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

Channing Intrinsic Value Small-Cap Fund

Institutional Class (OWLLX)

Annual Shareholder Report - January 31, 2026

Fund Overview

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$102	0.95%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

Table Summary
	Channing Intrinsic Value Small-Cap Fund - I	Russell 3000^® Index	Russell 2000^® Value Index
Jun-2021	$100,000	$100,000	$100,000
Jan-2022	$97,972	$102,743	$95,342
Jan-2023	$93,345	$94,273	$94,843
Jan-2024	$97,755	$112,324	$94,753
Jan-2025	$114,055	$141,883	$109,461
Jan-2026	$130,945	$163,623	$129,050

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (June 30, 2021)
Channing Intrinsic Value Small-Cap Fund - I	14.81%	6.05%
Russell 3000^® Index	15.32%	11.33%
Russell 2000^® Value Index	17.90%	5.71%

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

Fund Statistics

Table Summary
Net Assets	$10,666,187
Number of Portfolio Holdings	46
Advisory Fee (net of waivers)	$0
Portfolio Turnover	76%

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended January 31, 2026.

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

Annual Shareholder Report - January 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funddocs.filepoint.com/channing/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 013126-OWLLX

Regan Floating Rate MBS ETF

(MBSF) NYSE Arca, Inc.

Annual Shareholder Report - January 31, 2026

Fund Overview

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Regan Floating Rate MBS ETF	$50	0.49%

How did the Fund perform during the reporting period?

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

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

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

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

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

	Regan Floating Rate MBS ETF - NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Mortgage Backed Securities Index
Feb-2024	$10,000	$10,000	$10,000
Jan-2025	$10,648	$10,395	$10,446
Jan-2026	$11,229	$11,107	$11,331

Average Annual Total Returns

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

What did the Fund invest in?

Composition of Net Assets (% of net assets)

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

Fund Statistics

Net Assets$175,525,648
Number of Portfolio Holdings300
Advisory Fee $771,236
Portfolio Turnover37%

Material Fund Changes

No material changes occurred during the year ended January 31, 2026.

Regan Floating Rate MBS ETF (MBSF)

Annual Shareholder Report - January 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.regancapital.com/etf-mbsf/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 013126-MBSF

Summitry Equity Fund

(GGEFX)

Annual Shareholder Report - January 31, 2026

Fund Overview

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Summitry Equity Fund	$129	1.25%

How did the Fund perform during the reporting period?

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

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Summitry Equity Fund	S&P 500^® Index
Jan-2016	$10,000	$10,000
Jan-2017	$12,021	$12,004
Jan-2018	$14,206	$15,174
Jan-2019	$13,396	$14,823
Jan-2020	$15,560	$18,037
Jan-2021	$17,514	$21,148
Jan-2022	$21,844	$26,074
Jan-2023	$19,795	$23,932
Jan-2024	$24,092	$28,914
Jan-2025	$31,338	$36,541
Jan-2026	$33,217	$42,515

Average Annual Total Returns

	1 Year	5 Years	10 Years
Summitry Equity Fund	6.00%	13.66%	12.76%
S&P 500^® Index	16.35%	14.99%	15.57%

Fund Statistics

Net Assets	$80,591,277
Number of Portfolio Holdings	28
Advisory Fee (net of waivers)	$686,012
Portfolio Turnover	16%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended January 31, 2026.

Summitry Equity Fund (GGEFX)

Annual Shareholder Report - January 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://summitryfunds.com/reports/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 013126-GGEFX

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

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

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

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.

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

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.

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

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

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

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

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

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

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

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.

regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Fund. For the fiscal year ended January 31, 2026, the Fund did not make any reclassifications.

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Channing Intrinsic Value Small-Cap Fund (the “Fund”), a series of Valued Advisers Trust, as of January 31, 2026, the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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

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

as of January 31, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

The aggregate compensation paid, on behalf of the Fund, to the Trustees for the fiscal year ended January 31, 2026, was $15,816.

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

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

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

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

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

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

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

income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Fund.

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

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

the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust’s Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

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

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

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

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

The Adviser has contractually agreed to waive or limit its fees and to assume certain Fund operating expenses, until May 31, 2026, so that total annual operating expenses do not exceed 1.25%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, dividend expense on short sales, expenses incurred under a plan of distribution under Rule 12b-1, and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any “Acquired Fund Fees and Expenses”. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of investing in other investment companies, including exchange-traded funds, closed-end funds and money market funds that have their own expenses. For the fiscal year ended January 31, 2026, the Adviser waived fees of $97,662.

