Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811-22208

Valued Advisers Trust

(Exact name of registrant as specified in charter)

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450,	Cincinnati, OH 45246
(Address of principal executive offices)	(Zip code)

Capitol Services, Inc.

108 Lakeland Ave., Dover, Delaware 19901

(Name and address of agent for service)

With Copies to:

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:	1/31
Date of reporting period:	7/31/2026

Item 1. Reports to Stockholders.

(a)

Tailored Shareholder Report

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable - disclosed with annual report

Item 3. Audit Committee Financial Expert.

Not applicable - disclosed with annual report

Item 4. Principal Accountant Fees and Services.

Not applicable - disclosed with annual report

Item 5. Audit Committee of Listed Registrants.

Not applicable - disclosed with annual report

Item 6. Investments.

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

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

(a)

Long Form Financial Statements

Channing Intrinsic Value Small-Cap Fund

Institutional Class - OWLLX

Semi-Annual Financial Statements

and Additional Information

July 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

July 31, 2026 - (Unaudited)

COMMON STOCKS - 97.33%		Shares				Fair Value
Communication Services - 4.15%
Madison Square Garden Entertainment Corp.(a)			2,124			$	164,100
Nexstar Media Group, Inc.			1,433				273,030
							437,130
Consumer Discretionary - 13.32%
Asbury Automotive Group, Inc.(a)			945				218,957
Boyd Gaming Corp.			2,239				190,448
Brunswick Corp.			2,845				224,755
Dorman Products, Inc.(a)			1,939				258,197
OneSpaWorld Holdings Ltd.			6,152				158,476
Patrick Industries, Inc.			1,210				99,886
Valvoline, Inc.(a)			6,571				252,392
							1,403,111
Energy - 1.20%
California Resources Corp.			2,393				125,920
Financials - 23.42%
Affiliated Managers Group, Inc.			797				292,284
Ameris Bancorp			2,897				252,647
Artisan Partners Asset Management, Inc., Class A			4,129				162,022
First American Financial Corp.			3,709				278,138
Glacier Bancorp, Inc.			4,953				244,133
Hancock Whitney Corp.			3,670				282,590
Independent Bank Corp.			2,770				232,209
Moelis & Co., Class A			3,895				261,277
Old National Bancorp			10,100				269,064
Renasant Corp.			4,408				192,057
							2,466,421
Industrials - 29.25%
Atmus Filtration Technologies, Inc.			5,023				259,337
Brink’s Co. (The)			2,435				288,426
CSW Industrials, Inc.			777				247,809
Gates Industrial Corp Ltd.(a)			10,287				287,830
Herc Holdings, Inc.			1,834				275,357
Hexcel Corp.			2,765				284,657
JT Marel Corp.			1,459				202,028
Louisiana-Pacific Corp.			1,403				101,619
McGrath RentCorp			2,429				279,699
MSA Safety, Inc.			1,534				291,873
Parsons Corp.(a)			5,331				235,684
Terex Corp.			1,188				74,654
Timken Co. (The)			1,826				251,166
							3,080,139
Information Technology - 11.12%
ACI Worldwide, Inc.(a)			1,811				103,825
Belden, Inc.			2,212				274,398
Crane NXT, Inc.			5,807				301,674

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

Channing Intrinsic Value Small-Cap Fund

Schedule of Investments (continued)

July 31, 2026 - (Unaudited)

COMMON STOCKS - 97.33% - (continued)		Shares				Fair Value
Information Technology - 11.12% - continued
Littelfuse, Inc.			545			$	240,961
OSI Systems, Inc.(a)			1,130				250,170
							1,171,028
Materials - 5.36%
Avient Corp.			6,953				252,533
Axalta Coating Systems Ltd.(a)			8,702				311,619
							564,152
Real Estate - 7.14%
Corporate Office Properties Trust			7,669				291,115
Cushman & Wakefield Ltd.(a)			16,176				217,082
STAG Industrial, Inc.			6,358				243,257
							751,454
Utilities - 2.37%
Southwest Gas Holdings, Inc.			2,793				249,694
Total Common Stocks (Cost $8,810,107)							10,249,049
MONEY MARKET FUNDS - 2.77%
First American Treasury Obligations Fund, Class X, 3.60%(b)			291,548				291,548
Total Money Market Funds (Cost $291,548)							291,548
Total Investments - 100.10% (Cost $9,101,655)							10,540,597
Liabilities in Excess of Other Assets - (0.10)%							(10,014	)
NET ASSETS - 100.00%						$	10,530,583

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of July 31, 2026.

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

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

Channing Intrinsic Value Small-Cap Fund

Statement of Assets and Liabilities

July 31, 2026 - (Unaudited)

Assets
Investments in securities at fair value (cost $9,101,655) (Note 3)		$	10,540,597
Dividends receivable			1,680
Receivable from Adviser (Note 4)			11,570
Prepaid expenses			10,236
Total Assets			10,564,083
Liabilities
Payable to affiliates (Note 4)			10,324
Payable to trustees			3,118
Other accrued expenses			20,058
Total Liabilities			33,500
Net Assets		$	10,530,583
Net Assets consist of:
Paid-in capital		$	7,485,228
Accumulated earnings			3,045,355
Net Assets		$	10,530,583
Institutional Class:
Shares outstanding (unlimited number of shares authorized, no par value)			756,418
Net asset value, offering and redemption price per share (Note 2)		$	13.92

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

Channing Intrinsic Value Small-Cap Fund

Statement of Operations

For the six months ended July 31, 2026 - (Unaudited)

Investment Income
Dividend income		$	97,158
Total investment income			97,158
Expenses
Investment Adviser fees (Note 4)			36,909
Administration and fund accounting fees (Note 4)			37,679
Audit and tax preparation fees			10,375
Compliance service fees (Note 4)			10,056
Trustee fees			9,349
Legal fees			9,159
Transfer agent fees (Note 4)			9,004
Registration expenses			4,773
Custodian fees			4,431
Printing and postage expenses			4,313
Miscellaneous expense			16,362
Total expenses			152,410
Fees contractually waived and expenses reimbursed by Adviser (Note 4)			(102,298	)
Net operating expenses			50,112
Net investment income			47,046
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities transactions			1,475,778
Net change in unrealized depreciation on investment securities			(664,427	)
Net realized and change in unrealized gain on investments			811,351
Net increase in net assets resulting from operations		$	858,397

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 Six Months Ended July 31, 2026 (Unaudited)				For the Year Ended January 31, 2026
Increase (Decrease) in Net Assets due to:
Operations
Net investment income		$	47,046			$	69,318
Net realized gain on investment securities transactions			1,475,778				749,807
Net change in unrealized appreciation (depreciation) of investment securities			(664,427	)			390,847
Net increase in net assets resulting from operations			858,397				1,209,972
Distributions to shareholders from Earnings (Note 2)			-				(62,867	)
Total distributions			-				(62,867	)
Capital Transactions - Institutional Class:
Proceeds from shares sold			6,000				15,000
Reinvestment of distributions			-				57,966
Amount paid for shares redeemed			(1,000,001	)			(830,000	)
Net decrease in net assets resulting from capital transactions			(994,001	)			(757,034	)
Total Increase (Decrease) in Net Assets			(135,604	)			390,071
Net Assets
Beginning of period			10,666,187				10,276,116
End of period		$	10,530,583			$	10,666,187
Share Transactions - Institutional Class:
Shares sold			458				1,466
Shares issued in reinvestment of distributions			-				4,908
Shares redeemed			(77,220	)			(89,101	)
Net decrease in shares			(76,762	)			(82,727	)

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 Six																				For the
		Months																				Period
		Ended July																				Ended
		31, 2026				For the Years Ended January 31,																January 31,
		(Unaudited)				2026				2025				2024				2023				2022(a)
Selected Per Share Data:
Net asset value, beginning of period		$	12.80			$	11.22			$	9.66			$	9.27			$	9.77			$	10.00
Investment operations:
Net investment income			0.06				0.09				0.05				0.05				0.03				0.02
Net realized and unrealized gain (loss) on investments			1.06				1.57				1.56				0.39				(0.50	)			(0.22	)
Total from investment operations			1.12				1.66				1.61				0.44				(0.47	)			(0.20	)
Less distributions to shareholders from:
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		$	13.92			$	12.80			$	11.22			$	9.66			$	9.27			$	9.77
Total Return(b)			8.75	% (c)			14.81	%			16.67	%			4.72	%			(4.72	)%			(2.03	)% (c)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	10,531			$	10,666			$	10,276			$	6,983			$	7,324			$	1,868
Ratio of net expenses to average net assets			0.95	% (d)			0.95	%			0.95	%			0.95	%			0.95	%			0.95	% (d)
Ratio of expenses to average net assets before waiver and reimbursement			2.89	% (d)			3.17	%			2.96	%			3.70	%			3.90	%			12.86	% (d)
Ratio of net investment income to average net assets			0.89	% (d)			0.75	%			0.45	%			0.49	%			0.34	%			0.27	% (d)
Portfolio turnover rate			32	% (c)			76	%			48	%			65	%			72	%			23	% (c)

(a)

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

(b)

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

(c)

Not annualized.

(d)

Annualized.

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

Channing Intrinsic Value Small-Cap Fund

Notes to the Financial Statements

July 31, 2026 - (Unaudited)

NOTE 1. ORGANIZATION

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

The Fund 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 Fund’s CODM is the President and Principal Executive Officer of the Trust. 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 (“FASB”) Accounting Standards Codification 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

Channing Intrinsic Value Small-Cap Fund

Notes to the Financial Statements (continued)

July 31, 2026 - (Unaudited)

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

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

As of and during the six months ended July 31, 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 six months ended July 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)

July 31, 2026 - (Unaudited)

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

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

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)

July 31, 2026 - (Unaudited)

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

●

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

●

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

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

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)

July 31, 2026 - (Unaudited)

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 July 31, 2026:

		Valuation Inputs
Assets		Level 1				Level 2				Level 3				Total
Common Stocks(a)		$	10,249,049			$	-			$	-			$	10,249,049
Money Market Funds			291,548				-				-				291,548
Total		$	10,540,597			$	-			$	-			$	10,540,597

(a)

Refer to Schedule of Investments for sector classifications.

