Receivable for investments sold |  | 8063175 | 2948582 |
| Dividends receivable | 1386 | 327 | 852 |
| Prepaid expenses | 14987 | 19030 | 16263 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 95957540 | 76899701 | 52316379 |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 206118 | 6883 | 2561 |
| Payable for investments purchased |  | 7591770 | 2383391 |
| Payable to Adviser (Note 4) | 64794 | 56080 | 33628 |
| Payable to Administrator (Note 4) | 7667 | 6925 | 6925 |
| Payable to trustees | 2743 | 2379 | 2379 |
| Other accrued expenses | 14584 | 13348 | 8457 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 295906 | 7677385 | 2437341 |
| **Net Assets** | $95661634 | $69222316 | $49879038 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | 93309969 | 58896103 | 46352827 |
| Accumulated earnings | 2351665 | 10326213 | 3526211 |
| **Net Assets** | $95661634 | $69222316 | $49879038 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 10126952 | 5503109 | 4928484 |
| Net asset value, offering and redemption price per share (Note 2) | $9.45 | $12.58 | $10.12 |

---

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

**SMI Funds**

**Statements of Operations**

*For the six months ended April 30, 2025 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Sound Mind<br> Investing Fund** | **SMI Dynamic<br> Allocation Fund** | **SMI Multi-<br> Strategy Fund** |
| **Investment Income** |  |  |  |
| Dividend income | $288875 | $563952 | $375232 |
| Dividend income from affiliated investments | 89943 |  | 18073 |
| Interest income |  | 144388 | 50657 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 378818 | 708340 | 443962 |
| **Expenses** |  |  |  |
| Investment Adviser fees (Note 4) | 512985 | 360471 | 232197 |
| Administration fees (Note 4) | 19397 | 17043 | 17043 |
| Fund accounting fees (Note 4) | 14876 | 14876 | 14876 |
| Registration fees | 11327 | 11522 | 10844 |
| Audit and tax preparation fees | 9720 | 9720 | 9720 |
| Legal fees | 9407 | 9252 | 9425 |
| Trustee fees (Note 4) | 8045 | 8045 | 8045 |
| Printing and postage expenses | 7484 | 4891 | 4214 |
| Transfer agent fees (Note 4) | 7121 | 7439 | 7439 |
| Compliance service fees (Note 4) | 5060 | 4959 | 4959 |
| Custodian fees | 3323 | 3322 | 3134 |
| Line of credit | 3275 | 2228 | 1630 |
| Insurance expenses | 1951 | 1806 | 1749 |
| Interest expense | 439 | 532 | 282 |
| Miscellaneous expenses | 18864 | 15223 | 11959 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 633274 | 471329 | 337516 |
| Fees voluntarily waived by Adviser | (76948) |  | (15479) |
| **Net operating expenses** | 556326 | 471329 | 322037 |
| **Net investment income (loss)** | (177508) | 237011 | 121925 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Long term capital gain dividends from investment companies | 2305234 | 15607 | 431524 |
| Net realized loss on affiliated investment securities | (44303) |  |  |
| Net realized gain on investment securities transactions | 1939918 | 4641591 | 1566992 |
| Net change in unrealized depreciation on affiliated investment securities | (2159669) | (135107) | (487995) |
| Net change in unrealized depreciation on investment securities | (5338932) | (1614056) | (1884243) |
| **Net realized and change in unrealized gain (loss) on investments** | (3297752) | 2908035 | (373722) |
| **Net increase (decrease) in net assets resulting from operations** | $(3475260) | $3145046 | $(251797) |

---

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

**SMI Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Sound Mind Investing Fund** | **Sound Mind Investing Fund** |
|  | **For the <br> Six Months Ended**<br> **April 30,<br> 2025** | **For the <br> Year Ended<br> October 31,**<br> **2024** |
|  | (Unaudited) |  |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(177508) | $(394696) |
| Long term capital gain dividends from investment companies | 2305234 | 865214 |
| Net realized gain on investment securities and affiliated transactions | 1895615 | 15460164 |
| Net change in unrealized appreciation (depreciation) of investment securities and affiliated transactions | (7498601) | 8141557 |
| Net increase (decrease) in net assets resulting from operations | (3475260) | 24072239 |
| **Distributions to Shareholders from Earnings (Note 2)** | (659511) | (1778947) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2274530 | 3127064 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 653563 | 1752876 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (8812528) | (19106009) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital transactions | (5884435) | (14226069) |
| **Total Increase (Decrease) in Net Assets** | (10019206) | 8067223 |
| **Net Assets** |  |  |
| Beginning of period | 105680840 | 97613617 |
| End of period | $95661634 | $105680840 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 230981 | 336775 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 66016 | 204775 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (899945) | (2098797) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (602948) | (1557247) |

