# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001580642-26-002319
**Filing Date:** 2026-4
**Character Count:** 208926
**Document Hash:** e347a57fc84d6302b8bd6149b46a2572
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002319.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001580642-26-002319

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260406

**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:** 26840905

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

**united states**

**securities and exchange commission**

**washington, d.c. 20549** 

**form n-csr**

**certified shareholder report of registered**

**management investment companies**

Investment Company Act file number 811-22208

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

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Capitol Services, Inc.

108 Lakeland Ave., Dover, Delaware 19901

(Name and address of agent for service)

<u>With Copies to</u>:

Terry Davis

DLA Piper LLP

One Atlantic Center

1201 West Peachtree Street, Suite 2900

Atlanta, GA 30309

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

Date of fiscal year end: <u>1/31/2026</u> <br>Date of reporting period: <u>1/31/2026</u>

**Item 1. Reports to Stockholders.**

(a) #### Channing Intrinsic Value Small-Cap Fund

#### Institutional Class (OWLLX)

#### Annual Shareholder Report - January 31, 2026
![Image](i4dc4c1aa139438ad5e2ecec0.jpg)

# Fund Overview
This annual shareholder report contains important information about Channing Intrinsic Value Small-Cap Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/channing/. You can also request this information by contacting us at (833) 565-1919.

# What were the Fund's costs for the last 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 | $102 | 0.95% |

---

# How did the Fund perform during the reporting period?
The year 2025 was marked by significant market extremes. It began with notable optimism following the elections, as investors anticipated a pro-business administration and a stable interest-rate environment that could support increased mergers and acquisitions (M&A), capital investment, and improved CEO confidence. Following the inauguration, however, the new Administration began signaling potential tariff policies, triggering heightened market volatility and a sharp shift in investor sentiment. This pessimism culminated on "Liberation Day," April 2, 2025, as markets began to price in higher inflation, reduced capital investment, and slower economic growth, driven by weaker consumer spending.

While small-cap stocks broadly participated in the recovery, performance was disproportionately concentrated in lower-quality companies, with leadership skewed toward non-earners, the smallest market capitalizations, and higher-beta equities.

The Channing Intrinsic Value Small-Cap Fund (the "Fund") underperformed the Russell 2000<sup>®</sup> Value Index. The top three contributing sectors to relative performance were Information Technology, Financials, and Communication Services, and the top three detracting sectors were Materials, Health Care, and Energy.

We continue to see attractive relative value in small-cap, high-quality equities compared to large caps. Following an outsized rally in lower-quality and momentum-driven stocks, we believe conditions are increasingly favorable for our intrinsic value approach. Our investment process remains disciplined and fundamentally driven, rooted in bottom-up stock selection that emphasizes valuation, capable management teams, durable business models, and prudent portfolio management, in a market often influenced by macro narratives and episodic investor exuberance. While fundamentals ultimately drive long-term returns, we expect near-term volatility to remain elevated as markets navigate uncertainty around tariffs, inflation, interest rates, and geopolitical risks.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](icd4a7218c4ee12d5f4c16e23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Channing Intrinsic Value Small-Cap Fund - I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Jun-2021** | $100000 | $100000 | $100000 |
| **Jan-2022** | $97972 | $102743 | $95342 |
| **Jan-2023** | $93345 | $94273 | $94843 |
| **Jan-2024** | $97755 | $112324 | $94753 |
| **Jan-2025** | $114055 | $141883 | $109461 |
| **Jan-2026** | $130945 | $163623 | $129050 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 30, 2021)** |
| Channing Intrinsic Value Small-Cap Fund - I | 14.81% | 6.05% |
| Russell 3000<sup>®</sup> Index | 15.32% | 11.33% |
| Russell 2000<sup>®</sup> Value Index | 17.90% | 5.71% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10666187 |
| Number of Portfolio Holdings | 46 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 76% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Valvoline, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Timken Co. (The) | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Gates Industrial Corp. PLC | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Parsons Corp. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Brink's Co. (The) | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;2.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if4c097519208eac256f17f65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.7% |
| Utilities | 1.9% |
| Energy | 2.2% |
| Communication Services | 4.2% |
| Materials | 6.8% |
| Real Estate | 7.0% |
| Consumer Discretionary | 11.9% |
| Information Technology | 12.5% |
| Financials | 23.5% |
| Industrials | 28.8% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](i9351731cc04c3528c6750e33.jpg)

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

#### Annual Shareholder Report - January 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-OWLLX

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

# Annual Shareholder Report - January 31, 2026
![Image](i57a7fd82b17554bd52133b28.jpg)

## Fund Overview
This annual shareholder report contains important information about Regan Floating Rate MBS ETF (the "Fund") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at **https://www.regancapital.com/etf-mbsf/**. You can also request this information by contacting us at (844) 988-6273.

## What were the Fund's costs for the last 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** |
| Regan Floating Rate MBS ETF | $50 | 0.49% |

---

#### How did the Fund perform during the reporting period?
The portfolio's low duration helped Fund performance over the period as market volatility due to interest rates, tariffs and overall economic uncertainty resulted in rising yields in the middle of the fiscal year period. Yields declined near the end of 2025 as the Fed elected to cut their benchmark rate by 0.25% at both the September and December meetings. The market is pricing in two additional rate cuts for 2026. Over the 12-month period ending January 31, 2026, the Bloomberg U.S. Aggregate Bond Index returned 6.85% and the Bloomberg U.S. Mortgage-Backed Securities Index returned 8.47%, with the Fund slightly underperforming both. While the Fund does benefit from the Fed's decision to decrease rates, our shorter duration typically means we may underperform when rates fall. However, when the Fund is compared to the Bloomberg U.S. Treasury Floating Rate Index, a benchmark that invests in Agency, Floating Rate assets, the Fund outperformed by 114bps.

We believe the Fund remains well positioned due to its focus on Floating-Rate Agency RMBS. These securities continue to offer relatively high spreads while exhibiting very little interest rate duration and limited credit risk. We're also seeing increased buyer demand from the banking industry as they continue to return to this asset class. These factors provide us with confidence that we'll see continued strong performance across 2026.

We are confident the low duration, attractive spread levels, and government backing of the Fund's securities offer a higher yielding alternative to treasuries, for shareholders looking to achieve a higher level of risk-adjusted return on the most liquid portion of their portfolio.

The Fund has grown to an AUM of $175mm since its inception on February 27, 2024. We anticipate continued growth over the next twelve months.

Over the 12-month period ending January 31, 2026, the Fund has made consistent monthly distributions amounting to 4.68% annualized. We anticipate the Fund will continue declaring monthly dividends at similar levels.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1570569af24d4317ff03cce4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Regan Floating Rate MBS ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **Feb-2024** | $10000 | $10000 | $10000 |
| **Jan-2025** | $10648 | $10395 | $10446 |
| **Jan-2026** | $11229 | $11107 | $11331 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (February 27, 2024)** |
| Regan Floating Rate MBS ETF - NAV | 5.46% | 6.19% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | 5.60% |
| Bloomberg U.S. Mortgage Backed Securities Index | 8.47% | 6.69% |

---

***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. For updated performance call (844) 988-6273.***

## What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](i76ba1cd0d10f11b41d4534b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.4% |
| U.S. Government & Agencies | 5.7% |
| Collateralized Mortgage Obligations | 92.9% |

---

## **Fund Statistics** 
* Net Assets$175,525,648

* Number of Portfolio Holdings300

* Advisory Fee $771,236

* Portfolio Turnover37%

## Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](i57a7fd82b17554bd52133b28.jpg)

# Regan Floating Rate MBS ETF (MBSF)

# Annual Shareholder Report - January 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-MBSF

#### Summitry Equity Fund
(GGEFX)

#### Annual Shareholder Report - January 31, 2026
![Image](if71b1b2ac750a56046372151.jpg)

# Fund Overview
This annual shareholder report contains important information about Summitry Equity Fund (the "Fund") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://summitryfunds.com/reports/. You can also request this information by contacting us at (866) 954-6682.

# What were the Fund's costs for the last 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** |
| Summitry Equity Fund | $129 | 1.25% |

---

# How did the Fund perform during the reporting period?
The Fund returned 6.00% for the fiscal year ending January 31, 2026. In comparison, our benchmark, the S&P 500 Index, returned 16.35% during the same period.

During the period, the Fund underperformed on a relative basis primarily due to security selection. From a sector perspective, relative to the benchmark, the portfolio maintained an overweight position in Consumer Discretionary, Financials and Communication Services. Our largest sector weighting was Consumer Discretionary. Our best performing stocks came from multiple sectors. Alphabet was up 66.0%, Taiwan Semiconductor increased 59.3%, and Ulta Beauty returned 56.8% for the period. Taiwan Semiconductor ended the period as our largest holding followed by Amazon, Alphabet, Mastercard, and Lowes.

Technology was our worst performing sector, down 12.2%. Our Healthcare sector holdings also weighed on performance with the sector returning negative 8.8%. During the period, our worst performing stocks were Fiserv, Zebra Technologies, and Salesforce. Each were down 70.6%, 40.1% and 37.6%, respectively, and were responsible for the majority of our relative underperformance. Agilent and Starbucks were also down more than 10% during the period.

In addition to the stock and security selection, the advisor's decision to waive fees and reimburse expenses to the fund due to the expense limitation cap impacted performance. Had the advisor not waived and reimbursed these expenses, the performance of the Fund would have been lower.

We remain focused on our long-term discipline of investing in high-quality, large-cap businesses that trade at attractive valuations and we are confident that our style of investing is particularly well-suited for the period ahead.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7f73944c26b446652700f50d.jpg)

---

| | | |
|:---|:---|:---|
| | **Summitry Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Jan-2016** | $10000 | $10000 |
| **Jan-2017** | $12021 | $12004 |
| **Jan-2018** | $14206 | $15174 |
| **Jan-2019** | $13396 | $14823 |
| **Jan-2020** | $15560 | $18037 |
| **Jan-2021** | $17514 | $21148 |
| **Jan-2022** | $21844 | $26074 |
| **Jan-2023** | $19795 | $23932 |
| **Jan-2024** | $24092 | $28914 |
| **Jan-2025** | $31338 | $36541 |
| **Jan-2026** | $33217 | $42515 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Summitry Equity Fund | 6.00% | 13.66% | 12.76% |
| S&P 500<sup>®</sup> Index | 16.35% | 14.99% | 15.57% |

---

***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. For updated performance call (866) 954-6682.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$80591277 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;Advisory Fee (net of waivers) | &nbsp;&nbsp;$686012 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;16% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5b4e5f2afaed3ee031d452eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 4.4% |
| Health Care | 8.3% |
| Financials | 9.3% |
| Industrials | 10.1% |
| Communications | 13.4% |
| Consumer Discretionary | 24.3% |
| Technology | 30.3% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](if71b1b2ac750a56046372151.jpg)

#### Summitry Equity Fund (GGEFX)

#### Annual Shareholder Report - January 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-GGEFX

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions 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.