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

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

Under the terms of the investment advisory agreement, on behalf of the Fund (the “Agreement”), the Adviser manages the Fund’s investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly at an annual rate of 0.70% of the average daily net assets of the Fund. For the six months ended July 31, 2026, the Adviser earned a fee of $36,909 from the Fund before the waivers and reimbursements described below. At July 31, 2026, the Adviser owed the Fund $11,570.

The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2027, 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)

July 31, 2026 - (Unaudited)

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 six months ended July 31, 2026, the Adviser waived fees or reimbursed expenses totaling $102,298. As of July 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

Recoverable Through
January 31, 2027		$	97,467
January 31, 2028			192,075
January 31, 2029			205,885
July 31, 2029			102,298

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

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

The officers of the Trust are members of management and/or employees of Ultimus or of NLCS, and are not paid by the Trust for services to the Fund. Ultimus Fund Distributors, LLC (the “Distributor”) acts as the distributor of the Fund’s shares. The Distributor is a wholly-owned subsidiary of Ultimus. There were no payments made to the Distributor by the Fund for the six months ended July 31, 2026.

Channing Intrinsic Value Small-Cap Fund

Notes to the Financial Statements (continued)

July 31, 2026 - (Unaudited)

NOTE 5. PURCHASES AND SALES OF SECURITIES

For the six months ended July 31, 2026, purchases and sales of investment securities, other than short-term investments, were $3,322,769 and $4,420,219, respectively.

There were no long-term purchases or sales of long-term U.S. government obligations during the six months ended July 31, 2026.

NOTE 6. FEDERAL TAX INFORMATION

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

Gross unrealized appreciation		$	1,690,306
Gross unrealized depreciation			(251,364	)
Net unrealized appreciation on investments			1,438,942
Tax cost of investments		$	9,101,655

At July 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 year ended January 31, 2026, the Fund’s most recent fiscal year end, were as follows:

Distributions paid from:
Ordinary income(a)		$	62,867
Total distributions paid		$	62,867

(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		$	1,153
Undistributed long-term capital gains			182,175
Unrealized appreciation on investments			2,003,630
Total accumulated earnings		$	2,186,958

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)

July 31, 2026 - (Unaudited)

period. For the six months ended July 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 July 31, 2026, the Fund had 28.29% 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.

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 six months ended July 31, 2026, was $8,500.

Statement Regarding Basis for Approval of Investment Advisory Agreement

At a meeting held on March 23-24, 2026, the Board of Trustees (the “Board”) considered the renewal of the Investment Advisory Agreement (the “Channing Agreement”) between Valued Advisers Trust (the “Trust”) and Channing Capital Management, LLC (“Channing”) with respect to the Channing Intrinsic Value Small-Cap Fund (the “Channing Fund”). Channing provided written information to the Board to assist the Board in its considerations.

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

Additional Information (Unaudited) (continued)

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

2. Investment performance of the Channing Fund and Channing. In considering the investment performance of the Channing Fund and Channing, the Trustees compared the performance of the Channing Fund with the performance of funds in a peer group with similar objectives managed by other investment advisers, as well as with aggregated Morningstar category data. The Trustees also considered the consistency of Channing’s management of the Channing Fund with its investment objective, strategies, and limitations. When comparing the performance of the Channing Fund to that of other funds in the peer group, the Trustees noted that the Channing Fund’s performance was equal to the median for the one-year period ended December 31, 2025, above the median for the three year period, and below the median for the since inception period. When considering the performance of the Channing Fund as compared to its Morningstar category, the Trustees noted that the Channing Fund’s performance was above the average but below the median for the one-year period ended December 31, 2025, above the average and median for the three-year period, and below the median for the since inception period. They also observed that the Channing Fund’s performance was below its broad-based market benchmark index for the one-year, three-year and since inception periods, but the Channing Fund had outperformed its style-specific benchmark for the three-year period, while underperforming for the one-year, and since inception periods ended December 31, 2025. The

Trustees noted that Channing provided a custom peer group that differed from the peer group provided by Broadridge. They considered Channing’s reasons for its assertion that this peer group provides a better comparison for the Channing Fund. When considering the performance of the Channing Fund as compared to the peer group provided by Channing, the Trustees noted that the Channing Fund outperformed the average for the one-year and since inception periods ended December 31, 2025. The Trustees also considered the performance of Channing’s separate accounts that were managed in a manner similar to that of the Channing Fund and they noted that the performance was very comparable and that any differences were reasonable in light of the circumstances. After reviewing and discussing the investment performance of the Channing Fund further, Channing’s experience managing the Channing Fund, Channing’s historical performance, and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Channing Fund and Channing was satisfactory.

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

Additional Information (Unaudited) (continued)

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

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

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

Additional Information (Unaudited) (continued)

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

Summitry Equity Fund

GGEFX

Semi-Annual Financial Statements

and Additional Information

July 31, 2026

Summitry LLC

919 E. Hillsdale Boulevard, Suite 150

Foster City, CA 94404

(866) 954-6682

Summitry Equity Fund

Schedule of Investments

July 31, 2026 (Unaudited)

COMMON STOCKS - 98.04%		Shares				Fair Value
Communications - 15.68%
Alphabet, Inc., Class A			13,343			$	4,751,843
Meta Platforms, Inc., Class A			3,628				2,019,744
Netflix, Inc.(a)			22,941				1,645,099
Uber Technologies, Inc.(a)			20,390				1,434,640
Universal Music Group NV - ADR			214,425				1,764,718
							11,616,044
Consumer Discretionary - 22.86%
Amazon.com, Inc.(a)			20,941				5,687,157
Lowe’s Companies, Inc.			12,925				2,685,944
LVMH Moet Hennessy Louis Vuitton SE - ADR			22,174				2,428,940
Ross Stores, Inc.			3,718				933,478
Starbucks Corp.			21,904				2,305,396
Ulta Beauty, Inc.(a)			5,628				2,886,207
							16,927,122
Financials - 9.74%
Charles Schwab Corp. (The)			24,327				2,560,174
Moody’s Corp.			3,190				1,526,032
Wells Fargo & Company			36,142				3,124,476
							7,210,682
Health Care - 9.36%
Agilent Technologies, Inc.			26,160				3,619,759
Thermo Fisher Scientific, Inc.			5,766				3,311,414
							6,931,173
Industrials - 10.02%
Carrier Global Corp.			52,491				3,244,468
GXO Logistics, Inc.(a)			44,716				2,242,955
Old Dominion Freight Line, Inc.			5,094				1,080,641
Rentokil Initial PLC - ADR			36,649				856,121
							7,424,185
Technology - 30.38%
Fiserv, Inc.(a)			37,164				2,004,626
Mastercard, Inc., Class A			7,724				4,426,624
Microsoft Corp.			3,663				1,702,269
Nintendo Company Ltd. - ADR			249,893				2,953,735
Salesforce.com, Inc.			8,083				1,487,434
Taiwan Semiconductor Manufacturing Company Ltd. - ADR			7,874				3,183,065
Visa, Inc., Class A			12,044				4,409,670
Zebra Technologies Corp., Class A(a)			7,936				2,331,756
							22,499,179
Total Common Stocks (Cost $50,609,126)							72,608,385

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

Summitry Equity Fund

Schedule of Investments (continued)

July 31, 2026 (Unaudited)

MONEY MARKET FUNDS - 2.02%		Shares				Fair Value
Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.59%(b)			1,496,680			$	1,496,680
Total Money Market Funds (Cost $1,496,680)							1,496,680
Total Investments - 100.06% (Cost $52,105,806)							74,105,065
Liabilities in Excess of Other Assets - (0.06)%							(45,400	)
NET ASSETS - 100.00%						$	74,059,665

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of July 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

July 31, 2026 (Unaudited)

Assets
Investments in securities at fair value (cost $52,105,806) (Note 3)		$	74,105,065
Receivable for fund shares sold			306
Dividends receivable			35,474
Prepaid expenses			28,631
Total Assets			74,169,476
Liabilities
Payable for fund shares redeemed			18,161
Payable to Adviser (Note 4)			53,801
Payable to affiliates (Note 4)			13,601
Payable to Trustees			3,972
Other accrued expenses			20,276
Total Liabilities			109,811
Net Assets		$	74,059,665
Net Assets consist of:
Paid-in capital		$	42,191,305
Accumulated earnings			31,868,360
Net Assets		$	74,059,665
Shares outstanding (unlimited number of shares authorized, no par value)			3,068,657
Net asset value, offering and redemption price per share (Note 2)		$	24.13

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

Summitry Equity Fund

Statement of Operations

For the Six Months Ended July 31, 2026 (Unaudited)

Investment Income
Dividend income (net of foreign taxes withheld of $57,824)		$	381,671
Total investment income			381,671
Expenses
Investment Adviser fees (Note 4)			373,865
Administration (Note 4)			37,299
Fund accounting fees (Note 4)			15,707
Registration expenses			14,139
Audit and tax preparation fees			10,336
Compliance service fees (Note 4)			10,056
Transfer agent fees (Note 4)			9,918
Legal fees			9,676
Trustee fees			9,067
Custodian fees			5,991
Printing and postage expenses			4,768
Insurance expenses			2,957
Miscellaneous			14,635
Total expenses			518,414
Fees contractually waived by Adviser (Note 4)			(51,330	)
Net operating expenses			467,084
Net investment loss			(85,413	)
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities transactions			8,525,018
Net change in unrealized depreciation of investment securities			(7,658,023	)
Net realized and change in unrealized gain on investments			866,995
Net increase in net assets resulting from operations		$	781,582

