# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001580642-26-000038
**Filing Date:** 2026-1
**Character Count:** 311078
**Document Hash:** b50e16c7137b02f65fdc436bed57d9b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000038.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001580642-26-000038

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22208
- **FILM NUMBER:** 26504384

**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   |
|:---|:---|:---|
| 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)&nbsp;&nbsp;&nbsp;&nbsp; (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>10/31/2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Insert Tailored Shareholder Report

#### Dana Epiphany Equity Fund

#### Institutional Class (ESGIX)

#### Annual Shareholder Report - October 31, 2025
![Image](iee4e16332361ae047999ca5c.jpg)

# Fund Overview
This annual shareholder report contains important information about Dana Epiphany Equity Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $94 | 0.85% |

---

# How did the Fund perform during the reporting period?
The Dana Epiphany Equity Fund returned 21.27% during the fiscal year. Artificial Intelligence related stocks and their capital expenditures played a key role in stock market performance and economic growth. The introduction of tariffs impacted stock prices and volatility as well.

The following three companies were the top three relative positive contributors to the Fund's performance:

• NVIDIA Corp. (NVDA) is the bellwether AI stock, benefiting from strong demand for its next generation AI GPUs. The company has exceeded analyst expectations for sales of AI chips and data center products.

• Broadcom, Inc. (AVGO) is experiencing strong demand for its custom AI chips. Revenue and net income have surpassed expectations.

• Tapestry, Inc. (TPR) announced record-breaking earnings and robust growth from its Coach brand. As a result, management raised its fiscal 2025 revenue guidance.

The following three companies were the largest three relative detractors from the Fund's performance:

• Fiserv, Inc. (FI) reported weak results, announced management changes, and faces intensifying competition in merchant acceptance.

• Align Technology, Inc. (ALGN) is known for its Invisalign clear aligners and digital orthodontic solutions. The stock lagged recently due to supply chain disruptions and weaker demand. Competition in this space and from traditional braces impacted the company.

• Elevance Health, Inc. (ELV) pulled back on rising medical costs in Medicaid and Medicare costs. These costs led to an earnings miss and lower investor expectations.

Investors continue to weigh the effects of tariffs, potential interest rate cuts, and the ongoing government shutdown. As always, our investment approach remains disciplined, centered on uncovering companies with solid growth potential and compelling relative valuations.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i77db087e7ede9ea78ba02b20.jpg)

---

| | | |
|:---|:---|:---|
| | **Dana Epiphany Equity Fund - Institutional** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $9854 | $10451 |
| **Oct-2017** | $12068 | $12921 |
| **Oct-2018** | $12831 | $13870 |
| **Oct-2019** | $14468 | $15857 |
| **Oct-2020** | $15157 | $17397 |
| **Oct-2021** | $21023 | $24862 |
| **Oct-2022** | $17709 | $21230 |
| **Oct-2023** | $17582 | $23383 |
| **Oct-2024** | $23647 | $32272 |
| **Oct-2025** | $28677 | $39196 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dana Epiphany Equity Fund - Institutional | 21.27% | 13.60% | 11.11% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

***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 | $76373687 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $342745 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie7d4c6c02f8fa7b6c75885ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.1% |
| Materials | 1.7% |
| Real Estate | 2.1% |
| Utilities | 2.4% |
| Energy | 2.7% |
| Consumer Staples | 4.6% |
| Industrials | 5.6% |
| Health Care | 8.7% |
| Communications | 10.0% |
| Consumer Discretionary | 11.4% |
| Financials | 12.0% |
| Technology | 37.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;2.2% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i6f90aaadcb7c8689f03f3b2e.jpg)

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

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-ESGIX

#### Dana Epiphany Small Cap Equity Fund

#### Institutional Class (DSCIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i77fcdb1c09b57a86638dc3a4.jpg)

# Fund Overview
This annual shareholder report contains important information about Dana Epiphany Small Cap Equity Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $99 | 0.95% |

---

# How did the Fund perform during the reporting period?
The Dana Epiphany Small Cap Equity Fund returned 9.41% during the fiscal year. Companies with proven cash generation and capital allocation skill drove substantial outperformance especially in Industrials, Health Care and Consumer Discretionary sectors. Their combination of operational resiliency, recurring revenue visibility, and balance sheet strength provided stability and solid stock performance.

The following three companies were the top three relative positive contributors to the Fund's performance:

• Insmed, Inc. (INSM) specializes in developing treatments for serious and rare diseases. The company received approval for a second lung disease drug in August and has an exciting pipeline including gene therapy programs.

• TransMedics Group, Inc. (TMDX) develops advanced organ transplant technologies, and its platform represents a transformative shift in transplant logistics and outcomes. Revenue growth, margin expansion, and FDA approvals were catalysts.

• Powell Industries, Inc. (POWL) provides electrical power solutions for a variety of industries including data centers. The stock surged with AI-driven energy needs.

The following three companies were the largest three relative detractors from the Fund's performance:

• Lantheus Holdings, Inc. (LNTH) is a major radiopharmaceutical company that faced competitive pressures, especially in the PET imaging segment.

• SM Energy Co. (SM) is an independent oil and natural gas producer. Falling energy commodity prices negatively impacted the stock.

• Olema Pharmaceuticals, Inc. (OLMA) is a biopharmaceutical company targeting treatments for diseases such as metastatic breast cancer. Mixed clinical results in a competitive space hampered stock performance.

Investors continue to weigh the effects of tariffs, potential interest rate cuts, and the ongoing government shutdown. As always, our investment approach remains disciplined, centered on uncovering companies with solid growth potential and compelling relative valuations.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2d90a21e31d389a0e70a026a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dana Epiphany Small Cap Equity Fund - Institutional** | **S&P 500<sup>®</sup> Index** | **S&P SmallCap 600<sup>®</sup> Index** | **Morningstar US Small Core Index** |
| **Nov-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9313 | $10300 | $10393 | $10418 |
| **Oct-2017** | $11462 | $12734 | $13294 | $12637 |
| **Oct-2018** | $11124 | $13670 | $14039 | $12654 |
| **Oct-2019** | $11217 | $15628 | $14494 | $14105 |
| **Oct-2020** | $10764 | $17145 | $13375 | $12724 |
| **Oct-2021** | $17439 | $24503 | $21258 | $18557 |
| **Oct-2022** | $13848 | $20923 | $18746 | $16434 |
| **Oct-2023** | $13735 | $23045 | $17311 | $16644 |
| **Oct-2024** | $18411 | $31806 | $22505 | $22098 |
| **Oct-2025** | $20143 | $38630 | $23745 | $23288 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 3, 2015)** |
| Dana Epiphany Small Cap Equity Fund - Institutional | 9.41% | 13.35% | 7.26% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.48% |
| S&P SmallCap 600<sup>®</sup> Index | 5.51% | 12.17% | 9.04% |
| Morningstar US Small Core Index | 5.38% | 12.85% | 8.83% |

---

The primary index was changed from S&P Small Cap 600 to S&P 500 Total Return because the latter is a broader-based market index. S&P Small Cap 600 is now used as a secondary benchmark, because the Adviser believes it represents the portion of the market in which the Fund invests.

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 FUND OR ANY DATA INCLUDED THEREIN AND 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 redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32465642 |
| Number of Portfolio Holdings | 59 |
| Advisory Fee (net of waivers) | $63610 |
| Portfolio Turnover | 55% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib1b4f4dd0e1f69563726a9a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.3% |
| Communications | 1.3% |
| Consumer Staples | 1.7% |
| Money Market Funds | 2.8% |
| Utilities | 3.3% |
| Materials | 3.9% |
| Energy | 4.7% |
| Real Estate | 5.5% |
| Consumer Discretionary | 9.4% |
| Industrials | 14.1% |
| Health Care | 16.4% |
| Financials | 16.8% |
| Technology | 21.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Institutional Class | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;PDF Solutions, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Agilysys, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;MYR Group, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i5fb6bc199ddb0984c22e6943.jpg)

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

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-DSCIX

#### Dana Large Cap Equity Fund

#### Institutional Class (DLCIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i4dfbad40cd6ffea895029eee.jpg)

# Fund Overview
This annual shareholder report contains important information about Dana Large Cap Equity Fund for the period of November 1, 2024 to October 31, 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. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(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 | $83 | 0.75% |

---

# How did the Fund perform during the reporting period?
The Dana Large Cap Equity Fund returned 21.55% during the fiscal year. Artificial Intelligence related stocks and their capital expenditures played a key role in stock market performance and economic growth. The introduction of tariffs impacted stock prices and volatility as well.

The following three companies were the top three relative positive contributors to the Fund's performance:

• NVIDIA Corp. (NVDA) is the bellwether AI stock, benefiting from strong demand for its next generation AI GPUs. The company has exceeded analyst expectations for sales of AI chips and data center products.

• Broadcom, Inc. (AVGO) is experiencing strong demand for its custom AI chips. Revenue and net income have surpassed expectations.

• Alphabet, Inc. Class A (GOOGL) delivered outstanding results, driven by robust double-digit revenue growth across Google Search, YouTube ads, subscriptions, and Google Cloud. Earnings continue to be fueled by steady pricing in Search advertising and margin improvement in Cloud.

The following three companies were the largest three relative detractors from the Fund's performance:

• UnitedHealth Group, Inc. (UNH) missed its earnings expectations and lowered its full-year guidance. Higher medical costs, driven by rising Medicare Advantage medical costs and outpatient utilization, drove these results.

• Align Technology, Inc. (ALGN) is known for its Invisalign clear aligners and digital orthodontic solutions. The stock lagged recently due to supply chain disruptions and weaker demand. Competition in this space and from traditional braces impacted the company.

• Adobe, Inc. (ADBE) suffered from weakness in software stocks and concerns regarding the potential impact of AI to alter the landscape of digital creative tools.

Investors continue to weigh the effects of tariffs, potential interest rate cuts, and the ongoing government shutdown. As always, our investment approach remains disciplined, centered on uncovering companies with solid growth potential and compelling relative valuations.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if341176a41f783f169878d4d.jpg)

---

| | | |
|:---|:---|:---|
| | **Dana Large Cap Equity Fund - Institutional** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $9834 | $10451 |
| **Oct-2017** | $12795 | $12921 |
| **Oct-2018** | $13214 | $13870 |
| **Oct-2019** | $15269 | $15857 |
| **Oct-2020** | $15979 | $17397 |
| **Oct-2021** | $22512 | $24862 |
| **Oct-2022** | $18648 | $21230 |
| **Oct-2023** | $19850 | $23383 |
| **Oct-2024** | $27665 | $32272 |
| **Oct-2025** | $33628 | $39196 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dana Large Cap Equity Fund - Institutional | 21.55% | 16.05% | 12.89% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

***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 | $72250337 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $259964 |
| Portfolio Turnover | 33% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic540615dab05efb507e046c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.6% |
| Materials | 1.7% |
| Real Estate | 1.9% |
| Utilities | 2.3% |
| Energy | 2.8% |
| Consumer Staples | 4.5% |
| Industrials | 6.6% |
| Health Care | 9.0% |
| Communications | 9.9% |
| Consumer Discretionary | 10.3% |
| Financials | 12.7% |
| Technology | 36.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
Effective July 28, 2025, Investor Shares (DLCEX) merged into Institutional Shares (DLCIX).

![Image](i5da1017fe7b8e7f75529fc9e.jpg)

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

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-DLCIX

#### Kovitz Core Equity ETF
(EQTY)

#### Annual Shareholder Report - October 31, 2025
![Image](ib42ab1a794ef3bc6271526e5.jpg)

# Fund Overview
This annual shareholder report contains important information about Kovitz Core Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $105 | 0.99% |

---

# How did the Fund perform during the reporting period?
MARKET AND PERFORMANCE SUMMARY

For the 12-month period ended October 31, 2025, the Fund achieved a total return of 12.19% while the benchmark S&P500<sup>®</sup> Index ("S&P 500") gained 21.45%. At the six-month mark, the Fund's performance was ahead of the S&P 500's, but over the second six months of the period, the index enjoyed a total return that was 9.51% ahead of the Fund's.

Performance variability to the S&P 500 is expected over shorter time periods given the Fund's concentration. Bloomberg analytics software informs us that, relative to the S&P 500, the Fund was underweight stocks characterized at momentum stocks for each month in the second half of the performance period. Further, the Bloomberg Market Surveillance Factors to Watch shows that momentum stocks were the second-best performing factor driving U.S. stock market returns for the six month period to October 31, 2025. We believe the portfolio's underweight to momentum stocks accounts for a large portion of the performance difference over the period. We recommend this factor construct as the best way to understand the performance difference between the Fund and its benchmark.

Our strategic intent remains that the Fund outperforms the S&P 500 over a full market cycle.

PORTFOLIO ACTIVITY

During the Fund's fiscal year, we initiated new positions in Ashtead Group PLC ADR, Adobe, Alcon AG, Cooper Companies, Floor & Décor, Microsoft, Ryan Specialty, Thermo Fisher Scientific, and Waters. At the time of the purchases, we anticipated good returns in these stocks over the next several years.

We exited Diageo ADRs and Fiserv, Hasbro, JP Morgan, Motorola Solutions, Oracle, and PPG stocks. We sold and repurchased Analog Devices stock during the period.

We also added to and trimmed from existing positions to improve the expected return of the aggregate portfolio.

Thank you for your continued support and trust in our ability to manage your investment in the Fund.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4dc19d3bd6b6f5e6e05cc98f.jpg)

---

| | | |
|:---|:---|:---|
| | **Kovitz Core Equity ETF** | **S&P 500<sup>®</sup> Index** |
| **10/31/15** | $10000 | $10000 |
| **10/31/16** | $10365 | $10451 |
| **10/31/17** | $13166 | $12921 |
| **10/31/18** | $13364 | $13870 |
| **10/31/19** | $14746 | $15857 |
| **10/31/20** | $14780 | $17397 |
| **10/31/21** | $22401 | $24862 |
| **10/31/22** | $17918 | $21230 |
| **10/31/23** | $19615 | $23383 |
| **10/31/24** | $26221 | $32272 |
| **10/31/25** | $29357 | $39196 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Kovitz Core Equity ETF - NAV | 11.96% | 14.71% | 11.37% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

***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](i07fd6e9970c746c8de34e935.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.4% |
| Consumer Staples | 5.6% |
| Consumer Discretionary | 8.9% |
| Communications | 11.7% |
| Industrials | 12.1% |
| Health Care | 15.1% |
| Financials | 18.1% |
| Technology | 23.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1274359947 |
| Number of Portfolio Holdings | 37 |
| Advisory Fee | $12071014 |
| Portfolio Turnover | 36% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](ic68954d913b7c3ef526f7a8e.jpg)

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

#### Annual Shareholder Report - October 31, 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-AR 103125-EQTY

#### Slow Capital Growth Fund
(SLWGX)

#### Annual Shareholder Report - October 31, 2025
![Image](i0200870ffbfd1f3ddcf7338c.jpg)

# Fund Overview
This annual shareholder report contains important information about Slow Capital Growth Fund (the "Fund") for the period of December 6, 2024 to October 31, 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. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(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 | $92<sup>Footnote Reference\*</sup> | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher. |

---

# How did the Fund perform during the reporting period?
From inception through October 31, 2025, the Fund (SLWGX) returned 11.20% compared to the Morningstar US Target Market Exposure Index return of 13.46%. The period belonged to AI infrastructure. Hyperscalers deployed hundreds of billions of dollars in building capacity, creating extraordinary demand for specialized semiconductors and cloud services. While momentum dominated headlines, we focused on companies we believed had durable competitive advantages in this transforming landscape; Companies that are not just riding the wave, but also building the infrastructure beneath it.