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

(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:

---

| | | |
|:---|:---|:---|
| Summitry Equity Fund | FY 2026 | $17000 |
|  | FY 2025 | $16200 |
| Channing Intrinsic Value Small-Cap Fund | FY 2026 | $17000 |
|  | FY 2025 | $16200 |
| Regan Floating Rate MBS ETF | FY 2026 | $20000 |
|  | FY 2025 | $19350 |

---

(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.

(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:

---

| | | |
|:---|:---|:---|
| Summitry Equity Fund | FY 2026 | $3150 |
|  | FY 2025 | $3150 |
| Channing Intrinsic Value Small-Cap Fund | FY 2026 | $3150 |
|  | FY 2025 | $3150 |
| Regan Floating Rate MBS ETF | FY 2026 | $3150 |
|  | 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 January 31, 2026 and 2025 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 January 31, 2026 and 2025 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) ![](owllx_001.jpg)

**Channing Intrinsic Value Small-Cap Fund**

**Institutional Class - OWLLX**

**Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

**Fund Adviser:**

**Channing Capital Management, LLC**

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

**Chicago, IL 60603**

**(312) 223-0211**

**www.channingcapital.com**

**Channing Intrinsic Value Small-Cap Fund**

**Schedule of Investments**

*January 31, 2026*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.77%** |  |  |
| **Communication Services — 4.20%** |  |  |
| Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 3783 | $234054 |
| Nexstar Media Group, Inc. | 1008 | 214079 |
|  |  | 448133 |
| **Consumer Discretionary — 11.94%** |  |  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 820 | 192298 |
| Boyd Gaming Corp. | 2475 | 209237 |
| Brunswick Corp. | 3141 | 251971 |
| Installed Building Products, Inc. | 371 | 106900 |
| OneSpaWorld Holdings Ltd. | 10810 | 212416 |
| Valvoline, Inc.<sup>(a)</sup> | 9179 | 300337 |
|  |  | 1273159 |
| **Energy — 2.23%** |  |  |
| California Resources Corp. | 4444 | 237754 |
| **Financials — 23.47%** |  |  |
| Affiliated Managers Group, Inc. | 881 | 275832 |
| Artisan Partners Asset Management, Inc., Class A | 5959 | 265295 |
| Columbia Banking System, Inc. | 9027 | 265755 |
| Evercore, Inc., Class A | 278 | 98209 |
| First American Financial Corp. | 4100 | 259038 |
| Hancock Whitney Corp. | 3813 | 262334 |
| Independent Bank Corp. | 2100 | 169638 |
| Moelis & Co., Class A | 2080 | 149074 |
| Renasant Corp. | 6758 | 254844 |
| Stifel Financial Corp. | 1973 | 243271 |
| Wintrust Financial Corp. | 1764 | 260172 |
|  |  | 2503462 |
| **Industrials — 28.75%** |  |  |
| Atmus Filtration Technologies, Inc. | 4931 | 285850 |
| Brink's Co. (The) | 2202 | 279742 |
| Centuri Holdings, Inc.<sup>(a)</sup> | 5868 | 161957 |
| CSW Industrials, Inc. | 675 | 182237 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 12613 | 290351 |
| Herc Holdings, Inc. | 1853 | 265609 |
| Hexcel Corp. | 2635 | 218204 |
| McGrath RentCorp | 2534 | 283022 |
| Modine Manufacturing Co.<sup>(a)</sup> | 1184 | 218637 |
| MSA Safety, Inc. | 1696 | 300447 |
| Parsons Corp.<sup>(a)</sup> | 4060 | 284444 |
| Timken Co. (The) | 3188 | 297090 |
|  |  | 3067590 |
| **Information Technology — 12.46%** |  |  |
| Advanced Energy Industries, Inc. | 848 | 216545 |
| Crane NXT, Inc. | 5207 | 263058 |
| FormFactor, Inc.<sup>(a)</sup> | 1498 | 105594 |
| Littelfuse, Inc. | 917 | 296888 |

---

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

**Channing Intrinsic Value Small-Cap Fund**

**Schedule of Investments (continued)**

*January 31, 2026*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.77% - (continued)** |  |  |
| **Information Technology — 12.46% - continued** |  |  |
| MKS, Inc. | 1056 | $248593 |
| Onto Innovation, Inc.<sup>(a)</sup> | 981 | 198211 |
|  |  | 1328889 |
| **Materials — 6.83%** |  |  |
| Avient Corp. | 6341 | 229227 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 8172 | 274416 |
| Louisiana-Pacific Corp. | 2679 | 224339 |
|  |  | 727982 |
| **Real Estate — 6.99%** |  |  |
| Corporate Office Properties Trust | 7892 | 243153 |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 15454 | 254063 |
| STAG Industrial, Inc. | 6613 | 248054 |
|  |  | 745270 |
| **Utilities — 1.90%** |  |  |
| Southwest Gas Holdings, Inc. | 2450 | 202909 |
| **Total Common Stocks (Cost $8,431,779)** |  | 10535148 |
| **MONEY MARKET FUNDS - 1.68%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.60%<sup>(b)</sup> | 179390 | 179390 |
| **Total Money Market Funds (Cost $179,390)** |  | 179390 |
| **Total Investments — 100.45% (Cost $8,611,169)** |  | 10714538 |
| **Liabilities in Excess of Other Assets — (0.45)%** |  | (48351) |
| **NET ASSETS — 100.00%** |  | $10666187 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of January 31, 2026.

The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS<sup>®</sup> ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.

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

**Channing Intrinsic Value Small-Cap Fund**

**Statement of Assets and Liabilities**

*January 31, 2026*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $8,611,169) (Note 3) | $10714538 |
| Dividends receivable | 712 |
| Receivable from Adviser (Note 4) | 12007 |
| Prepaid expenses | 5072 |
| **Total Assets** | 10732329 |
| **Liabilities** |  |
| Payable for investments purchased | 22909 |
| Payable to affiliates (Note 4) | 9042 |
| Payable to trustees | 3954 |
| Other accrued expenses | 30237 |
| **Total Liabilities** | 66142 |
| **Net Assets** | $10666187 |
| **Net Assets consist of:** |  |
| Paid-in capital | $8479229 |
| Accumulated earnings | 2186958 |
| **Net Assets** | $10666187 |
| **Institutional Class:** |  |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 833180 |
| **Net asset value, offering and redemption price per share (Note 2)** | $12.80 |

---

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

**Channing Intrinsic Value Small-Cap Fund**

**Statement of Operations**

*For the year ended January 31, 2026*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $157234 |
| **Total investment income** | 157234 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 64758 |
| Administration and fund accounting fees (Note 4) | 73903 |
| Audit and tax preparation fees | 21157 |
| Legal fees | 20640 |
| Compliance service fees (Note 4) | 20233 |
| Trustee fees | 19454 |
| Transfer agent fees (Note 4) | 17652 |
| Registration expenses | 10009 |
| Custodian fees | 8997 |
| Printing and postage expenses | 6474 |
| Miscellaneous expense | 30524 |
| **Total expenses** | 293801 |
| Fees contractually waived and expenses reimbursed by Adviser (Note 4) | (205885) |
| **Net operating expenses** | 87916 |
| **Net investment income** | 69318 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities transactions | 749807 |
| Net change in unrealized appreciation on investment securities | 390847 |
| **Net realized and change in unrealized gain on investments** | 1140654 |
| **Net increase in net assets resulting from operations** | $1209972 |

---

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

**Channing Intrinsic Value Small-Cap Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> January 31,<br> 2026** | **For the<br> Year Ended<br> January 31,<br> 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $69318 | $43433 |
| Net realized gain on investment securities transactions | 749807 | 489183 |
| Net change in unrealized appreciation of investment securities | 390847 | 762212 |
| **Net increase in net assets resulting from operations** | 1209972 | 1294828 |
| **Distributions to shareholders from Earnings (Note 2)** | (62867) | (44774) |
| **Total distributions** | (62867) | (44774) |
| **Capital Transactions - Institutional Class:** |  |  |
| Proceeds from shares sold | 15000 | 2109000 |
| Reinvestment of distributions | 57966 | 41578 |
| Amount paid for shares redeemed | (830000) | (107387) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (757034) | 2043191 |
| **Total Increase in Net Assets** | 390071 | 3293245 |
| **Net Assets** |  |  |
| Beginning of year | 10276116 | 6982871 |
| End of year | $10666187 | $10276116 |
| **Share Transactions - Institutional Class:** |  |  |
| Shares sold | 1466 | 198982 |
| Shares issued in reinvestment of distributions | 4908 | 3829 |
| Shares redeemed | (89101) | (9694) |
| **Net increase (decrease) in shares** | (82727) | 193117 |

---

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

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

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | |
|  | **2026** | **2025** | **2024** | **2023** | **For the<br> Period<br> Ended<br> January 31,**<br>**2022<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $11.22 | $9.66 | $9.27 | $9.77 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.09 | 0.05 | 0.05 | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.57 | 1.56 | 0.39 | (0.50) | (0.22) |
| Total from investment operations | 1.66 | 1.61 | 0.44 | (0.47) | (0.20) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.05) | (0.05) | (0.03) | (0.03) |
| Total distributions | (0.08) | (0.05) | (0.05) | (0.03) | (0.03) |
| **Net asset value, end of period** | $12.80 | $11.22 | $9.66 | $9.27 | $9.77 |
| **Total Return<sup>(b)</sup>** | 14.81% | 16.67% | 4.72% | (4.72)% | (2.03)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10666 | $10276 | $6983 | $7324 | $1868 |
| Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.95% | 0.95% | 0.95 %<sup>(d)</sup> |
| Ratio of expenses to average net assets before waiver and reimbursement | 3.17% | 2.96% | 3.70% | 3.90% | 12.86 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.75% | 0.45% | 0.49% | 0.34% | 0.27 %<sup>(d)</sup> |
| Portfolio turnover rate | 76% | 48% | 65% | 72% | 23 %<sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Annualized.