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

Summitry Equity Fund

Statements of Changes in Net Assets

		For the Six				For the Year
		Months Ended				Ended January 31,
		July 31, 2026				2026
		(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment loss		$	(85,413	)		$	(182,503	)
Net realized gain on investment securities transactions			8,525,018				11,236,451
Net change in unrealized depreciation of investment securities			(7,658,023	)			(6,634,944	)
Net increase in net assets resulting from operations			781,582				4,419,004
Distributions to Shareholders (Note 2)
Earnings			-				(11,664,174	)
Total distributions			-				(11,664,174	)
Capital Transactions
Proceeds from shares sold			1,962,795				5,567,551
Reinvestment of distributions			-				11,664,174
Amount paid for shares redeemed			(9,275,989	)			(13,320,729	)
Net increase (decrease) in net assets resulting from capital transactions			(7,313,194	)			3,910,996
Total Decrease in Net Assets			(6,531,612	)			(3,334,174	)
Net Assets
Beginning of period			80,591,277				83,925,451
End of period		$	74,059,665			$	80,591,277
Share Transactions
Shares sold			84,581				223,732
Shares issued in reinvestment of distributions			-				496,137
Shares redeemed			(398,795	)			(530,447	)
Net increase (decrease) in shares outstanding			(314,214	)			189,422

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

Summitry Equity Fund

Financial Highlights

(For a share outstanding during each period)

		For the Six				For the Years Ended January 31,
		Months
		Ended July
		31, 2026
		(Unaudited)				2026				2025				2024				2023				2022
Selected Per Share Data
Net asset value, beginning of period		$	23.82			$	26.28			$	22.01			$	19.67			$	25.21			$	21.60
Investment operations:
Net investment loss			(0.03	)			(0.05	)			(0.10	)			(0.08	)			(0.09	)			(0.16	)
Net realized and unrealized gain (loss) on investments			0.34				1.57				6.64				4.22				(2.52	)			5.54
Total from investment operations			0.31				1.52				6.54				4.14				(2.61	)			5.38
Less distributions to shareholders from:
Net realized gains			-				(3.98	)			(2.27	)			(1.80	)			(2.93	)			(1.77	)
Total distributions			-				(3.98	)			(2.27	)			(1.80	)			(2.93	)			(1.77	)
Net asset value, end of period		$	24.13			$	23.82			$	26.28			$	22.01			$	19.67			$	25.21
Total Return(a)			1.30	% (b)			6.00	%			30.08	%			21.71	%			(9.38	)%			24.72	%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	74,060			$	80,591			$	83,925			$	68,842			$	60,914			$	72,807
Ratio of expenses to average net assets after expense waiver			1.25	% (c)			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Ratio of expenses to average net assets before expense waiver			1.39	% (c)			1.37	%			1.37	%			1.35	%			1.34	%			1.31	%
Ratio of net investment loss to average net assets after expense waiver			(0.23	)% (c)			(0.23	)%			(0.44	)%			(0.41	)%			(0.45	)%			(0.61	)%
Portfolio turnover rate			12.00	% (b)			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.

(b)

Not annualized.

(c)

Annualized.

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

Summitry Equity Fund

Notes to the Financial Statements

July 31, 2026 (Unaudited)

NOTE 1. ORGANIZATION

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

The Fund 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 Fund’s 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 Fund’s 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 FASB Accounting Standards Codification 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.

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

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 six months ended July 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 six months ended July 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 has determined that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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

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

Dividends and Distributions - The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Fund.

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

NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

●

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

●

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

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

●

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

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

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

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

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

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 July 31, 2026:

						Valuation Inputs
Assets		Level 1				Level 2				Level 3				Total
Common Stocks(a)		$	72,608,385			$	-			$	-			$	72,608,385
Money Market Funds			1,496,680				-				-				1,496,680
Total		$	74,105,065			$	-			$	-			$	74,105,065

(a)

Refer to Schedule of Investments for sector classifications.

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

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

Under the terms of the investment advisory agreement on behalf of the Fund, the Adviser manages the Fund’s investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund. For the six months ended July 31, 2026, the Adviser earned a fee of $373,865 from the Fund before the waivers described below. At July 31, 2026, the Fund owed the Adviser $53,801.

The Adviser has contractually agreed to waive or limit its fees and to assume certain Fund operating expenses, until May 31, 2027, 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

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

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 six months ended July 31, 2026, the Adviser waived fees of $51,330.

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in effect at the time of the waiver or reimbursement and any expense limitation in place at the time of the repayment. As of July 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

Recoverable Through
January 31, 2027		$	37,440
January 31, 2028			88,100
January 31, 2029			97,662
July 31, 2029			51,330

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

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

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

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

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 July 31, 2026.

NOTE 5. PURCHASES AND SALES OF SECURITIES

For the six months ended July 31, 2026, purchases and sales of investment securities, other than short-term investments, were $8,691,597 and $14,077,021, respectively.

There were no long-term purchases or sales of long-term U.S. government obligations during the six months ended July 31, 2026.

NOTE 6. FEDERAL TAX INFORMATION

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

Gross unrealized appreciation		$	25,261,525
Gross unrealized depreciation			(3,262,266	)
Net unrealized appreciation on investments		$	21,999,259
Tax cost of investments		$	52,105,806

The tax character of distributions paid for the fiscal year ended January 31, 2026, the Fund’s most recent fiscal year end, was as follows:

Distributions paid from:
Long-term capital gains		$	11,664,174
Total distributions paid		$	11,664,174

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

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

Undistributed long-term capital gains		$	1,464,698
Accumulated capital and other losses			(35,202	)
Unrealized appreciation on investments			29,657,282
Total accumulated earnings		$	31,086,778

During the fiscal year ended January 31, 2026, 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 July 31, 2026, the Fund had 30.38% of the value of its net assets invested in stocks within the Technology sector.

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.

Summitry Equity Fund

Notes to the Financial Statements (continued)

July 31, 2026 (Unaudited)

NOTE 9. SUBSEQUENT EVENTS

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

Additional Information (Unaudited)

Changes in and Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

The aggregate compensation paid, on behalf of the Fund, to the Trustees for the six months ended July 31, 2026, was $8,500.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

Regan Floating Rate MBS ETF (MBSF)

NYSE Arca, Inc.

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

JULY 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	15
STATEMENT OF OPERATIONS	16
STATEMENTS OF CHANGES IN NET ASSETS	17
FINANCIAL HIGHLIGHTS	18
NOTES TO THE FINANCIAL STATEMENTS	19
ADDITIONAL INFORMATION	25

Regan Floating Rate MBS ETF

Schedule of Investments

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Fannie Mae Grantor Trust 2004, Series T1, Class 2A, 4.26%, 8/25/2043		$	223,438			$	212,725
Fannie Mae REMIC, Series 70, Class OF, 4.68%, 10/25/2031			49,123				49,566
Fannie Mae REMIC, Series 13, Class FC, 4.63%, 3/25/2032			23,338				23,440
Fannie Mae REMIC, Series 13, Class FA, 4.63%, 3/25/2032			23,338				23,440
Fannie Mae REMIC, Series 13, Class FB, 4.63%, 3/25/2032			23,338				23,440
Fannie Mae REMIC, Series 53, Class FY, 4.23%, 8/25/2032			32,616				32,623
Fannie Mae REMIC, Series 68, Class FB, 4.23%, 10/25/2032			26,149				26,161
Fannie Mae REMIC, Series 44, Class FI, 4.48%, 6/25/2033			84,626				85,129
Fannie Mae REMIC, Series 64, Class FS, 5.15%, 7/25/2033			32,051				32,613
Fannie Mae REMIC, Series 69, Class NF, 5.25%, 7/25/2033			152,808				155,952
Fannie Mae REMIC, Series 81, Class FE, 4.23%, 9/25/2033			43,248				43,183
Fannie Mae REMIC, Series 130, Class FD, 4.23%, 1/25/2034			94,457				94,418
Fannie Mae REMIC, Series 38, Class FK, 4.08%, 5/25/2034			213,198				212,129
Fannie Mae REMIC, Series 25, Class PF, 4.08%, 4/25/2035			68,020				67,492
Fannie Mae REMIC, Series 45, Class XA, 4.07%, 6/25/2035			180,531				179,325
Fannie Mae REMIC, Series 56, Class F, 4.02%, 7/25/2035			56,096				55,650
Fannie Mae REMIC, Series 90, Class FC, 3.98%, 10/25/2035			111,247				110,526
Fannie Mae REMIC, Series 106, Class UF, 4.03%, 11/25/2035			59,897				59,783
Fannie Mae REMIC, Series 106, Class PF, 4.08%, 12/25/2035			320,798				318,445
Fannie Mae REMIC, Series 3, Class CF, 4.03%, 3/25/2036			74,183				73,664
Fannie Mae REMIC, Series 39, Class FG, 4.65%, 3/25/2036			94,661				95,693
Fannie Mae REMIC, Series 24, Class F, 4.03%, 4/25/2036			255,291				252,937
Fannie Mae REMIC, Series 20, Class GF, 4.08%, 4/25/2036			66,318				65,818
Fannie Mae REMIC, Series 45, Class FM, 4.13%, 6/25/2036			85,987				85,466
Fannie Mae REMIC, Series 46, Class FW, 4.13%, 6/25/2036			26,746				26,584
Fannie Mae REMIC, Series 15, Class FJ, 4.66%, 6/25/2036			121,739				122,986
Fannie Mae REMIC, Series 62, Class FP, 3.98%, 7/25/2036			273,535				271,578
Fannie Mae REMIC, Series 101, Class FC, 4.03%, 7/25/2036			14,865				14,844
Fannie Mae REMIC, Series 101, Class FD, 4.03%, 7/25/2036			10,073				10,059
Fannie Mae REMIC, Series 79, Class DF, 4.08%, 8/25/2036			74,690				74,311
Fannie Mae REMIC, Series 83, Class FH, 4.17%, 9/25/2036			157,197				156,350
Fannie Mae REMIC, Series 88, Class AF, 4.19%, 9/25/2036			88,878				88,422
Fannie Mae REMIC, Series 86, Class CF, 4.93%, 9/25/2036			57,796				58,929
Fannie Mae REMIC, Series 101, Class FA, 4.15%, 10/25/2036			627,047				623,149
Fannie Mae REMIC, Series 104, Class FC, 3.98%, 11/25/2036			110,178				109,396
Fannie Mae REMIC, Series 33, Class FB, 4.55%, 3/25/2037			72,950				73,489
Fannie Mae REMIC, Series 25, Class FB, 4.06%, 4/25/2037			38,642				38,223
Fannie Mae REMIC, Series 54, Class AF, 4.29%, 4/25/2037			120,948				120,643
Fannie Mae REMIC, Series 103, Class BF, 3.98%, 7/25/2037			532,365				527,726
Fannie Mae REMIC, Series 70, Class FA, 4.08%, 7/25/2037			28,985				27,826
Fannie Mae REMIC, Series 89, Class EF, 4.29%, 9/25/2037			36,279				36,246
Fannie Mae REMIC, Series 92, Class OF, 4.30%, 9/25/2037			121,914				121,765
Fannie Mae REMIC, Series 102, Class FA, 4.30%, 11/25/2037			47,283				47,189
Fannie Mae REMIC, Series 117, Class MF, 4.43%, 1/25/2038			119,173				119,482