---

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

**SMI Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **SMI Dynamic Allocation Fund** | **SMI Dynamic Allocation Fund** |
|  | **For the <br> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $237011 | $725014 |
| Long term capital gain dividends from investment companies | 15607 |  |
| Net realized gain on investment securities transactions | 4641591 | 5156231 |
| Net change in unrealized appreciation (depreciation) of investment securities and affiliated transactions | (1749163) | 7158701 |
| Net increase in net assets resulting from operations | 3145046 | 13039946 |
| **Distributions to Shareholders from Earnings (Note 2)** | (4435891) | (143010) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2359021 | 2532643 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 4366999 | 141364 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (8999661) | (17554713) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital transactions | (2273641) | (14880706) |
| **Total Decrease in Net Assets** | (3564486) | (1983770) |
| **Net Assets** |  |  |
| Beginning of period | 72786802 | 74770572 |
| End of period | $69222316 | $72786802 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 184003 | 212374 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 358244 | 12303 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (719581) | (1486652) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (177334) | (1261975) |

---

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

**SMI Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **SMI Multi-Strategy Fund** | **SMI Multi-Strategy Fund** |
|  | **For the <br> Six Months Ended<br> April 30,<br> 2025** | **For the <br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $121925 | $90696 |
| Long term capital gain dividends from investment companies | 431524 | 188142 |
| Net realized gain on investment securities transactions | 1566992 | 5439056 |
| Net change in unrealized appreciation (depreciation) of investment securities and affiliated transactions | (2372238) | 4480015 |
| Net increase (decrease) in net assets resulting from operations | (251797) | 10197909 |
| **Distributions to Shareholders from Earnings (Note 2)** | (3033172) | (445150) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4083030 | 5685251 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 3020927 | 444311 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (7044570) | (12684275) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | 59387 | (6554713) |
| **Total Increase (Decrease) in Net Assets** | (3225582) | 3198046 |
| **Net Assets** |  |  |
| Beginning of period | 53104620 | 49906574 |
| End of period | $49879038 | $53104620 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 386545 | 570750 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 293579 | 46186 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (664643) | (1271324) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 15481 | (654388) |

---

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

**Sound Mind Investing Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30, <br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** | **For the<br> Year Ended<br> October 31,<br> 2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.85 | $7.94 | $8.31 | $13.66 | $9.97 | $9.64 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.02) | (0.03) | 0.15 | 0.55 | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.32) | 2.09 | (0.44) | (1.59) | 3.71 | 0.42 |
| Total from investment operations | (0.34) | 2.06 | (0.29) | (1.04) | 3.69 | 0.38 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.08) | (0.42) |  | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.06) |  |  | (3.89) |  |  |
| Total distributions | (0.06) | (0.15) | (0.08) | (4.31) |  | (0.05) |
| Net asset value, end of period | $9.45 | $9.85 | $7.94 | $8.31 | $13.66 | $9.97 |
| **Total Return<sup>(b)</sup>** | (3.45)%<sup>(c)</sup> | 26.20% | (3.52)% | (10.72)% | 37.01% | 3.92% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $95662 | $105681 | $97614 | $114412 | $150117 | $124775 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waiver<sup>(d)</sup> | 1.08 %<sup>(e)</sup> | 1.22% | 1.21% | 1.19% | 1.17% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding interest expenses<sup>(d) (f)</sup> | 1.08 %<sup>(e)</sup> | 1.21% | 1.20% | 1.19% | 1.16% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement<sup>(d)</sup> | 1.23 %<sup>(e)</sup> | 1.24% | 1.21% | 1.19% | 1.17% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(a)</sup><sup>(d)</sup> | (0.35)%<sup>(e)</sup> | (0.38)% | 1.62% | 4.87% | (0.09)% | (0.38)% |
| Portfolio turnover rate | 63.61 %<sup>(c)</sup> | 210.62% | 205.91% | 259.58% | 300.02% | 214.07% |

---

(a) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund
 invests.

(b) 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.

(c) Not
 annualized.

(d) These
 ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

(e) Annualized.

(f) These
 ratios do not include the effects of line of credit interest expense and borrowing costs.