Top Contributors: Broadcom 500 bps: Custom AI chips and VMware integration drove 20% revenue growth as hyperscalers accelerated buildouts. Alphabet 240 bps: First $100 billion quarterly revenue. Cloud grew by 34%, with the backlog reaching $155 billion, as AI integration expanded enterprise adoption. Nvidia 210 bps: Data center revenue surged 56% on Blackwell GPU demand, maintaining dominant 90%+ market share in AI accelerators. Top Detractors: HubSpot -129 bps: Growth decelerated to mid-teens as OpenAI's competing tools highlighted AI disruption risks for traditional SaaS business models. Regeneron -90 bps: Late-stage itepekimab COPD trial failure and continued Eylea biosimilar erosion. ON Semiconductor -83 bps: Automotive chip weakness, particularly in China, with management guiding 25% sequential revenue decline as EV adoption slowed. Technology 597 bps and Communications 528 bps sectors led, reflecting concentrated AI exposure. Consumer Discretionary 248 bps and Industrials 93 bps sectors contributed positively. Health Care -155 bps and Consumer Staples -83 bps sectors detracted. We seek companies the Adviser believes have the potential for above-average growth of capital and sustained high rates of return. This period's performance reflects patient, bottom-up selection rather than thematic momentum chasing.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8852f5e5a475894420700bbc.jpg)

---

| | | |
|:---|:---|:---|
| | **Slow Capital Growth Fund** | **Morningstar US Target Market Exposure** |
| **Dec-2024** | $10000 | $10000 |
| **Oct-2025** | $11120 | $11346 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (December 6, 2024)** |
| Slow Capital Growth Fund | 11.20% |
| Morningstar US Target Market Exposure | 13.46% |

---

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. Call 833-377-2715 or visit https://slowcapitalfunds.com/fund for updated performance information.***

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0a99e5dcbdb96c155666c215.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Financials | 1.5% |
| Real Estate | 1.5% |
| Consumer Staples | 2.2% |
| Energy | 4.3% |
| Industrials | 4.4% |
| Health Care | 12.6% |
| Communications | 13.6% |
| Consumer Discretionary | 16.9% |
| Technology | 42.7% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $87132884 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee | $276863 |
| Portfolio Turnover | 2% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 27, 2024. For more complete information you may review the Fund's prospectus dated November 27, 2024, as supplemented on August 11, 2025, which is available upon request at 1-833-377-2715 or on the Fund's website at https://slowcapitalfunds.com/fund.

Effective August 11, 2025, the Fund's 2.00% redemption fee as a percentage of the amount redeemed within 90 days of purchase has been eliminated.

Effective August 11, 2025, Slow Capital, Inc. (the "Adviser"), the investment adviser to the Fund, agreed to modify the Fund's expense limitation arrangement. The Board of Trustees of the Trust approved an Amended and Restated Expense Limitation Agreement between the Adviser and the Trust, which lowers the Fund's expense cap from 1.00% to 0.99%.

![Image](i0200870ffbfd1f3ddcf7338c.jpg)

#### Slow Capital Growth Fund (SLWGX)

#### Annual Shareholder Report - October 31, 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-AR 103125-SLWGX

#### SMI Dynamic Allocation Fund
(SMIDX)

#### Annual Shareholder Report - October 31, 2025
![Image](icc1609b4d11ade8b4fbc522f.jpg)

# Fund Overview
This annual shareholder report contains important information about SMI Dynamic Allocation Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $144 | 1.30% |

---

# 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 +21.46% during the twelve months ended October 31, 2025. This result placed SMIDX in the 9th percentile of its Tactical Allocation peer group, while also improving its ranking to the top quartile over the prior 3-year period.

DAA's large allocation to gold was a primary driver of the strategy's success during the period, as its gold holding gained +42.35%. Timely moves to increase foreign stock exposure, while significantly reducing U.S. stock exposure immediately prior to April's market correction, also contributed to its strong performance.

Instead of only owning the top performing three of six broad asset classes, the DAA strategy now offers some exposure to Stocks, Bonds, Commodities, 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. A version of this approach has recently begun trading within a new ETF, SMI 3Fourteen REAL Asset Allocation (ticker: RAA), which has become a significant position (around 12%) within SMIDX, complementing its traditional holdings. RAA launched in late-February and slightly outperformed its 60% stock, 40% bond benchmark through the end of the reporting period (+11.67% vs. +11.27%).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idbf1d197af1538491965275f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SMI Dynamic Allocation Fund** | **S&P 500 Index TR** | **Bloomberg U.S. Aggregate Bond Index** | **Weighted Index\*** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10062 | $10451 | $10437 | $10457 |
| **Oct-2017** | $10853 | $12921 | $10531 | $11929 |
| **Oct-2018** | $10869 | $13870 | $10315 | $12365 |
| **Oct-2019** | $11518 | $15857 | $11502 | $14051 |
| **Oct-2020** | $11927 | $17397 | $12214 | $15310 |
| **Oct-2021** | $14094 | $24862 | $12155 | $18987 |
| **Oct-2022** | $11300 | $21230 | $10249 | $16191 |
| **Oct-2023** | $11725 | $23383 | $10286 | $17204 |
| **Oct-2024** | $13972 | $32272 | $11370 | $21752 |
| **Oct-2025** | $16970 | $39196 | $12071 | $25079 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SMI Dynamic Allocation Fund | 21.46% | 7.31% | 5.43% |
| S&P 500 Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Weighted Index\* | 15.29% | 10.37% | 9.63% |

---

\* 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 | $77795141 |
| Number of Portfolio Holdings | 24 |
| Advisory Fee (net of waivers) | $723152 |
| Portfolio Turnover | 200% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Sprott Physical Gold Trust | &nbsp;&nbsp;21.3% |
| &nbsp;&nbsp;BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp;20.0% |
| &nbsp;&nbsp;SMI 3Fourteen Real Asset Allocation ETF | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;Invesco QQQ Trust, Series 1 | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Schwab High Yield Bond ETF | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;AQR Diversifying Strategies Fund, Class I | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0cd926de460cd5da120901ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.22 |
| Short Term Treasury ETFs | 0.35 |
| Real Estate Funds & ETF's | 0.74 |
| Alternative Funds & ETF's | 4.8 |
| Fixed Income Funds & ETF's | 10.7 |
| Dynamic Asset Allocation ETF's | 12.89 |
| International Funds & ETF's | 18.2 |
| Gold Funds | 21.34 |
| Domestic Equity Funds & ETF's | 30.76 |

---

# 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 lesser of the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

![Image](id9cf1d328e3367233f1e6774.jpg)

#### SMI Dynamic Allocation Fund - (SMIDX)

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMIDX

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

#### Annual Shareholder Report - October 31, 2025
![Image](i57e90325fe11436ce25431ff.jpg)

# Fund Overview
This annual shareholder report contains important information about SMI Multi-Strategy Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $136 | 1.27% |

---

# 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 twelve months ended October 31, 2025, the SMI Multi-Strategy Fund gained +14.18%, which slightly outperformed the +13.70% return of its Moderately Aggressive Allocation peer group. SMI's Dynamic Asset Allocation ("DAA") strategy (50% of SMILX) generated an outstanding gain of +21.46%. DAA's strong performance was largely attributable to impressive gains from gold (+42.35%), as well as timely moves to increase foreign stock exposure, while reducing U.S. stock exposure significantly immediately prior to April's market correction, also contributed to its strong performance.

SMI's Stock Upgrading strategy (40% of SMILX) gained +4.72% during the period. This result was primarily due to lagging performance (-6.17%) from the Full-Cycle Trend ETF strategy ("FTCE"), which comprised the bulk of Stock Upgrading's U.S. large company stock exposure throughout the period. However, the concentration of market gains in a small number of the largest tech stocks caused the FCTE strategy to suffer. The managers reduced Stock Upgrading's allocation to FCTE from 50% at the beginning of the reporting period to 30% by its end. The rest of Stock Upgrading's portfolio — which included exposure to foreign markets, small-company stocks, commodities, as well as other U.S. large company stocks as we reduced FCTE's allocation — produced double-digit returns, helping to offset FCTE's poor performance.

Having discussed SMI's DAA and Stock Upgrading strategies in the accompanying letters, the final component to discuss is the 10% Sector Rotation allocation. This portion of SMILX was hurt significantly in March/April, largely due to allocating heavily to energy stocks based on their recent strength immediately prior to the April Organization of Petroleum Exporting Countries (OPEC+) pivot to accelerate oil production and drive down energy prices. Sector Rotation generated impressive returns from May-October, but not at a scale to completely offset those earlier losses. However, we are encouraged by the strategy's recent performance and expect it to contribute to future outperformance, as it has over its 20+ year history.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if4b7a4cb90df3f6bb5907003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SMI Multi-Strategy Fund** | **S&P 500 Index TR** | **Bloomberg U.S. Aggregate Bond Index** | **Weighted Index\*** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10144 | $10451 | $10437 | $10457 |
| **Oct-2017** | $11970 | $12921 | $10531 | $11929 |
| **Oct-2018** | $12012 | $13870 | $10315 | $12365 |
| **Oct-2019** | $12439 | $15857 | $11502 | $14051 |
| **Oct-2020** | $13050 | $17397 | $12214 | $15310 |
| **Oct-2021** | $16379 | $24862 | $12155 | $18987 |
| **Oct-2022** | $14202 | $21230 | $10249 | $16191 |
| **Oct-2023** | $14189 | $23383 | $10286 | $17204 |
| **Oct-2024** | $17262 | $32272 | $11370 | $21752 |
| **Oct-2025** | $19710 | $39196 | $12071 | $25079 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SMI Multi-Strategy Fund | 14.18% | 8.60% | 7.02% |
| S&P 500 Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Weighted Index\* | 15.29% | 10.37% | 9.63% |

---

\* 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 | $54116148 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $436341 |
| Portfolio Turnover | 187% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Sprott Physical Gold Trust | &nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;SMI 3Fourteen Full-Cycle Trend ETF | &nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;iShares Russell 1000 Growth ETF | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;SMI 3Fourteen Real Asset Allocation ETF | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;Aegis Value Fund, Inc., Institutional Class | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Morgan Stanley Growth Portfolio, Institutional Class | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Invesco QQQ Trust, Series 1 | &nbsp;&nbsp;4.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iba9c29ef322f6008cec67f73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| DAA Money Market, Short Term Treasury ETF's | 0.19 |
| DAA Real Estate Funds & ETF's | 0.37 |
| Money Market, Short Term Treasury ETF's | 0.38 |
| International Funds & ETF's | 3.89 |
| DAA Fixed Income Funds & ETF's | 5.37 |
| DAA Alternative Funds & ETF's | 5.64 |
| DAA Dynamic Allocation ETF's | 6.88 |
| Small Cap Funds | 8.1 |
| DAA International Funds & ETF's | 9.17 |
| DAA Gold Funds | 10.71 |
| Sector Funds & ETF's | 11.69 |
| DAA Domestic Funds & ETF's | 15.43 |
| Large Cap Funds & ETF's | 22.18 |

---

# 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 lesser of the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

![Image](ib6edda43efe6686b6c961c24.jpg)

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

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMILX

#### Sound Mind Investing Fund
(SMIFX)

#### Annual Shareholder Report - October 31, 2025
![Image](i7452dea2702bdc1f99c486d1.jpg)

# Fund Overview
This annual shareholder report contains important information about Sound Mind Investing Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $113 | 1.10% |

---

# 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 an absolute gain of +4.72% during the year ended October 31, 2025.

The overall return was primarily due to lagging performance (-6.17%) of the Full-Cycle Trend ETF strategy ("FCTE"), which comprised the bulk of Stock Upgrading's U.S. large company stock exposure throughout the period. The FCTE strategy is a trend-following approach to selecting large-company U.S. stocks. However, the concentration of market gains in a small number of the largest tech stocks caused the FCTE strategy to suffer. This was surprising to us based on the nearly 30-year history of this purely mechanical system, which had never shown as large a performance gap relative to the broad U.S. indexes.

Stock Upgrading's allocation to FCTE was reduced from 50% at the beginning of the reporting period to 30% by its end. The rest of Stock Upgrading's portfolio — which included exposure to foreign markets, small-company stocks, commodities, as well as other U.S. large company stocks as we reduced FCTE's allocation — produced double-digit returns, helping to offset FCTE's poor performance. Of particular note, the specific ETF that replaced FCTE's exposure (IWF), outperformed the S&P 500 Index by a significant margin over the final months of the reporting period after being added to the portfolio.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8270a06af38c5b26dbea1430.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sound Mind Investing Fund** | **S&P 500 Index TR** | **SMI Custom Index\*** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $10055 | $10451 | $10278 |
| **Oct-2017** | $12223 | $12921 | $12905 |
| **Oct-2018** | $12512 | $13870 | $13179 |
| **Oct-2019** | $13047 | $15857 | $14477 |
| **Oct-2020** | $13558 | $17397 | $14777 |
| **Oct-2021** | $18575 | $24862 | $21419 |
| **Oct-2022** | $16584 | $21230 | $17480 |
| **Oct-2023** | $15999 | $23383 | $17988 |
| **Oct-2024** | $20191 | $32272 | $24008 |
| **Oct-2025** | $21145 | $39196 | $28556 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sound Mind Investing Fund | 4.72% | 9.30% | 7.78% |
| S&P 500 Index TR | 21.45% | 17.64% | 14.64% |
| SMI Custom Index\* | 18.95% | 14.08% | 11.06% |

---

\* 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 | $96291537 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee (net of waivers) | $864284 |
| Portfolio Turnover | 118% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SMI 3Fourteen Full-Cycle Trend ETF | &nbsp;&nbsp;26.5% |
| &nbsp;&nbsp;iShares Russell 1000 Growth ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;Morgan Stanley Institutional Fund, Inc., Institutional Class | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Aegis Value Fund, Inc., Institutional Class | &nbsp;&nbsp;11.7% |
| &nbsp;&nbsp;Cambria Global Value ETF | &nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | &nbsp;&nbsp;10.5% |
| &nbsp;&nbsp;Morgan Stanley Institutional Fund, Inc., Inception Portolio, Class I | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Institutional Class | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Delaware Ivy Large Cap Growth Fund, Class I | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Lord Abbett Developing Growth Fund, Inc., Institutional Class | &nbsp;&nbsp;0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i53dff37144a519493c466e76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Funds | 0.0 |
| Large Value Funds | 0.0 |
| Money Market Funds | 0.32 |
| Commodity Funds & ETF's | 10.49 |
| International Funds & ETF's | 10.76 |
| Small Cap Funds | 19.68 |
| Large Cap Funds & ETF's | 26.47 |
| Large Growth Funds & ETF's | 32.28 |

---

# 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 lesser of the applicable expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

![Image](i5e3c560fd51f2fd3a9f90c48.jpg)

#### Sound Mind Investing Fund - (SMIFX)

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMIFX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or
 persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During the period covered by this report, there were no waivers or implicit waivers of a provision of the
 code of ethics.

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

(a)(1) The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is Andrea N. Mullins, who is "independent" for purposes of this Item 3 of Form N-CSR.

(a)(3) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered
 by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are
 normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | | |
|:---|:---|:---|
| Sound Mind Investing Funds: | FY 2025 | $59700 |
|  | FY 2024 | $55500 |

---

---

| | | |
|:---|:---|:---|
| Kovitz Core Equity ETF: | FY 2025 | $19400 |
|  | FY 2024 | $15600 |

---

---

| | | |
|:---|:---|:---|
| Dana Funds: | FY 2025 | $59450 |
|  | FY 2024 | $55500 |

---

---

| | | |
|:---|:---|:---|
| Slow Capital Growth Fund: | FY 2025 | $19375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related
 services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements
 and are not reported under paragraph (a) of this item.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for
 professional services rendered by the principal accountant for tax compliance are as follows:

---

| | | |
|:---|:---|:---|
| Sound Mind Investing Funds: | FY 2025 | $9450 |
|  | FY 2024 | $9000 |

---

---

| | | |
|:---|:---|:---|
| Kovitz Core Equity ETF: | FY 2025 | $3150 |
|  | FY 2024 | $3000 |

---

---

| | | |
|:---|:---|:---|
| Dana Funds: | FY 2025 | $9450 |
|  | FY 2024 | $9000 |

---

---

| | | |
|:---|:---|:---|
| Slow Capital Growth Fund: | FY 2025 | $3150 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, 2025 and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended October 31, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The audit committee consists of all the Independent Trustees.