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

**Channing Intrinsic Value Small-Cap Fund**

**Notes to the Financial Statements**

*January 31, 2026*

**NOTE 1. ORGANIZATION**

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

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Updated 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, including Accounting Standard Update 2013-08." 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

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

As of and during the fiscal year ended January 31, 2026, 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 January 31, 2026, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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

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

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

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

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 January 31, 2026, the Fund did not make any reclassifications.

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

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

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

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

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

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

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

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.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Adviser as Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Funds might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations.

The following is a summary of the inputs used to value the Fund's investments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $10535148 | $— | $— | $10535148 |
| Money Market Funds | 179390 |  |  | 179390 |
| Total | $10714538 | $— | $— | $10714538 |

---

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

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

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

Under the terms of the investment advisory agreement, on behalf of the Fund (the "Agreement"), the Adviser manages the Fund's investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly at an annual rate of 0.70% of the average daily net assets of the Fund. For the fiscal year ended January 31, 2026, the Adviser earned a fee of $64,758 from the Fund before the waivers and reimbursements described below. At January 31, 2026, the Adviser owed the Fund $12,007.

The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2026, so that total annual fund operating expenses do not exceed 0.95%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to: (i) interest, (ii) taxes, (iii) brokerage commissions, (iv) other expenditures which are capitalized in accordance with GAAP, (v) other extraordinary expenses not incurred in the ordinary course of the Fund's business, (vi) dividend expense on short sales, (vii) expenses incurred under a plan of distribution under Rule 12b-1, and (viii) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any "Acquired Fund Fees and Expenses," which are the expenses indirectly incurred by the Fund as a result of investing in money market funds or other investment companies, including exchange-traded funds, that have their own expenses.

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation that is in effect at the time of the repayment or at the time of the fee waiver or expense reimbursement, whichever is lower. For the fiscal year ended January 31, 2026, the Adviser waived fees or reimbursed expenses totaling $205,885. As of January 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| January 31, 2027 | $188169 |
| January 31, 2028 | 192075 |
| January 31, 2029 | 205885 |

---

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 year ended January 31, 2026.

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

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

For the fiscal year ended January 31, 2026, purchases and sales of investment securities, other than short-term investments, were $6,957,728 and $7,708,863, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended January 31, 2026.

**NOTE 6. FEDERAL TAX INFORMATION**

At January 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $2127008 |
| Gross unrealized depreciation | (123378) |
| Net unrealized appreciation on investments | 2003630 |
| Tax cost of investments | $8710908 |

---

At January 31, 2026, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

The tax character of distributions paid for the years ended January 31, 2026 and January 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $62867 | $44774 |
| Total distributions paid | $62867 | $44774 |

---

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

At January 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $1153 |
| Undistributed long-term capital gains | 182175 |
| Unrealized appreciation on investments | 2003630 |
| Total accumulated earnings | $2186958 |

---

For the fiscal year ended January 31, 2026, the Fund utilized short-term capital loss carryforwards in the amount of $603,214.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting

**Channing Intrinsic Value Small-Cap Fund**

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

*January 31, 2026*

period. For the year ended January 31, 2026, there were no federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund.

**NOTE 7. SECTOR RISK**

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of January 31, 2026, the Fund had 26.70% of the value of its net assets invested in stocks within the Industrials sector.

**NOTE 8. INDEMNIFICATIONS**

The Fund indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund 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 Channing Intrinsic Value Small-Cap Fund 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 Channing Intrinsic Value Small-Cap Fund (the "Fund"), a series of Valued Advisers Trust, as of January 31, 2026, the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 January 31, 2026, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statements of <br> Changes in Net Assets** | **Financial Highlights** |
| Channing Intrinsic Value Small-Cap Fund | For the year ended January 31, 2026 | For the years ended January 31, 2026 and 2025 | For the years ended January 31, 2026, 2025, 2024, and 2023 and for the period from June 30, 2021 (commencement of operations) through January 31, 2022 |

---

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

**Report of Independent Registered Public Accounting Firm (continued)**

as of January 31, 2026, 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 Fund's auditor since 2021.

![](owllx_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 24, 2026

**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 fiscal year ended January 31, 2026, was $15,816.

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

Not applicable.

![](ggefx_001.jpg)

**Summitry Equity Fund**

**GGEFX**

**Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

**Summitry LLC**

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

**Foster City, CA 94404**

**(866) 954-6682**

**Summitry Equity Fund**

**Schedule of Investments**

*January 31, 2026*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.71%** |  |  |
| **Communications — 13.43%** |  |  |
| Alphabet, Inc., Class A | 14343 | $4847933 |
| Meta Platforms, Inc., Class A | 3073 | 2201805 |
| Netflix, Inc.<sup>(a)</sup> | 22941 | 1915344 |
| Universal Music Group NV - ADR | 151840 | 1855485 |
|  |  | 10820567 |
| **Consumer Discretionary — 24.28%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 20941 | 5011181 |
| Lowe's Companies, Inc. | 12925 | 3451750 |
| LVMH Moet Hennessy Louis Vuitton SE - ADR | 22174 | 2866655 |
| Ross Stores, Inc. | 12860 | 2426039 |
| Starbucks Corp. | 28162 | 2589496 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 4980 | 3223853 |
|  |  | 19568974 |
| **Financials — 9.24%** |  |  |
| Charles Schwab Corp. (The) | 24327 | 2528062 |
| Moody's Corp. | 3190 | 1644636 |
| Wells Fargo & Co. | 36142 | 3270490 |
|  |  | 7443188 |
| **Health Care — 8.32%** |  |  |
| Agilent Technologies, Inc. | 25192 | 3371949 |
| Thermo Fisher Scientific, Inc. | 5766 | 3336265 |
|  |  | 6708214 |
| **Industrials — 10.12%** |  |  |
| Carrier Global Corp. | 52491 | 3127414 |
| GXO Logistics, Inc.<sup>(a)</sup> | 37043 | 2096263 |
| Old Dominion Freight Line, Inc. | 8094 | 1401881 |
| Rentokil Initial PLC - ADR | 48649 | 1532930 |
|  |  | 8158488 |
| **Technology — 30.32%** |  |  |
| Fiserv, Inc.<sup>(a)</sup> | 25918 | 1651754 |
| Mastercard, Inc., Class A | 7019 | 3781767 |
| Microsoft Corp. | 3663 | 1576152 |
| Nintendo Company Ltd. - ADR | 211974 | 3264400 |
| Salesforce.com, Inc. | 8083 | 1715940 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 27193 | 8988919 |
| Visa, Inc., Class A | 6278 | 2020449 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 6077 | 1427973 |
|  |  | 24427354 |
| **Total Common Stocks (Cost $47,469,503)** |  | 77126785 |

---

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

**Summitry Equity Fund**

**Schedule of Investments (continued)**

*January 31, 2026*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS — 4.35%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.61%<sup>(b)</sup> | 3509321 | $3509321 |
| **Total Money Market Funds (Cost $3,509,321)** |  | 3509321 |
| **Total Investments — 100.06% (Cost $50,978,824)** |  | 80636106 |
| **Liabilities in Excess of Other Assets — (0.06)%** |  | (44829) |
| **NET ASSETS — 100.00%** |  | $80591277 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of January 31, 2026.

ADR - American Depositary Receipt

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

**Summitry Equity Fund**

**Statement of Assets and Liabilities**

*January 31, 2026*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $50,978,824) (Note 3) | $80636106 |
| Receivable for fund shares sold | 2202 |
| Dividends receivable | 34214 |
| Prepaid expenses | 27830 |
| **Total Assets** | 80700352 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 2326 |
| Payable to Adviser (Note 4) | 61201 |
| Payable to affiliates (Note 4) | 12233 |
| Payable to Trustees | 4746 |
| Other accrued expenses | 28569 |
| **Total Liabilities** | 109075 |
| **Net Assets** | $80591277 |
| **Net Assets consist of:** |  |
| Paid-in capital | $49504499 |
| Accumulated earnings | 31086778 |
| **Net Assets** | $80591277 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 3382871 |
| **Net asset value, offering and redemption price per share (Note 2)** | $23.82 |

---

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

**Summitry Equity Fund**

**Statement of Operations**

*For the Year Ended January 31, 2026*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $63,141) | $796975 |
| **Total investment income** | 796975 |
| **Expenses** |  |
| Investment Adviser fees (Note 4) | 783674 |
| Administration (Note 4) | 76729 |
| Fund accounting fees (Note 4) | 32695 |
| Registration expenses | 25941 |
| Audit and tax preparation fees | 21110 |
| Transfer agent fees (Note 4) | 19999 |
| Legal fees | 19967 |
| Trustee fees | 19782 |
| Compliance service fees (Note 4) | 19400 |
| Custodian fees | 11897 |
| Printing and postage expenses | 11665 |
| Insurance expenses | 4552 |
| Miscellaneous | 29729 |
| **Total expenses** | 1077140 |
| Fees contractually waived by Adviser (Note 4) | (97662) |
| **Net operating expenses** | 979478 |
| **Net investment loss** | (182503) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities transactions | 11236451 |
| Net change in unrealized depreciation of investment securities | (6634944) |
| **Net realized and change in unrealized gain on investments** | 4601507 |
| **Net increase in net assets resulting from operations** | $4419004 |