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

**SMI Dynamic Allocation Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **For the<br> Year Ended<br> October 31,**<br>**2024** | **For the<br> Year Ended<br> October 31,**<br>**2023** | **For the<br> Year Ended<br> October 31,**<br>**2022** | **For the<br> Year Ended<br> October 31,**<br>**2021** | **For the<br> Year Ended<br> October 31,**<br>**2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $12.81 | $10.77 | $10.38 | $13.97 | $12.45 | $12.17 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.13 | 0.05 | — <sup>(b)</sup> | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.51 | 1.93 | 0.34 | (2.55) | 2.08 | 0.37 |
| Total from investment operations | 0.56 | 2.06 | 0.39 | (2.55) | 2.18 | 0.43 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.02) |  | (0.06) | (0.09) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) |  |  | (0.98) | (0.57) |  |
| Total distributions | (0.79) | (0.02) |  | (1.04) | (0.66) | (0.15) |
| Net asset value, end of period | $12.58 | $12.81 | $10.77 | $10.38 | $13.97 | $12.45 |
| **Total Return<sup>(c)</sup>** | 4.51 %<sup>(d)</sup> | 19.16% | 3.76% | (19.82)% | 18.17% | 3.55% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $69222 | $72787 | $74771 | $85749 | $119964 | $113195 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(e)</sup> | 1.31 %<sup>(f)</sup> | 1.32% | 1.22% | 1.20% | 1.17% | 1.19% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding interest expenses<sup>(e) (g)</sup> | 1.30 %<sup>(f)</sup> | 1.31% | 1.22% | 1.19% | 1.16% | 1.19% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(a)</sup> <sup>(e)</sup> | 0.66 %<sup>(f)</sup> | 0.98% | 0.49% | (0.04)% | 0.80% | 0.44% |
| Portfolio turnover rate | 131.08 %<sup>(d)</sup> | 194.72% | 174.21% | 317.28% | 175.11% | 275.33% |

---

(a) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends
 by the underlying funds in which the Fund invests.

(b) Rounds to less than $0.005 per share.

(c) 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.

(d) Not annualized.

(e) These ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented
 in the Schedule of Investments.

(f) Annualized.

(g) These ratios do not include the effects of line of credit interest expense and borrowing costs.

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

**SMI Multi-Strategy Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **For the**<br> **Year Ended**<br> **October 31,**<br>**2024** | **For the**<br> **Year Ended**<br> **October 31,**<br>**2023** | **For the**<br> **Year Ended**<br> **October 31,**<br>**2022** | **For the**<br> **Year Ended**<br> **October 31,**<br>**2021** | **For the**<br> **Year Ended**<br> **October 31,**<br>**2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.81 | $8.96 | $9.00 | $12.36 | $9.88 | $9.46 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.01 | 0.08 | 0.25 | 0.04 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.08) | 1.92 | (0.09) | (1.63) | 2.48 | 0.45 |
| Total from investment operations | (0.05) | 1.93 | (0.01) | (1.38) | 2.52 | 0.46 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.08) | (0.03) | (0.25) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.59) |  |  | (1.73) |  |  |
| Total distributions | (0.64) | (0.08) | (0.03) | (1.98) | (0.04) | (0.04) |
| Net asset value, end of period | $10.12 | $10.81 | $8.96 | $9.00 | $12.36 | $9.88 |
| **Total Return<sup>(b)</sup>** | (0.56)%<sup>(c)</sup> | 21.65% | (0.09)% | (13.29)% | 25.51% | 4.91% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $49879 | $53105 | $49907 | $55910 | $68885 | $56291 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waiver<sup>(d)</sup> | 1.25 %<sup>(e)</sup> | 1.30% | 1.21% | 1.16% | 1.16% | 1.16% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding interest expenses<sup>(d) (f)</sup> | 1.24 %<sup>(e)</sup> | 1.29% | 1.20% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement<sup>(d)</sup> | 1.32 %<sup>(e)</sup> | 1.33% | 1.22% | 1.19% | 1.14% | 1.19% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(a) (d)</sup> | 0.47 %<sup>(e)</sup> | 0.17% | 0.90% | 2.20% | 0.35% | 0.09% |
| Portfolio turnover rate | 111.67 %<sup>(c)</sup> | 224.23% | 196.14% | 292.22% | 231.35% | 252.74% |

---

(a) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends
 by the underlying funds in which the Fund invests.

(b) 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.

(c) Not annualized.

(d) These ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented
 in the Schedule of Investments.

(e) Annualized.

(f) These ratios do not include the effects of line of credit interest expense and borrowing costs.

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

**SMI Funds**

**Notes to the Financial Statements**

*April 30, 2025 - (Unaudited)*

**NOTE 1. ORGANIZATION**

The Sound Mind Investing Fund ("SMI Fund"), SMI Dynamic Allocation Fund and SMI Multi-Strategy Fund (each a "Fund" and collectively, the "Funds") are registered under the Investment Company Act of 1940, as amended ("1940 Act"), as 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 the "Trustees") to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Trustees. The investment adviser to the Funds is SMI Advisory Services, LLC (the "Adviser"). The SMI Fund seeks to provide long-term capital appreciation. The SMI Dynamic Allocation Fund and SMI Multi-Strategy Fund seek total return. Total return is composed of both income and capital appreciation.