**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**

**Annual Financial Statements**

**and Additional Information**

**October 31, 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**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.54%** |  |  |
| **Communications — 9.93%** |  |  |
| Alphabet, Inc., Class A | 12900 | $3627351 |
| Meta Platforms, Inc., Class A | 2600 | 1685710 |
| T-Mobile US, Inc. | 5000 | 1050250 |
| Walt Disney Co. (The) | 7200 | 810864 |
|  |  | 7174175 |
| **Consumer Discretionary — 10.34%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11400 | 2784108 |
| Carnival Corp.<sup>(a)</sup> | 41000 | 1182030 |
| PulteGroup, Inc. | 9400 | 1126778 |
| Restaurant Brands International, Inc. | 17400 | 1143006 |
| TJX Cos., Inc. (The) | 8800 | 1233232 |
|  |  | 7469154 |
| **Consumer Staples — 4.47%** |  |  |
| Kroger Co. (The) | 19200 | 1221696 |
| PepsiCo, Inc. | 5200 | 759668 |
| Sysco Corp. | 16800 | 1247904 |
|  |  | 3229268 |
| **Energy — 2.84%** |  |  |
| Diamondback Energy, Inc. | 7050 | 1009490 |
| Schlumberger Ltd. | 29000 | 1045740 |
|  |  | 2055230 |
| **Financials — 12.66%** |  |  |
| Allstate Corp. (The) | 4400 | 842688 |
| American Express Co. | 3700 | 1334701 |
| Bank of America Corp. | 1000 | 53450 |
| Bank of New York Mellon Corp. (The) | 14800 | 1597364 |
| Interactive Brokers Group, Inc., Class A | 19200 | 1350912 |
| JPMorgan Chase & Co. | 4300 | 1337816 |
| Visa, Inc., Class A | 3600 | 1226664 |
| Wells Fargo & Co. | 16100 | 1400217 |
|  |  | 9143812 |
| **Health Care — 8.98%** |  |  |
| AbbVie, Inc. | 6500 | 1417260 |
| Eli Lilly & Co. | 1700 | 1466862 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 6500 | 1406990 |
| McKesson Corp. | 1840 | 1492866 |
| STERIS plc | 3000 | 707100 |
|  |  | 6491078 |
| **Industrials — 6.64%** |  |  |
| Delta Air Lines, Inc. | 20600 | 1182028 |
| L3Harris Technologies, Inc. | 4500 | 1300950 |
| Parker-Hannifin Corp. | 1400 | 1081962 |
| Vertiv Holdings Co., Class A | 6402 | 1234690 |
|  |  | 4799630 |
| **Materials — 1.75%** |  |  |
| CRH plc | 10600 | 1262460 |

---

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

**Dana Large Cap Equity Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.54% - continued** |  |  |
| **Real Estate — 1.85%** |  |  |
| Gaming and Leisure Properties, Inc. | 13800 | $616308 |
| Iron Mountain, Inc. | 7000 | 720650 |
|  |  | 1336958 |
| **Technology — 36.82%** |  |  |
| Accenture plc, Class A | 4300 | 1075430 |
| Adobe, Inc.<sup>(a)</sup> | 3200 | 1088992 |
| Analog Devices, Inc. | 5600 | 1311128 |
| Apple, Inc. | 18358 | 4963452 |
| Broadcom, Inc. | 5900 | 2180817 |
| Lam Research Corp. | 9329 | 1468944 |
| Microsoft Corp. | 9258 | 4793885 |
| NVIDIA Corp. | 30153 | 6105681 |
| ServiceNow, Inc.<sup>(a)</sup> | 1496 | 1375243 |
| Uber Technologies, Inc.<sup>(a)</sup> | 11000 | 1061500 |
| Workday, Inc., Class A<sup>(a)</sup> | 4900 | 1175608 |
|  |  | 26600680 |
| **Utilities — 2.26%** |  |  |
| CenterPoint Energy, Inc. | 21300 | 814512 |
| PPL Corp. | 22400 | 818048 |
|  |  | 1632560 |
| **Total Common Stocks (Cost $40,842,602)** |  | 71195005 |
| **MONEY MARKET FUNDS — 1.56%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.05%<sup>(b)</sup> | 1129076 | 1129076 |
| **Total Money Market Funds (Cost $1,129,076)** |  | 1129076 |
| **Total Investments — 100.10% (Cost $41,971,678)** |  | 72324081 |
| **Liabilities in Excess of Other Assets — (0.10)%** |  | (73744) |
| **NET ASSETS — 100.00%** |  | $72250337 |

---

(a) Non-income producing security.

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

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

**Dana Epiphany Small Cap Equity Fund**

**Schedule of Investments**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.55%** |  |  |
| **Communications — 1.28%** |  |  |
| Magnite, Inc.<sup>(a)</sup> | 23281 | $416264 |
| **Consumer Discretionary — 9.41%** |  |  |
| Acushnet Holdings Corp. | 6286 | 486096 |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 4414 | 432660 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 3114 | 590570 |
| Group 1 Automotive, Inc. | 1146 | 455581 |
| Kontoor Brands, Inc. | 6803 | 550499 |
| Modine Manufacturing Co.<sup>(a)</sup> | 3523 | 539759 |
|  |  | 3055165 |
| **Consumer Staples — 1.72%** |  |  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 4581 | 559523 |
| **Energy — 4.70%** |  |  |
| Civitas Resources, Inc. | 17405 | 501786 |
| SM Energy Co. | 23393 | 488680 |
| Weatherford International plc | 7286 | 536905 |
|  |  | 1527371 |
| **Financials — 16.77%** |  |  |
| Atlantic Union Bancshares Corp. | 16017 | 520873 |
| AXIS Capital Holdings Ltd. | 6338 | 593617 |
| Evercore, Inc., Class A | 1800 | 530208 |
| FB Financial Corp. | 10586 | 571750 |
| Pinnacle Financial Partners, Inc. | 5515 | 469933 |
| PJT Partners, Inc., Class A | 3304 | 532307 |
| Primerica, Inc. | 2133 | 554303 |
| SouthState Bank Corp. | 5932 | 525872 |
| Stifel Financial Corp. | 4854 | 574859 |
| Wintrust Financial Corp. | 4382 | 569748 |
|  |  | 5443470 |
| **Health Care — 16.38%** |  |  |
| Alkermes plc<sup>(a)</sup> | 10556 | 324069 |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 4513 | 609209 |
| Cytokinetics, Inc.<sup>(a)</sup> | 5476 | 348219 |
| Ensign Group, Inc. (The) | 3278 | 590368 |
| Insmed, Inc.<sup>(a)</sup> | 3483 | 660376 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 6085 | 452116 |
| LivaNova PLC<sup>(a)</sup> | 10258 | 539879 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 995 | 416806 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 11293 | 392771 |
| TransMedics Group, Inc.<sup>(a)</sup> | 4597 | 604689 |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 10001 | 380838 |
|  |  | 5319340 |
| **Industrials — 14.06%** |  |  |
| Applied Industrial Technologies, Inc. | 2238 | 575367 |
| Clean Harbors, Inc.<sup>(a)</sup> | 2675 | 563114 |
| Enpro, Inc. | 2802 | 650092 |
| MYR Group, Inc.<sup>(a)</sup> | 3221 | 701212 |

---

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

**Dana Epiphany Small Cap Equity Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.55% - continued** |  |  |
| **Industrials — 14.06% - continued** |  |  |
| Powell Industries, Inc. | 1853 | $710422 |
| SkyWest, Inc.<sup>(a)</sup> | 6323 | 635335 |
| SPX Technologies, Inc.<sup>(a)</sup> | 3258 | 729434 |
|  |  | 4564976 |
| **Materials — 3.91%** |  |  |
| Avient Corp. | 13297 | 426435 |
| Eagle Materials, Inc. | 1842 | 391093 |
| Element Solutions, Inc. | 16896 | 451461 |
|  |  | 1268989 |
| **Real Estate — 5.55%** |  |  |
| Agree Realty Corp. | 8190 | 597952 |
| STAG Industrial, Inc. | 15508 | 593491 |
| Tanger Factory Outlet Centers, Inc. | 18742 | 610239 |
|  |  | 1801682 |
| **Technology — 21.45%** |  |  |
| Agilysys, Inc.<sup>(a)</sup> | 5664 | 710606 |
| Braze Inc, Class A<sup>(a)</sup> | 20061 | 574948 |
| CSG Systems International, Inc. | 9167 | 717501 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 14145 | 575136 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 15024 | 587438 |
| i3 Verticals, Inc., Class A<sup>(a)</sup> | 18333 | 563740 |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 44255 | 451844 |
| JFrog Ltd.<sup>(a)</sup> | 13230 | 628160 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 3893 | 784673 |
| PDF Solutions, Inc.<sup>(a)</sup> | 26202 | 763265 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 21977 | 602390 |
|  |  | 6959701 |
| **Utilities — 3.32%** |  |  |
| Chesapeake Utilities Corp. | 4240 | 539667 |
| Clearway Energy, Inc., Class C | 16862 | 538404 |
|  |  | 1078071 |
| **Total Common Stocks (Cost $25,198,570)** |  | 31994552 |
| **MONEY MARKET FUNDS — 2.77%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.05%<sup>(b)</sup> | 899804 | 899804 |
| **Total Money Market Funds (Cost $899,804)** |  | 899804 |
| **Total Investments — 101.32% (Cost $26,098,374)** |  | 32894356 |
| **Liabilities in Excess of Other Assets — (1.32)%** |  | (428714) |
| **NET ASSETS — 100.00%** |  | $32465642 |

---

(a) Non-income producing security.

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

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

**Dana Epiphany Equity Fund**

**Schedule of Investments**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.90%** |  |  |
| **Communications — 9.99%** |  |  |
| Alphabet, Inc., Class A | 11400 | $3205566 |
| Alphabet, Inc., Class C | 1600 | 450912 |
| AT&T, Inc. | 46500 | 1150875 |
| Magnite, Inc.<sup>(a)</sup> | 60000 | 1072800 |
| Meta Platforms, Inc., Class A | 2700 | 1750545 |
|  |  | 7630698 |
| **Consumer Discretionary — 11.38%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11800 | 2881796 |
| Autoliv, Inc. | 9200 | 1074560 |
| Exagen, Inc. | 3700 | 919450 |
| Genuine Parts Co. | 8000 | 1018480 |
| PulteGroup, Inc. | 10000 | 1198700 |
| Tapestry, Inc. | 14600 | 1603372 |
|  |  | 8696358 |
| **Consumer Staples — 4.61%** |  |  |
| Kimberly-Clark Corp. | 9600 | 1149216 |
| Kroger Co. (The) | 18600 | 1183518 |
| Sysco Corp. | 16000 | 1188480 |
|  |  | 3521214 |
| **Energy — 2.75%** |  |  |
| Diamondback Energy, Inc. | 7400 | 1059606 |
| Schlumberger Ltd. | 28800 | 1038528 |
|  |  | 2098134 |
| **Financials — 11.98%** |  |  |
| Allstate Corp. (The) | 6100 | 1168272 |
| American Express Co. | 4500 | 1623285 |
| Bank of America Corp. | 32000 | 1710400 |
| Bank of New York Mellon Corp. (The) | 15800 | 1705294 |
| JPMorgan Chase & Co. | 5200 | 1617824 |
| Visa, Inc., Class A | 3900 | 1328886 |
|  |  | 9153961 |
| **Health Care — 8.74%** |  |  |
| Align Technology, Inc.<sup>(a)</sup> | 7500 | 1034100 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 7300 | 1580158 |
| ResMed, Inc. | 5100 | 1259088 |
| STERIS plc | 5900 | 1390630 |
| Zoetis, Inc., Class A | 9800 | 1412082 |
|  |  | 6676058 |
| **Industrials — 5.56%** |  |  |
| Howmet Aerospace, Inc. | 6200 | 1276890 |
| Johnson Controls International plc | 12800 | 1464192 |
| Vertiv Holdings Co., Class A | 7800 | 1504308 |
|  |  | 4245390 |
| **Materials — 1.72%** |  |  |
| CRH plc | 11000 | 1310100 |

---

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

**Dana Epiphany Equity Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.90% - continued** |  |  |
| **Real Estate — 2.06%** |  |  |
| Iron Mountain, Inc. | 8000 | $823600 |
| STAG Industrial, Inc. | 19500 | 746265 |
|  |  | 1569865 |
| **Technology — 37.72%** |  |  |
| Accenture plc, Class A | 4600 | 1150460 |
| Analog Devices, Inc. | 6500 | 1521845 |
| Apple, Inc. | 18800 | 5082956 |
| Broadcom, Inc. | 6100 | 2254743 |
| Cisco Systems, Inc. | 21000 | 1535310 |
| Fiserv, Inc.<sup>(a)</sup> | 6900 | 460161 |
| Lam Research Corp. | 15400 | 2424884 |
| Microsoft Corp. | 9400 | 4867414 |
| NVIDIA Corp. | 30800 | 6236691 |
| ServiceNow, Inc.<sup>(a)</sup> | 1160 | 1066365 |
| Uber Technologies, Inc.<sup>(a)</sup> | 10000 | 965000 |
| Workday, Inc., Class A<sup>(a)</sup> | 5200 | 1247584 |
|  |  | 28813413 |
| **Utilities — 2.39%** |  |  |
| Portland General Electric Co. | 20700 | 945576 |
| PPL Corp. | 24000 | 876480 |
|  |  | 1822056 |
| **Total Common Stocks (Cost $52,128,843)** |  | 75537247 |
| **MONEY MARKET FUNDS — 1.15%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.05%<sup>(b)</sup> | 875845 | 875845 |
| **Total Money Market Funds (Cost $875,845)** |  | 875845 |
| **Total Investments — 100.05% (Cost $53,004,688)** |  | 76413092 |
| **Liabilities in Excess of Other Assets — (0.05)%** |  | (39405) |
| **NET ASSETS — 100.00%** |  | $76373687 |

---

(a) Non-income producing security.

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

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

**Dana Funds**

**Statements of Assets and Liabilities**

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Dana<br> Large Cap<br> Equity Fund** | **Dana<br> Epiphany<br> Small Cap<br> Equity Fund** | **Dana<br> Epiphany<br> Equity Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $41,971,678, $26,098,374 and $53,004,688) (Note 3) | $72324081 | $32894356 | $76413092 |
| Receivable for fund shares sold | 5443 | 14382 | 26486 |
| Dividends receivable | 34869 | 13385 | 42415 |
| Prepaid expenses | 24200 | 18538 | 14433 |
| **Total Assets** | 72388593 | 32940661 | 76496426 |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 71911 | 13291 | 49573 |
| Payable for investments purchased |  | 417206 |  |
| Payable to Adviser (Note 4) | 21310 | 5504 | 30988 |
| Accrued Distribution (12b-1) fees (Note 4) | 1209 |  |  |
| Payable to Administrator (Note 4) | 12167 | 8297 | 9756 |
| Payable to trustees (Note 4) | 4392 | 4392 | 4392 |
| Other accrued expenses | 27267 | 26329 | 28030 |
| **Total Liabilities** | 138256 | 475019 | 122739 |
| **Net Assets** | $72250337 | $32465642 | $76373687 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $31194880 | $24085307 | $48557030 |
| Accumulated earnings | 41055457 | 8380335 | 27816657 |
| **Net Assets** | $72250337 | $32465642 | $76373687 |
| **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $72250337 | $32465642 | $76373687 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 2851210 | 2126203 | 4235038 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Note 2) | $25.34 | $15.27 | $18.03 |

---

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

**Dana Funds**

**Statements of Operations**

*For the Year Ended October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Dana<br> Large Cap<br> Equity Fund** | **Dana<br> Epiphany<br> Small Cap<br> Equity Fund** | **Dana<br> Epiphany<br> Equity Fund** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $6,011, $- and $-) | $813458 | $299131 | $780028 |
| **Total investment income** | 813458 | 299131 | 780028 |
| **Expenses** |  |  |  |
| Investment Adviser fees (Note 4) | 449013 | 225607 | 447681 |
| Administration fees (Note 4) | 48457 | 39593 | 45510 |
| Registration expenses | 36587 | 22225 | 24609 |
| Fund accounting fees (Note 4) | 35643 | 29703 | 29736 |
| Transfer agent fees (Note 4) | 27327 | 22789 | 28714 |
| Audit and tax preparation fees | 21939 | 20889 | 21389 |
| Trustee fees (Note 4) | 19511 | 19511 | 19511 |
| Legal fees | 16905 | 16280 | 16281 |
| Distribution (12b-1) fees, Investor Class (Note 4)<sup>(a)</sup> | 11652 |  |  |
| Custodian fees | 9534 | 5463 | 9600 |
| Compliance service fees (Note 4) | 9387 | 9387 | 9386 |
| Printing and postage expenses | 6521 | 6396 | 8424 |
| Insurance expenses | 3739 | 3581 | 3836 |
| Miscellaneous expenses | 22793 | 26519 | 26245 |
| **Total expenses** | 719008 | 447943 | 690922 |
| Fees contractually waived by Adviser (Note 4) | (189049) | (161997) | (104936) |
| **Net operating expenses** | 529959 | 285946 | 585986 |
| **Net investment income** | 283499 | 13185 | 194042 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain on investment securities transactions | 10696222 | 1639120 | 4359618 |
| Net change in unrealized appreciation on investment securities | 2523979 | 1073671 | 9373521 |
| **Net realized and change in unrealized gain on investments** | 13220201 | 2712791 | 13733139 |
| **Net increase in net assets resulting from operations** | $13503700 | $2725976 | $13927181 |

---

(a) Effective July 28, 2025, Investor
 Shares merged into Institutional Shares.