---

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

**Summitry Equity Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended<br> January 31,<br> 2026** | **For the <br> Year Ended<br> January 31,<br> 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(182503) | $(327277) |
| Net realized gain on investment securities transactions | 11236451 | 6634532 |
| Net change in unrealized appreciation (depreciation) of investment securities | (6634944) | 13531543 |
| Net increase in net assets resulting from operations | 4419004 | 19838798 |
| **Distributions to Shareholders (Note 2)** |  |  |
| Earnings | (11664174) | (6674579) |
| Total distributions | (11664174) | (6674579) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 5567551 | 7186224 |
| Reinvestment of distributions | 11664174 | 6674579 |
| Amount paid for shares redeemed | (13320729) | (11941213) |
| Net increase in net assets resulting from capital transactions | 3910996 | 1919590 |
| **Total Increase (Decrease) in Net Assets** | (3334174) | 15083809 |
| **Net Assets** |  |  |
| Beginning of year | 83925451 | 68841642 |
| End of year | $80591277 | $83925451 |
| **Share Transactions** |  |  |
| Shares sold | 223732 | 289950 |
| Shares issued in reinvestment of distributions | 496137 | 262675 |
| Shares redeemed | (530447) | (486307) |
| Net increase in shares outstanding | 189422 | 66318 |

---

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

**Summitry Equity Fund**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** | **For the Years Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of year** | $26.28 | $22.01 | $19.67 | $25.21 | $21.60 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.05) | (0.10) | (0.08) | (0.09) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.57 | 6.64 | 4.22 | (2.52) | 5.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.52 | 6.54 | 4.14 | (2.61) | 5.38 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.98) | (2.27) | (1.80) | (2.93) | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.98) | (2.27) | (1.80) | (2.93) | (1.77) |
| **Net asset value, end of year** | $23.82 | $26.28 | $22.01 | $19.67 | $25.21 |
| **Total Return<sup>(a)</sup>** | 6.00% | 30.08% | 21.71% | (9.38)% | 24.72% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $80591 | $83925 | $68842 | $60914 | $72807 |
| Ratio of expenses to average net assets after expense waiver | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of expenses to average net assets before expense waiver | 1.37% | 1.37% | 1.35% | 1.34% | 1.31% |
| Ratio of net investment loss to average net assets after expense waiver | (0.23)% | (0.44)% | (0.41)% | (0.45)% | (0.61)% |
| Portfolio turnover rate | 16.00% | 11.17% | 10.61% | 22.53% | 23.57% |

---

(a) Total
 return represents the rate 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.*

**Summitry Equity Fund**

**Notes to the Financial Statements**

*January 31, 2026*

**NOTE 1. ORGANIZATION**

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

The Fund 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, including Accounting Standard Update 2013-08." 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

**Summitry Equity Fund**

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

*January 31, 2026*

financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

As of and during the fiscal year ended January 31, 2026, 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 January 31, 2026, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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

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

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal

**Summitry Equity Fund**

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

*January 31, 2026*

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 January 31, 2026, the Fund made the following reclassifications to increase (decrease) the components of net assets due to net operating losses:

---

| | |
|:---|:---|
| **Paid-In Capital** | **Accumulated Earnings (Deficit)** |
| $(193505) | $193505 |

---

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

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

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

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

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

**Summitry Equity Fund**

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

*January 31, 2026*

● 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.

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

**Summitry Equity Fund**

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

*January 31, 2026*

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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $77126785 | $— | $— | $77126785 |
| Money Market Funds | 3509321 |  |  | 3509321 |
| Total | $80636106 | $— | $— | $80636106 |

---

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

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

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

Under the terms of the investment advisory agreement on behalf of the Fund, the Adviser manages the Fund's investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund. For the fiscal year

**Summitry Equity Fund**

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

*January 31, 2026*

ended January 31, 2026, the Adviser earned a fee of $783,674 from the Fund before the waivers described below. At January 31, 2026, the Fund owed the Adviser $61,201.

The Adviser has contractually agreed to waive or limit its fees and to assume certain Fund operating expenses, until May 31, 2026, so that total annual operating expenses do not exceed 1.25%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business, dividend expense on short sales, expenses incurred under a plan of distribution under Rule 12b-1, and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, 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 January 31, 2026, the Adviser waived fees of $97,662.

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 January 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| January 31, 2027 | $62038 |
| January 31, 2028 | 88100 |
| January 31, 2029 | 97662 |

---

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.

**Summitry Equity Fund**

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

*January 31, 2026*

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 year ended January 31, 2026.

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will pay the Distributor and/or any registered securities dealer, financial institution or any other person (the "Recipient") a shareholder servicing fee of 0.25% of the average daily net assets of the Fund in connection with the promotion and distribution of the Fund's shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Fund or Distributor may pay all or a portion of these fees to any Recipient who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 Expenses actually incurred. It is anticipated that the Plan will benefit shareholders because an effective sales program typically is necessary in order for the Fund to reach and maintain a sufficient size to achieve efficiently its investment objectives and to realize economies of scale. The Plan is not active as of January 31, 2026.

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

For the fiscal year ended January 31, 2026, purchases and sales of investment securities, other than short-term investments, were $11,885,553 and $16,736,910, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended January 31, 2026.

**NOTE 6. FEDERAL TAX INFORMATION**

At January 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $31319817 |
| Gross unrealized depreciation | (1662534) |
| Net unrealized appreciation on investments | $29657283 |
| Tax cost of investments | $50978824 |

---

**Summitry Equity Fund**

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

*January 31, 2026*

The tax character of distributions paid for the fiscal years ended January 31, 2026 and January 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | $11664174 | $6674579 |
| Total distributions paid | $11664174 | $6674579 |

---

At January 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | $1464698 |
| Accumulated capital and other losses | (35202) |
| Unrealized appreciation on investments | 29657282 |
| Total accumulated earnings | $31086778 |

---

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the fiscal year ended January 31, 2026, there were no federal, state or local income taxes paid by the Fund.

As of January 31, 2026, the Fund had deferred qualified late year ordinary losses of $35,202.

**NOTE 7. SECTOR RISK**

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of January 31, 2026, the Fund had 30.32% of the value of its net assets invested in stocks within the Technology sector.

**Summitry Equity Fund**

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

*January 31, 2026*

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

The Fund indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund 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 Summitry Equity Fund and

Board of Trustees of Valued Advisers Trust

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Summitry Equity Fund (the "Fund"), a series of Valued Advisers Trust, as of January 31, 2026, 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 January 31, 2026, 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.

<u>Basis for Opinion</u>

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 January 31, 2026, 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 2011.

![](ggefx_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 24, 2026

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

The Form 1099-DIV you receive in January 2027 will show the tax status of all distributions paid to your account in calendar year 2026. 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 2026 ordinary income dividends, 0% qualifies for the corporate dividends received deduction.

For the fiscal year ended January 31, 2026, the Fund designated $11,664,174 as long-term capital gain distributions.

**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 fiscal year ended January 31, 2026, was $15,580.

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

At a meeting held on December 15-16, 2025, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreement (the "Summitry Agreement") between Valued Advisers Trust (the "Trust") and Summitry LLC ("Summitry") with respect to the Summitry Equity Fund (the "Summitry Fund"). Summitry provided written information to the Board to assist the Board in its considerations.

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

**1. The nature, extent, and quality of the services to be provided by Summitry.** In this regard, the Board considered Summitry's responsibilities under the Summitry Agreement. The Trustees

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

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

**2. Investment Performance of the Summitry Fund and Summitry.** In considering the investment performance of the Summitry Fund and Summitry, the Trustees compared the performance of the Summitry Fund with the performance of funds in the same Morningstar category, as well as with peer group data and the Summitry Fund's benchmark. The Trustees noted that the Summitry Fund had outperformed as compared to its category average and median for the one year, three year, and five year periods ended September 30, 2025, performed below the category average and median for the ten year period, and performed below the category median for the period since inception. They observed that when compared to its peer group, the Summitry Fund performed above the median for the one year, three year, and five year periods ended September 30, 2025, and performed below the median for the ten year and since inception periods. The Trustees observed that the Summitry Fund performed below its benchmark for each of the periods presented. The Trustees also considered the consistency of Summitry's management of the Summitry Fund with its investment objective, strategies, and limitations. After reviewing and discussing the investment performance of the Summitry Fund further, Summitry's experience managing the Summitry Fund, Summitry's historical performance, and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Summitry Fund and Summitry was acceptable.

**3. The costs of the services to be provided and profits to be realized by Summitry from the relationship with the Summitry Fund.** In considering the costs of services to be provided and the profits to be realized by Summitry from the relationship with the Summitry Fund, the Trustees considered: (1) Summitry's financial condition; (2) the asset level of the Summitry Fund; (3) the overall expenses of the Summitry Fund; and (4) the nature and frequency of advisory fee payments. The Trustees reviewed information provided by Summitry regarding its profits associated with managing the Summitry Fund. The Trustees also considered potential benefits for Summitry in managing the Summitry Fund. The Trustees then compared the fees and expenses of the Summitry Fund (including the management fee) to other comparable mutual funds. The Trustees observed that the Summitry Fund's advisory fee and net expense ratio were above the average and median of its Morningstar category, but below the maximum in each case. They also noted that the Summitry Fund's advisory fee and net expense ratio were higher than the average and median of its custom peer group. Based on the foregoing, the Board concluded that the fees to be paid to Summitry by the

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

Summitry Fund and the profits to be realized by Summitry, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Summitry.

**4. The extent to which economies of scale would be realized as the Summitry Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Summitry Fund's investors.** In this regard, the Board considered the Summitry Fund's fee arrangements with Summitry. The Board considered that while the management fee remained the same at all asset levels, the Summitry Fund's shareholders had experienced benefits from the Summitry Fund's expense limitation arrangement, and that Summitry had agreed to extend that arrangement for another year. They also noted that the Summitry Fund's shareholders would continue to benefit from the economies of scale under the Trust's agreements with service providers other than Summitry. In light of the foregoing, the Board determined that the Summitry Fund's fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Summitry.

**5. Possible conflicts of interest and benefits to Summitry.** In considering Summitry's practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Summitry Fund; the basis of decisions to buy or sell securities for the Summitry Fund and/or Summitry's other accounts; and the substance and administration of Summitry's code of ethics. The Trustees also considered disclosure in the registration statement of the Trust relating to Summitry's potential conflicts of interest. The Trustees discussed Summitry's practices for seeking best execution for the Summitry Fund's portfolio transactions. In terms of other benefits to Summitry, the Trustees considered Summitry's perspective that the Summitry Fund provides an investment option for smaller accounts, and that the public nature of the Summitry Fund provides credibility to Summitry's operations. Based on the foregoing, the Board determined that Summitry's standards and practices relating to the identification and mitigation of potential conflicts of interest 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 Summitry Agreement.