![](smi_002.jpg)

Each of the Funds is a "fund-of-funds" in which each Fund may invest in other investment companies, including exchange-traded and closed-end funds.

Each Fund operates as a single operating segment. Each 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 each Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies," including Accounting Standard Update 2013-08. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

**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 Funds make no provision for federal income or excise tax. Each 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. Each 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 Funds could incur a tax expense.

As of and during the six months ended April 30, 2025, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations when incurred. During the six months ended April 30, 2025, the Funds did not incur any interest or penalties. Management of the Funds 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 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 Funds follow industry practice and record 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 and long-term capital gains dividends from investment companies are 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, if applicable. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – Each Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

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 the 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 Funds.

**Share Valuation** – The NAV is calculated each day the New York Stock Exchange (the "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**

Each 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 a 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 each Fund's investments. These inputs are summarized in the three broad levels listed below.

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

● 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 Funds' 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.

Equity securities, including ETFs and closed-end funds, 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. These securities are categorized as Level 1 securities. In the event that the ending NAV for a mutual fund is unavailable at the end of day pricing time, the Adviser may, in accordance with the Trust's valuation policies, consider all appropriate factors in determining the fair value of the mutual fund. In such cases the security will generally be categorized as a Level 2 security.

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

In accordance with the Trust's valuation policies, 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 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 Funds' investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMI Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $71854984 | $— | $— | $71854984 |
| Mutual Funds | 17317183 |  |  | 17317183 |
| Money Market Funds | 6767475 |  |  | 6767475 |
| Total | $95939642 | $— | $— | $95939642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMI Dynamic Allocation Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $52621603 | $— | $— | $52621603 |
| Mutual Funds | 2192912 |  |  | 2192912 |
| Closed-End Funds | 13796078 |  |  | 13796078 |
| Money Market Funds | 206192 |  |  | 206192 |
| Total | $68816785 | $— | $— | $68816785 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMI Multi-Strategy Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $34970490 | $— | $— | $34970490 |
| Mutual Funds | 7617759 |  |  | 7617759 |
| Closed-End Funds | 5213533 |  |  | 5213533 |
| Money Market Funds | 1548900 |  |  | 1548900 |
| Total | $49350682 | $— | $— | $49350682 |

---

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

The Funds did not hold any investments during or at the end of the reporting period in 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**

Under the terms of the investment advisory agreement with respect to each Fund (the "Advisory Agreements"), the Adviser is responsible for managing each Fund's investments. As compensation for its management services, each Fund is obligated to pay the Adviser a fee based on the Fund's average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Assets** | **SMI Fund<br> Management<br> Fee** | **SMI Dynamic Allocation<br> Fund Management<br> Fee** | **SMI Multi-Strategy<br> Fund Management<br> Fee** |
| $1 – $100 million | 1.00% | 1.00% | 0.90% |
| $100,000,001 – $250 million | 1.00% | 1.00% | 0.80% |
| $250,000,001 to $500 million | 0.90% | 0.90% | 0.70% |
| Over $500 million | 0.80% | 0.80% | 0.60% |

---

Until February 28, 2025, the Adviser had an operating expense limitation agreement in place where it had contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that total annual operating expenses (excluding interest, taxes, brokerage commissions, other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, dividend expense on short sales, 12b-1 fees, and acquired fund fees and expenses) did not exceed 1.45% of the Fund's average daily net assets with respect to the SMI Fund, 1.30% with respect to the SMI Multi-Strategy Fund, and 1.45% with respect to the SMI Dynamic Allocation Fund. This contractual arrangement for each Fund expired February 28, 2025 and was not renewed. Each prior waiver or reimbursement by the Advisor is subject to repayment by the Fund within the three years following the date of such waiver or reimbursement, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

Effective March 1, 2025, the Adviser has entered into an operating expense limitation agreement with respect to the SMI Multi-Strategy Fund where it has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the SMI Multi-Strategy Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses,

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

dividend expense on short sales, 12b-1 fees, and acquired fund fees and expenses) do not exceed 1.45% of the SMI Multi-Strategy Fund's average daily net assets. The contractual arrangement for the SMI Multi-Strategy Fund is in place through February 28, 2026. Each waiver or reimbursement by the Adviser is subject to repayment by the SMI Multi-Strategy Fund within the three years following the date of such waiver or reimbursement, provided that the SMI Multi-Strategy Fund is able to make the repayment without exceeding the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

As of April 30, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements from the Multi-Strategy Fund as follows:

---

| | |
|:---|:---|
| **Recoverable through** | |
| October 31, 2026 | $6245 |
| October 31, 2027 | 9693 |

---

In addition to the expense limitations previously noted, effective September 1, 2024, the Adviser has agreed to a voluntary waiver of investment advisory fees in the amount of 0.15% of the SMI Fund's average daily net assets and 0.06% of the SMI Multi-Strategy Fund's average daily net assets. The Adviser is not entitled to the reimbursement of any fees voluntarily waived. During the period ended April 30, 2025, the Adviser voluntarily waived fees of $76,948 and $15,479 for the SMI Fund and SMI Multi-Strategy Fund, respectively.