*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> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $283499 | $469270 |
| Net realized gain on investment securities transactions | 10696222 | 13279484 |
| Net change in unrealized appreciation of investment securities | 2523979 | 13222720 |
| Net increase in net assets resulting from operations | 13503700 | 26971474 |
| **Distributions to Shareholders from Earnings (Note 2)** |  |  |
| Institutional Class | (12334720) | (7484373) |
| Investor Class | (1229150) | (2215598) |
| Total distributions | (13563870) | (9699971) |
| **Capital Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4672491 | 18127290 |
| &nbsp;&nbsp;&nbsp;Shares issued in connection with class consolidation | 6221762 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 8861735 | 4682358 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (12918699) | (34352949) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | 6837289 | (11543301) |
| **Capital Transactions – Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 96762 | 75938 |
| &nbsp;&nbsp;&nbsp;Shares redeemed in connection with class consolidation | (6221762) |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1071647 | 2129829 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1202625) | (17266319) |
| &nbsp;&nbsp;&nbsp;Total – Investor Class | (6255978) | (15060552) |
| Net increase (decrease) in net assets resulting from capital transactions | 581311 | (26603853) |
| **Total Increase (Decrease) in Net Assets** | 521141 | (9332350) |
| **Net Assets** |  |  |
| Beginning of year | 71729196 | 81061546 |
| End of year | $72250337 | $71729196 |
| **Share Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 200953 | 785277 |
| &nbsp;&nbsp;&nbsp;Shares issued in connection with class consolidation | 262241 |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 404616 | 221305 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (563998) | (1475219) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | 303812 | (468637) |
| **Share Transactions – Investor Class<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4514 | 3115 |
| &nbsp;&nbsp;&nbsp;Shares redeemed in connection with class consolidation | (261554) |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 48799 | 101106 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (55449) | (750832) |
| &nbsp;&nbsp;&nbsp;Total – Investor Class | (263690) | (646611) |

---

(a) Effective July 28, 2025, Investor
 Shares merged into Institutional Shares.

*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> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $13185 | $32906 |
| Net realized gain on investment securities transactions | 1639120 | 1491947 |
| Net change in unrealized appreciation of investment securities | 1073671 | 6272356 |
| Net increase in net assets resulting from operations | 2725976 | 7797209 |
| **Distributions to Shareholders from Earnings (Note 2)** |  |  |
| Institutional Class | (1451626) | (67727) |
| Total distributions | (1451626) | (67727) |
| **Capital Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5618636 | 7239440 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1437320 | 66663 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (7742649) | (6420324) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | (686693) | 885779 |
| Net increase (decrease) in net assets resulting from capital transactions | (686693) | 885779 |
| **Total Increase in Net Assets** | 587657 | 8615261 |
| **Net Assets** |  |  |
| Beginning of year | 31877985 | 23262724 |
| End of year | $32465642 | $31877985 |
| **Share Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 407807 | 522372 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 103271 | 4860 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (563900) | (474539) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | (52822) | 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> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $194042 | $362934 |
| Net realized gain on investment securities transactions | 4359618 | 3480325 |
| Net change in unrealized appreciation of investment securities | 9373521 | 14956565 |
| Net increase in net assets resulting from operations | 13927181 | 18799824 |
| **Distributions to Shareholders from Earnings (Note 2)** |  |  |
| Institutional Class | (1165353) | (404951) |
| Total distributions | (1165353) | (404951) |
| **Capital Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 13947955 | 10017487 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1133531 | 392341 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (16034033) | (23816024) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | (952547) | (13406196) |
| Net decrease in net assets resulting from capital transactions | (952547) | (13406196) |
| **Total Increase in Net Assets** | 11809281 | 4988677 |
| **Net Assets** |  |  |
| Beginning of year | 64564406 | 59575729 |
| End of year | $76373687 | $64564406 |
| **Share Transactions – Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 889554 | 709982 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 72429 | 28462 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (994358) | (1735987) |
| &nbsp;&nbsp;&nbsp;Total – Institutional Class | (32375) | (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 outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $25.51 | $20.64 | $21.26 | $29.20 | $21.25 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.16 | 0.27 | 0.28 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.62 | 7.40 | 1.01 | (4.60) | 8.39 |
| Total from investment operations | 4.72 | 7.56 | 1.28 | (4.32) | 8.56 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.18) | (0.28) | (0.25) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (4.78) | (2.51) | (1.62) | (3.37) | (0.44) |
| Total distributions | (4.89) | (2.69) | (1.90) | (3.62) | (0.61) |
| Net asset value, end of year | $25.34 | $25.51 | $20.64 | $21.26 | $29.20 |
| **Total Return<sup>(a)</sup>** | 21.55% | 39.37% | 6.44% | (17.16)% | 40.89% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $72250 | $64988 | $62265 | $82373 | $115544 |
| Before waiver |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.02% | 0.98% | 0.91% | 0.87% | 0.86% |
| After waiver |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75% | 0.75% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.44% | 0.63% | 1.21% | 1.14% | 0.65% |
| Portfolio turnover rate | 33% | 12% | 55% | 38% | 30% |

---

(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.

*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 outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $14.63 | $10.94 | $11.62 | $15.91 | $9.82 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | — <sup>(a)</sup> | 0.01 | 0.04 | 0.01 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.31 | 3.71 | (0.14) | (3.02) | 6.12 |
| Total from investment operations | 1.31 | 3.72 | (0.10) | (3.01) | 6.09 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.03) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.65) |  | (0.54) | (1.28) |  |
| Total distributions | (0.67) | (0.03) | (0.58) | (1.28) |  |
| Net asset value, end of year | $15.27 | $14.63 | $10.94 | $11.62 | $15.91 |
| **Total Return<sup>(b)</sup>** | 9.41% | 34.04% | (0.81)% | (20.59)% | 62.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $32466 | $31878 | $23263 | $13458 | $17439 |
| Before waiver |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.49% | 1.47% | 1.52% | 1.95% | 2.05% |
| After waiver |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.04% | 0.11% | 0.33% | 0.06% | (0.24)% |
| Portfolio turnover rate | 55% | 47% | 59% | 82% | 92% |

---

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

(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.

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

**Dana Epiphany Equity Fund – Institutional Class**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $15.13 | $11.32 | $11.51 | $13.97 | $10.25 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.05 | 0.08 | 0.11 | 0.11 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.13 | 3.82 | (0.19) | (2.27) | 3.87 |
| Total from investment operations | 3.18 | 3.90 | (0.08) | (2.16) | 3.93 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.09) | (0.11) | (0.11) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.24) |  |  | (0.19) | (0.15) |
| Total distributions | (0.28) | (0.09) | (0.11) | (0.30) | (0.21) |
| Net asset value, end of year | $18.03 | $15.13 | $11.32 | $11.51 | $13.97 |
| **Total Return<sup>(a)</sup>** | 21.27% | 34.49% | (0.71)% | (15.76)% | 38.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $76374 | $64564 | $59576 | $72991 | $67557 |
| Before waiver |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.00% | 1.01% | 0.98% | 0.96% | 1.12% |
| After waiver |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.28% | 0.57% | 0.90% | 0.91% | 0.57% |
| Portfolio turnover rate | 40% | 37% | 60% | 33% | 18% |

---

(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.

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

**Dana Funds**

**Notes to the Financial Statements**

*October 31, 2025*

**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 Institutional Class shares. Effective July 28, 2025, the Large Cap Investor Class shares merged into Large Cap Institutional Class shares. The Small Cap Fund and Epiphany Equity Fund currently offer Institutional Class shares. The only difference between the classes was 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.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Dana Funds**

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

*October 31, 2025*

**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.

**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 fiscal year ended October 31, 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 fiscal year ended October 31, 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.

**Dana Funds**

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

*October 31, 2025*

**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.

**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.

For the fiscal year end of October 31, 2025, the Funds did not make any reclassifications.

**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

**Dana Funds**

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

*October 31, 2025*

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.

● 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

**Dana Funds**

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

*October 31, 2025*

available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "Valuation Designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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

In accordance with the Trust's valuation policies, 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.

**Dana Funds**

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

*October 31, 2025*

The following is a summary of the inputs used to value the Funds' investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $71195005 | $— | $— | $71195005 |
| Money Market Funds | 1129076 |  |  | 1129076 |
| Total | $72324081 | $— | $— | $72324081 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $31994552 | $— | $— | $31994552 |
| Money Market Funds | 899804 |  |  | 899804 |
| Total | $32894356 | $— | $— | $32894356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Epiphany Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $75537247 | $— | $— | $75537247 |
| Money Market Funds | 875845 |  |  | 875845 |
| Total | $76413092 | $— | $— | $76413092 |

---

<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.

**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 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.

**Dana Funds**

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

*October 31, 2025*

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, 2026 | $185548 | $143132 | $85812 |
| October 31, 2027 | 182241 | 153069 | 101548 |
| October 31, 2028 | 189049 | 161997 | 104936 |

---

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 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 fiscal year ended October 31, 2025.

The Trust, with respect to the Large Cap Fund, had adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provided that the Large Cap Fund would 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

**Dana Funds**

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

*October 31, 2025*

of sales literature, and servicing shareholder accounts ("12b-1 Expenses"). The Large Cap Fund or Distributor could pay all or a portion of these fees to any Recipient who rendered assistance in distributing or promoting the sale of shares, or who provided certain shareholder services, pursuant to a written agreement. The Plan was a compensation plan, which meant that compensation was paid regardless of 12b-1 Expenses actually incurred. It was anticipated that the Plan would benefit shareholders because an effective sales program typically was 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. Effective July 28, 2025, the Large Cap Investor Class shares merged into Large Cap Institutional Class shares, which does not have a Plan.

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

For the fiscal year ended October 31, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large Cap Fund | $22421514 | $35549554 |
| Small Cap Fund | 16542455 | 18782216 |
| Epiphany Fund | 27039016 | 29074281 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended October 31, 2025.

**NOTE 6. FEDERAL TAX INFORMATION**

At October 31, 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 | $31195353 | $7452490 | $25241723 |
| Gross unrealized depreciation | (868407) | (705918) | (1844810) |
| Net unrealized appreciation/(depreciation) on investments | 30326946 | 6746572 | 23396913 |
| Tax cost of investments | 41997135 | 26147784 | 53016179 |

---

At October 31, 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.

**Dana Funds**

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

*October 31, 2025*

The tax character of distributions paid for the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Epiphany Fund** | **Epiphany Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $2827174 | $551947 | $19893 | $43745 | $162411 | $404951 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 10736696 | 9148024 | 1431733 | 23982 | 1002942 |  |
| Total | $13563870 | $9699971 | $1451626 | $67727 | $1165353 | $404951 |

---

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

At October 31, 2025, 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 | $878863 | $— | $66974 |
| Undistributed long-term capital gains | 9849648 | 1633763 | 4352770 |
| Unrealized appreciation on investments | 30326946 | 6746572 | 23396913 |
| Total accumulated earnings | $41055457 | $8380335 | $27816657 |

---

**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 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 October 31, 2025, the Large Cap Fund and Epiphany Equity Fund had 36.82% and 37.72% 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

**Dana Funds**

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

*October 31, 2025*

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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Dana Funds and Board of Trustees of Valued Advisers Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Dana Funds, comprising Dana Large Cap Equity Fund, Dana Epiphany Small Cap Equity Fund, and Dana Epiphany Equity Fund (the "Funds"), each a series of Valued Advisers Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2012.

![](dana_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 24, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| **Qualified Dividend Income** | 34% | 100% | 100% |

---

**Qualified Business Income.** The Funds designate the following percentage of ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| **Qualified Business Income** | 0% | 0% | 0% |

---

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds' dividend distribution that qualifies under tax law. For the Funds' calendar year 2025 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| **Dividends Received Deduction** | 33% | 100% | 100% |

---

The Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long-term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Fund** | **Small Cap<br> Fund** | **Epiphany<br> Fund** |
| **Long-Term Capital Gains Distributions** | $10736696 | $1431733 | $1002942 |

---

**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**

No matter was submitted to a vote of shareholders during the period covered by the report.

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

The aggregate compensation paid, on behalf of the Funds, to the Trustees for October 31, 2025 was $11,824 for Dana Large Cap Fund, $11,824 for Dana Epiphany Small Cap Equity Fund, and $11,824 for Dana Epiphany Equity Fund, respectively. For October 31, 2025, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Funds, and no compensation was paid to any person of whom any officer or director of the Funds is an affiliated person.

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

At a meeting held on June 9-10, 2025, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreements (the "Dana Agreements") between Valued Advisers Trust (the "Trust") and Dana Investment Advisors, Inc. ("Dana") with respect to 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 "Equity Fund") (collectively, the "Dana Funds"). Dana provided written information to the Board to assist the Board in its considerations.

Counsel reminded the Trustees of their fiduciary duties and responsibilities, including the factors to be considered, and the application of those factors to Dana. In assessing the factors and reaching its decision, the Board took into consideration information furnished by Dana 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 Dana Agreements, including: (i) reports regarding the services and support provided to the Dana Funds by Dana; (ii) quarterly assessments of the investment performance of the Dana Funds by personnel of Dana; (iii) commentary on the reasons for the performance; (iv) presentations by Dana addressing its investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the Dana Funds and Dana; (vi) disclosure information contained in the Trust's registration statement and Dana's Form ADV; and (vii) a memorandum from counsel, that summarized the fiduciary duties and responsibilities of the Board in considering and approving the Dana Agreements. The Board also requested and received various informational materials including, without limitation: (a) documents containing information about Dana, including its financial information; a description of its personnel and services it provides to the Dana Funds; information on Dana's investment advice and performance; summaries of Dana Fund 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 Dana Funds; and (c) the benefits to be realized by Dana from its relationship with the Dana Funds. The Board

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

did not identify any particular information that was most relevant to its consideration of the Dana 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 Dana</u>. The Board considered Dana's responsibilities under the Dana Agreements. The Trustees considered the services being provided by Dana to the Dana 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 Dana Funds' investment objectives and limitations, its coordination of services for the Dana Funds among their service providers, and its efforts to promote the Dana Funds and grow their assets. The Trustees considered Dana's continuity of, and commitment to retain, qualified personnel and Dana's commitment to maintain and enhance its resources and systems, the commitment of Dana's personnel to finding alternatives and options that allow the Dana Funds to maintain their goals, and Dana's continued cooperation with the Board and counsel for the Dana Funds. The Trustees considered Dana's personnel, including their education and experience. After considering the foregoing information and further information in the Meeting materials provided by Dana, the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services provided by Dana were satisfactory and adequate for the Dana Funds.

2. <u>Investment Performance of the Dana Funds and Dana</u>. The Trustees compared the performance of each of the Dana Funds with the performance of funds in a peer group with similar objectives managed by other investment advisers, with aggregated Morningstar category data, and with the performance of each of the Dana Funds' benchmark. The Trustees also considered the consistency of Dana's management of the Dana Funds with their investment objectives, strategies, and limitations. The Trustees noted that, as of March 31, 2025, the Large Cap Fund's performance was above its peer group median for the one-year, five-year, and since inception periods and below the peer group median for three-year and ten-year periods. The Trustees noted that the Large Cap Fund's performance was below that of its benchmark for all periods presented. When compared to other funds in its custom Morningstar category, the Trustees observed that the Large Cap Fund's performance was below the average and median for the one-year, three-year, five-year, and ten-year periods, and below the median for the since inception period. The Trustees considered the performance of the Small Cap Fund, and observed that, as of March 31, 2025, the Small Cap Fund performed above the median of its peer group for the one-year, three-year, and five-year periods, and below the median of its peer group for the since inception period. As compared to its benchmark, the Trustees noted that the Small Cap Fund underperformed for the one year, three-year, five-year, and since inception periods ended March 31, 2025. When compared to its style-specific benchmark, the Trustees noted that the Small Cap Fund outperformed for the one year and five-year periods, and underperformed for the three-year and since inception periods. They also noted that the Small Cap Fund's performance was above the average and median of its custom Morningstar category for the three-year and five-year periods, below the average and median for the one year-period, and below the median for the since inception period. The Trustees then considered the performance of the Equity Fund, noting that Dana began managing the Fund in December of 2018. For this reason, the Trustees focused their attention on the one-year, three-year, and five-year performance of the Equity Fund. They observed that, as of March 31, 2025, the Equity Fund performed below the average of its peer group for the one-year, three-year, and five-year periods. As compared to its benchmark, the Trustees noted that the Equity Fund underperformed for the one-year, three-year, and five-year periods. They also noted that the

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

Equity Fund performed below its category average and median for the one-year, three-year periods, and five-year periods. The Trustees took into consideration discussions with representatives of Dana regarding the reasons for the performance of each of the Dana Funds. After reviewing and discussing these and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Dana Funds and Dana was satisfactory.