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

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

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

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

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

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

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

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

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

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Summitry Equity Fund (the “Fund”), a series of Valued Advisers Trust, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

The Form 1099-DIV you receive in January 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

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

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

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s calendar year 2026 ordinary income dividends, 0% qualifies for the corporate dividends received deduction.

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

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

The aggregate compensation paid, on behalf of the Fund, to the Trustees for the fiscal year ended January 31, 2026, was $15,580.

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

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

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

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

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

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

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

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

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

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

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

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

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

As of and during the fiscal year ended January 31, 2026, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations when incurred. During the fiscal year ended January 31, 2026, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last two tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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.

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.

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge”, and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the fiscal year ended January 31, 2026, the Fund received $9,250 and $0 in fixed fees and variable fees, respectively. The Transaction Fees for the Fund are listed in the table below:

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

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

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

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

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.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Regan Floating Rate MBS ETF (the “Fund”), a series of Valued Advisers Trust, as of January 31, 2026, the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

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

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

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

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

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

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

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

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

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

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

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

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.

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.

Date of fiscal year end:	1/31/2026

Date of reporting period:	1/31/2026

Summitry Equity Fund	FY 2026	$17,000
	FY 2025	$16,200

Channing Intrinsic Value Small-Cap Fund	FY 2026	$17,000
	FY 2025	$16,200

Regan Floating Rate MBS ETF	FY 2026	$20,000
	FY 2025	$19,350

Summitry Equity Fund	FY 2026	$3,150
	FY 2025	$3,150

Channing Intrinsic Value Small-Cap Fund	FY 2026	$3,150
	FY 2025	$3,150

Regan Floating Rate MBS ETF	FY 2026	$3,150
	FY 2025	$3,150

(d)	All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended January 31, 2026 and 2025 respectively.

(e)(1)	The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)	There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%).

(g)	All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended January 31, 2026 and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.

(h)	Not applicable.

(i)	Not applicable.

(j)	Not applicable.

	Shares		Fair Value
COMMON STOCKS — 98.77%
Communication Services — 4.20%
Madison Square Garden Entertainment Corp.^(a)		3,783	$	234,054
Nexstar Media Group, Inc.		1,008		214,079
				448,133
Consumer Discretionary — 11.94%
Asbury Automotive Group, Inc.^(a)		820		192,298
Boyd Gaming Corp.		2,475		209,237
Brunswick Corp.		3,141		251,971
Installed Building Products, Inc.		371		106,900
OneSpaWorld Holdings Ltd.		10,810		212,416
Valvoline, Inc.^(a)		9,179		300,337
				1,273,159
Energy — 2.23%
California Resources Corp.		4,444		237,754

Financials — 23.47%
Affiliated Managers Group, Inc.		881		275,832
Artisan Partners Asset Management, Inc., Class A		5,959		265,295
Columbia Banking System, Inc.		9,027		265,755
Evercore, Inc., Class A		278		98,209
First American Financial Corp.		4,100		259,038
Hancock Whitney Corp.		3,813		262,334
Independent Bank Corp.		2,100		169,638
Moelis & Co., Class A		2,080		149,074
Renasant Corp.		6,758		254,844
Stifel Financial Corp.		1,973		243,271
Wintrust Financial Corp.		1,764		260,172
				2,503,462
Industrials — 28.75%
Atmus Filtration Technologies, Inc.		4,931		285,850
Brink’s Co. (The)		2,202		279,742
Centuri Holdings, Inc.^(a)		5,868		161,957
CSW Industrials, Inc.		675		182,237
Gates Industrial Corp. PLC^(a)		12,613		290,351
Herc Holdings, Inc.		1,853		265,609
Hexcel Corp.		2,635		218,204
McGrath RentCorp		2,534		283,022
Modine Manufacturing Co.^(a)		1,184		218,637
MSA Safety, Inc.		1,696		300,447
Parsons Corp.^(a)		4,060		284,444
Timken Co. (The)		3,188		297,090
				3,067,590
Information Technology — 12.46%
Advanced Energy Industries, Inc.		848		216,545
Crane NXT, Inc.		5,207		263,058
FormFactor, Inc.^(a)		1,498		105,594
Littelfuse, Inc.		917		296,888