The Trust retains Ultimus Fund Solutions, LLC ("Ultimus" or "Administrator"), to provide the Funds with administration, fund accounting, and transfer agent services, including all regulatory reporting.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer and an Anti-Money Laundering Compliance 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 Funds.

The officers of the Trust are members of management and/or employees of the Administrator or of NLCS and are not paid by the Trust for services to the Funds. Ultimus

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

Fund Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Ultimus, acts as the distributor of the Funds' shares. There were no payments made to the Distributor by the Funds for the six months ended April 30, 2025.

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

For the six months ended April 30, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation Fund** | **SMI Multi-Strategy<br> Fund** |
| Purchases | $64962794 | $94520099 | $57621276 |
| Sales | $75495001 | $100850977 | $61900761 |

---

There were no purchases or sales of long-term U.S. government obligations during the six months ended April 30, 2025.

**NOTE 6. LINE OF CREDIT**

During the six months ended April 30, 2025, the Trust, on behalf of the Funds, entered into a short-term credit agreement ("Line of Credit") with Huntington National Bank ("Huntington"), expiring on January 16, 2026. Under the terms of the agreement, each of the Funds may borrow up to the lesser of 10% of a Fund's daily market value or $5 million at an interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus 161.50 basis points (if SOFR is less than 0.385%, such rate shall be deemed to be 0.385%), which was 6.37% as of April 30, 2025. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Huntington receives an annual facility fee of 0.125% on $5 million as well as an additional annual fee of 0.125% on any unused portion of the credit facility, invoiced quarterly, for providing the Line of Credit. The Funds will not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of a Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of a Fund's total assets at the time when the borrowing is made. To the extent that the line of credit is utilized, it will be collateralized by securities in the Funds' portfolios.

The borrowings by the Funds during the six months ended April 30, 2025, were as follows:

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average Daily**<br> **Loan Balance<sup>(a)</sup>** | **Weighted**<br> **Average**<br> **Interest Rate<sup>(a)</sup>** | **Number of Days**<br> **Outstanding<sup>(b)</sup>** | **Interest<br> Expense<br> Accrued** | **Maximum Loan**<br> **Outstanding** |
| SMI Fund | $179286 | 6.29% | 14 | $439 | $500000 |
| SMI Dynamic Allocation Fund | 268750 | 5.94% | 12 | 532 | 1050000 |
| SMI Multi-Strategy Fund | 566667 | 5.97% | 3 | 282 | 800000 |

---

(a) Averages
 based on the number of days outstanding.

(b) Number
 of Days Outstanding represents the total days during the six months ended April 30, 2025, that a Fund utilized the Line of Credit.

The Funds had no outstanding borrowings under this line of credit as of April 30, 2025.

**NOTE 7. FEDERAL TAX INFORMATION**

At April 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | <br>**SMI Multi-**<br> **Strategy Fund** |
| Gross unrealized appreciation | $540102 | $6205174 | $2536883 |
| Gross unrealized depreciation | (1800204) | (335051) | (856750) |
| Net unrealized appreciation/(depreciation) on investments | $(1260102) | $5870123 | $1680133 |
| Tax cost of investments | $97199744 | $62946662 | $47670549 |

---

At April 30, 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 for the fiscal year ended October 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | <br>**SMI Multi-**<br> **Strategy Fund** |
| Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1778403 | $143010 | $382825 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 544 |  | 62325 |
| Total distributions paid | $1778947 | $143010 | $445150 |

---

(a) For
 federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

At October 31, 2024, the components of distributable earnings (accumulated losses) on a tax basis was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **<br> SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy Fund** |
| Undistributed ordinary income | $— | $3103579 | $— |
| Undistributed long-term capital gains | 658600 | 1085857 | 2798970 |
| Accumulated capital and other losses | (394696) |  |  |
| Unrealized appreciation on investments | 6222532 | 7427622 | 4012210 |
| Total accumulated earnings | $6486436 | $11617058 | $6811180 |

---

At October 31, 2024, the following Funds had net capital loss carryforwards which are available to offset future net capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring** | **Non-Expiring** |
|  | **Short-Term** | **Long-Term** |
| **SMI Dynamic Allocation Fund** | $| $|
| **SMI Fund** |  |  |
| **SMI Multi-Strategy Fund** |  |  |

---

Capital loss carryforwards are available to offset future realized capital gains and thereby reduce further taxable gain distributions. During the fiscal year ended October 31, 2024, the SMI Fund, SMI Dynamic Allocation Fund and SMI Multi-Strategy Fund utilized $15,680,673 and $1,021,734 and $2,397,262, respectively of its/their capital loss carryforwards.