3. <u>The costs of the services to be provided and profits to be realized by Dana from the relationship with the Dana Funds</u>. The Trustees considered: (1) Dana's financial condition; (2) the asset level of the Dana Funds; (3) the overall expenses of each of the Dana Funds; and (4) the nature and frequency of management fee payments. The Trustees reviewed information provided by Dana regarding its profits associated with managing each of the Dana Funds, noting that Dana is currently waiving a portion of its management fee and/or reimbursing other expenses with respect to each of the Dana Funds. The Trustees also considered potential benefits for Dana in managing the Dana Funds. The Trustees then compared the fees and expenses of the Dana Funds (including the management fee) to other comparable mutual funds. The Trustees noted that the Large Cap Fund's management fee was equal to the median and below the average of its peer group and above the average and median of its custom Morningstar category. The Trustees also noted that the Large Cap Fund's net expense ratio for the Institutional Class was below the average and the median of its peer group and above the median and average of its custom Morningstar category. With respect to the Small Cap Fund, the Trustees noted that the management fee was below the average and the median of its peer group and below the average and median of the custom Morningstar category. They also noted that the Small Cap Fund's net expense ratio for the Institutional Class was below the average and median of its peer group and below the average and median of its custom Morningstar category. With respect to the Equity Fund, the Board noted that the management fee was above the average and the median of its peer group and above both the average and median of its custom Morningstar category. They also noted that the Equity Fund's net expense ratio for the Institutional Class was above the average and the median of its peer group and above both the average and the median of its custom Morningstar category. The Board also considered the fact that Dana contractually lowered the management fee for the Large Cap Fund and the Small Cap Fund in the past and had contractually agreed to limit expenses of each of the Dana Funds. The Board noted that the fees that Dana assesses for separate account clients that have strategies similar to that of each of the Dana Funds, respectively, could be comparable or lower and they expressed the view that the reasons for such differences were acceptable and reasonable. Based on the foregoing, the Board concluded that the fees to be paid to Dana by each of the Dana Funds and the profits to be realized by Dana, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Dana.

4. <u>The extent to which economies of scale would be realized as the Dana Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the Dana Funds' investors</u>. The Board considered the Dana Funds' fee arrangements with Dana. The Board considered that while the management fee remained the same at all asset levels, the shareholders experienced benefits from each of the Dana Funds' expense limitation arrangements. The Trustees noted that once the expenses fell below the cap set by each arrangement, the shareholders would continue to benefit from economies of scale under the Dana Funds' arrangements with other service providers to the Dana Funds, and the Trustees attributed this benefit, in part, to the direct and indirect efforts of Dana at the inception of each of the Dana Funds to ensure that a cost structure was in place that was beneficial for the Dana Funds as they grew. In light of its ongoing consideration of the Dana Funds'

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

asset levels, expectations for growth in the Dana Funds, and fee levels, the Board determined that the Dana Funds' fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Dana.

5. <u>Possible conflicts of interest and benefits to Dana</u>. 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 Dana Funds; the basis of decisions to buy or sell securities for the Dana Funds and the substance and administration of Dana's code of ethics. The Trustees also considered disclosure in the registration statement of the Trust relating to Dana's potential conflicts of interest. The Trustees noted that Dana may utilize soft dollars and the Trustees noted Dana's policies and processes for managing the conflicts of interest that could arise from soft dollar arrangements. The Trustees noted other potential benefits to Dana, including the fact that the Dana Funds provide an attractive vehicle for smaller accounts, which may increase the total assets under management by Dana and provide marginal cost efficiency. Based on the foregoing, the Board determined that the standards and practices of Dana relating to the identification and mitigation of potential conflicts of interest and the benefits to be realized by Dana in managing the Dana Funds were satisfactory.

After additional consideration of the factors discussed by counsel and further discussion among the Board members, the Board determined to approve the continuation of the Dana Agreements.

![](slow_001.jpg)

**Slow Capital Growth Fund**

**Annual Financial Statements**

**and Additional Information**

**October 31, 2025**

**Slow Capital, Inc.**

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

**Greenbrae, CA 94904**

**(833) 377-2715**

**Slow Capital Growth Fund**

**Schedule of Investments**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.73%** |  |  |
| **Communications — 13.64%** |  |  |
| Alphabet, Inc., Class A | 17176 | $4829719 |
| Netflix, Inc.<sup>(a)</sup> | 3299 | 3691119 |
| Spotify Technology SA<sup>(a)</sup> | 5136 | 3365724 |
|  |  | 11886562 |
| **Consumer Discretionary — 16.86%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 16315 | 3984450 |
| MercadoLibre, Inc.<sup>(a)</sup> | 1424 | 3314018 |
| Ross Stores, Inc. | 15665 | 2489482 |
| Tesla, Inc.<sup>(a)</sup> | 10747 | 4906650 |
|  |  | 14694600 |
| **Consumer Staples — 2.24%** |  |  |
| Costco Wholesale Corp. | 2146 | 1955972 |
| **Energy — 4.26%** |  |  |
| First Solar, Inc.<sup>(a)</sup> | 13906 | 3712068 |
| **Financials — 1.49%** |  |  |
| Chubb Ltd. | 4700 | 1301618 |
| **Health Care — 12.61%** |  |  |
| Illumina, Inc.<sup>(a)</sup> | 16698 | 2062871 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 6341 | 3387870 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 1127 | 1596159 |
| Regeneron Pharmaceuticals, Inc. | 3384 | 2205691 |
| Repligen Corp.<sup>(a)</sup> | 11622 | 1732375 |
|  |  | 10984966 |
| **Industrials — 4.42%** |  |  |
| Deere & Co. | 3424 | 1580621 |
| Symbotic, Inc.<sup>(a)</sup> | 28000 | 2266600 |
|  |  | 3847221 |
| **Real Estate — 1.50%** |  |  |
| American Tower Corp., Class A | 7297 | 1306017 |
| **Technology — 42.71%** |  |  |
| Accenture PLC, Class A | 5528 | 1382553 |
| Analog Devices, Inc. | 9158 | 2144163 |
| Apple, Inc. | 11212 | 3031388 |
| Autodesk, Inc.<sup>(a)</sup> | 6965 | 2098833 |
| Broadcom, Inc. | 15530 | 5740353 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 5787 | 3142399 |
| Datadog, Inc., Class A<sup>(a)</sup> | 18320 | 2982679 |
| HubSpot, Inc.<sup>(a)</sup> | 3628 | 1784686 |
| Nvidia Corp. | 24555 | 4972142 |
| ON Semiconductor Corp.<sup>(a)</sup> | 36487 | 1827269 |
| ServiceNow, Inc.<sup>(a)</sup> | 3126 | 2873669 |
| Synopsys, Inc.<sup>(a)</sup> | 4540 | 2060343 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 5639 | 1642077 |

---

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

**Slow Capital Growth Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.73% - continued** |  |  |
| **Technology — 42.71% - continued** |  |  |
| Workday, Inc., Class A<sup>(a)</sup> | 6358 | $1525411 |
|  |  | 37207965 |
| **Total Common Stocks/Investments — 99.73% (Cost $73,986,109)** |  | 86896989 |
| **Other Assets in Excess of Liabilities — 0.27%** |  | 235895 |
| **NET ASSETS — 100.00%** |  | $87132884 |

---

(a) Non-income producing security.

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

**Slow Capital Growth Fund**

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $73,986,109) (Note 3) | $86896989 |
| Cash and cash equivalents | 298057 |
| Dividends and interest receivable | 17907 |
| Prepaid expenses | 11770 |
| **Total Assets** | 87224723 |
| **Liabilities** |  |
| Payable to Adviser (Note 4) | 35186 |
| Payable to affiliates (Note 4) | 8989 |
| Payable to Trustees | 4208 |
| Other accrued expenses | 43456 |
| **Total Liabilities** | 91839 |
| **Net Assets** | $87132884 |
| **Net Assets consist of:** |  |
| Paid-in capital | $74492517 |
| Accumulated earnings | 12640367 |
| **Net Assets<sup>(a)</sup>** | $87132884 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 7833665 |
| **Net asset value ("NAV"), offering and redemption price per share (Note 2)** | $11.12 |

---

(a) The Fund charged 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. Effective
 August 11, 2025, the redemption fee has been eliminated.

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

**Slow Capital Growth Fund**

**Statement of Operations**

*For the Period Ended October 31, 2025<sup>(a)</sup>*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $933) | $211194 |
| Interest income | 21379 |
| **Total investment income** | 232573 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 276863 |
| Administration (Note 4) | 75450 |
| Transfer agent fees (Note 4) | 26332 |
| Audit and tax preparation fees | 19875 |
| Legal fees | 17980 |
| Trustee fees | 16900 |
| Compliance service fees (Note 4) | 16830 |
| Printing and postage expenses | 14535 |
| Custodian fees | 5660 |
| Registration expenses | 4173 |
| Insurance expenses | 1194 |
| Miscellaneous | 34304 |
| **Total expenses** | 510096 |
| **Net investment loss** | (277523) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized loss on investment securities transactions | (270513) |
| Net change in unrealized appreciation of investment securities | 12910880 |
| **Net realized and change in unrealized gain on investments** | 12640367 |
| **Net increase in net assets resulting from operations** | $12362844 |

---

<sup>(a)</sup> For the period December 6, 2024 (commencement of operations) to October 31, 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> October 31,**<br> **2025<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |
| **Operations** |  |
| Net investment loss | $(277523) |
| Net realized loss on investment securities transactions | (270513) |
| Net change in unrealized appreciation of investment securities | 12910880 |
| Net increase in net assets resulting from operations | 12362844 |
| **Capital Transactions** |  |
| Proceeds from shares sold | 74770078 |
| Amount paid for shares redeemed | (39) |
| Proceeds from redemption fees<sup>(a)(b)</sup> | 1 |
| Net increase in net assets resulting from capital transactions | 74770040 |
| **Total Increase in Net Assets** | 87132884 |
| **Net Assets** |  |
| Beginning of period | $— |
| End of period | $87132884 |
| **Share Transactions** |  |
| Shares sold | 7833669 |
| Shares redeemed | (4) |
| Net increase in shares outstanding | 7833665 |

---

(a) For the period December 6, 2024 (commencement
 of operations) to October 31, 2025.

(b) The Fund charged 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. Effective
 August 11, 2025, the redemption fee has been eliminated.

*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> October 31,<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 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.12 |
| 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** | $11.12 |
| **Total Return<sup>(b)</sup>** | 11.20 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $87133 |
| Ratio of expenses to average net assets after expense waiver | 0.92 %<sup>(d)</sup> |
| Ratio of net investment loss to average net assets after expense waiver | (0.50)%<sup>(d)</sup> |
| Portfolio turnover rate | 2.00 %<sup>(c)</sup> |

---

(a) For the period December 6, 2024 (commencement
 of operations) to October 31, 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**

*October 31, 2025*

**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 has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosure only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for 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.

**Slow Capital Growth Fund**

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

*October 31, 2025*

**Cash and Cash Equivalents** – Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in the bank deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.

**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.

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

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

**Redemption Fees** – Prior to August 11, 2025, the Fund charged a 2.00% redemption fee, for shares redeemed within 90 calendar days of purchase. These fees were deducted from the redemption proceeds otherwise payable to the shareholder. The Fund retained the fee charged as an increase in paid-in capital and such fees became part of the Fund's daily net asset value ("NAV") calculation. Effective August 11, 2025, the redemption fee has been eliminated.

**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

**Slow Capital Growth Fund**

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

*October 31, 2025*

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.

For the fiscal period ended October 31, 2025, the Fund made the following reclassifications to increase (decrease) the components of net assets due to net operating losses:

---

| | |
|:---|:---|
| **Paid-In Capital** | **Accumulated <br> Earnings (Deficit)** |
| $(277523) | $277523 |

---

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

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

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

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable.

**Slow Capital Growth Fund**

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

*October 31, 2025*

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

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

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

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

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

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

**Slow Capital Growth Fund**

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

*October 31, 2025*

securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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

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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $86896989 | $— | $— | $86896989 |
| Total | $86896989 | $— | $— | $86896989 |

---

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

**Slow Capital Growth Fund**

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

*October 31, 2025*

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 fiscal period ended October 31, 2025, the Adviser earned a fee of $276,863 from the Fund before the waivers described below. At October 31, 2025, the Fund owed the Adviser $35,186.

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 0.99%. Prior to August 11, 2025, the Adviser contractually agreed to waive or limit its fees and to assume certain Fund operating expense 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 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 fiscal year ended October 31, 2025, the Adviser waived and recouped fees in the amount of $19,238.

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 October 31, 2025, there were no investment advisory fee waivers and expense reimbursements available for recoupment.

**Slow Capital Growth Fund**

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

*October 31, 2025*

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 fiscal period ended October 31, 2025.

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

For the fiscal period ended October 31, 2025, purchases and sales of investment securities, other than short-term investments, were $75,493,244 and $1,236,622, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal period ended October 31, 2025.

**NOTE 6. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $14737325 |
| Gross unrealized depreciation | (1826445) |
| Net unrealized appreciation on investments | $12910880 |
| Tax cost of investments | $73986109 |

---

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

---

| | |
|:---|:---|
| Accumulated capital and other losses | (270513) |
| Unrealized appreciation on investments | 12910880 |
| Total accumulated earnings | $12640367 |

---

As of October 31, 2025, the Fund had short-term capital loss carryforwards of $270,513. 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.

**Slow Capital Growth Fund**

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

*October 31, 2025*

**NOTE 7. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, National Financial Services owned beneficially 70.6% of the Fund's outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).

**NOTE 8. 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 October 31, 2025, the Fund had 42.71% of the value of its net assets invested in stocks within the Technology sector.

**NOTE 9. 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 10. 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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Slow Capital Growth Fund and the Board of Trustees Valued Advisers Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Slow Capital Growth Fund (the "Fund"), a series of Valued Advisers Trust, as of October 31, 2025, the related statements of operations and changes in net assets and the financial highlights for the period from December 6, 2024 (commencement of operations) through October 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2025.

![](slow_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 24, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income. The Fund designates approximately 0% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

Qualified Business Income. The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 0% qualifies for the corporate dividends received deduction.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

The aggregate compensation paid, on behalf of the Fund, to the Trustees for the period of this report was $16,900. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Fund, and no compensation was paid to any person of whom any officer or director of the Fund is an affiliated person.

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

Not applicable.