![](mbsf_001.jpg)

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

**NYSE Arca, Inc.**

*ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION*

*JANUARY 31, 2026*

*Fund Adviser:*

*Regan Capital, LLC*

*300 Crescent Court, Suite 1760*

*Dallas, TX 75201*

*(844) 988-6273*

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SCHEDULE OF INVESTMENTS | 2 |
| STATEMENT OF ASSETS AND LIABILITIES | 11 |
| STATEMENT OF OPERATIONS | 12 |
| STATEMENTS OF CHANGES IN NET ASSETS | 13 |
| FINANCIAL HIGHLIGHTS | 14 |
| NOTES TO THE FINANCIAL STATEMENTS | 15 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 21 |
| ADDITIONAL FEDERAL INCOME TAX INFORMATION | 22 |
| ADDITIONAL INFORMATION | 23 |

---

**Regan Floating Rate MBS ETF**

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FA, 4.71%, 3/25/2032 | $33426 | $33600 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FB, 4.71%, 3/25/2032 | 33426 | 33600 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FC, 4.71%, 3/25/2032 | 33426 | 33600 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 53, Class FY, 4.31%, 8/25/2032 | 36319 | 36329 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 68, Class FB, 4.31%, 10/25/2032 | 29293 | 29309 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 64, Class FS, 5.32%, 7/25/2033 | 35215 | 35830 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 69, Class NF, 5.42%, 7/25/2033 | 167336 | 170738 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class FE, 4.31%, 9/25/2033 | 48243 | 48209 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 130, Class FD, 4.31%, 1/25/2034 | 113251 | 113263 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 38, Class FK, 4.16%, 5/25/2034 | 155770 | 155046 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class PF, 4.16%, 4/25/2035 | 76995 | 76541 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 45, Class XA, 4.15%, 6/25/2035 | 200766 | 199719 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 56, Class F, 4.10%, 7/25/2035 | 60531 | 60101 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 106, Class PF, 4.16%, 12/25/2035 | 336930 | 335038 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 3, Class CF, 4.11%, 3/25/2036 | 106395 | 105703 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 24, Class F, 4.11%, 4/25/2036 | 289886 | 287802 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 20, Class GF, 4.16%, 4/25/2036 | 73088 | 72608 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 45, Class FM, 4.21%, 6/25/2036 | 94765 | 94288 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 62, Class FP, 4.06%, 7/25/2036 | 304502 | 302357 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 101, Class FD, 4.11%, 7/25/2036 | 18269 | 18215 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 101, Class FC, 4.11%, 7/25/2036 | 26958 | 26879 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 83, Class FH, 4.25%, 9/25/2036 | 179502 | 178737 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 88, Class AF, 4.27%, 9/25/2036 | 95312 | 94936 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 86, Class CF, 5.01%, 9/25/2036 | 59831 | 61131 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 101, Class FA, 4.23%, 10/25/2036 | 700178 | 696581 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 104, Class FC, 4.06%, 11/25/2036 | 125906 | 125102 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 33, Class FB, 4.63%, 3/25/2037 | 77843 | 78523 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class FB, 4.14%, 4/25/2037 | 84503 | 83644 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 54, Class AF, 4.37%, 4/25/2037 | 131632 | 131580 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 103, Class BF, 4.06%, 7/25/2037 | 612603 | 607578 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 89, Class EF, 4.37%, 9/25/2037 | 40711 | 40720 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 92, Class OF, 4.38%, 9/25/2037 | 134656 | 134690 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 102, Class FA, 4.38%, 11/25/2037 | 48875 | 48851 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 117, Class FM, 4.51%, 1/25/2038 | 241381 | 242393 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 117, Class MF, 4.51%, 1/25/2038 | 103784 | 104220 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 7, Class FA, 4.26%, 2/25/2038 | 193631 | 193037 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 12, Class FA, 4.48%, 3/25/2038 | 52920 | 53087 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 16, Class KF, 4.61%, 3/25/2038 | 100472 | 101289 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 68, Class FC, 4.78%, 8/25/2038 | 780357 | 791741 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 93, Class GF, 4.26%, 4/25/2039 | 63395 | 63077 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 46, Class FA, 4.51%, 6/25/2039 | 267882 | 269472 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 46, Class FC, 4.51%, 6/25/2039 | 251027 | 252487 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 72, Class JF, 4.56%, 9/25/2039 | 216466 | 218110 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 27, Class FG, 4.81%, 4/25/2040 | 630384 | 636860 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 58, Class FY, 4.54%, 6/25/2040 | $63573 | $63825 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 135, Class AF, 4.36%, 12/25/2040 | 67857 | 67611 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 41, Class FK, 4.23%, 5/25/2041 | 180517 | 179475 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 55, Class FJ, 4.25%, 6/25/2041 | 512765 | 510128 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 62, Class KF, 4.31%, 7/25/2041 | 178406 | 177810 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 149, Class MF, 4.31%, 11/25/2041 | 42125 | 42071 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 121, Class PF, 4.16%, 12/25/2041 | 148767 | 146657 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 3, Class DF, 4.36%, 2/25/2042 | 383085 | 382032 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class AF, 4.16%, 3/25/2042 | 677081 | 672108 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 19, Class JF, 4.36%, 3/25/2042 | 59841 | 59551 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 33, Class F, 4.33%, 4/25/2042 | 76120 | 75884 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 70, Class FA, 4.26%, 7/25/2042 | 763629 | 757341 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 116, Class FP, 4.06%, 10/25/2042 | 606194 | 597215 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 122, Class FM, 4.21%, 11/25/2042 | 1109373 | 1094310 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 134, Class FK, 4.16%, 12/25/2042 | 123166 | 121025 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FA, 4.16%, 2/25/2043 | 132425 | 130172 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FB, 4.16%, 2/25/2043 | 175110 | 172164 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 13, Class FA, 4.16%, 3/25/2043 | 390737 | 384210 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 92, Class FA, 4.36%, 9/25/2043 | 272622 | 270540 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 118, Class FB, 4.33%, 12/25/2043 | 140521 | 139152 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class KF, 4.26%, 3/25/2044 | 153137 | 151908 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 89, Class FM, 4.21%, 1/25/2045 | 573048 | 565239 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class FE, 4.06%, 11/25/2045 | 80592 | 79535 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 2, Class FB, 4.21%, 2/25/2046 | 129338 | 127879 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class FL, 4.31%, 5/25/2046 | 1109227 | 1097210 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class NF, 4.26%, 11/25/2046 | 622967 | 613424 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 91, Class AF, 4.21%, 12/25/2046 | 48181 | 47936 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 106, Class EF, 4.31%, 1/25/2047 | 1784773 | 1762671 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class FB, 4.06%, 10/25/2047 | 541728 | 537655 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 42, Class FD, 4.06%, 6/25/2048 | 425201 | 418213 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 36, Class FD, 4.06%, 6/25/2048 | 112624 | 111609 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 56, Class FD, 4.75%, 7/25/2048 | 72186 | 73200 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 60, Class FK, 4.11%, 8/25/2048 | 492455 | 476888 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 1, Class HF, 4.26%, 2/25/2049 | 153464 | 151355 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 15, Class FA, 4.31%, 4/25/2049 | 245024 | 241654 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 33, Class FB, 4.26%, 7/25/2049 | 591126 | 580931 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 38, Class FA, 4.26%, 7/25/2049 | 4749843 | 4672283 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 31, Class FB, 4.26%, 7/25/2049 | 471846 | 462689 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 38, Class CF, 4.26%, 7/25/2049 | 1167185 | 1147276 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 43, Class FD, 4.21%, 8/25/2049 | 606998 | 597718 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, 4.26%, 10/25/2049 | 940646 | 927147 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 67, Class FB, 4.26%, 11/25/2049 | 174018 | 171592 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 61, Class AF, 4.31%, 11/25/2049 | 4423111 | 4361851 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class QF, 4.31%, 12/25/2049 | 2072441 | 2041156 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 76, Class FA, 4.31%, 12/25/2049 | $116272 | $114553 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 37, Class FH, 4.21%, 1/25/2050 | 728999 | 718993 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 81, Class FJ, 4.31%, 1/25/2050 | 1282831 | 1261959 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 79, Class FA, 4.31%, 1/25/2050 | 1108068 | 1091123 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 12, Class FL, 4.26%, 3/25/2050 | 696325 | 682707 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FE, 4.31%, 3/25/2050 | 5427614 | 5340590 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 27, Class FD, 4.26%, 5/25/2050 | 924044 | 904267 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 36, Class FH, 4.26%, 6/25/2050 | 2088252 | 2044339 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 37, Class FG, 4.11%, 8/25/2050 | 285188 | 279320 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 54, Class WF, 4.47%, 8/25/2050 | 450921 | 436582 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 25, Class WF, 4.21%, 5/25/2051 | 426025 | 416568 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 41, Class GF, 4.31%, 3/25/2053 | 3736199 | 3726540 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 4, Class FB, 4.35%, 3/25/2053 | 1339133 | 1335977 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 21, Class FB, 5.00%, 7/25/2053 | 358734 | 361873 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 60, Class FG, 4.80%, 9/25/2054 | 442480 | 445313 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 73, Class FB, 4.90%, 10/25/2054 | 259297 | 261209 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 84, Class FD, 4.85%, 11/25/2054 | 146215 | 147180 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 96, Class FA, 5.10%, 12/25/2054 | 538326 | 544482 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 104, Class FA, 4.75%, 1/25/2055 | 318059 | 319708 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 105, Class AF, 4.75%, 1/25/2055 | 22277 | 22424 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 103, Class FC, 4.85%, 1/25/2055 | 553131 | 557041 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 103, Class FH, 4.95%, 1/25/2055 | 673075 | 678792 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 10, Class FB, 4.55%, 2/25/2055 | 154404 | 154483 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 32, Class FA, 4.95%, 5/25/2055 | 303926 | 306450 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 28, Class FJ, 4.26%, 6/25/2059 | 123775 | 121899 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 41, Class FG, 4.31%, 8/25/2059 | 684767 | 672760 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMIC, Series 62, Class FQ, 4.31%, 11/25/2059 | 513899 | 507860 |
| &nbsp;&nbsp;&nbsp;Fannie Mae Trust, Series W6, Class 6A, 4.84%, 8/25/2042 | 123764 | 124903 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2334, Class FO, 4.79%, 7/15/2031 | 29058 | 29327 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2582, Class FH, 5.07%, 7/15/2031 | 83763 | 84901 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2408, Class FO, 4.72%, 1/15/2032 | 15515 | 15572 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2406, Class FP, 4.80%, 1/15/2032 | 53740 | 54319 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2481, Class FE, 4.82%, 3/15/2032 | 39908 | 40362 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2463, Class FJ, 4.82%, 3/15/2032 | 42124 | 42597 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2444, Class FR, 4.82%, 5/15/2032 | 41206 | 41684 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2647, Class VF, 5.42%, 7/15/2033 | 81796 | 83896 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3969, Class AF, 4.27%, 10/15/2033 | 639695 | 637963 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 2733, Class FB, 4.42%, 10/15/2033 | 35024 | 35107 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3305, Class BF, 4.14%, 7/15/2034 | 239133 | 237562 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4265, Class FD, 4.22%, 1/15/2035 | 900474 | 896038 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3003, Class KF, 4.07%, 7/15/2035 | 134266 | 133474 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series S001, Class 1A2, 3.94%, 9/25/2035 | 837338 | 820550 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3155, Class PF, 4.17%, 5/15/2036 | 675506 | 671440 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3153, Class FX, 4.17%, 5/15/2036 | 99551 | 98978 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3153, Class EF, 4.23%, 5/15/2036 | $91448 | $91098 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3208, Class FC, 4.22%, 8/15/2036 | 260199 | 258994 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3210, Class FA, 4.22%, 9/15/2036 | 264900 | 263365 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3222, Class KF, 4.22%, 9/15/2036 | 185080 | 184052 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3361, Class AF, 4.17%, 11/15/2036 | 48653 | 48294 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3281, Class AF, 4.14%, 2/15/2037 | 202873 | 200993 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3284, Class CF, 4.19%, 3/15/2037 | 206476 | 204770 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3309, Class FG, 4.25%, 4/15/2037 | 83613 | 83083 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3318, Class F, 4.07%, 5/15/2037 | 13418 | 13262 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3311, Class NF, 4.12%, 5/15/2037 | 89983 | 89085 