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Fannie Mae REMIC, Series 117, Class FM, 4.43%, 1/25/2038		$	220,622			$	221,194
Fannie Mae REMIC, Series 7, Class FA, 4.18%, 2/25/2038			179,374				178,794
Fannie Mae REMIC, Series 12, Class FA, 4.40%, 3/25/2038			50,155				50,242
Fannie Mae REMIC, Series 16, Class KF, 4.53%, 3/25/2038			97,541				98,157
Fannie Mae REMIC, Series 26, Class FA, 4.53%, 4/25/2038			325,055				326,902
Fannie Mae REMIC, Series 68, Class FC, 4.70%, 8/25/2038			748,767				758,213
Fannie Mae REMIC, Series 93, Class GF, 4.18%, 4/25/2039			55,968				55,607
Fannie Mae REMIC, Series 46, Class FC, 4.43%, 6/25/2039			236,553				237,833
Fannie Mae REMIC, Series 46, Class FA, 4.43%, 6/25/2039			252,800				254,180
Fannie Mae REMIC, Series 72, Class JF, 4.48%, 9/25/2039			207,835				209,314
Fannie Mae REMIC, Series 99, Class FC, 4.55%, 12/25/2039			16,914				16,237
Fannie Mae REMIC, Series 27, Class FG, 4.73%, 4/25/2040			595,411				601,987
Fannie Mae REMIC, Series 58, Class FY, 4.46%, 6/25/2040			59,706				59,863
Fannie Mae REMIC, Series 111, Class KF, 4.13%, 10/25/2040			711,126				707,570
Fannie Mae REMIC, Series 134, Class BF, 4.16%, 10/25/2040			441,162				440,010
Fannie Mae REMIC, Series 135, Class AF, 4.28%, 12/25/2040			61,712				61,322
Fannie Mae REMIC, Series 41, Class FK, 4.15%, 5/25/2041			167,591				166,405
Fannie Mae REMIC, Series 55, Class FJ, 4.17%, 6/25/2041			472,251				469,205
Fannie Mae REMIC, Series 62, Class KF, 4.23%, 7/25/2041			157,402				156,330
Fannie Mae REMIC, Series 149, Class MF, 4.23%, 11/25/2041			32,490				32,428
Fannie Mae REMIC, Series 121, Class PF, 4.08%, 12/25/2041			134,754				132,710
Fannie Mae REMIC, Series 3, Class DF, 4.28%, 2/25/2042			354,822				352,770
Fannie Mae REMIC, Series 98, Class CF, 4.80%, 2/25/2042			184,991				186,405
Fannie Mae REMIC, Series 10, Class AF, 4.08%, 3/25/2042			609,154				604,234
Fannie Mae REMIC, Series 19, Class JF, 4.28%, 3/25/2042			55,798				55,489
Fannie Mae REMIC, Series 33, Class F, 4.25%, 4/25/2042			70,623				70,177
Fannie Mae REMIC, Series 111, Class QF, 4.03%, 6/25/2042			45,994				45,773
Fannie Mae REMIC, Series 70, Class FA, 4.18%, 7/25/2042			709,031				702,201
Fannie Mae REMIC, Series 128, Class FJ, 3.98%, 9/25/2042			107,142				105,172
Fannie Mae REMIC, Series 116, Class FP, 3.98%, 10/25/2042			566,647				555,881
Fannie Mae REMIC, Series 133, Class AF, 4.03%, 10/25/2042			118,218				116,400
Fannie Mae REMIC, Series 122, Class FM, 4.13%, 11/25/2042			1,039,110				1,024,242
Fannie Mae REMIC, Series 130, Class FP, 3.98%, 12/25/2042			121,747				119,547
Fannie Mae REMIC, Series 141, Class FB, 4.03%, 12/25/2042			222,783				218,507
Fannie Mae REMIC, Series 134, Class FK, 4.08%, 12/25/2042			115,245				113,233
Fannie Mae REMIC, Series 10, Class FA, 4.08%, 2/25/2043			123,695				121,652
Fannie Mae REMIC, Series 10, Class FB, 4.08%, 2/25/2043			163,286				160,607
Fannie Mae REMIC, Series 13, Class FA, 4.08%, 3/25/2043			367,584				361,582
Fannie Mae REMIC, Series 16, Class FY, 4.08%, 3/25/2043			703,888				692,088
Fannie Mae REMIC, Series 26, Class FE, 4.08%, 4/25/2043			550,585				541,896
Fannie Mae REMIC, Series 34, Class CF, 4.73%, 4/25/2043			537,033				506,181
Fannie Mae REMIC, Series 92, Class FA, 4.28%, 9/25/2043			260,233				258,322
Fannie Mae REMIC, Series 118, Class FB, 4.25%, 12/25/2043			135,491				134,155
Fannie Mae REMIC, Series 10, Class KF, 4.18%, 3/25/2044			146,660				145,021

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Fannie Mae REMIC, Series 89, Class FM, 4.13%, 1/25/2045		$	542,815			$	534,933
Fannie Mae REMIC, Series 79, Class FE, 3.98%, 11/25/2045			74,980				73,929
Fannie Mae REMIC, Series 2, Class FB, 4.13%, 2/25/2046			120,025				118,837
Fannie Mae REMIC, Series 25, Class FL, 4.23%, 5/25/2046			1,041,857				1,030,296
Fannie Mae REMIC, Series 60, Class UF, 4.13%, 9/25/2046			335,088				332,858
Fannie Mae REMIC, Series 79, Class NF, 4.18%, 11/25/2046			588,085				578,824
Fannie Mae REMIC, Series 91, Class AF, 4.13%, 12/25/2046			43,141				42,883
Fannie Mae REMIC, Series 106, Class EF, 4.23%, 1/25/2047			1,711,861				1,689,346
Fannie Mae REMIC, Series 79, Class FB, 3.98%, 10/25/2047			471,872				468,126
Fannie Mae REMIC, Series 112, Class FC, 4.08%, 1/25/2048			2,014,660				1,969,683
Fannie Mae REMIC, Series 42, Class FD, 3.98%, 6/25/2048			403,354				395,093
Fannie Mae REMIC, Series 36, Class FD, 3.98%, 6/25/2048			99,695				98,685
Fannie Mae REMIC, Series 56, Class FD, 4.67%, 7/25/2048			57,064				57,816
Fannie Mae REMIC, Series 55, Class FB, 4.03%, 8/25/2048			658,789				641,118
Fannie Mae REMIC, Series 60, Class FK, 4.03%, 8/25/2048			470,198				457,515
Fannie Mae REMIC, Series 1, Class HF, 4.18%, 2/25/2049			138,416				135,672
Fannie Mae REMIC, Series 38, Class CF, 4.18%, 7/25/2049			1,096,982				1,079,164
Fannie Mae REMIC, Series 31, Class FB, 4.18%, 7/25/2049			453,369				445,797
Fannie Mae REMIC, Series 38, Class FA, 4.18%, 7/25/2049			4,440,432				4,369,194
Fannie Mae REMIC, Series 33, Class FB, 4.18%, 7/25/2049			558,652				550,147
Fannie Mae REMIC, Series 43, Class FD, 4.13%, 8/25/2049			562,240				553,470
Fannie Mae REMIC, 4.18%, 10/25/2049			883,892				870,732
Fannie Mae REMIC, Series 67, Class FB, 4.18%, 11/25/2049			167,614				165,199
Fannie Mae REMIC, Series 61, Class AF, 4.23%, 11/25/2049			4,136,994				4,085,346
Fannie Mae REMIC, Series 81, Class QF, 4.23%, 12/25/2049			1,974,579				1,950,193
Fannie Mae REMIC, Series 76, Class FA, 4.23%, 12/25/2049			109,954				108,494
Fannie Mae REMIC, Series 37, Class FH, 4.13%, 1/25/2050			691,010				681,177
Fannie Mae REMIC, Series 79, Class FA, 4.23%, 1/25/2050			1,196,557				1,180,861
Fannie Mae REMIC, Series 81, Class FJ, 4.23%, 1/25/2050			1,224,109				1,207,484
Fannie Mae REMIC, Series 12, Class FL, 4.18%, 3/25/2050			674,117				662,807
Fannie Mae REMIC, Series 10, Class FA, 4.23%, 3/25/2050			199,889				197,305
Fannie Mae REMIC, Series 10, Class FE, 4.23%, 3/25/2050			5,170,529				5,101,672
Fannie Mae REMIC, Series 27, Class FD, 4.18%, 5/25/2050			880,182				863,895
Fannie Mae REMIC, Series 36, Class FH, 4.18%, 6/25/2050			1,947,261				1,913,197
Fannie Mae REMIC, Series 37, Class FG, 4.03%, 8/25/2050			269,787				264,188
Fannie Mae REMIC, Series 54, Class WF, 4.16%, 8/25/2050			415,397				412,202
Fannie Mae REMIC, Series 25, Class WF, 3.77%, 5/25/2051			375,480				367,356
Fannie Mae REMIC, Series 81, Class FL, 4.87%, 11/25/2052			446,046				448,566
Fannie Mae REMIC, Series 41, Class GF, 4.23%, 3/25/2053			3,418,452				3,403,889
Fannie Mae REMIC, Series 4, Class FB, 4.27%, 3/25/2053			1,174,712				1,168,338
Fannie Mae REMIC, Series 21, Class FB, 4.92%, 7/25/2053			302,825				305,731
Fannie Mae REMIC, Series 76, Class FA, 4.42%, 9/25/2053			1,483,536				1,487,051
Fannie Mae REMIC, Series 58, Class FN, 4.12%, 12/25/2053			637,351				630,574
Fannie Mae REMIC, Series 33, Class PF, 4.52%, 12/25/2053			71,431				71,868