	Shares		Fair Value
COMMON STOCKS — 98.77% - (continued)
Information Technology — 12.46% - continued
MKS, Inc.		1,056	$	248,593
Onto Innovation, Inc.^(a)		981		198,211
				1,328,889
Materials — 6.83%
Avient Corp.		6,341		229,227
Axalta Coating Systems Ltd.^(a)		8,172		274,416
Louisiana-Pacific Corp.		2,679		224,339
				727,982
Real Estate — 6.99%
Corporate Office Properties Trust		7,892		243,153
Cushman & Wakefield Ltd.^(a)		15,454		254,063
STAG Industrial, Inc.		6,613		248,054
				745,270
Utilities — 1.90%
Southwest Gas Holdings, Inc.		2,450		202,909

Total Common Stocks (Cost $8,431,779)				10,535,148

MONEY MARKET FUNDS - 1.68%
First American Treasury Obligations Fund, Class X, 3.60%^(b)		179,390		179,390
Total Money Market Funds (Cost $179,390)				179,390

Total Investments — 100.45% (Cost $8,611,169)				10,714,538
Liabilities in Excess of Other Assets — (0.45)%				(48,351	)
NET ASSETS — 100.00%			$	10,666,187

	(a)	Non-income producing security.
	(b)	Rate disclosed is the seven day effective yield as of January 31, 2026.

Assets
Investments in securities at fair value (cost $8,611,169) (Note 3)	$	10,714,538
Dividends receivable		712
Receivable from Adviser (Note 4)		12,007
Prepaid expenses		5,072
Total Assets		10,732,329
Liabilities
Payable for investments purchased		22,909
Payable to affiliates (Note 4)		9,042
Payable to trustees		3,954
Other accrued expenses		30,237
Total Liabilities		66,142
Net Assets	$	10,666,187
Net Assets consist of:
Paid-in capital	$	8,479,229
Accumulated earnings		2,186,958
Net Assets	$	10,666,187
Institutional Class:
Shares outstanding (unlimited number of shares authorized, no par value)		833,180
Net asset value, offering and redemption price per share (Note 2)	$	12.80

Investment Income
Dividend income	$	157,234
Total investment income		157,234

Expenses
Investment Adviser fees (Note 4)		64,758
Administration and fund accounting fees (Note 4)		73,903
Audit and tax preparation fees		21,157
Legal fees		20,640
Compliance service fees (Note 4)		20,233
Trustee fees		19,454
Transfer agent fees (Note 4)		17,652
Registration expenses		10,009
Custodian fees		8,997
Printing and postage expenses		6,474
Miscellaneous expense		30,524
Total expenses		293,801
Fees contractually waived and expenses reimbursed by Adviser (Note 4)		(205,885	)
Net operating expenses		87,916
Net investment income		69,318

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities transactions		749,807
Net change in unrealized appreciation on investment securities		390,847
Net realized and change in unrealized gain on investments		1,140,654
Net increase in net assets resulting from operations	$	1,209,972

	For the Year Ended January 31, 2026			For the Year Ended January 31, 2025
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	69,318		$	43,433
Net realized gain on investment securities transactions		749,807			489,183
Net change in unrealized appreciation of investment securities		390,847			762,212
Net increase in net assets resulting from operations		1,209,972			1,294,828

Distributions to shareholders from Earnings (Note 2)		(62,867	)		(44,774	)
Total distributions		(62,867	)		(44,774	)

Capital Transactions - Institutional Class:
Proceeds from shares sold		15,000			2,109,000
Reinvestment of distributions		57,966			41,578
Amount paid for shares redeemed		(830,000	)		(107,387	)
Net increase (decrease) in net assets resulting from capital transactions		(757,034	)		2,043,191
Total Increase in Net Assets		390,071			3,293,245

Net Assets
Beginning of year		10,276,116			6,982,871
End of year	$	10,666,187		$	10,276,116

Share Transactions - Institutional Class:
Shares sold		1,466			198,982
Shares issued in reinvestment of distributions		4,908			3,829
Shares redeemed		(89,101	)		(9,694	)
Net increase (decrease) in shares		(82,727	)		193,117

	For the Years Ended January 31,												For the Period Ended January 31,
	2026			2025			2024			2023			2022^(a)
Selected Per Share Data:
Net asset value, beginning of period	$	11.22		$	9.66		$	9.27		$	9.77		$	10.00

Investment operations:
Net investment income		0.09			0.05			0.05			0.03			0.02
Net realized and unrealized gain (loss) on investments		1.57			1.56			0.39			(0.50	)		(0.22	)
Total from investment operations		1.66			1.61			0.44			(0.47	)		(0.20	)

Less distributions to shareholders from:
Net investment income		(0.08	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)
Total distributions		(0.08	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)

Net asset value, end of period	$	12.80		$	11.22		$	9.66		$	9.27		$	9.77

Total Return^(b)		14.81	%		16.67	%		4.72	%		(4.72	)%		(2.03	)%^(c)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	10,666		$	10,276		$	6,983		$	7,324		$	1,868
Ratio of net expenses to average net assets		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%^(d)
Ratio of expenses to average net assets before waiver and reimbursement		3.17	%		2.96	%		3.70	%		3.90	%		12.86	%^(d)
Ratio of net investment income to average net assets		0.75	%		0.45	%		0.49	%		0.34	%		0.27	%^(d)
Portfolio turnover rate		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.