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3361, Class LF, 4.37%, 8/15/2037 | 152189 | 152010 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4276, Class FA, 4.32%, 9/15/2037 | 271826 | 269742 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3371, Class FA, 4.42%, 9/15/2037 | 69541 | 69584 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4579, Class FD, 4.49%, 1/15/2038 | 97965 | 96696 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3416, Class BF, 4.57%, 2/15/2038 | 284935 | 286653 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4832, Class FW, 4.49%, 4/15/2038 | 481690 | 475677 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3455, Class FG, 4.72%, 6/15/2038 | 718637 | 722218 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4730, Class WF, 4.49%, 8/15/2038 | 143459 | 141650 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4615, Class AF, 4.49%, 10/15/2038 | 69269 | 68372 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5335, Class FB, 4.52%, 10/15/2039 | 149470 | 150281 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4365, Class FH, 4.60%, 1/15/2040 | 86775 | 86315 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3639, Class FC, 4.57%, 2/15/2040 | 129100 | 129711 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3666, Class FC, 4.55%, 5/15/2040 | 145253 | 145840 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3757, Class PF, 4.32%, 8/15/2040 | 124717 | 124602 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4989, Class FA, 4.49%, 8/15/2040 | 87764 | 86467 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3740, Class DF, 4.30%, 10/15/2040 | 85579 | 85077 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3759, Class FB, 4.32%, 11/15/2040 | 242846 | 241548 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3753, Class FA, 4.32%, 11/15/2040 | 697923 | 694271 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3997, Class FJ, 4.27%, 1/15/2041 | 211234 | 210010 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3807, Class FM, 4.32%, 2/15/2041 | 101326 | 101014 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 3843, Class FE, 4.37%, 4/15/2041 | 203855 | 203333 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4105, Class LF, 4.17%, 8/15/2041 | 350490 | 349805 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4105, Class NF, 4.22%, 9/15/2042 | 917964 | 904910 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4116, Class LF, 4.12%, 10/15/2042 | 1397530 | 1373210 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4159, Class FQ, 4.32%, 1/15/2043 | 433130 | 431015 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4240, Class FA, 4.32%, 8/15/2043 | 557496 | 551782 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4255, Class GF, 4.17%, 9/15/2043 | 60322 | 59687 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4283, Class JF, 4.22%, 12/15/2043 | 474977 | 471068 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4286, Class VF, 4.27%, 12/15/2043 | 111259 | 110159 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4281, Class LF, 4.32%, 12/15/2043 | 1449953 | 1439296 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4310, Class FA, 4.37%, 2/15/2044 | 84975 | 84288 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4383, Class KF, 4.22%, 9/15/2044 | 5828280 | 5735418 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4431, Class FT, 4.22%, 1/15/2045 | 4440335 | 4371450 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4476, Class BF, 4.07%, 5/15/2045 | 269896 | 263405 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4587, Class AF, 4.17%, 6/15/2046 | $61948 | $61595 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4614, Class FK, 4.32%, 9/15/2046 | 2555726 | 2523955 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4945, Class F, 4.64%, 12/15/2046 | 539373 | 533407 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4648, Class FA, 4.32%, 1/15/2047 | 257909 | 254561 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4735, Class FB, 4.17%, 12/15/2047 | 462274 | 452411 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4754, Class FM, 4.12%, 2/15/2048 | 850446 | 828696 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4792, Class FA, 4.12%, 5/15/2048 | 896427 | 872703 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4821, Class FL, 4.12%, 6/15/2048 | 667777 | 650857 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5383, Class AF, 5.03%, 8/15/2048 | 255668 | 257764 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4826, Class KF, 4.12%, 9/15/2048 | 46642 | 45682 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4845, Class WF, 4.12%, 12/15/2048 | 83227 | 82357 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4852, Class BF, 4.22%, 12/15/2048 | 594007 | 581843 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4863, Class F, 4.27%, 3/15/2049 | 156676 | 153893 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4913, Class UF, 4.27%, 3/15/2049 | 1340640 | 1315372 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4882, Class FA, 4.27%, 5/15/2049 | 3752136 | 3691890 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4903, Class NF, 4.21%, 8/25/2049 | 368951 | 363559 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4916, Class FA, 4.21%, 9/25/2049 | 340337 | 338210 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4918, Class F, 4.26%, 10/25/2049 | 1683921 | 1657447 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4927, Class FG, 4.31%, 11/25/2049 | 381025 | 374737 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4940, Class FE, 4.36%, 1/25/2050 | 665524 | 656383 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4959, Class JF, 4.26%, 3/25/2050 | 601347 | 589232 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4990, Class FN, 4.16%, 5/25/2050 | 588084 | 579311 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4981, Class JF, 4.21%, 6/25/2050 | 1071816 | 1051420 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5003, Class AF, 4.21%, 8/25/2050 | 688592 | 670786 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5270, Class FH, 4.65%, 6/25/2052 | 717552 | 717743 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5273, Class FA, 4.95%, 11/25/2052 | 120745 | 121642 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5391, Class FC, 4.80%, 3/25/2054 | 508055 | 512107 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5389, Class FC, 5.05%, 3/25/2054 | 1943630 | 1963632 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5396, Class HF, 4.65%, 4/25/2054 | 219541 | 219570 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5469, Class F, 4.80%, 9/25/2054 | 412335 | 414790 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5475, Class FA, 4.80%, 11/25/2054 | 367646 | 369703 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5473, Class BF, 5.00%, 11/25/2054 | 2464473 | 2486030 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5480, Class FG, 4.85%, 12/25/2054 | 196505 | 198098 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5484, Class FA, 4.90%, 12/25/2054 | 525234 | 529712 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5495, Class AF, 4.85%, 1/25/2055 | 79456 | 80019 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5508, Class FA, 4.60%, 2/25/2055 | 47367 | 47187 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5499, Class FX, 5.10%, 2/25/2055 | 62968 | 63771 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5511, Class FG, 4.85%, 3/25/2055 | 391253 | 394209 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5517, Class F, 4.90%, 3/25/2055 | 151394 | 151430 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5524, Class FA, 4.90%, 4/25/2055 | 158969 | 158737 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 5583, Class FA, 4.95%, 10/25/2055 | 184601 | 186426 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4839, Class QF, 4.22%, 8/15/2056 | 931181 | 909920 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC, Series 4851, Class KF, 4.22%, 8/15/2057 | 1006947 | 984741 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 240, Class F22, 4.17%, 7/15/2036 | 117359 | 116664 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 330, Class F4, 4.49%, 10/15/2037 | $55130 | $54536 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 263, Class F5, 4.32%, 6/15/2042 | 441986 | 438606 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 264, Class F1, 4.37%, 7/15/2042 | 92873 | 92213 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 280, Class F1, 4.32%, 9/15/2042 | 309089 | 308892 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 359, Class F3, 4.27%, 10/15/2047 | 1616954 | 1596799 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips, Series 406, Class F4, 4.60%, 10/25/2053 | 590954 | 592500 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 32, Class FT, 4.09%, 1/20/2034 | 339365 | 339334 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 46, Class MF, 4.19%, 5/16/2034 | 59627 | 59444 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 84, Class F, 4.04%, 11/16/2035 | 76219 | 75643 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 23, Class FT, 4.09%, 4/20/2037 | 215389 | 215357 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FN, 4.21%, 8/20/2037 | 109685 | 109092 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 72, Class HF, 4.23%, 11/20/2037 | 138736 | 138069 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 79, Class FA, 4.24%, 12/20/2037 | 1268159 | 1262514 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 3, Class FA, 4.24%, 1/20/2038 | 1086408 | 1085435 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FH, 4.54%, 6/16/2038 | 98510 | 98935 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FG, 4.56%, 6/16/2038 | 57115 | 57385 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 68, Class FA, 4.74%, 8/20/2038 | 555971 | 558734 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 66, Class FN, 4.74%, 8/20/2038 | 141433 | 141828 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 6, Class FJ, 4.77%, 2/20/2039 | 474400 | 474515 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 15, Class FL, 4.74%, 3/20/2039 | 680654 | 680810 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 12, Class FA, 4.74%, 3/20/2039 | 680654 | 681270 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 66, Class UF, 4.79%, 8/16/2039 | 88366 | 89334 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 92, Class FJ, 4.47%, 10/16/2039 | 89136 | 89453 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 149, Class MF, 4.19%, 12/20/2039 | 1530150 | 1519876 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 20, Class FD, 4.61%, 2/20/2040 | 169755 | 171067 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 31, Class FV, 4.54%, 3/20/2040 | $166822 | $167672 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 85, Class FE, 4.24%, 7/20/2040 | 864955 | 860336 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2014-131, Class BW, 5.78%, 5/20/2041 | 139968 | 138687 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 153, Class LF, 4.04%, 7/16/2041 | 210321 | 207518 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 135, Class FN, 4.19%, 10/16/2041 | 1832345 | 1814865 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 113, Class QF, 4.09%, 2/20/2042 | 181762 | 180484 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 34, Class FA, 4.24%, 3/20/2042 | 202684 | 200687 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 74, Class LF, 4.19%, 6/20/2042 | 1048595 | 1036079 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 124, Class GF, 4.04%, 10/20/2042 | 895997 | 880503 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 5, Class FA, 4.24%, 1/20/2044 | 2262412 | 2235827 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 110, Class DF, 4.01%, 8/20/2045 | 311168 | 303643 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 161, Class AF, 4.09%, 11/20/2045 | 508619 | 498233 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 33, Class UF, 4.24%, 3/20/2046 | 2936682 | 2897735 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 49, Class MF, 4.29%, 4/20/2046 | 903338 | 899112 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 83, Class NF, 4.21%, 6/20/2046 | 1151040 | 1136727 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 18, Class GF, 4.11%, 2/20/2047 | 128346 | 125227 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 1, Class EF, 4.11%, 1/20/2048 | 981116 | 955320 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 138, Class FB, 4.09%, 10/20/2048 | 1745233 | 1702490 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 33, Class F, 4.24%, 3/20/2049 | 124096 | 122174 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 35, Class GF, 4.24%, 3/20/2049 | 1197248 | 1181891 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 31, Class GF, 4.24%, 3/20/2049 | 330903 | 326765 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 44, Class FM, 4.24%, 4/20/2049 | 979298 | 963028 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 71, Class FK, 4.14%, 6/20/2049 | $1520281 | $1486379 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 98, Class KF, 4.24%, 8/20/2049 | 3192955 | 3136052 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 115, Class FE, 4.19%, 9/20/2049 | 2788826 | 2732164 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 30, Class FE, 4.24%, 3/20/2050 | 1511088 | 1483169 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 98, Class FM, 2.50%, 6/20/2051 | 160995 | 134802 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 64, Class FA, 4.40%, 4/20/2052 | 1821628 | 1752032 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 78, Class FM, 4.50%, 4/20/2052 | 1806976 | 1747880 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 154, Class FC, 4.25%, 9/20/2052 | 1352853 | 1341944 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 96, Class FA, 4.75%, 7/20/2053 | 84313 | 84816 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 111, Class FN, 4.90%, 8/20/2053 | 98546 | 99447 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 128, Class CF, 4.90%, 8/20/2053 | 112724 | 113748 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 51, Class FL, 4.60%, 3/20/2054 | 206444 | 206942 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 64, Class YK, 4.70%, 4/20/2054 | 89810 | 90204 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 64, Class YF, 5.02%, 4/20/2054 | 1461428 | 1469882 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 64, Class YX, 5.02%, 4/20/2054 | 522443 | 525466 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 84, Class FJ, 4.90%, 5/20/2054 | 1583851 | 1596865 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 97, Class FW, 4.85%, 6/20/2054 | 178596 | 179715 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 97, Class CF, 4.85%, 6/20/2054 | 164064 | 165081 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 159, Class FM, 4.75%, 10/20/2054 | 162494 | 163390 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 197, Class FV, 4.65%, 12/20/2054 | 141593 | 142223 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 41, Class F, 4.90%, 3/20/2055 | 39081 | 39440 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 69, Class YH, 4.95%, 4/20/2055 | 91138 | 92103 |