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Fannie Mae REMIC, Series 4, Class FB, 4.82%, 12/25/2053		$	334,830			$	336,969
Fannie Mae REMIC, Series 25, Class FB, 4.77%, 5/25/2054			289,552				291,067
Fannie Mae REMIC, Series 34, Class FB, 4.57%, 6/25/2054			876,040				882,391
Fannie Mae REMIC, Series 48, Class FC, 4.72%, 7/25/2054			307,474				309,801
Fannie Mae REMIC, Series 60, Class FG, 4.72%, 9/25/2054			402,084				405,112
Fannie Mae REMIC, Series 73, Class FB, 4.82%, 10/25/2054			223,751				225,201
Fannie Mae REMIC, Series 84, Class FD, 4.77%, 11/25/2054			135,106				135,831
Fannie Mae REMIC, Series 88, Class FE, 4.72%, 12/25/2054			450,293				453,658
Fannie Mae REMIC, Series 87, Class FB, 4.72%, 12/25/2054			295,747				298,001
Fannie Mae REMIC, Series 95, Class FC, 5.02%, 12/25/2054			527,583				534,252
Fannie Mae REMIC, Series 96, Class FA, 5.02%, 12/25/2054			1,584,478				1,600,479
Fannie Mae REMIC, Series 86, Class FC, 5.02%, 12/25/2054			331,976				336,177
Fannie Mae REMIC, Series 104, Class FA, 4.67%, 1/25/2055			266,603				267,446
Fannie Mae REMIC, Series 105, Class AF, 4.67%, 1/25/2055			20,933				21,043
Fannie Mae REMIC, Series 103, Class FC, 4.77%, 1/25/2055			1,187,918				1,198,781
Fannie Mae REMIC, Series 103, Class FH, 4.87%, 1/25/2055			492,570				496,429
Fannie Mae REMIC, Series 10, Class FB, 4.47%, 2/25/2055			271,611				269,897
Fannie Mae REMIC, Series 1, Class FD, 4.82%, 2/25/2055			205,251				207,436
Fannie Mae REMIC, Series 18, Class KF, 4.57%, 3/25/2055			387,943				389,190
Fannie Mae REMIC, Series 12, Class GF, 4.97%, 3/25/2055			325,333				328,884
Fannie Mae REMIC, Series 32, Class FA, 4.87%, 5/25/2055			269,328				271,491
Fannie Mae REMIC, Series 35, Class HF, 5.32%, 5/25/2055			69,229				69,986
Fannie Mae REMIC, Series 38, Class DF, 4.02%, 6/25/2055			807,554				800,025
Fannie Mae REMIC, Series 47, Class FJ, 4.65%, 6/25/2055			1,496,576				1,507,052
Fannie Mae REMIC, Series 86, Class FH, 4.47%, 9/25/2055			317,383				315,148
Fannie Mae REMIC, Series 87, Class FC, 4.72%, 10/25/2055			453,642				457,201
Fannie Mae REMIC, Series 83, Class FA, 4.72%, 10/25/2055			1,083,887				1,087,292
Fannie Mae REMIC, Series 41, Class FG, 4.23%, 8/25/2059			653,230				634,869
Fannie Mae REMIC, Series 62, Class FQ, 4.23%, 11/25/2059			485,099				479,258
Fannie Mae REMIC Trust 2004, Series W5, Class F1, 4.18%, 2/25/2047			453,689				434,407
Fannie Mae Trust 2003, Series W6, Class 6A, 4.81%, 8/25/2042			109,316				110,366
Freddie Mac REMIC, Series 2334, Class FO, 4.71%, 7/15/2031			25,025				25,232
Freddie Mac REMIC, Series 2582, Class FH, 4.99%, 7/15/2031			69,720				70,535
Freddie Mac REMIC, Series 2408, Class FO, 4.64%, 1/15/2032			9,038				9,065
Freddie Mac REMIC, Series 2406, Class FP, 4.72%, 1/15/2032			46,290				46,747
Freddie Mac REMIC, Series 2481, Class FE, 4.74%, 3/15/2032			35,264				35,637
Freddie Mac REMIC, Series 2463, Class FJ, 4.74%, 3/15/2032			34,608				34,960
Freddie Mac REMIC, Series 2444, Class FR, 4.74%, 5/15/2032			37,285				37,684
Freddie Mac REMIC, Series 2526, Class FH, 4.19%, 11/15/2032			57,255				56,600
Freddie Mac REMIC, Series 2711, Class FC, 4.64%, 2/15/2033			36,717				37,070
Freddie Mac REMIC, Series 3046, Class F, 4.11%, 3/15/2033			44,693				44,563
Freddie Mac REMIC, Series 2647, Class VF, 5.25%, 7/15/2033			295,442				302,828
Freddie Mac REMIC, Series 3969, Class AF, 4.19%, 10/15/2033			569,536				567,273
Freddie Mac REMIC, Series 2733, Class FB, 4.34%, 10/15/2033			30,629				30,696

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Freddie Mac REMIC, Series 3305, Class BF, 4.06%, 7/15/2034		$	213,935			$	212,135
Freddie Mac REMIC, Series 4265, Class FD, 4.14%, 1/15/2035			807,940				803,041
Freddie Mac REMIC, Series 3003, Class KF, 3.99%, 7/15/2035			121,991				121,217
Freddie Mac REMIC, Series 3085, Class FW, 4.44%, 8/15/2035			92,984				92,950
Freddie Mac REMIC, Series 3153, Class FX, 4.09%, 5/15/2036			91,214				90,610
Freddie Mac REMIC, Series 3155, Class PF, 4.09%, 5/15/2036			638,242				634,046
Freddie Mac REMIC, Series 3153, Class EF, 4.15%, 5/15/2036			81,163				80,769
Freddie Mac REMIC, Series 3208, Class FC, 4.14%, 8/15/2036			241,447				240,036
Freddie Mac REMIC, Series 3222, Class KF, 4.14%, 9/15/2036			166,934				165,774
Freddie Mac REMIC, Series 3210, Class FA, 4.14%, 9/15/2036			249,990				248,272
Freddie Mac REMIC, Series 3361, Class AF, 4.09%, 11/15/2036			44,887				44,510
Freddie Mac REMIC, Series 3281, Class AF, 4.06%, 2/15/2037			179,821				177,987
Freddie Mac REMIC, Series 3293, Class FA, 4.06%, 3/15/2037			443,617				438,979
Freddie Mac REMIC, Series 3284, Class CF, 4.11%, 3/15/2037			193,517				191,743
Freddie Mac REMIC, Series 3309, Class FG, 4.17%, 4/15/2037			76,266				75,707
Freddie Mac REMIC, Series 3318, Class F, 3.99%, 5/15/2037			29,709				29,338
Freddie Mac REMIC, Series 3311, Class NF, 4.04%, 5/15/2037			83,168				82,263
Freddie Mac REMIC, Series 3360, Class FC, 4.46%, 5/15/2037			49,873				50,013
Freddie Mac REMIC, Series 3325, Class CF, 4.08%, 6/15/2037			187,410				185,601
Freddie Mac REMIC, Series 3361, Class LF, 4.29%, 8/15/2037			146,050				145,675
Freddie Mac REMIC, Series 3355, Class BF, 4.44%, 8/15/2037			130,351				130,623
Freddie Mac REMIC, Series 4276, Class FA, 4.24%, 9/15/2037			231,991				230,498
Freddie Mac REMIC, Series 3371, Class FA, 4.34%, 9/15/2037			61,789				61,740
Freddie Mac REMIC, Series 3368, Class AF, 4.46%, 9/15/2037			48,810				48,948
Freddie Mac REMIC, Series 4579, Class FD, 4.06%, 1/15/2038			86,287				85,206
Freddie Mac REMIC, Series 3416, Class BF, 4.49%, 2/15/2038			269,758				270,925
Freddie Mac REMIC, Series 4832, Class FW, 4.06%, 4/15/2038			436,254				430,971
Freddie Mac REMIC, Series 3455, Class FG, 4.64%, 6/15/2038			694,546				697,825
Freddie Mac REMIC, Series 4730, Class WF, 4.06%, 8/15/2038			127,869				126,299
Freddie Mac REMIC, Series 4615, Class AF, 4.06%, 10/15/2038			63,993				63,188
Freddie Mac REMIC, Series 5335, Class FB, 4.44%, 10/15/2039			137,404				138,006
Freddie Mac REMIC, Series 4365, Class FH, 4.21%, 1/15/2040			79,738				79,291
Freddie Mac REMIC, Series 3639, Class FC, 4.49%, 2/15/2040			116,087				116,526
Freddie Mac REMIC, Series 3666, Class FC, 4.47%, 5/15/2040			130,279				130,610
Freddie Mac REMIC, Series 4638, Class FA, 4.15%, 7/15/2040			71,852				71,189
Freddie Mac REMIC, Series 4989, Class FA, 4.06%, 8/15/2040			82,675				81,333
Freddie Mac REMIC, Series 3757, Class PF, 4.24%, 8/15/2040			104,737				104,560
Freddie Mac REMIC, Series 3740, Class DF, 4.22%, 10/15/2040			79,277				78,610
Freddie Mac REMIC, Series 3759, Class FB, 4.24%, 11/15/2040			230,715				228,804
Freddie Mac REMIC, Series 3753, Class FA, 4.24%, 11/15/2040			657,920				652,690
Freddie Mac REMIC, Series 3997, Class FJ, 4.19%, 1/15/2041			194,775				193,272
Freddie Mac REMIC, Series 3807, Class FM, 4.24%, 2/15/2041			94,415				93,988
Freddie Mac REMIC, Series 3843, Class FE, 4.29%, 4/15/2041			189,211				188,479
Freddie Mac REMIC, Series 4105, Class LF, 4.09%, 8/15/2041			236,128				235,692