	Valuation Inputs
Assets	Level 1		Level 2		Level 3		Total
Common Stocks^(a)	$	10,535,148	$	—	$	—	$	10,535,148
Money Market Funds		179,390		—		—		179,390
Total	$	10,714,538	$	—	$	—	$	10,714,538

Recoverable Through
January 31, 2027	$	188,169
January 31, 2028		192,075
January 31, 2029		205,885

Gross unrealized appreciation	$	2,127,008
Gross unrealized depreciation		(123,378	)
Net unrealized appreciation on investments		2,003,630
Tax cost of investments	$	8,710,908

	2026		2025
Distributions paid from:
Ordinary income^(a)	$	62,867	$	44,774
Total distributions paid	$	62,867	$	44,774

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

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

	Shares		Fair Value
COMMON STOCKS — 95.71%
Communications — 13.43%
Alphabet, Inc., Class A		14,343	$	4,847,933
Meta Platforms, Inc., Class A		3,073		2,201,805
Netflix, Inc.^(a)		22,941		1,915,344
Universal Music Group NV - ADR		151,840		1,855,485
				10,820,567
Consumer Discretionary — 24.28%
Amazon.com, Inc.^(a)		20,941		5,011,181
Lowe’s Companies, Inc.		12,925		3,451,750
LVMH Moet Hennessy Louis Vuitton SE - ADR		22,174		2,866,655
Ross Stores, Inc.		12,860		2,426,039
Starbucks Corp.		28,162		2,589,496
Ulta Beauty, Inc.^(a)		4,980		3,223,853
				19,568,974
Financials — 9.24%
Charles Schwab Corp. (The)		24,327		2,528,062
Moody’s Corp.		3,190		1,644,636
Wells Fargo & Co.		36,142		3,270,490
				7,443,188
Health Care — 8.32%
Agilent Technologies, Inc.		25,192		3,371,949
Thermo Fisher Scientific, Inc.		5,766		3,336,265
				6,708,214
Industrials — 10.12%
Carrier Global Corp.		52,491		3,127,414
GXO Logistics, Inc.^(a)		37,043		2,096,263
Old Dominion Freight Line, Inc.		8,094		1,401,881
Rentokil Initial PLC - ADR		48,649		1,532,930
				8,158,488
Technology — 30.32%
Fiserv, Inc.^(a)		25,918		1,651,754
Mastercard, Inc., Class A		7,019		3,781,767
Microsoft Corp.		3,663		1,576,152
Nintendo Company Ltd. - ADR		211,974		3,264,400
Salesforce.com, Inc.		8,083		1,715,940
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		27,193		8,988,919
Visa, Inc., Class A		6,278		2,020,449
Zebra Technologies Corp., Class A^(a)		6,077		1,427,973
				24,427,354
Total Common Stocks (Cost $47,469,503)				77,126,785

	Shares		Fair Value
MONEY MARKET FUNDS — 4.35%
Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.61%^(b)		3,509,321	$	3,509,321
Total Money Market Funds (Cost $3,509,321)				3,509,321

Total Investments — 100.06% (Cost $50,978,824)				80,636,106
Liabilities in Excess of Other Assets — (0.06)%				(44,829	)
NET ASSETS — 100.00%			$	80,591,277

Investment Income
Dividend income (net of foreign taxes withheld of $63,141)	$	796,975
Total investment income		796,975

Expenses
Investment Adviser fees (Note 4)		783,674
Administration (Note 4)		76,729
Fund accounting fees (Note 4)		32,695
Registration expenses		25,941
Audit and tax preparation fees		21,110
Transfer agent fees (Note 4)		19,999
Legal fees		19,967
Trustee fees		19,782
Compliance service fees (Note 4)		19,400
Custodian fees		11,897
Printing and postage expenses		11,665
Insurance expenses		4,552
Miscellaneous		29,729
Total expenses		1,077,140
Fees contractually waived by Adviser (Note 4)		(97,662	)
Net operating expenses		979,478
Net investment loss		(182,503	)

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities transactions		11,236,451
Net change in unrealized depreciation of investment securities		(6,634,944	)
Net realized and change in unrealized gain on investments		4,601,507
Net increase in net assets resulting from operations	$	4,419,004