---

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

**Regan Floating Rate MBS ETF**

Schedule of Investments (Continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%<sup>(a)</sup>** | **Principal<br> Amount** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series H27, Class FA, 4.33%, 12/20/2060 | $18890 | $18760 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2012-H11, Class FA, 4.65%, 2/20/2062 | 70693 | 70906 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series H12, Class FA, 4.50%, 4/20/2062 | 158912 | 158596 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series H26, Class FG, 4.47%, 10/20/2065 | 99834 | 99879 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series H06, Class FG, 4.77%, 3/20/2066 | 86718 | 87119 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2020-H04, Class FP, 4.45%, 6/20/2069 | 200050 | 200279 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series H05, Class FL, 4.57%, 1/20/2073 | 94413 | 95316 |
| **Total Collateralized Mortgage Obligations (Cost $161,686,941)** |  | **163061591** |
| **U.S. GOVERNMENT & AGENCIES — 5.67%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill, 3.68%, 2/24/2026 | 2900000 | 2893579 |
| &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, 4.06%, 10/31/2026 | 2000000 | 2002105 |
| &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, 3.83%, 4/30/2026 | 3050000 | 3050706 |
| &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, 3.95%, 7/31/2026 | 2000000 | 2001123 |
| **Total U.S. Government & Agencies (Cost $9,943,017)** |  | **9947513** |
| **Total Investments — 98.57% (Cost $171,629,958)** |  | **173009104** |
| Other Assets in Excess of Liabilities — 1.43% |  | 2516544 |
| **NET ASSETS — 100.00%** |  | $**175525648** |

---

(a) Floating
 rate security. The rate shown is the effective interest rate as of January 31, 2026.

REMIC - Real Estate Mortgage Investment Conduit

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

**Regan Floating Rate MBS ETF**

Statement of Assets and Liabilities

January 31, 2026

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at fair value (cost $171,629,958) (Note 3) | $173009104 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2658955 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 248973 |
| &nbsp;&nbsp;&nbsp;Total Assets | 175917032 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 16737 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 348147 |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser (Note 4) | 26500 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 391384 |
| **Net Assets** | $175525648 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 173885028 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 1640620 |
| **Net Assets** | $175525648 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 6850000 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Note 2) | $25.62 |

---

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

**Regan Floating Rate MBS ETF**

Statement of Operations

For the Year Ended January 31, 2026

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Interest income | $8103608 |
| &nbsp;&nbsp;&nbsp;Total investment income | 8103608 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment Adviser fees (Note 4) | 771236 |
| **Total operating expenses** | 771236 |
| **Net investment income** | 7332372 |
| **Net Realized and Change in Unrealized Gain on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities | 223716 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investment securities | 941517 |
| &nbsp;&nbsp;&nbsp;**Net realized and change in unrealized gain on investment securities** | 1165233 |
| **Net increase in net assets resulting from operations** | $8497605 |

---

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

**Regan Floating Rate MBS ETF**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> January 31,<br> 2026** | **For the**<br> **Period Ended**<br> **January 31,**<br> **2025<sup>(a)</sup>** |
| **Increase in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $7332372 | $4124218 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities | 223716 | 32766 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investment securities | 941517 | 437629 |
| **Net increase in net assets resulting from operations** | 8497605 | 4594613 |
| **Distributions to Shareholders from Earnings (Note 2)** | (7409525) | (4042073) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 45284080 | 151568574 |
| Amount paid for shares redeemed | (18494547) | (4473079) |
| **Net increase in net assets resulting from capital transactions** | 26789533 | 147095495 |
| **Total Increase in Net Assets** | 27877613 | 147648035 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 147648035 |  |
| &nbsp;&nbsp;&nbsp;End of period | $175525648 | $147648035 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1775000 | 5975000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (725000) | (175000) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 1050000 | 5800000 |

---

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

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

**Regan Floating Rate MBS ETF**

Financial Highlights

---

| | | |
|:---|:---|:---|
| **(For a share outstanding during each period)** | **(For a share outstanding during each period)** | **(For a share outstanding during each period)** |
|  | **For the<br> Year Ended<br> January 31,<br> 2026** | **For the<br> Period Ended<br> January 31,<br> 2025<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $25.46 | $25.00 |
| **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.18 | 1.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.18 | 0.45 |
| **Total from investment operations** | 1.36 | 1.60 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.18) | (1.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.02) | (0.01) |
| **Total distributions** | (1.20) | (1.14) |
| **Net asset value, end of period** | $25.62 | $25.46 |
| **Total Return<sup>(b)</sup>** | 5.46% | 6.48 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $175526 | $147648 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.49% | 0.49 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.66% | 5.29 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 37% | 21 %<sup>(c)</sup> |

---

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

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

(c) Not
 annualized.

(d) Annualized.

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

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

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements

January 31, 2026

**NOTE 1. ORGANIZATION**

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

The Fund 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.

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

As of and during the fiscal year ended January 31, 2026, 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 January 31, 2026, 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 two 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.

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

January 31, 2026

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

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

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

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

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

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

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

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

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

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

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

January 31, 2026

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

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

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

The following is a summary of the inputs used to value the Fund's investments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Collateralized Mortgage Obligations | $— | $163061591 | $— | $163061591 |
| U.S. Government & Agencies |  | 9947513 |  | 9947513 |
| Total | $— | $173009104 | $— | $173009104 |

---

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

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

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. The Fund is obligated to pay the Adviser a unitary fee computed and accrued daily and paid monthly at an annual rate of 0.49% of the Fund's average daily net assets. Pursuant to the Agreement, the Adviser shall pay all operating expenses of the Fund, including the compensation and expenses of any employees of the Fund and of any other persons rendering any services to the Fund; clerical and shareholder service staff salaries; office

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

January 31, 2026

space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including expenses incurred by the Fund in connection with the organization and initial registration of shares of the Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, Administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders; the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates, if any, or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Fund's shares, excluding expenses which the Fund is authorized to pay pursuant to Rule 12b-1 under the 1940 Act; and all other operating expenses not specifically assumed by the Fund.