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Freddie Mac REMIC, Series 3928, Class DF, 4.89%, 9/15/2041		$	339,451			$	347,368
Freddie Mac REMIC, Series 3962, Class NF, 4.24%, 11/15/2041			399,664				396,094
Freddie Mac REMIC, Series 4001, Class FM, 4.24%, 2/15/2042			24,172				23,954
Freddie Mac REMIC, Series 4120, Class XF, 4.04%, 9/15/2042			104,934				103,216
Freddie Mac REMIC, Series 4105, Class NF, 4.14%, 9/15/2042			890,755				877,787
Freddie Mac REMIC, Series 4102, Class CF, 4.85%, 9/15/2042			90,364				87,306
Freddie Mac REMIC, Series 4116, Class LF, 4.04%, 10/15/2042			1,286,554				1,262,597
Freddie Mac REMIC, Series 4159, Class FQ, 4.24%, 1/15/2043			435,779				433,912
Freddie Mac REMIC, Series 4157, Class FC, 4.74%, 1/15/2043			44,621				39,854
Freddie Mac REMIC, Series 4240, Class FA, 4.24%, 8/15/2043			528,610				523,351
Freddie Mac REMIC, Series 4255, Class GF, 4.09%, 9/15/2043			57,190				56,482
Freddie Mac REMIC, Series 4274, Class FP, 4.09%, 9/15/2043			388,267				384,043
Freddie Mac REMIC, Series 4283, Class JF, 4.14%, 12/15/2043			444,919				440,262
Freddie Mac REMIC, Series 4286, Class VF, 4.19%, 12/15/2043			104,978				103,816
Freddie Mac REMIC, Series 4281, Class LF, 4.24%, 12/15/2043			1,382,989				1,371,183
Freddie Mac REMIC, Series 4310, Class FA, 4.29%, 2/15/2044			81,770				81,071
Freddie Mac REMIC, Series 4383, Class KF, 4.14%, 9/15/2044			5,484,665				5,394,718
Freddie Mac REMIC, Series 4431, Class FT, 4.14%, 1/15/2045			4,210,181				4,142,273
Freddie Mac REMIC, Series 4476, Class BF, 3.99%, 5/15/2045			264,926				258,230
Freddie Mac REMIC, Series 5338, Class FG, 4.09%, 8/15/2045			795,371				780,885
Freddie Mac REMIC, Series 4587, Class AF, 4.09%, 6/15/2046			54,249				53,905
Freddie Mac REMIC, Series 4614, Class FK, 4.24%, 9/15/2046			2,398,419				2,368,148
Freddie Mac REMIC, Series 4945, Class F, 4.21%, 12/15/2046			493,421				487,308
Freddie Mac REMIC, Series 4648, Class FA, 4.24%, 1/15/2047			250,052				246,766
Freddie Mac REMIC, Series 4735, Class FB, 4.09%, 12/15/2047			451,663				441,657
Freddie Mac REMIC, Series 4754, Class FM, 4.04%, 2/15/2048			798,059				777,725
Freddie Mac REMIC, Series 4792, Class FA, 4.04%, 5/15/2048			855,652				835,032
Freddie Mac REMIC, Series 4821, Class FL, 4.04%, 6/15/2048			631,097				616,260
Freddie Mac REMIC, Series 5383, Class AF, 4.59%, 8/15/2048			229,301				231,173
Freddie Mac REMIC, Series 4826, Class KF, 4.04%, 9/15/2048			44,756				43,800
Freddie Mac REMIC, Series 4845, Class WF, 4.04%, 12/15/2048			227,369				224,801
Freddie Mac REMIC, Series 4852, Class BF, 4.14%, 12/15/2048			565,069				554,666
Freddie Mac REMIC, Series 4863, Class F, 4.19%, 3/15/2049			150,367				148,005
Freddie Mac REMIC, Series 4913, Class UF, 4.19%, 3/15/2049			1,265,539				1,244,839
Freddie Mac REMIC, Series 5426, Class BF, 4.49%, 4/15/2049			320,408				321,303
Freddie Mac REMIC, Series 4882, Class FA, 4.19%, 5/15/2049			3,476,137				3,424,891
Freddie Mac REMIC, Series 4900, Class FT, 4.18%, 7/25/2049			813,270				799,635
Freddie Mac REMIC, Series 4903, Class NF, 4.13%, 8/25/2049			342,454				337,070
Freddie Mac REMIC, Series 4916, Class FA, 4.13%, 9/25/2049			1,412,829				1,400,204
Freddie Mac REMIC, Series 4918, Class F, 4.18%, 10/25/2049			1,537,292				1,515,107
Freddie Mac REMIC, Series 4927, Class FG, 4.23%, 11/25/2049			1,653,505				1,630,653
Freddie Mac REMIC, Series 4939, Class CF, 4.23%, 12/25/2049			1,594,337				1,575,713
Freddie Mac REMIC, Series 4940, Class FE, 4.28%, 1/25/2050			630,715				623,436
Freddie Mac REMIC, Series 4959, Class JF, 4.18%, 3/25/2050			580,241				570,511

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Freddie Mac REMIC, Series 4981, Class JF, 4.13%, 6/25/2050		$	1,014,190			$	994,949
Freddie Mac REMIC, Series 5003, Class AF, 4.13%, 8/25/2050			667,488				650,691
Freddie Mac REMIC, Series 5426, Class CF, 4.49%, 12/15/2050			122,091				121,583
Freddie Mac REMIC, Series 5270, Class FH, 4.57%, 6/25/2052			696,167				697,021
Freddie Mac REMIC, Series 5273, Class FA, 4.87%, 11/25/2052			110,947				111,379
Freddie Mac REMIC, Series 5376, Class FA, 4.72%, 1/25/2054			46,414				46,894
Freddie Mac REMIC, Series 5391, Class FC, 4.72%, 3/25/2054			436,485				440,997
Freddie Mac REMIC, Series 5389, Class FC, 4.97%, 3/25/2054			1,577,382				1,594,720
Freddie Mac REMIC, Series 5396, Class FD, 4.42%, 4/25/2054			529,980				529,192
Freddie Mac REMIC, Series 5427, Class FC, 4.72%, 7/25/2054			2,809,990				2,831,033
Freddie Mac REMIC, Series 5469, Class F, 4.72%, 9/25/2054			367,353				368,881
Freddie Mac REMIC, Series 5473, Class BF, 4.92%, 11/25/2054			2,109,923				2,130,163
Freddie Mac REMIC, Series 5480, Class FG, 4.77%, 12/25/2054			834,948				842,255
Freddie Mac REMIC, Series 5484, Class FA, 4.82%, 12/25/2054			406,648				410,933
Freddie Mac REMIC, Series 5487, Class FA, 5.02%, 12/25/2054			30,556				30,945
Freddie Mac REMIC, Series 5483, Class FB, 5.05%, 12/25/2054			207,974				210,771
Freddie Mac REMIC, Series 5495, Class AF, 4.77%, 1/25/2055			201,688				203,532
Freddie Mac REMIC, Series 5508, Class FA, 4.52%, 2/25/2055			56,326				56,286
Freddie Mac REMIC, Series 5500, Class AF, 4.62%, 2/25/2055			120,608				120,834
Freddie Mac REMIC, Series 5499, Class FH, 4.82%, 2/25/2055			350,140				353,832
Freddie Mac REMIC, Series 5499, Class FX, 5.02%, 2/25/2055			48,011				48,618
Freddie Mac REMIC, Series 5511, Class FG, 4.77%, 3/25/2055			300,120				302,826
Freddie Mac REMIC, Series 5517, Class HF, 4.97%, 3/25/2055			2,212,246				2,230,432
Freddie Mac REMIC, Series 5524, Class FA, 4.82%, 4/25/2055			131,961				132,198
Freddie Mac REMIC, Series 5573, Class FD, 4.77%, 9/25/2055			410,443				414,381
Freddie Mac REMIC, Series 5589, Class FB, 4.72%, 10/25/2055			442,147				445,610
Freddie Mac REMIC, Series 5583, Class FA, 4.87%, 10/25/2055			160,936				162,215
Freddie Mac REMIC, Series 4839, Class QF, 4.14%, 8/15/2056			869,768				844,905
Freddie Mac REMIC Trust 2005, Series S001, Class 1A2, 3.99%, 9/25/2035			785,314				767,870
Freddie Mac Strips, Series 240, Class F22, 4.09%, 7/15/2036			108,884				108,028
Freddie Mac Strips, Series 330, Class F4, 4.06%, 10/15/2037			49,796				49,270
Freddie Mac Strips, Series 350, Class F2, 4.06%, 9/15/2040			155,788				153,963
Freddie Mac Strips, Series 263, Class F5, 4.24%, 6/15/2042			421,359				421,573
Freddie Mac Strips, Series 264, Class F1, 4.29%, 7/15/2042			86,190				85,566
Freddie Mac Strips, Series 339, Class F5, 4.19%, 11/15/2044			1,907,874				1,882,145
Freddie Mac Strips, Series 359, Class F3, 4.19%, 10/15/2047			1,574,883				1,555,219
Freddie Mac Strips, Series 406, Class F4, 4.52%, 10/25/2053			486,322				487,272
Government National Mortgage Association, Series 35, Class FB, 4.12%, 8/16/2031			67,351				66,854
Government National Mortgage Association, Series 32, Class FT, 4.08%, 1/20/2034			305,272				305,200
Government National Mortgage Association, Series 46, Class MF, 4.22%, 5/16/2034			41,661				41,502