![](kovitz_001.jpg)

**Kovitz Core Equity ETF**

**Annual Financial Statements**

**and Additional Information**

**October 31, 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**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 94.58%** |  |  |
| **Communications — 11.74%** |  |  |
| Alphabet, Inc., Class A | 24234 | $6814358 |
| Alphabet, Inc., Class C | 217111 | 61186222 |
| Meta Platforms, Inc., Class A | 63414 | 41114467 |
| Universal Music Group NV - ADR | 3024628 | 40469523 |
|  |  | 149584570 |
| **Consumer Discretionary — 8.86%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 268896 | 65669781 |
| CarMax, Inc.<sup>(a)</sup> | 487147 | 20416331 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 148285 | 9264847 |
| Lowe's Companies, Inc. | 73833 | 17581852 |
|  |  | 112932811 |
| **Consumer Staples — 5.65%** |  |  |
| Dollar Tree, Inc.<sup>(a)</sup> | 223831 | 22186129 |
| Philip Morris International, Inc. | 345418 | 49854180 |
|  |  | 72040309 |
| **Financials — 18.08%** |  |  |
| American Express Co. | 57384 | 20700130 |
| Aon PLC, Class A | 109724 | 37380773 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 45261 | 21613938 |
| Charles Schwab Corp. (The) | 519539 | 49106826 |
| Intercontinental Exchange, Inc. | 327364 | 47890080 |
| Ryan Specialty Group Holdings, Inc. | 232343 | 12732396 |
| Visa, Inc., Class A | 120138 | 40935822 |
|  |  | 230359965 |
| **Health Care — 15.06%** |  |  |
| Abbott Laboratories | 5872 | 725897 |
| Alcon, Inc. | 495195 | 36589959 |
| Becton, Dickinson and Co. | 289571 | 51749232 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | 362723 | 25357965 |
| Thermo Fisher Scientific, Inc. | 83861 | 47581893 |
| Waters Corp.<sup>(a)</sup> | 85731 | 29971558 |
|  |  | 191976504 |
| **Industrials — 12.08%** |  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 941579 | 21100785 |
| Ashtead Group PLC - ADR | 154985 | 41844401 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 835324 | 14175448 |
| Jacobs Solutions, Inc. | 258573 | 40288259 |
| PACCAR, Inc. | 371687 | 36574001 |
|  |  | 153982894 |
| **Technology — 23.11%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 77560 | 26394444 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 129042 | 33050237 |
| Analog Devices, Inc. | 93285 | 21840817 |
| Apple, Inc. | 72403 | 19575599 |
| Applied Materials, Inc. | 107788 | 25125383 |
| Arista Networks, Inc.<sup>(a)</sup> | 179327 | 28278075 |

---

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

**Kovitz Core Equity ETF**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 94.58% - continued** | | |
| **Technology — 23.11% - continued** |  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 244749 | $44779277 |
| Microsoft Corp. | 106115 | 54947407 |
| Salesforce, Inc. | 155305 | 40442975 |
|  |  | 294434214 |
| **Total Common Stocks/Investments — 94.58% (Cost $917,069,082)** |  | 1205311267 |
| **Other Assets in Excess of Liabilities — 5.42%** |  | 69048680 |
| **NET ASSETS — 100.00%** |  | $1274359947 |

---

(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**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets** | |
| Investments in securities at fair value (cost $917,069,082) (Note 3) | $1205311267 |
| Cash | 69462602 |
| Dividends and interest receivable | 548661 |
| Tax reclaims receivable | 62790 |
| **Total Assets** | 1275385320 |
| **Liabilities** |  |
| Payable to Adviser (Note 4) | 1025373 |
| **Total Liabilities** | 1025373 |
| **Net Assets** | $1274359947 |
| **Net Assets consist of:** |  |
| Paid-in capital | $1065878367 |
| Accumulated earnings | 208481580 |
| **Net Assets** | $1274359947 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 49048196 |
| Net asset value, offering and redemption price per share (Note 2) | $25.98 |

---

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

**Kovitz Core Equity ETF**

**Statement of Operations**

*For the Year Ended October 31, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $345,938) | $11343090 |
| Interest income | 1599862 |
| **Total investment income** | 12942952 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 12071014 |
| **Total expenses** | 12071014 |
| **Net operating expenses** | 12071014 |
| **Net investment income** | 871938 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (45666487) |
| &nbsp;&nbsp;&nbsp;In-kind transactions | 170317269 |
| Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities transactions | 11093783 |
| **Net realized and change in unrealized gain on investments** | 135744565 |
| **Net increase in net assets resulting from operations** | $136616503 |

---

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

**Kovitz Core Equity ETF**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $871938 | $4026677 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 124650782 | 110362528 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities | 11093783 | 171638165 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 136616503 | 286027370 |
| **Distributions to Shareholders from (Note 2):** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (3543235) | (2460068) |
| &nbsp;&nbsp;&nbsp;Return of capital | (355767) |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (3899002) | (2460068) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 327819239 | 320508463 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (345644275) | (276777154) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | (17825036) | 43731309 |
| **Total Increase in Net Assets** | 114892465 | 327298611 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1159467482 | 832168871 |
| &nbsp;&nbsp;&nbsp;End of year | $1274359947 | $1159467482 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13475000 | 14900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14225000) | (12750000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (750000) | 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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $23.28 | $17.46 | $17.74 | $26.41 | $17.94 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 | 0.08 | 0.06 | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 2.77 | 5.79 | 1.47 | (4.44) | 9.10 |
| Total from investment operations | 2.79 | 5.87 | 1.53 | (4.48) | 9.06 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.05) | (0.01) |  | — <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (1.80) | (4.19) | (0.59) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) |  |  |  |  |
| Total distributions | (0.09) | (0.05) | (1.81) | (4.19) | (0.59) |
| Net asset value, end of year | $25.98 | $23.28 | $17.46 | $17.74 | $26.41 |
| Market price, end of year | $26.00 | $23.25 | $17.48 | $— | $— |
| **Total Return<sup>(b)</sup>** | 11.96% | 33.68% | 9.47% | (20.01)% | 51.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $1274360 | $1159467 | $832169 | $76576 | $99367 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after expense waiver | 0.99% | 0.99% | 0.99% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before expense waiver | 0.99% | 0.99% | 1.00% | 1.30% | 1.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets after expense waiver | 0.07% | 0.39% | 0.26% | (0.18)% | (0.17)% |
| Portfolio turnover rate<sup>(c)</sup> | 36% | 25% | 20% | 26% | 20% |

---

(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) 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**

*October 31, 2025*

**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 has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for 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.

**Kovitz Core Equity ETF**

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

*October 31, 2025*

**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.

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

**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

**Kovitz Core Equity ETF**

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

*October 31, 2025*

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.

For the fiscal year ended October 31, 2025, the Fund made the following reclassifications to increase (decrease) the components of net assets:

---

| | |
|:---|:---|
| **Paid-In Capital** | **Accumulated Deficit** |
| $168817173 | $(168817173) |

---

**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.

**Kovitz Core Equity ETF**

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

*October 31, 2025*

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

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

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

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

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

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.

**Kovitz Core Equity ETF**

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

*October 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $1205311267 | $— | $— | $1205311267 |
| Total | $1205311267 | $— | $— | $1205311267 |

---

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

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

**NOTE 4. 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 fiscal year ended October 31, 2025, the Adviser earned a fee of $12,071,014 from the Fund. At October 31, 2025, the Fund owed the Adviser $1,025,373.

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.

**Kovitz Core Equity ETF**

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

*October 31, 2025*

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

For the fiscal year ended October 31, 2025, purchases and sales of investment securities, other than short-term investments and in-kind transactions, were $427,057,399 and $450,142,917, respectively.

For the fiscal year ended October 31, 2025, purchases and sales for in-kind transactions were $312,223,532 and $335,178,613, respectively.

**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 fiscal year ended October 31, 2025, the Fund received $18,300 and $300 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.

**Kovitz Core Equity ETF**

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

*October 31, 2025*

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $316229909 |
| Gross unrealized depreciation | (32428115) |
| Net unrealized appreciation on investments | $283801794 |
| Tax cost of investments | $921509473 |

---

At October 31, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the organization expense amortization and tax deferral of wash sales.

The tax character of distributions paid for the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $3543235 | $2460068 |
| &nbsp;&nbsp;&nbsp;Return of capital | 355767 |  |
| Total distributions paid | $3899002 | $2460068 |

---

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

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

---

| | |
|:---|:---|
| Accumulated Capital and Other Losses | $(75320214) |
| Unrealized Appreciation on Investments | 283801794 |
| Total Accumulated Earnings | $208481580 |

---

As of October 31, 2025, the Fund had short-term and long-term capital loss carryforwards of $27,281,063 and $48,038,869, 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

**Kovitz Core Equity ETF**

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

*October 31, 2025*

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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Kovitz Core Equity ETF and

Board of Trustees of Valued Advisers Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Kovitz Core Equity ETF (the "Fund"), a series of Valued Advisers Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2012.

![](kovitz_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 24, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Fund designates approximately 100% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Qualified Business Income.** The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not Applicable.

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

The aggregate compensation paid, on behalf of the Adviser, to the Trustees for October 31, 2025 was $11,824. For October 31, 2025, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Fund, and no compensation was paid to any person of whom any officer or director of the Fund is an affiliated person.

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

At a meeting held on June 9-10, 2025, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreement (the "Kovitz Agreement") between Valued Advisers Trust (the "Trust") and Kovitz Investment Group Partners, LLC ("Kovitz") with respect to the Kovitz Core Equity ETF (the "Kovitz Fund"). Kovitz provided written information to the Board to assist the Board in its considerations.

Counsel reminded the Trustees of their fiduciary duties and responsibilities, including the factors to be considered, and the application of those factors to Kovitz. In assessing the factors and reaching its decision, the Board took into consideration information furnished by Kovitz 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 Kovitz Agreement, including: (i) reports regarding the services and support provided to the Kovitz Fund by Kovitz; (ii) quarterly assessments of the investment performance of the Kovitz Fund by personnel of Kovitz; (iii) commentary on the reasons for the performance; (iv) presentations by Kovitz addressing its investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the Kovitz Fund and Kovitz; (vi) disclosure information contained in the Trust's registration statement and Kovitz's Form ADV; and (vii) a memorandum from counsel, that summarized the fiduciary duties and responsibilities of the Board in considering and approving the Kovitz Agreement. The Board also requested and received various informational materials including, without limitation: (a) documents containing information about Kovitz, including its financial information; a description of its personnel and services it provides to the Kovitz Fund; information on Kovitz's investment advice and performance; summaries of Kovitz Fund 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 Kovitz Fund; and (c) the benefits to be realized by Kovitz from its relationship with the Kovitz Fund. The Board did not identify any particular information that was most relevant to its consideration of the Kovitz Agreement and each Trustee may have afforded different weight to the various factors.

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

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

2. Investment Performance of the Kovitz ETF and Kovitz. The Trustees compared the performance of the Kovitz ETF with the performance of funds with similar objectives managed by other investment advisers, with aggregated peer group data, as well as with the performance of the Kovitz ETF's benchmark. The Trustees also considered the consistency of Kovitz's management of the Kovitz ETF with its investment objectives, strategies, and limitations. The Trustees noted that the Kovitz ETF had underperformed as compared to its benchmark for the one-year, three-year, ten-year, and since inception periods ended March 31, 2024, and that the Kovitz ETF outperformed the benchmark for the five-year period. They also noted that the Kovitz ETF had underperformed as compared to the median of its Morningstar custom category for the one-year, three-year, ten-year, and since inception periods, and had outperformed compared to the median for the five-year periods. With regard to the custom peer group, the Trustees noted that the Kovitz ETF had underperformed as compared to the median for all periods presented. The Board reviewed the performance of Kovitz in managing a composite with investment strategies similar to that of the Kovitz ETF and observed that the Kovitz ETF's performance was comparable. The Trustees took into consideration discussions with representatives of Kovitz regarding the reasons for the performance of the Kovitz ETF. After further reviewing and discussing these and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Kovitz ETF and Kovitz was satisfactory.

3. The costs of the services to be provided and profits to be realized by Kovitz from the relationship with the Kovitz ETF. The Trustees considered: (1) Kovitz's financial condition; (2) the asset level of the Kovitz ETF; (3) the overall expenses of the Kovitz ETF; and (4) the nature and frequency of advisory fee payments. The Trustees reviewed information provided by Kovitz regarding its profits associated with managing the Kovitz ETF. The Trustees also considered potential benefits for Kovitz in managing the Kovitz ETF. The Trustees then compared the fees and expenses of the Kovitz ETF (including the management fee) to other comparable mutual funds. The Board also acknowledged the Kovitz ETF's "unitary fee" structure, by which Kovitz pays the majority of the Kovitz Fund's expenses. The Trustees noted that the Kovitz ETF's management fee was above the average and median management fees of its Morningstar custom category. The Trustees also noted that the Kovitz Fund's net expense ratio was also above that of the average and median of its custom category. When comparing the Kovitz Fund's fees to those of its custom peer group, the Trustees noted that the

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

Kovitz Fund's management fee was above the average and the median. They also noted that the Kovitz Fund's net expense ratio was also above both the average and median of the peer group. The Trustees also noted that the Kovitz Fund's management fee could be above the fee charged by Kovitz to its separately managed accounts, and they considered the reasons for the difference, including the unitary fee structure of the Kovitz ETF. Based on the foregoing, the Board concluded that the fees to be paid to Kovitz by the Kovitz ETF and the profits to be realized by Kovitz, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Kovitz.

4. The extent to which economies of scale would be realized as the Kovitz ETF grows and whether advisory fee levels reflect these economies of scale for the benefit of the Kovitz ETF's investors. The Board considered the Kovitz ETF's fee arrangements with Kovitz. The Board considered that while the management fee remained the same at all asset levels, the Kovitz ETF's shareholders would continue to benefit from economies of scale under the Trust's agreements with service providers other than Kovitz. In light of its ongoing consideration of the Kovitz ETF's asset levels, expectations for growth in the Kovitz ETF, and fee levels, the Board determined that the Kovitz ETF's fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Kovitz.

5. Possible conflicts of interest and benefits to Kovitz. 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 Kovitz ETF; the basis of decisions to buy or sell securities for the Kovitz ETF and/or Kovitz's other accounts; and the substance and administration of Kovitz's code of ethics. The Trustees noted that Kovitz does not utilize soft dollars. With respect to benefits to Kovitz (in addition to fees under the Kovitz Agreement), the Board noted that Kovitz would benefit from its relationship with the Kovitz ETF as the Kovitz ETF provides an investment vehicle for Kovitz's advisory clients with small balances. Following further consideration and discussion, the Board determined that Kovitz's standards and practices relating to the identification and mitigation of potential conflicts of interest were satisfactory and the benefits it derives from managing the Kovitz ETF were acceptable.

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

![](smi_001.jpg)

**Sound Mind Investing Fund (SMIFX)**

**SMI Dynamic Allocation Fund (SMIDX)**

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

**Annual Financial Statements**

**and Additional Information**

**October 31, 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**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 67.59%** |  |  |
| Cambria Global Value ETF | 345830 | $10350692 |
| iShares Russell 1000 Growth ETF | 39370 | 19117285 |
| SMI 3Fourteen Full-Cycle Trend ETF<sup>(a)(b)</sup> | 1032010 | 25500967 |
| USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund<sup>(c)</sup> | 438040 | 10109963 |
| **Total Exchange-Traded Funds (Cost $63,215,045)** |  | 65078907 |
| **MUTUAL FUNDS — 32.19%** |  |  |
| Aegis Value Fund, Inc., Institutional Class | 204673 | 11238603 |
| Artisan International Small Cap Fund, Investor Class<sup>(c)</sup> | 100 | 1999 |
| Artisan International Value Fund, Investor Class | 40 | 2218 |
| Artisan Mid Cap Value Fund, Investor Class | 117 | 1790 |
| Champlain Small Company Fund, Institutional Class<sup>(c)</sup> | 100 | 2127 |
| Columbia Acorn Fund, Institutional Class<sup>(c)</sup> | 137 | 1827 |
| Delaware Ivy Large Cap Growth Fund, Class I<sup>(c)</sup> | 89 | 3965 |
| DFA International Small Cap Value Portfolio, Institutional Class | 100 | 3012 |
| DFA International Small Company Portfolio, Institutional Class | 100 | 2467 |
| DFA U.S. Small Cap Value Portfolio, Institutional Class | 38 | 1885 |
| Franklin Small Cap Value Fund, Advisor Class | 29 | 1785 |
| Hartford International Opportunities Fund (The), Class Y | 98 | 2356 |
| Invesco Oppenheimer International Small-Mid Company Fund, Class Y | 47 | 1987 |
| Janus Henderson Mid Cap Value Fund, Class T | 111 | 1786 |
| Janus Henderson Venture Fund, Class T<sup>(c)</sup> | 17 | 1457 |
| JOHCM International Select Fund, Institutional Class | 100 | 2817 |
| JPMorgan Mid Cap Value Fund, Institutional Class | 46 | 1723 |
| JPMorgan Small Cap Equity Fund, Select Class | 31 | 1637 |
| JPMorgan Small Cap Growth Fund, Class L | 100 | 2422 |
| JPMorgan U.S. Research Enhanced Equity Fund, Institutional Class | 42 | 2117 |
| Longleaf Partners Fund | 79 | 1893 |
| Longleaf Partners Small-Cap Fund | 100 | 2890 |
| Lord Abbett Developing Growth Fund, Inc., Institutional Class<sup>(c)</sup> | 100 | 3489 |
| Morgan Stanley Institutional Fund, Inc., Inception Portfolio, Class I | 408088 | 7692466 |
| Morgan Stanley Institutional Fund, Inc., Institutional Class | 157127 | 11995064 |
| PRIMECAP Odyssey Aggressive Growth Fund | 40 | 2247 |
| Prudential Jennison International Opportunities, Class Z | 64 | 2282 |
| Royce Premier Fund, Investment Class | 157 | 1781 |
| T. Rowe Price International Discovery Fund, Investor Class | 30 | 2262 |
| T. Rowe Price Mid-Cap Growth Fund, Investor Class<sup>(c)</sup> | 17 | 1776 |
| T. Rowe Price New Horizons Fund, Investor Class<sup>(c)</sup> | 32 | 1895 |
| T. Rowe Price Small-Cap Value Fund, Investor Class | 32 | 1805 |
| Virtus NFJ Small-Cap Value Fund, Institutional Class | 162 | 2442 |
| Wasatch International Growth Fund, Investor Class<sup>(c)</sup> | 77 | 1784 |
| **Total Mutual Funds (Cost $26,518,969)** |  | 30994056 |

---

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

**Sound Mind Investing Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS — 0.32%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.05%<sup>(d)</sup> | 311394 | $311394 |
| **Total Money Market Funds (Cost $311,394)** |  | 311394 |
| **Total Investments — 100.10% (Cost $90,045,408)** |  | 96384357 |
| **Liabilities in Excess of Other Assets — (0.10)%** |  | (92820) |
| **NET ASSETS — 100.00%** |  | $96291537 |

---

(a) Affiliated Company.