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the Fund's following taxable year. For the tax year ended October 31, 2024, the SMI Fund deferred Qualified Late Year Ordinary Losses in the amount of $394,696.

**NOTE 8. INVESTMENT IN OTHER INVESTMENT COMPANIES**

Each Fund may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end and closed-end mutual funds and money market mutual funds. Each Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of April 30, 2025, the SMI Fund had 75.12% and 18.10% of the value of its net assets invested in ETFs and mutual funds, respectively. As of April 30, 2025, the SMI Dynamic Allocation Fund had 76.01%, 3.17% and 19.93% of the value of its net assets invested in ETFs,

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

mutual funds and closed-end funds, respectively. As of April 30, 2025, the SMI Multi-Strategy Fund had had 70.11 %, 15.27% and 10.45% of the value of its net assets invested in ETFs, mutual funds and closed-end funds, respectively. The financial statements of these ETFs and open-end and closed-end mutual funds can be found at www.sec.gov.

**NOTE 9. 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 Funds. 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 10. INVESTMENTS IN AFFILIATED ISSUERS**

An affiliated issuer is an entity in which a Fund has ownership of at least 5% of the voting securities or any investment in an another SMI-sponsored Fund. Issuers that are affiliates of a Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in a Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of April 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Affiliated Fund Name** | **Value on<br> October 31,<br> 2024** | **Purchases/<br> Additions** | **Sales/<br> Reductions** |
| SMI Fund | SMI 3Fourteen Full-Cycle Trend ETF | $54121737 | $— | $(398908) |
| SMI Dynamic Allocation Fund | SMI 3Fourteen Real Asset Allocation ETF |  | 7491610 |  |
| SMI Multi-Strategy Fund | SMI 3Fourteen Full-Cycle Trend ETF | 10588931 | 290310 |  |
|  | SMI 3Fourteen Real Asset Allocation ETF |  | 2448074 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund Name** | <br>**Affiliated Fund Name** |<br>**Realized<br> Gain (Loss)** | **Change in<br> Unrealized**<br>**Appreciation/<br> (Depreciation)** | **Value on**<br>**April 30,<br> 2025** |
| SMI Fund | SMI 3Fourteen Full-Cycle Trend ETF | $(44303) | $(2159669) | $51518857 |

---

**SMI Funds**

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

*April 30, 2025 - (Unaudited)*

SMI Dynamic Allocation Fund SMI 3Fourteen Real Asset Allocation ETF — (135,107) 7,356,503 <br> SMI Multi-Strategy Fund SMI 3Fourteen Full-Cycle Trend ETF — (440,818) 10,438,423 <br> SMI 3Fourteen Real Asset Allocation ETF   <u>—</u>   <u>(47,177</u>)   <u>2,400,897</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Affiliated Fund Name** | **Shared Held on<br> April 30,<br> 2025** | **Dividend<br> Income** | **Long-Term<br> Capital Gain<br> Distributions** |
| SMI Fund | SMI 3Fourteen Full-Cycle Trend ETF | $2034710 | $89943 | $— |
| SMI Dynamic Allocation Fund | SMI 3Fourteen Real Asset Allocation ETF | 304660 |  |  |
| SMI Multi-Strategy Fund | SMI 3Fourteen Full-Cycle Trend ETF | 412260 | 18073 |  |
|  | SMI 3Fourteen Real Asset Allocation ETF | 99430 |  |  |