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Government National Mortgage Association, Series 72, Class FN, 4.18%, 7/20/2034		$	207,416			$	207,372
Government National Mortgage Association, Series 36, Class F, 4.23%, 5/20/2035			38,589				37,947
Government National Mortgage Association, Series 84, Class F, 4.07%, 11/16/2035			70,208				69,679
Government National Mortgage Association, Series 1, Class F, 4.08%, 1/20/2037			161,745				161,620
Government National Mortgage Association, Series 23, Class FT, 4.08%, 4/20/2037			199,571				199,514
Government National Mortgage Association, Series 51, Class FN, 4.20%, 8/20/2037			102,256				101,579
Government National Mortgage Association, Series 72, Class HF, 4.22%, 11/20/2037			127,122				126,341
Government National Mortgage Association, Series 79, Class FA, 4.23%, 12/20/2037			1,155,874				1,149,169
Government National Mortgage Association, Series 3, Class FA, 4.23%, 1/20/2038			1,006,918				1,005,776
Government National Mortgage Association, Series 51, Class FH, 4.57%, 6/16/2038			187,389				187,920
Government National Mortgage Association, Series 51, Class FE, 4.57%, 6/16/2038			36,182				36,285
Government National Mortgage Association, Series 51, Class FG, 4.59%, 6/16/2038			52,643				52,810
Government National Mortgage Association, Series 58, Class FA, 4.60%, 7/20/2038			113,477				113,853
Government National Mortgage Association, Series 66, Class FN, 4.73%, 8/20/2038			135,071				135,164
Government National Mortgage Association, Series 68, Class FA, 4.73%, 8/20/2038			514,040				515,663
Government National Mortgage Association, Series 6, Class FJ, 4.76%, 2/20/2039			438,029				438,059
Government National Mortgage Association, Series 12, Class FA, 4.73%, 3/20/2039			631,825				631,872
Government National Mortgage Association, Series 15, Class FL, 4.73%, 3/20/2039			631,825				631,872
Government National Mortgage Association, Series 66, Class UF, 4.82%, 8/16/2039			81,783				82,519
Government National Mortgage Association, Series 92, Class FJ, 4.50%, 10/16/2039			82,426				82,606
Government National Mortgage Association, Series 94, Class FA, 4.52%, 10/16/2039			220,450				221,007
Government National Mortgage Association, Series 92, Class FC, 4.62%, 10/16/2039			40,526				40,730
Government National Mortgage Association, Series 110, Class CF, 4.43%, 11/16/2039			1,416,272				1,415,956

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Government National Mortgage Association, Series 68, Class GF, 4.27%, 12/16/2039		$	70,671			$	70,601
Government National Mortgage Association, Series 116, Class KF, 4.35%, 12/16/2039			39,273				39,160
Government National Mortgage Association, Series 149, Class MF, 4.18%, 12/20/2039			1,436,928				1,424,136
Government National Mortgage Association, Series 20, Class FD, 4.60%, 2/20/2040			239,528				241,088
Government National Mortgage Association, Series 31, Class FV, 4.53%, 3/20/2040			233,826				234,680
Government National Mortgage Association, Series 85, Class FE, 4.23%, 7/20/2040			812,653				806,334
Government National Mortgage Association, Series 2014-131, Class BW, 5.73%, 5/20/2041			113,770				111,844
Government National Mortgage Association, Series 153, Class LF, 4.07%, 7/16/2041			196,759				193,948
Government National Mortgage Association, Series 135, Class FN, 4.22%, 10/16/2041			1,699,018				1,680,997
Government National Mortgage Association, Series 113, Class QF, 4.08%, 2/20/2042			173,768				172,252
Government National Mortgage Association, Series 34, Class FA, 4.23%, 3/20/2042			189,846				187,617
Government National Mortgage Association, Series 74, Class LF, 4.18%, 6/20/2042			988,097				973,639
Government National Mortgage Association, Series 124, Class GF, 4.03%, 10/20/2042			848,773				832,030
Government National Mortgage Association, Series 129, Class FN, 4.13%, 9/20/2043			2,051,435				2,026,089
Government National Mortgage Association, Series 129, Class FE, 4.18%, 9/20/2043			1,660,170				1,643,051
Government National Mortgage Association, Series 129, Class FA, 4.18%, 9/20/2043			1,734,798				1,716,996
Government National Mortgage Association, Series 5, Class FA, 4.23%, 1/20/2044			2,130,576				2,105,924
Government National Mortgage Association, Series 110, Class DF, 4.00%, 8/20/2045			295,017				286,917
Government National Mortgage Association, Series 123, Class FP, 4.03%, 9/20/2045			79,920				77,870
Government National Mortgage Association, Series 161, Class AF, 4.08%, 11/20/2045			480,853				469,449
Government National Mortgage Association, Series 33, Class UF, 4.23%, 3/20/2046			2,776,182				2,732,474
Government National Mortgage Association, Series 49, Class MF, 4.28%, 4/20/2046			844,138				838,387

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Government National Mortgage Association, Series 83, Class NF, 4.16%, 6/20/2046		$	1,077,737			$	1,051,539
Government National Mortgage Association, Series 89, Class HF, 4.23%, 7/20/2046			1,299,920				1,279,034
Government National Mortgage Association, Series 18, Class GF, 4.06%, 2/20/2047			126,378				122,837
Government National Mortgage Association, Series 1, Class EF, 4.06%, 1/20/2048			960,132				932,625
Government National Mortgage Association, Series 138, Class FB, 4.08%, 10/20/2048			1,680,846				1,638,877
Government National Mortgage Association, Series 35, Class GF, 4.23%, 3/20/2049			1,136,748				1,119,886
Government National Mortgage Association, Series 31, Class GF, 4.23%, 3/20/2049			307,160				302,658
Government National Mortgage Association, Series 33, Class F, 4.23%, 3/20/2049			113,839				112,088
Government National Mortgage Association, Series 44, Class FM, 4.23%, 4/20/2049			912,840				897,820
Government National Mortgage Association, Series 71, Class FK, 4.13%, 6/20/2049			1,434,578				1,402,036
Government National Mortgage Association, Series 90, Class BF, 4.13%, 7/20/2049			2,704,858				2,643,113
Government National Mortgage Association, Series 98, Class KF, 4.23%, 8/20/2049			3,042,386				2,989,256
Government National Mortgage Association, Series 115, Class FE, 4.18%, 9/20/2049			2,671,242				2,617,079
Government National Mortgage Association, Series 112, Class FH, 4.18%, 9/20/2049			2,748,046				2,693,905
Government National Mortgage Association, Series 125, Class FB, 4.23%, 10/20/2049			334,879				328,745
Government National Mortgage Association, Series 143, Class AF, 4.23%, 11/20/2049			3,227,959				3,176,583
Government National Mortgage Association, Series 143, Class JF, 4.23%, 11/20/2049			3,730,599				3,672,476
Government National Mortgage Association, Series 30, Class FE, 4.23%, 3/20/2050			1,417,246				1,391,090
Government National Mortgage Association, Series 98, Class FM, 2.50%, 6/20/2051			153,689				126,137
Government National Mortgage Association, Series 96, Class FG, 3.50%, 6/20/2051			458,599				402,748
Government National Mortgage Association, Series 64, Class FA, 4.32%, 4/20/2052			1,708,427				1,634,568
Government National Mortgage Association, Series 78, Class FM, 4.47%, 4/20/2052			1,673,395				1,603,753

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Government National Mortgage Association, Series 160, Class NF, 4.12%, 9/20/2052		$	1,957,062			$	1,933,270
Government National Mortgage Association, Series 154, Class FC, 4.17%, 9/20/2052			1,264,191				1,243,565
Government National Mortgage Association, Series 201, Class FB, 4.87%, 11/20/2052			316,596				320,340
Government National Mortgage Association, Series 80, Class GF, 4.52%, 6/20/2053			95,353				95,580
Government National Mortgage Association, Series 96, Class FA, 4.67%, 7/20/2053			71,425				71,887
Government National Mortgage Association, Series 111, Class FN, 4.82%, 8/20/2053			83,482				84,478
Government National Mortgage Association, Series 128, Class CF, 4.82%, 8/20/2053			99,488				100,676
Government National Mortgage Association, Series 116, Class F, 4.82%, 8/20/2053			178,898				180,917
Government National Mortgage Association, Series 130, Class FJ, 4.92%, 9/20/2053			835,144				845,817
Government National Mortgage Association, Series 30, Class CF, 4.87%, 2/20/2054			617,340				622,789
Government National Mortgage Association, Series 51, Class FL, 4.52%, 3/20/2054			180,088				180,532
Government National Mortgage Association, Series 39, Class JF, 4.72%, 3/20/2054			1,237,933				1,243,214
Government National Mortgage Association, Series 64, Class YK, 4.62%, 4/20/2054			72,086				72,446
Government National Mortgage Association, Series 64, Class YF, 4.71%, 4/20/2054			1,286,985				1,296,132
Government National Mortgage Association, Series 64, Class YX, 4.71%, 4/20/2054			461,450				464,731
Government National Mortgage Association, Series 64, Class UF, 4.87%, 4/20/2054			139,128				140,339
Government National Mortgage Association, Series 81, Class FE, 4.77%, 5/20/2054			471,530				474,313
Government National Mortgage Association, Series 84, Class FJ, 4.82%, 5/20/2054			1,429,288				1,439,480
Government National Mortgage Association, Series 97, Class CF, 4.77%, 6/20/2054			133,971				134,763
Government National Mortgage Association, Series 97, Class FW, 4.77%, 6/20/2054			137,775				138,330
Government National Mortgage Association, Series 118, Class FA, 4.87%, 7/20/2054			539,803				543,178
Government National Mortgage Association, Series 184, Class JF, 4.82%, 11/20/2054			1,018,542				1,022,387