(b) Represents an investment greater than 25% of the Fund's net assets.
 Performance of the Fund may be adversely impacted by concentrated investments in securities. As of October 31, 2025, the percentage
 of net assets invested in SMI 3Fourteen Full-Cycle Trend ETF was 26.48% of the Fund. The financial statements and portfolio holdings for
 these securities can be found at www.sec.gov.

(c) Non-income producing security.

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

ETF - Exchange-Traded Fund

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

**SMI Dynamic Allocation Fund**

**Schedule of Investments**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 76.52%** |  |  |
| BNY Mellon US Large Cap Core Equity ETF | 118560 | $15531360 |
| Franklin FTSE Europe ETF | 8170 | 286767 |
| Franklin FTSE Japan ETF | 16050 | 572183 |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 17720 | 861546 |
| Invesco QQQ Trust, Series 1 | 10100 | 6353607 |
| iShares Core U.S. REIT ETF | 10000 | 576400 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 20580 | 2289113 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 11920 | 1152306 |
| iShares MSCI EAFE ETF | 60150 | 5683574 |
| iShares MSCI Emerging Markets ex China ETF | 96180 | 6949005 |
| ProShares S&P<sup>®</sup> 500<sup>®</sup> Dividend Aristocrats ETF | 8480 | 861568 |
| Schwab High Yield Bond ETF | 64830 | 1718643 |
| Schwab International Equity ETF | 27500 | 653400 |
| Schwab Long-Term U.S. Treasury ETF | 61600 | 2008160 |
| Schwab U.S. Tips ETF | 42660 | 1150114 |
| SMI 3Fourteen Real Asset Allocation ETF<sup>(b)</sup> | 361430 | 10018912 |
| SPDR<sup>®</sup> Bloomberg 1-3 Month T-Bill ETF | 2960 | 271610 |
| SPDR<sup>®</sup> S&P<sup>®</sup> Metals & Mining ETF | 11850 | 1144592 |
| USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund<sup>(a)</sup> | 12520 | 288962 |
| Vanguard Energy Index Fund ETF | 2310 | 287687 |
| Vanguard Small-Cap Index Fund ETF | 3400 | 866966 |
| **Total Exchange-Traded Funds (Cost $52,749,713)** |  | 59526475 |
| **CLOSED-END FUNDS — 21.31%** |  |  |
| Sprott Physical Gold Trust<sup>(a)</sup> | 546320 | 16580812 |
| **Total Closed-End Funds (Cost $9,604,758)** |  | 16580812 |
| **MUTUAL FUNDS — 1.85%** |  |  |
| AQR Diversifying Strategies Fund, Class I<sup>(a)</sup> | 101725 | 1438398 |
| **Total Mutual Funds (Cost $1,357,415)** |  | 1438398 |
| **MONEY MARKET FUNDS — 0.22%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.05%<sup>(c)</sup> | 171284 | 171284 |
| **Total Money Market Funds (Cost $171,284)** |  | 171284 |
| **Total Investments — 99.90% (Cost $63,883,170)** |  | 77716969 |
| **Other Assets in Excess of Liabilities — 0.10%** |  | 78172 |
| **NET ASSETS — 100.00%** |  | $77795141 |

---

(a) Non-income producing security.

(b) Affiliated Company.

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

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

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

**SMI Dynamic Allocation Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

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**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 72.13%** |  |  |
| BNY Mellon US Large Cap Core Equity ETF | 41200 | $5397200 |
| Cambria Global Value ETF | 69620 | 2083727 |
| Communication Services Select Sector SPDR<sup>®</sup> Fund | 3270 | 375429 |
| Consumer Discretionary Select Sector SPDR<sup>®</sup> Fund | 1700 | 407881 |
| Consumer Staples Select Sector SPDR<sup>®</sup> Fund | 270 | 20596 |
| Energy Select Sector SPDR<sup>®</sup> Fund | 120 | 10576 |
| Financial Select Sector SPDR<sup>®</sup> Fund | 6070 | 317886 |
| Franklin FTSE Europe ETF | 2900 | 101790 |
| Franklin FTSE Japan ETF | 5720 | 203918 |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 6230 | 302903 |
| Health Care Select Sector SPDR<sup>®</sup> Fund | 250 | 36063 |
| Industrial Select Sector SPDR<sup>®</sup> Fund | 1310 | 203129 |
| Invesco QQQ Trust, Series 1 | 3510 | 2208036 |
| iShares Core US REIT ETF | 3470 | 200011 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7140 | 794182 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 4140 | 400214 |
| iShares MSCI EAFE ETF | 21650 | 2045709 |
| iShares MSCI Emerging Markets ex China ETF | 33440 | 2416040 |
| iShares Russell 1000 Growth ETF | 7850 | 3811802 |
| Materials Select Sector SPDR<sup>®</sup> Fund | 90 | 7710 |
| ProShares S&P<sup>®</sup> 500<sup>®</sup> Dividend Aristocrats ETF | 2940 | 298704 |
| Real Estate Select Sector SPDR<sup>®</sup> Fund | 190 | 7771 |
| Schwab High Yield Bond ETF | 22570 | 598331 |
| Schwab International Equity ETF | 6880 | 163469 |
| Schwab Long-Term U.S. Treasury ETF | 21360 | 696335 |
| Schwab U.S. Tips ETF | 14810 | 399278 |
| SMI 3Fourteen Full-Cycle Trend ETF<sup>(b)</sup> | 233000 | 5757429 |
| SMI 3Fourteen Real Asset Allocation ETF<sup>(b)</sup> | 133380 | 3697320 |
| SPDR<sup>®</sup> Bloomberg 1-3 Month T-Bill ETF | 1090 | 100018 |
| SPDR<sup>®</sup> S&P<sup>®</sup> Metals & Mining ETF | 20470 | 1977197 |
| Technology Select Sector SPDR<sup>®</sup> Fund | 4500 | 1353060 |
| USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund<sup>(a)</sup> | 96730 | 2232528 |
| Utilities Select Sector SPDR<sup>®</sup> Fund | 90 | 8019 |
| Vanguard Energy Index Fund ETF | 800 | 99632 |
| Vanguard Small-Cap Index Fund ETF | 1180 | 300888 |
| **Total Exchange-Traded Funds (Cost $35,823,373)** |  | 39034781 |
| **MUTUAL FUNDS — 16.23%** |  |  |
| Aegis Value Fund, Inc., Institutional Class | 46830 | 2571415 |
| AQR Diversifying Strategies Fund, Class I<sup>(a)</sup> | 35310 | 499286 |
| Invesco International Small-Mid Company Fund, Class Y | 100 | 4199 |
| Lord Abbett Developing Growth Fund, Inc., Institutional Class<sup>(a)</sup> | 100 | 3489 |
| Morgan Stanley Growth Portfolio, Institutional Class | 30878 | 2357255 |
| Morgan Stanley Institutional Fund, Inc., Inception Portfolio, Class I | 94602 | 1783256 |
| ProFunds Semiconductor UltraSector Fund, Investor Class | 22549 | 1561087 |

---

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

**SMI Multi-Strategy Fund**

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MUTUAL FUNDS — 16.23% - continued** |  |  |
| Wasatch International Growth Fund, Investor Class<sup>(a)</sup> | 100 | $2314 |
| **Total Mutual Funds (Cost $7,349,599)** |  | 8782301 |
| **CLOSED-END FUNDS — 10.64%** |  |  |
| Sprott Physical Gold Trust<sup>(a)</sup> | 189760 | 5759216 |
| **Total Closed-End Funds (Cost $3,344,970)** |  | 5759216 |
| **MONEY MARKET FUNDS — 0.37%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.05%<sup>(c)</sup> | 198972 | 198972 |
| **Total Money Market Funds (Cost $198,972)** |  | 198972 |
| **Total Investments — 99.37% (Cost $46,716,914)** |  | 53775270 |
| **Other Assets in Excess of Liabilities — 0.63%** |  | 340878 |
| **NET ASSETS — 100.00%** |  | $54116148 |

---

(a) Non-income producing security.

(b) Affiliated Company.

(c) Rate disclosed is the seven day effective yield as of October 31,
 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**

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Sound Mind<br> Investing<br> Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $63,559,565, $54,953,550 and $37,416,385) (Note 3) | $70883390 | $67698057 | $44320520 |
| Investment in affiliates, at value (cost $26,485,843, $8,929,620 and $9,300,529) | 25500967 | 10018912 | 9454750 |
| Receivable for fund shares sold | 3237 | 985 | 2210 |
| Receivable for investments sold | 1902965 | 3016261 | 1623292 |
| Prepaid expenses | 19481 | 10697 | 10042 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 98310040 | 80744912 | 55410814 |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 6384 |  | 90000 |
| Payable for investments purchased | 1898405 | 2846431 | 1127488 |
| Payable to Adviser (Note 4) | 73377 | 63800 | 38642 |
| Payable to Administrator (Note 4) | 7293 | 7095 | 7095 |
| Payable to trustees | 4392 | 4392 | 4392 |
| Other accrued expenses | 28652 | 28053 | 27049 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2018503 | 2949771 | 1294666 |
| **Net Assets** | $96291537 | $77795141 | $54116148 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | 85486015 | 56344229 | 43369030 |
| Accumulated earnings | 10805522 | 21450912 | 10747118 |
| **Net Assets** | $96291537 | $77795141 | $54116148 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 9391185 | 5320780 | 4655219 |
| Net asset value, offering and redemption price per share (Note 2) | $10.25 | $14.62 | $11.62 |

---

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

**SMI Funds**

**Statements of Operations**

*For the year ended October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Sound Mind<br> Investing<br> Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Investment Income** |  |  |  |
| Dividend income | $833791 | $1351032 | $782855 |
| Dividend income from affiliated investments | 89943 | 85179 | 48053 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 923734 | 1436211 | 830908 |
| **Expenses** |  |  |  |
| Investment Adviser fees (Note 4) | 1010365 | 732189 | 468982 |
| Administration fees (Note 4) | 36936 | 33950 | 33950 |
| Fund accounting fees (Note 4) | 30000 | 30000 | 30000 |
| Registration fees | 23743 | 25117 | 23489 |
| Audit and tax preparation fees | 20507 | 20507 | 20507 |
| Legal fees | 19645 | 18907 | 19727 |
| Trustee fees (Note 4) | 18685 | 19049 | 19049 |
| Printing and postage expenses | 16416 | 11505 | 9541 |
| Transfer agent fees (Note 4) | 14359 | 15000 | 15000 |
| Compliance service fees (Note 4) | 10179 | 10082 | 10082 |
| Line of credit | 6997 | 4893 | 3514 |
| Custodian fees | 6698 | 6279 | 5644 |
| Insurance expenses | 4138 | 3847 | 3724 |
| Interest expense | 2746 | 982 | 456 |
| Miscellaneous expenses | 36042 | 30423 | 30257 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 1257456 | 962730 | 693922 |
| Fees voluntarily waived by Adviser | (146081) | (9037) | (32641) |
| **Net operating expenses** | 1111375 | 953693 | 661281 |
| **Net investment income (loss)** | (187641) | 482518 | 169627 |
| **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 | (393606) |  | (75299) |
| Net realized gain on investment securities transactions | 2789333 | 7557106 | 3437273 |
| Net change in unrealized appreciation (depreciation) on affiliated investment securities | (2034568) | 1089292 | (45800) |
| Net change in unrealized appreciation on investment securities | 2135018 | 5125221 | 3051785 |
| **Net realized and change in unrealized gain on investments** | 4801411 | 13787226 | 6799483 |
| **Net increase in net assets resulting from operations** | $4613770 | $14269744 | $6969110 |