---

**NOTE 11. SUBSEQUENT EVENTS**

Management of the Funds 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 December 2-3, 2024, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreements (the "SMI Agreements") between Valued Advisers Trust (the "Trust") and SMI Advisory Services, LLC ("SMI") with respect to the Sound Mind Investing Fund, the SMI Dynamic Allocation Fund, and the SMI Multi-Strategy Fund (the "SMI Funds"). SMI 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 SMI and the SMI Agreements. In assessing the factors and reaching its decision, the Board took into consideration information furnished by SMI 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 annual renewal process, including information presented at the meeting. The Board requested and was provided with, and reflected on, information and reports relevant to the annual renewal of the SMI Agreements, including: (i) reports regarding the services and support provided to the SMI Funds by SMI; (ii) quarterly assessments of the investment performance of the SMI Funds by personnel of SMI; (iii) commentary on the reasons for the SMI Funds' performance; (iv) presentations by SMI addressing its investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the SMI Funds and SMI; (vi) disclosure information contained in the Trust's registration statement and SMI's Form ADV; and (vii) a memorandum from counsel, that summarized the fiduciary duties and responsibilities of the Board in considering and approving the SMI Agreements. The Board also requested and received various informational materials including, without limitation: (a) documents containing information about SMI, including its financial information, a description of its personnel and the services it provides to the SMI Funds; information on SMI's investment advice and performance; summaries of the SMI Funds' 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 SMI Funds; and (c) the benefits to be realized by SMI from its relationship with the SMI Funds. The Board did not identify any particular information that was most relevant to its consideration of the SMI Agreements and each Trustee may have afforded different weight to the various factors.

1. <u>The nature, extent, and quality of the services to be provided by SMI</u>. In this regard, the Board considered SMI's responsibilities under the SMI Agreements. The Trustees considered the services

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

being provided by SMI to the SMI Funds, including, without limitation: the quality of its investment advisory services (including research and recommendations with respect to portfolio securities), its process for formulating investment recommendations and assuring compliance with the investment objectives and limitations, its coordination of services for the SMI Funds among the service providers to the SMI Funds and its efforts to promote the SMI Funds and grow their assets. The Trustees considered SMI's continuity of, and commitment to retain, qualified personnel and SMI's commitment to maintain and enhance its resources and systems. The Trustees considered SMI's personnel, including the education and experience of SMI's personnel. After considering the foregoing information and further information in the Meeting materials provided by SMI (including SMI'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 SMI were satisfactory and adequate for the SMI Funds.

2. <u>Investment Performance of the SMI Funds and SMI</u>. In considering the investment performance of the SMI Funds and SMI, the Trustees compared the performance of the SMI Funds with the performance of funds in the same Morningstar category, as well as with peer group data. They also compared the performance of the SMI Funds to the performance of composites of separately managed accounts ("SMAs") utilizing the same strategies utilized by the SMI Funds. The Trustees also considered the consistency of SMI's management of the SMI Funds with each of the SMI Fund's investment objective, strategies, and limitations. The Trustees noted that the performance of each of the various SMA strategies varied as compared to the performance of the applicable SMI Fund(s) using those strategies. They considered the explanations provided by SMI regarding the reasons for differences in performance, and determined them to be reasonable. The Trustees noted and gave significant consideration to SMI's view that the "upgrading" strategy utilized by the Sound Mind Investing Fund did not allow it to be appropriately compared to any particular peer category, although data for the Morningstar category was reviewed and considered. The Trustees observed that for the one year, three year, five year, and ten year periods ended September 30, 2024, the Sound Mind Investing Fund performed below its category average and median. For the period since inception of the Fund, they noted that the Fund underperformed the category median. With respect to its peer group, the Trustees noted that the Sound Mind Investing Fund underperformed the median for the one year and three year periods ended September 30, 2024, performed equal to median for the five year period, and outperformed the median for the period since inception. They also noted that the Sound Mind Investing Fund performed below its broad market benchmark and its custom benchmark for the one year, three year, five year and since inception periods. With respect to the SMI Dynamic Allocation Fund, the Trustees noted that the fund performed below the category average and median for the one year, three year, five year, and ten year periods ended September 30, 2024, and below the category median for the period since inception. They also noted that the SMI Dynamic Allocation Fund underperformed as compared to its peer group median for the one year, three year, five year, and since inception periods. They also observed that the SMI Dynamic Allocation Fund outperformed as compared to its fixed income benchmark for the one year, three year, five year, and since inception periods ended September 30, 2024. With respect to its equity benchmark, the Trustees noted that the Fund underperformed for all periods presented. The Trustees observed that the SMI Multi-Strategy Fund performed below its category average and median for the one year, three year, and five year periods ended September 30, 2024. For the since inception period, the Trustees noted that the SMI Multi-Strategy Fund performed below its category median. As compared to its peer group, the Trustees noted that the SMI Multi-Strategy Fund underperformed the median for the one

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

year, three year, five year, and since inception periods ended September 30, 2024. They also observed that the SMI Multi-Strategy Fund outperformed as compared to its fixed income benchmark for the one year, three year, five year, and since inception periods. With respect to its equity benchmark, the Trustees observed that the Fund underperformed for the one year, three year, five year, and since inception periods. After reviewing and discussing the investment performance of the SMI Funds further, SMI's experience managing the SMI Funds, and other relevant factors, including the recent strategy changes, the Board concluded, in light of all the facts and circumstances, that the investment performance of the SMI Funds was acceptable.