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

		Principal
COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Amount				Fair Value
Government National Mortgage Association, Series 197, Class FV, 4.57%, 12/20/2054		$	136,581			$	136,808
Government National Mortgage Association, Series 41, Class F, 4.82%, 3/20/2055			32,364				32,595
Government National Mortgage Association, Series 97, Class FE, 4.72%, 6/20/2055			290,730				293,161
Government National Mortgage Association, Series H10, Class FC, 4.72%, 5/20/2060			34,265				34,589
Government National Mortgage Association, Series H27, Class FA, 4.12%, 12/20/2060			13,366				13,262
Government National Mortgage Association, Series 2011-H08, Class FA, 4.34%, 2/20/2061			134,631				134,322
Government National Mortgage Association, Series 2012-H11, Class FA, 4.44%, 2/20/2062			58,118				58,211
Government National Mortgage Association, Series H12, Class FA, 4.29%, 4/20/2062			122,214				121,850
Government National Mortgage Association, Series H23, Class WA, 4.26%, 10/20/2062			113,388				113,286
Government National Mortgage Association, Series H07, Class BA, 4.10%, 3/20/2063			278,574				276,670
Government National Mortgage Association, Series H07, Class GA, 4.21%, 3/20/2063			51,879				51,791
Government National Mortgage Association, Series 44, Class FB, 4.80%, 3/20/2064			137,735				138,650
Government National Mortgage Association, Series 2014-H15, Class FA, 4.24%, 7/20/2064			32,176				32,142
Government National Mortgage Association, Series H20, Class MF, 4.39%, 10/20/2064			38,829				38,904
Government National Mortgage Association, Series H08, Class FD, 4.34%, 3/20/2065			36,626				36,667
Government National Mortgage Association, Series H10, Class FC, 4.22%, 4/20/2065			233,674				233,321
Government National Mortgage Association, Series H28, Class FD, 4.44%, 8/20/2065			65,078				65,203
Government National Mortgage Association, Series H26, Class FG, 4.26%, 10/20/2065			104,272				104,179
Government National Mortgage Association, Series H30, Class FD, 4.34%, 10/20/2065			71,864				71,884
Government National Mortgage Association, Series H29, Class FL, 4.34%, 11/20/2065			138,195				138,212
Government National Mortgage Association, Series H06, Class FG, 4.56%, 3/20/2066			75,624				75,834
Government National Mortgage Association, Series H11, Class F, 4.54%, 5/20/2066			20,229				20,314

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

Regan Floating Rate MBS ETF

Schedule of Investments (Continued)

July 31, 2026 (Unaudited)

COLLATERALIZED MORTGAGE OBLIGATIONS - 94.14%		Principal Amount				Fair Value
Government National Mortgage Association, Series H23, Class F, 4.49%, 10/20/2066		$	95,208			$	95,540
Government National Mortgage Association, Series H03, Class FA, 4.55%, 12/20/2066			60,717				60,946
Government National Mortgage Association, Series H12, Class FL, 4.22%, 5/20/2067			504,387				503,667
Government National Mortgage Association, Series 2018-H04, Class FG, 4.02%, 2/20/2068			67,206				66,900
Government National Mortgage Association, Series H01, Class FV, 4.39%, 1/20/2070			240,504				241,750
Government National Mortgage Association, Series H09, Class FL, 4.89%, 5/20/2070			159,799				162,235
Government National Mortgage Association, Series H07, Class FG, 4.37%, 3/20/2072			72,908				72,996
Government National Mortgage Association, Series H05, Class FL, 4.49%, 1/20/2073			93,401				93,551
Government National Mortgage Association, Series H06, Class FA, 4.32%, 4/20/2074			60,865				61,044
Government National Mortgage Association, Series H08, Class KF, 4.47%, 5/20/2074			141,988				143,486
Government National Mortgage Association, Series H09, Class BF, 4.37%, 6/20/2074			137,026				132,402
Government National Mortgage Association, Series H20, Class FD, 4.42%, 11/20/2074			766,494				770,940
Total Collateralized Mortgage Obligations (Cost $221,128,763)							222,510,006
U.S. GOVERNMENT & AGENCIES - 5.36%(a)
United States Treasury Floating Rate Note, 3.96%, 4/30/2028			1,500,000				1,501,305
United States Treasury Inflation Indexed Bond, 0.13%, 4/15/2027			9,626,000				11,168,521
Total U.S. Government & Agencies (Cost $12,858,381)							12,669,826
Total Investments - 99.50% (Cost $233,987,144)							235,179,832
Other Assets in Excess of Liabilities - 0.50%							1,189,798
NET ASSETS - 100.00%						$	236,369,630

(a)

Floating rate security. The rate shown is the effective interest rate as of July 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

July 31, 2026 (Unaudited)

Assets
Investments in securities, at fair value (cost $233,987,144) (Note 3)		$	235,179,832
Receivable for fund shares sold			1,281,386
Receivable for investments sold			3,322
Dividends and interest receivable			317,450
Total Assets			236,781,990
Liabilities
Due to custodian			273,409
Payable for investments purchased			117,607
Payable to Investment Adviser (Note 4)			21,344
Total Liabilities			412,360
Net Assets		$	236,369,630
Net Assets consist of:
Paid-in capital			234,823,784
Accumulated earnings			1,545,846
Net Assets		$	236,369,630
Shares outstanding (unlimited number of shares authorized, no par value)			9,225,000
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 Six Months Ended July 31, 2026 (Unaudited)

Investment Income
Interest income		$	4,645,263
Total investment income			4,645,263
Expenses
Investment Adviser fees (Note 4)			500,049
Total operating expenses			500,049
Net investment income			4,145,214
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities			285,088
Change in unrealized depreciation on investment securities			(186,458	)
Net realized and change in unrealized gain on investment securities			98,630
Net increase in net assets resulting from operations		$	4,243,844

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
		Six Months				For the
		Ended				Year
		July 31,				Ended
		2026				January 31,
		(Unaudited)				2026
Increase (Decrease) in Net Assets due to:
Operations
Net investment income		$	4,145,214			$	7,332,372
Net realized gain on investment securities			285,088				223,716
Change in unrealized appreciation (depreciation) on investment securities			(186,458	)			941,517
Net increase in net assets resulting from operations			4,243,844				8,497,605
Distributions to Shareholders from Earnings (Note 2)			(4,338,618	)			(7,409,525	)
Capital Transactions
Proceeds from shares sold			69,262,692				45,284,080
Amount paid for shares redeemed			(8,323,936	)			(18,494,547	)
Net increase in net assets resulting from capital transactions			60,938,756				26,789,533
Total Increase in Net Assets			60,843,982				27,877,613
Net Assets
Beginning of period			175,525,648				147,648,035
End of period		$	236,369,630			$	175,525,648
Share Transactions
Shares sold			2,700,000				1,775,000
Shares redeemed			(325,000	)			(725,000	)
Net increase in shares outstanding			2,375,000				1,050,000

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

Regan Floating Rate MBS ETF

Financial Highlights

(For a share outstanding during each period)

		For the
		Six Months				For the				For the
		Ended				Year				Period
		July 31,				Ended				Ended
		2026				January 31,				January 31,
		(Unaudited)				2026				2025(a)
Selected Per Share Data:
Net asset value, beginning of period		$	25.62			$	25.46			$	25.00
Investment operations:
Net investment income			0.50				1.18				1.15
Net realized and unrealized gain on investments			0.03				0.18				0.45
Total from investment operations			0.53				1.36				1.60
Less distributions to shareholders from:
Net investment income			(0.53	)			(1.18	)			(1.13	)
Net realized gains			-				(0.02	)			(0.01	)
Total distributions			(0.53	)			(1.20	)			(1.14	)
Net asset value, end of period		$	25.62			$	25.62			$	25.46
Total Return(b)
			2.08	% (c)			5.46	%			6.48	% (c)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	236,370			$	175,526			$	147,648
Ratio of expenses to average net assets			0.49	% (d)			0.49	%			0.49	% (d)
Ratio of net investment income to average net assets			4.06	% (d)			4.66	%			5.29	% (d)
Portfolio turnover rate(e)			17	% (c)			37	%			21	% (c)

(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

July 31, 2026 (Unaudited)

NOTE 1. ORGANIZATION

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

The Fund 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 Fund’s 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 FASB Accounting Standards Codification Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

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

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

As of and during the six months ended July 31, 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 six months ended July 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.

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).

Regan Floating Rate MBS ETF

Notes to the Financial Statements (Continued)

July 31, 2026 (Unaudited)

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

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

NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

●

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

●

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

●

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

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

Regan Floating Rate MBS ETF

Notes to the Financial Statements (Continued)

July 31, 2026 (Unaudited)

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 July 31, 2026:

Valuation Inputs
Assets		Level 1				Level 2				Level 3				Total
Collateralized Mortgage Obligations		$	-			$	222,510,006			$	-			$	222,510,006
U.S. Government & Agencies			-				12,669,826				-				12,669,826
Total		$	-			$	235,179,832			$	-			$	235,179,832

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

NOTE 4. ADVISER FEES AND OTHER TRANSACTIONS

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

Regan Floating Rate MBS ETF

Notes to the Financial Statements (Continued)

July 31, 2026 (Unaudited)

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 six months ended July 31, 2026, the Adviser earned a fee of $500,049 from the Fund. At July 31, 2026, the Fund owed the Adviser $21,344.

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

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

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

NOTE 5. PURCHASES AND SALES OF SECURITIES

For the six months ended July 31, 2026, purchases and sales of investment securities, other than short-term investments, were $81,634,622 and $22,607,671, respectively.

For the six months ended July 31, 2026, purchases and sales of long-term U.S. government obligations were $7,998,693 and $11,554,437, respectively.

For the six months ended July 31, 2026, there were no purchases or sales of in-kind transactions.

For the six months ended July 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 component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted

Regan Floating Rate MBS ETF

Notes to the Financial Statements (Continued)

July 31, 2026 (Unaudited)

equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge”, and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the six months ended July 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 July 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

Gross unrealized appreciation		$	1,511,655
Gross unrealized depreciation			(318,967	)
Net unrealized appreciation on investments		$	1,192,688
Tax cost of investments		$	233,987,144

The tax character of distributions paid for the fiscal year ended January 31, 2026, the Fund’s most recent fiscal year end, was as follows:

Distributions paid from:
Ordinary income(a)		$	7,372,115
Net long term capital gains			37,410
Total distributions paid		$	7,409,525

(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		$	236,450
Undistributed long term capital gains			25,024
Unrealized appreciation on investments			1,379,146
Total accumulated earnings		$	1,640,620

Regan Floating Rate MBS ETF

Notes to the Financial Statements (Continued)

July 31, 2026 (Unaudited)

During the fiscal year ended January 31, 2026, 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 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

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

Not applicable.

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

Not applicable.

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

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) Not applicable - disclosed with annual report.

(a)(2) Not applicable.

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

(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

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:	10/2/2026

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:	10/2/2026

By	/s/ Zachary P. Richmond
Zachary P. Richmond
Treasurer and Principal Financial Officer
Date:	10/2/2026