---

*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> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(187641) | $(394696) |
| Long term capital gain dividends from investment companies | 2305234 | 865214 |
| Net realized gain on investment securities and affiliated transactions | 2395727 | 15460164 |
| Net change in unrealized appreciation of investment securities and affiliated transactions | 100450 | 8141557 |
| Net increase in net assets resulting from operations | 4613770 | 24072239 |
| **Distributions to Shareholders from Earnings (Note 2)** | (659511) | (1778947) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4087751 | 3127064 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 653563 | 1752876 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (18084876) | (19106009) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital transactions | (13343562) | (14226069) |
| **Total Increase (Decrease) in Net Assets** | (9389303) | 8067223 |
| **Net Assets** |  |  |
| Beginning of year | 105680840 | 97613617 |
| End of year | $96291537 | $105680840 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 414448 | 336775 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 66016 | 204775 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1819179) | (2098797) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (1338715) | (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> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $482518 | $725014 |
| Long term capital gain dividends from investment companies | 15607 |  |
| Net realized gain on investment securities transactions | 7557106 | 5156231 |
| Net change in unrealized appreciation of investment securities and affiliated transactions | 6214513 | 7158701 |
| Net increase in net assets resulting from operations | 14269744 | 13039946 |
| **Distributions to Shareholders from Earnings (Note 2)** | (4435891) | (143010) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4131970 | 2532643 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 4366999 | 141364 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (13324483) | (17554713) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital transactions | (4825514) | (14880706) |
| **Total Increase (Decrease) in Net Assets** | 5008339 | (1983770) |
| **Net Assets** |  |  |
| Beginning of year | 72786802 | 74770572 |
| End of year | $77795141 | $72786802 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 315918 | 212374 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 358245 | 12303 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1033826) | (1486652) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (359663) | (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> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $169627 | $90696 |
| Long term capital gain dividends from investment companies | 431524 | 188142 |
| Net realized gain on investment securities and affiliated transactions | 3361974 | 5439056 |
| Net change in unrealized appreciation of investment securities and affiliated transactions | 3005985 | 4480015 |
| Net increase in net assets resulting from operations | 6969110 | 10197909 |
| **Distributions to Shareholders from Earnings (Note 2)** | (3033172) | (445150) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5308070 | 5685251 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 3020927 | 444311 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (11253407) | (12684275) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital transactions | (2924410) | (6554713) |
| **Total Increase in Net Assets** | 1011528 | 3198046 |
| **Net Assets** |  |  |
| Beginning of year | 53104620 | 49906574 |
| End of year | $54116148 | $53104620 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 500450 | 570750 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 293579 | 46186 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1051813) | (1271324) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (257784) | (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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **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** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $9.85 | $7.94 | $8.31 | $13.66 | $9.97 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.03) | (0.03) | 0.15 | 0.55 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.49 | 2.09 | (0.44) | (1.59) | 3.71 |
| Total from investment operations | 0.46 | 2.06 | (0.29) | (1.04) | 3.69 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.08) | (0.42) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.06) |  |  | (3.89) |  |
| Total distributions | (0.06) | (0.15) | (0.08) | (4.31) |  |
| Net asset value, end of year | $10.25 | $9.85 | $7.94 | $8.31 | $13.66 |
| **Total Return<sup>(b)</sup>** | 4.72% | 26.20% | (3.52)% | (10.72)% | 37.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $96292 | $105681 | $97614 | $114412 | $150117 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waiver<sup>(c)</sup> | 1.10% | 1.22% | 1.21% | 1.19% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding interest expenses<sup>(c)(d)</sup> | 1.09% | 1.21% | 1.20% | 1.19% | 1.16% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement<sup>(c)</sup> | 1.24% | 1.24% | 1.21% | 1.19% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(a)(c)</sup> | (0.19)% | (0.38)% | 1.62% | 4.87% | (0.09)% |
| Portfolio turnover rate | 118.43% | 210.62% | 205.91% | 259.58% | 300.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **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** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $12.81 | $10.77 | $10.38 | $13.97 | $12.45 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.13 | 0.05 | (—)<sup>(b)</sup> | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.49 | 1.93 | 0.34 | (2.55) | 2.08 |
| Total from investment operations | 2.60 | 2.06 | 0.39 | (2.55) | 2.18 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.02) |  | (0.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) |  |  | (0.98) | (0.57) |
| Total distributions | (0.79) | (0.02) |  | (1.04) | (0.66) |
| Paid in capital from redemption fees |  |  |  |  |  |
| Net asset value, end of year | $14.62 | $12.81 | $10.77 | $10.38 | $13.97 |
| **Total Return<sup>(c)</sup>** | 21.46% | 19.16% | 3.76% | (19.82)% | 18.17% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $77795 | $72787 | $74771 | $85749 | $119964 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waiver<sup>(d)</sup> | 1.30% | 1.32% | 1.22% | 1.20% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding interest expenses<sup>(d)(e)</sup> | 1.29% | 1.31% | 1.22% | 1.19% | 1.16% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement<sup>(d)</sup> | 1.31% | 1.32% | 1.22% | 1.20% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(a)(d)</sup> | 0.66% | 0.98% | 0.49% | (0.04)% | 0.80% |
| Portfolio turnover rate | 200.42% | 194.72% | 174.21% | 317.28% | 175.11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **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** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $10.81 | $8.96 | $9.00 | $12.36 | $9.88 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 | 0.01 | 0.08 | 0.25 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.41 | 1.92 | (0.09) | (1.63) | 2.48 |
| Total from investment operations | 1.45 | 1.93 | (0.01) | (1.38) | 2.52 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.08) | (0.03) | (0.25) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.59) |  |  | (1.73) |  |
| Total distributions | (0.64) | (0.08) | (0.03) | (1.98) | (0.04) |
| Net asset value, end of year | $11.62 | $10.81 | $8.96 | $9.00 | $12.36 |
| **Total Return<sup>(b)</sup>** | 14.18% | 21.65% | (0.09)% | (13.29)% | 25.51% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $54116 | $53105 | $49907 | $55910 | $68885 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waiver<sup>(c)</sup> | 1.27% | 1.30% | 1.21% | 1.16% | 1.16% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding interest expenses<sup>(c)(d)</sup> | 1.26% | 1.29% | 1.20% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement<sup>(c)</sup> | 1.33% | 1.33% | 1.22% | 1.19% | 1.14% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(a)(c)</sup> | 0.33% | 0.17% | 0.90% | 2.20% | 0.35% |
| Portfolio turnover rate | 187.02% | 224.23% | 196.14% | 292.22% | 231.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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**

*October 31, 2025*

**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 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 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 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.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**SMI Funds**

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

*October 31, 2025*

**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.

**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 fiscal year ended October 31, 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 fiscal year ended October 31, 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

**SMI Funds**

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

*October 31, 2025*

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 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.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | **Accumulated**<br> **Earnings (Deficit)** |
| SMI Fund | $(364827) | $364827 |
| SMI Dynamic Allocation Fund | (1) | 1 |
| SMI Multi-Strategy Fund |  |  |

---

**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.

**SMI Funds**

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

*October 31, 2025*

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.

● 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

**SMI Funds**

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

*October 31, 2025*

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.

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.

**SMI Funds**

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

*October 31, 2025*

The following is a summary of the inputs used to value the Funds' investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMI Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $65078907 | $— | $— | $65078907 |
| Mutual Funds | 30994056 |  |  | 30994056 |
| Money Market Funds | 311394 |  |  | 311394 |
| Total | $96384357 | $— | $— | $96384357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMI Dynamic Allocation Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $59526475 | $— | $— | $59526475 |
| Mutual Funds | 1438398 |  |  | 1438398 |
| Money Market Funds | 171284 |  |  | 171284 |
| Closed-End Funds | 16580812 |  |  | 16580812 |
| Total | $77716969 | $— | $— | $77716969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMI Multi-Strategy Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $39034781 | $— | $— | $39034781 |
| Mutual Funds | 8782301 |  |  | 8782301 |
| Money Market Funds | 198972 |  |  | 198972 |
| Closed-End Funds | 5759216 |  |  | 5759216 |
| Total | $53775270 | $— | $— | $53775270 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund Assets** | **SMI Fund<br> Management Fee** | **SMI Dynamic <br> Allocation Fund <br> Management Fee** | **SMI Multi-Strategy<br> Fund <br> Management 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% |

---

**SMI Funds**

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

*October 31, 2025*

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 lesser of the 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, 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 lesser of the expense limitation at the time of the waiver or reimbursement, and the expense limitation at the time of the repayment.

As of October 31, 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 |

---

**SMI Funds**

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

*October 31, 2025*

In addition to the expense limitations previously noted, the Adviser has agreed to a voluntary waiver of investment fees in the amounts listed below:

---

| | | |
|:---|:---|:---|
| **Effective Date** | **Fund** | **Waiver** |
| 6/1/2025 | SMI Fund | 0.1500% |
| 6/1/2025 | SMI Dynamic Allocation Fund | 0.0280% |
| 6/1/2025 | SMI Multi-Strategy Fund | 0.0725% |
| 8/26/2025 | SMI Fund | 0.1200% |
| 8/26/2025 | SMI Dynamic Allocation Fund | 0.0280% |
| 8/26/2025 | SMI Multi-Strategy Fund | 0.0557% |
| 10/1/2025 | SMI Fund | 0.1050% |
| 10/1/2025 | SMI Dynamic Allocation Fund | 0.0325% |
| 10/1/2025 | SMI Multi-Strategy Fund | 0.0619% |

---

From October 31, 2024 to May 31, 2025, the Adviser agreed to a voluntary waiver of investments advisory fees in the amount of 0.15% of the SMI Fund's and 0.06% of the SMI Multi-Strategy Fund's average daily net assets, respectively.

The Adviser is not entitled to the reimbursement of any fees voluntarily waived. During the fiscal year ended October 31, 2025, the Adviser voluntarily waived fees of $146,081, $9,037 and $32,641 for the SMI Fund, SMI Dynamic Allocation 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 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 fiscal year ended October 31, 2025.

**SMI Funds**

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

*October 31, 2025*

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

For the fiscal year ended October 31, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| Purchases | $118671525 | $146118371 | $96997534 |
| Sales | $130402099 | $154393349 | $102675708 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended October 31, 2025.

**NOTE 6. LINE OF CREDIT**

During the fiscal year ended October 31, 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 5.64% as of October 31, 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.

**SMI Funds**

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

*October 31, 2025*

The borrowings by the Funds during the fiscal year ended October 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average Daily**<br> **Loan <br> Balance<sup>(a)</sup>** | **Weighted**<br> **Average**<br> **Interest Rate<sup>(a)</sup>** | **Number of <br> Days** <br> **Outstanding<sup>(b)</sup>** | **Interest<br> Expense<br> Accrued** | **Maximum <br> Loan<br> Outstanding** |
| SMI Fund | $468750 | 5.86% | 36 | $2746 | $2800000 |
| SMI Dynamic Allocation Fund | 191774 | 5.95% | 31 | 982 | 1050000 |
| SMI Multi-Strategy Fund | 250455 | 5.96% | 11 | 456 | 800000 |

---

<sup>(a)</sup> Averages based on the number of days outstanding.

<sup>(b)</sup> Number of Days Outstanding represents the total days during the fiscal year ended October 31, 2025, that a Fund utilized the Line of Credit.

The Funds had no outstanding borrowings under this line of credit as of October 31, 2025.

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| Gross unrealized appreciation | $7328754 | $13563038 | $7229436 |
| Gross unrealized depreciation | (990062) | (2016) | (234578) |
| Net unrealized appreciation/(depreciation) on investments | $6338692 | $13561022 | $6994858 |
| Tax cost of investments | $90045665 | $64155947 | $46780412 |

---

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

**SMI Funds**

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

*October 31, 2025*

The tax character of distributions for the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Fund** | **SMI Dynamic Allocation Fund** | **SMI Dynamic Allocation Fund** | **SMI Multi-Strategy Fund** | **SMI Multi-Strategy Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from:<sup>(a)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $— | $1778403 | $3349863 | $143010 | $233940 | $382825 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 659511 | 544 | 1086028 |  | 2799232 | 62325 |
| Total distributions paid | $659511 | $1778947 | $4435891 | $143010 | $3033172 | $445150 |

---

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

At October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| Undistributed ordinary income | $857370 | $3321093 | $1401644 |
| Undistributed long-term capital gains | 3826970 | 4568797 | 2350616 |
| Accumulated capital and other losses | (217510) |  |  |
| Unrealized appreciation on investments | 6338692 | 13561022 | 6994858 |
| Total accumulated earnings | $10805522 | $21450912 | $10747118 |

---

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, 2025, the SMI Fund deferred Qualified Late Year Ordinary Losses in the amount of $217,510.

**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 October 31, 2025, the SMI Fund had 67.59% and 32.19% of the value of its net assets invested in ETFs

**SMI Funds**

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

*October 31, 2025*

and mutual funds, respectively. As of October 31, 2025, the SMI Dynamic Allocation Fund had 76.52%, 1.85% and 21.31% of the value of its net assets invested in ETFs, mutual funds and closed-end funds, respectively. As of October 31, 2025, the SMI Multi-Strategy Fund had had 71.44 %, 16.92% and 10.64% 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 October 31, 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 | $— | $(26192596) |
| SMI Dynamic Allocation Fund | SMI 3Fourteen Real Asset Allocation ETF |  | 8929620 |  |
| SMI Multi-Strategy Fund | SMI 3Fourteen Full-Cycle Trend ETF | 10588931 | 290309 | (4622532) |
|  | SMI 3Fourteen Real Asset Allocation ETF |  | 3319141 |  |

---

**SMI Funds**

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

*October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Affiliated Fund Name** | **Realized Gain**<br> **(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value on**<br> **October 31,**<br> **2025** |
| SMI Fund | SMI 3Fourteen Full-Cycle Trend ETF | $(393606) | $(2034568) | $25500967 |
| SMI Dynamic Allocation Fund | SMI 3Fourteen Real Asset Allocation ETF |  | 1089292 | 10018912 |
| SMI Multi-Strategy Fund | SMI 3Fourteen Full-Cycle Trend ETF | (75299) | (423979) | 5757430 |
|  | SMI 3Fourteen Real Asset Allocation ETF |  | 378179 | 3697320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Affiliated Fund Name** | **Shared Held on<br> October 31,<br> 2025** | **Dividend**<br> **Income** | **Long-Term<br> Capital Gain<br> Distributions** |
| SMI Fund | SMI 3Fourteen Full-Cycle Trend ETF | $1032010 | $89943 | $— |
| SMI Dynamic Allocation Fund | SMI 3Fourteen Real Asset Allocation ETF | 361430 | 85179 |  |
| SMI Multi-Strategy Fund | SMI 3Fourteen Full-Cycle Trend ETF | 233000 | 18073 |  |
|  | SMI 3Fourteen Real Asset Allocation ETF | 133380 | 29979 |  |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of SMI Funds and Board of Trustees of Valued Advisers Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of SMI Funds, comprising Sound Mind Investing Fund, SMI Dynamic Allocation Fund, and SMI Multi-Strategy Fund (the "Funds"), each a series of Valued Advisers Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2006.

![](smi_003.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 24, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Qualified Dividend Income** | 0% | 14% | 20% |

---

**Qualified Business Income.** The Funds designate the following percentage of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Qualified Business Income** | 0% | 0% | 0% |

---

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Funds' calendar year 2025 ordinary income dividends, the following percentages qualifies for the corporate dividends received deduction.

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation <br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Dividends Received Deduction** | 0% | 11% | 10% |

---

For the year ended October 31, 2025, the Funds designate the following amounts in long-term capital gain distributions.

---

| | | | |
|:---|:---|:---|:---|
|  | **SMI Fund** | **SMI Dynamic<br> Allocation<br> Fund** | **SMI Multi-<br> Strategy<br> Fund** |
| **Long-Term Capital Gains Distributions** | $659511 | $1086028 | $2799232 |

---

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

The aggregate compensation paid, on behalf of the Funds, to the Trustees for October 31, 2025 was $11,824 for Sound Mind Investing Fund, $11,824 for SMI Dynamic Allocation Fund, and $11,824 for SMI Multi-Strategy Fund, respectively. For October 31, 2025, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Funds, and no compensation was paid to any person of whom any officer or director of the Funds is an affiliated person.

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

Not applicable.

**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**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](vat_ex99codeeth.htm)

(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.

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

**SIGNATURES**

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

Valued Advisers Trust

---

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

---

Date: <u>1/2/2026</u>

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

---

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

---

Date: <u>1/2/2026</u>

---

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

---

Date: <u>1/2/2026</u>

## Ex-99.Code

**Exhibit 99.CODE ETH**

**VALUED ADVISERS TRUST**<br> 1.**5 Code of Ethics for Principal Executive and Senior Financial Officers<br> March 17, 2022**

**I.** Covered Officers/Purpose
 of the Code

This code of ethics (this "Code") applies to the persons acting as principal executive officer, principal financial officer and principal accounting officer or controller of Valued Advisers Trust (the "Trust"), as set forth on <u>Exhibit A</u> and amended from time to time (collectively, the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each series of the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with any series of the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or any investment adviser to any series of the Trust designed to prevent, or identify and correct, violations of the Investment Company Act and the Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Trust's administrator or its principal underwriter of which a Covered Officer is also an officer or employee.

As a result, this Code recognizes that Covered Officers will, in the normal course of their duties, whether formally for the Trust or any service provider or affiliate of the Trust, be involved in establishing policies and implementing decisions that will have different effects on these entities and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and affiliates and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by any series of the Trust whereby the Covered Officer would benefit personally to the detriment of the series;

● not cause the Trust or any series to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for any series of the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust or counsel to the Trust, if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its principal underwriter, transfer agent, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges, soft dollar credits or spreads paid by any series of the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** Disclosure and Compliance

● Each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the investment advisers to each series of the Trust and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that each series of the Trust files with, or submits to, the SEC and in other public communications made by the series.

● It is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** Reporting and Accountability

Each Covered Officer must:

● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read, and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Chief Compliance Officer promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee of the Board (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● the Chief Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

● the Chief Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

● if, after such investigation and review, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

● any matter that the Chief Compliance Officer believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules, currently on Form N-CSR.

**V.** Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The codes of ethics adopted by the Trust and its affiliates under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** Amendments

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of trustees of the Trust who are not "interested persons" of the Trust as defined in Section 2(a)(19) of the Investment Company Act.

**VII.** Confidentiality

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties *(e.g.,* to the board of directors or officers of the investment adviser to an applicable series or the Trust's administrator).

**VIII.** Internal Use

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**EXHIBIT A VALUED ADVISERS TRUST<br> Persons Covered by this Code of Ethics**

Matthew Miller, President and Chief Executive Officer<br> Zachary Richmond, Treasurer and Chief Financial Officer

**EXHIBIT B VALUED ADVISERS TRUST<br> Covered Officer Initial Affirmation of Understanding**

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

Date:     <br> Covered Officer

**EXHIBIT C VALUED ADVISERS TRUST<br> Covered Officer Annual Affirmation**

For the period ______, 20__ to _______, 20__

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

Date:     <br> Covered Officer

## 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: | 1/2/2026 | /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: | 1/2/2026 | /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 October 31, 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>1/2/2026</u> Date: <u>1/2/2026</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.