In the event that the Adviser pays or assumes any expenses of the Trust not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein contained shall be deemed to relieve the Adviser of any obligation to the Fund under any separate agreement or arrangement between the parties. For the fiscal year ended January 31, 2026, the Adviser earned a fee of $771,236 from the Fund. At January 31, 2026, the Fund owed the Adviser $26,500.

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

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

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

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

For the fiscal year ended January 31, 2026, purchases and sales of investment securities, other than short-term investments, were $93,404,361 and $52,457,158, respectively.

For the fiscal year ended January 31, 2026, purchases and sales of long-term U.S. government obligations were $0 and $4,949,001, respectively.

For the fiscal year ended January 31, 2026, there were no purchases or sales of in-kind transactions.

For the fiscal year ended January 31, 2026, the Fund had in-kind net realized gains of $0.

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units". Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

January 31, 2026

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 January 31, 2026, the Fund received $9,250 and $0 in fixed fees and variable fees, respectively. The Transaction Fees for the Fund are listed in the table below:

---

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

---

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

**NOTE 7. FEDERAL TAX INFORMATION**

At January 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1412296 |
| Gross unrealized depreciation | (33150) |
| Net unrealized appreciation on investments | $1379146 |
| Tax cost of investments | $171629958 |

---

The tax character of distributions paid for the fiscal year ended January 31, 2026 and the fiscal period ended January 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $7372115 | $4042073 |
| &nbsp;&nbsp;&nbsp;Net long term capital gains | 37410 |  |
| Total distributions paid | $7409525 | $4042073 |

---

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

At January 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $236450 |
| Undistributed long term capital gains | 25024 |
| Unrealized appreciation on investments | 1379146 |
| Total accumulated earnings | $1640620 |

---

**Regan Floating Rate MBS ETF**

Notes to the Financial Statements (Continued)

January 31, 2026

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the year ended January 31, 2026, there were no federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund.

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 9. SUBSEQUENT EVENTS**

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

**Regan Floating Rate MBS ETF**

Report of Independent Registered Public Accounting Firm

To the Shareholders of Regan Floating Rate MBS 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 Regan Floating Rate MBS ETF (the "Fund"), a series of Valued Advisers Trust, as of January 31, 2026, the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 January 31, 2026, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statement of Operations** | **Statements of<br> Changes in Net Assets** | **Financial Highlights** |
| Regan Floating Rate MBS ETF | For the year ended January 31, 2026 | For the year ended January 31, 2026 and for the period from February 27, 2024 (commencement of operations) through January 31, 2025 | For the year ended January 31, 2026 and for the period from February 27, 2024 (commencement of operations) through January 31, 2025 |

---

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 January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 2024.

![](mbsf_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 24, 2026

**Regan Floating Rate MBS ETF**

Additional Federal Income Tax Information (Unaudited)

The Form 1099-DIV you receive in January 2027 will show the tax status of all distributions paid to your account in calendar year 2026. 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 2026 ordinary income dividends, 0% qualifies for the corporate dividends received deduction.

For the fiscal year ended January 31, 2026, the Fund designated $37,410 as long-term capital gain distributions

**Regan Floating Rate MBS ETF**

Additional Information (Unaudited)

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

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

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

At a meeting held on December 15-16, 2025, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreement (the "Regan Agreement") between Valued Advisers Trust (the "Trust") and Regan Capital, LLC ("Regan") with respect to the Regan Floating Rate MBS ETF (the "Regan ETF"). Regan provided written information to the Board to assist the Board in its considerations.

Counsel reminded the Trustees of their fiduciary duties and responsibilities as summarized in a memorandum from his firm, including the factors to be considered, and the application of those factors to Regan and the Regan Agreement. In assessing the factors and reaching its decision, the Board considered information furnished by Regan and the Trust's other service providers for the Board's review and consideration throughout the year, as well as information specifically prepared and/or presented in connection with the renewal process, including: (i) reports regarding the services and support provided to the Regan ETF and its shareholders by Regan; (ii) quarterly assessments of the investment performance of the Regan ETF by personnel of Regan; (iii) commentary on the reasons for the performance; (iv) presentations by Regan addressing its investment philosophy, investment strategy, personnel and operations; (v) compliance and audit reports concerning the Regan ETF and Regan; (vi) disclosure information contained in the registration statement for the Regan ETF and the Form ADV of Regan; and (vii) a memorandum from counsel, that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Regan Agreement. The Board also requested and received various informational materials including, without limitation: (a) documents containing information about Regan, including its financial information; a description of its personnel and the services it provides to the Regan ETF; information on Regan's investment advice and performance; summaries of Regan ETF 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 Regan ETF; and (c) the benefits to be realized by Regan from its relationship with the Regan ETF. The Board did not identify any particular information that was most relevant to its consideration of the Regan Agreement, 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 Regan</u>. In this regard, the Board considered Regan's responsibilities
 under the Regan Agreement. The Trustees considered the services being provided by Regan to the Regan ETF. The Trustees discussed, among
 other things: the quality of Regan's investment advisory services (including research and recommendations with respect to portfolio
 securities), its process for formulating investment recommendations and assuring compliance with the Regan ETF's investment objectives
 and limitations, its coordination of services for the Regan ETF among the Regan ETF's service providers, and its efforts to promote
 the Regan ETF and grow its assets. The Trustees considered Regan's continuity of, and commitment to retain, qualified personnel
 and Regan's commitment to maintain and enhance its resources and systems. The Trustees considered Regan's personnel, including
 the education and experience of the personnel. After considering the foregoing information and further information in the Meeting materials
 provided by Regan (including Regan's Form ADV), the Board concluded that, in light of all the facts and circumstances, the nature,
 extent, and quality of the services provided by Regan were satisfactory and adequate for the Regan ETF.

**Regan Floating Rate MBS ETF**

Additional Information (Unaudited) (Continued)

2. <u>Investment Performance of the Regan ETF and Regan</u>. In considering the investment performance of the Regan ETF and Regan, the Trustees compared
 the performance of the Regan ETF with the performance of funds in the same Morningstar category, as well as with peer group data and the
 Regan ETF's benchmarks. The Trustees noted that the Regan ETF had outperformed as compared to its category average and median for
 the one year period ended September 30, 2025, and performed above the category median for the period since inception of the Regan
 ETF. They observed that when compared to its peer group, the Regan ETF performed above the median for the one year period, and below the
 median for the since inception period. The Trustees observed that the Regan ETF performed above its broad-market benchmark for the one
 year and since inception periods ended September 30, 2025. As compared to its secondary benchmark, the Trustees noted that the Regan
 ETF outperformed for the one year period, but underperformed for the since inception period. The Trustees also considered the consistency
 of Regan's management of the Regan ETF with its investment objective, strategies, and limitations. After reviewing and discussing
 the investment performance of the Regan ETF further, Regan's experience managing the Regan ETF, Regan's historical performance,
 and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Regan
 Fund and Regan was acceptable.

3. <u>The costs of the services to be provided and profits to be realized by Regan from the relationship with the Regan ETF</u>. In considering
 the costs of services to be provided and the profits to be realized by Regan from the relationship with the Regan ETF, the Trustees considered:
 (1) Regan's financial condition; (2) the asset level of the Regan ETF; (3) the overall expenses of the Regan ETF; and (4) the nature
 and frequency of advisory fee payments. The Trustees reviewed information provided by Regan regarding its profits associated with managing
 the Regan ETF. The Trustees also considered potential benefits for Regan in managing the Regan ETF. The Trustees then compared the fees
 and expenses of the Regan ETF (including the management fee) to other comparable mutual funds. The Board also acknowledged the "unitary
 fee" structure, by which Regan pays the majority of the Regan ETF's expenses. The Trustees observed that the Regan ETF's
 advisory fee and net expense ratio were above the average but equal to the median of its Morningstar category. They also noted that the
 Regan ETF's advisory fee and net expense ratio were higher than the average and median of its custom peer group. The Trustees also
 noted that the Regan ETF's management fee is comparable to the management fee charged by Regan to its other accounts, and they considered
 the reasons for any differences. Based on the foregoing, the Board concluded that the fees to be paid to Regan by the Regan ETF and the
 profits to be realized by Regan, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality
 of the services provided by Regan.

4. <u>The extent to which economies of scale would be realized as the Regan ETF grows and whether advisory fee levels reflect these economies of scale for the benefit of the Regan ETF's investors</u>. In this regard, the Board considered the Regan ETF's fee arrangements
 with Regan. The Board considered that while the management fee remained the same at all asset levels, the Regan ETF's shareholders
 had experienced benefits from the economies of scale under the Trust's agreements with service providers other than Regan. In light
 of the foregoing, the Board determined that the Regan 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 Regan.

5. <u>Possible conflicts of interest and benefits to Regan</u>. In considering Regan's practices regarding conflicts of interest, the Trustees
 evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel
 assigned to the Regan ETF; the basis of decisions to buy or sell securities for the Regan ETF and/or Regan's other accounts; and
 the substance and administration of Regan's code of ethics. The Trustees also considered disclosure in the registration statement
 of the Trust relating to Regan's potential conflicts of interest. The Trustees discussed Regan's practices for seeking best
 execution for the Regan ETF's portfolio transactions. The Board also noted that Regan does not engage in soft dollar arrangements
 and has not identified any indirect benefits from its relationship with the Regan ETF. Based on the foregoing, the Board determined that
 Regan's standards and practices relating to the identification and mitigation of potential conflicts of interest were satisfactory.

**Regan Floating Rate MBS ETF**

Additional Information (Unaudited) (Continued)

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 Regan Agreement.

**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.**

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

**Item 16. Controls and Procedures**

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) [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.

(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>4/6/2026</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>4/6/2026</u>

---

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

---

Date: <u>4/6/2026</u>

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<u>CERTIFICATIONS</u>

I, Matthew J. Miller, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 4/6/2026 | /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) d isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 4/6/2026 | /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,<br> as adopted pursuant to section 906 of the sarbanes oxley act of 2002**

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

1. The Registrant's periodic report on Form N-CSR for the period ended January 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

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

---

Date: <u>4/6/2026</u> Date: <u>4/6/2026</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.

## 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