3. <u>The costs of the services to be provided and profits to be realized by SMI from the relationship with the SMI Funds</u>. In considering the costs of services to be provided and the profits to be realized by SMI from the relationship with the SMI Funds, the Trustees considered: (1) SMI's financial condition; (2) the asset levels of the SMI Funds; (3) the overall expenses of the SMI Funds; and (4) the nature and frequency of advisory fee payments. The Trustees reviewed information provided by SMI regarding its profits associated with managing the SMI Funds. The Trustees also considered potential benefits for SMI in managing the SMI Funds. The Trustees then compared the fees and expenses of the SMI Funds (including the management fee) to other comparable mutual funds, including each of the SMI Fund's Morningstar category averages, and each of the SMI Fund's peer group averages. The Trustees noted that the Sound Mind Investing Fund's management fee was higher than the category average and median. They also noted that the management fee was higher than the peer group average and median. With respect to the SMI Dynamic Allocation Fund, the Trustees observed that the management fee was higher than the category average and median. They also noted that the SMI Dynamic Allocation Fund's management fee was higher than the median and average of its peer group. With respect to the SMI Multi-Strategy Fund, the Trustees noted that the management fee was higher than the category average and median. They noted that the management fee was also higher than the peer group average and median. The Trustees also considered SMI's willingness to continue the expense limitation arrangement with respect to the SMI Multi-Strategy Fund, and SMI's voluntary waiver of a portion of its management fee with respect to the SMI Multi-Strategy Fund and the Sound Mind Investing Fund. In light of the unique services rendered to the SMI Funds by SMI, the profits realized by SMI in managing the SMI Funds, and all other facts and circumstances they deemed relevant, the Trustees concluded that the management fees paid by the SMI Funds were fair and reasonable in relation to the nature and quality of the services provided by SMI.

4. <u>The extent to which economies of scale would be realized as the SMI Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the SMI Funds' investors</u>. In this regard, the Trustees considered the fee arrangements with SMI for the SMI Funds. The Trustees considered that the management fee for each of the SMI Funds has breakpoints that would allow shareholders to realize economies of scale as assets grow. The Trustees noted that none of the SMI Funds were currently at an asset level to take advantage of the breakpoints; however, the Board also noted the expense limitation arrangements in place with respect to each of the SMI Funds, and that each SMI Fund's shareholders had experienced benefits from those arrangements in the past. The Board took into consideration SMI's decision to not renew the expense limitation arrangement with respect to two of the SMI Funds. In light of its ongoing consideration of the asset levels of each of the SMI Funds, expectations for growth, and fee levels, the Board determined that the fee arrangements

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

for each of the SMI Funds, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by SMI.

5. <u>Possible conflicts of interest and benefits to SMI</u>. In considering SMI'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 SMI Funds; the basis of decisions to buy or sell securities for the SMI Funds; and the substance and administration of SMI's code of ethics. The Trustees also considered disclosure in the registration statement of the Trust relating to SMI's potential conflicts of interest. The Board noted that SMI has a separately managed account ("SMA") product, and that if an SMI Fund is owned within an SMA, the SMA will not charge a management fee for those assets invested in an SMI Fund. The Board also noted that SMI does not engage in soft dollar arrangements and has not identified any indirect benefits from its relationship with the SMI Funds. Based on the foregoing, the Board determined that SMI's standards and practices relating to the identification and mitigation of potential conflicts of interest were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by counsel and further discussion among the Board members, the Board determined to approve the continuation of the SMI Agreements between the Trust and SMI.

**PROXY VOTING**

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (877) 764- 3863 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.**

Included under Item 7.

**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 | Valued Advisers Trust |
| By | /s/ Matthew J. Miller |
|  | Matthew J. Miller<br> President and Principal Executive Officer |
| Date: | 7/7/2025 |

---

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<br> President and Principal Executive Officer |
| Date: | 7/7/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |
| Date: | 7/7/2025 |

---

## 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) Disclosed 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: | 7/7/2025 | /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) Disclosed 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: | 7/7/2025 | /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, 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 April 30, 2025 (the "Form N-CSR") fully complies with
the requirements of Sections 13(a) or Sections 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 | Treasurer and Principal Financial Officer |
| Valued Advisers Trust | Valued Advisers Trust |
| /s/ Matthew J. Miller | /s/ Zachary P. Richmond |
| Matthew J. Miller | Zachary P. Richmond |

---

Date: <u>7/7/2025</u> Date: <u>7/7/2025</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.