	For the Years Ended January 31,
	2026			2025			2024			2023			2022
Selected Per Share Data
Net asset value, beginning of year	$	26.28		$	22.01		$	19.67		$	25.21		$	21.60

Investment operations:
Net investment loss		(0.05	)		(0.10	)		(0.08	)		(0.09	)		(0.16	)
Net realized and unrealized gain (loss) on investments		1.57			6.64			4.22			(2.52	)		5.54
Total from investment operations		1.52			6.54			4.14			(2.61	)		5.38

Less distributions to shareholders from:
Net investment income		—			—			—			—			—
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 year	$	23.82		$	26.28		$	22.01		$	19.67		$	25.21

Total Return^(a)		6.00	%		30.08	%		21.71	%		(9.38	)%		24.72	%

Ratios and Supplemental Data:
Net assets, end of year (000 omitted)	$	80,591		$	83,925		$	68,842		$	60,914		$	72,807
Ratio of expenses to average net assets after expense waiver		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets before expense waiver		1.37	%		1.37	%		1.35	%		1.34	%		1.31	%
Ratio of net investment loss to average net assets after expense waiver		(0.23	)%		(0.44	)%		(0.41	)%		(0.45	)%		(0.61	)%
Portfolio turnover rate		16.00	%		11.17	%		10.61	%		22.53	%		23.57	%

Paid-In Capital		Accumulated Earnings (Deficit)
$(193,505)		$193,505

Recoverable Through
January 31, 2027	$	62,038
January 31, 2028		88,100
January 31, 2029		97,662

Gross unrealized appreciation	$	31,319,817
Gross unrealized depreciation		(1,662,534	)
Net unrealized appreciation on investments	$	29,657,283
Tax cost of investments	$	50,978,824

	2026		2025
Distributions paid from:
Long-term capital gains	$	11,664,174	$	6,674,579
Total distributions paid	$	11,664,174	$	6,674,579

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

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

COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%^(a)	Principal Amount		Fair Value
Fannie Mae REMIC, Series 13, Class FA, 4.71%, 3/25/2032	$	33,426	$	33,600
Fannie Mae REMIC, Series 13, Class FB, 4.71%, 3/25/2032		33,426		33,600
Fannie Mae REMIC, Series 13, Class FC, 4.71%, 3/25/2032		33,426		33,600
Fannie Mae REMIC, Series 53, Class FY, 4.31%, 8/25/2032		36,319		36,329
Fannie Mae REMIC, Series 68, Class FB, 4.31%, 10/25/2032		29,293		29,309
Fannie Mae REMIC, Series 64, Class FS, 5.32%, 7/25/2033		35,215		35,830
Fannie Mae REMIC, Series 69, Class NF, 5.42%, 7/25/2033		167,336		170,738
Fannie Mae REMIC, Series 81, Class FE, 4.31%, 9/25/2033		48,243		48,209
Fannie Mae REMIC, Series 130, Class FD, 4.31%, 1/25/2034		113,251		113,263
Fannie Mae REMIC, Series 38, Class FK, 4.16%, 5/25/2034		155,770		155,046
Fannie Mae REMIC, Series 25, Class PF, 4.16%, 4/25/2035		76,995		76,541
Fannie Mae REMIC, Series 45, Class XA, 4.15%, 6/25/2035		200,766		199,719
Fannie Mae REMIC, Series 56, Class F, 4.10%, 7/25/2035		60,531		60,101
Fannie Mae REMIC, Series 106, Class PF, 4.16%, 12/25/2035		336,930		335,038
Fannie Mae REMIC, Series 3, Class CF, 4.11%, 3/25/2036		106,395		105,703
Fannie Mae REMIC, Series 24, Class F, 4.11%, 4/25/2036		289,886		287,802
Fannie Mae REMIC, Series 20, Class GF, 4.16%, 4/25/2036		73,088		72,608
Fannie Mae REMIC, Series 45, Class FM, 4.21%, 6/25/2036		94,765		94,288
Fannie Mae REMIC, Series 62, Class FP, 4.06%, 7/25/2036		304,502		302,357
Fannie Mae REMIC, Series 101, Class FD, 4.11%, 7/25/2036		18,269		18,215
Fannie Mae REMIC, Series 101, Class FC, 4.11%, 7/25/2036		26,958		26,879
Fannie Mae REMIC, Series 83, Class FH, 4.25%, 9/25/2036		179,502		178,737
Fannie Mae REMIC, Series 88, Class AF, 4.27%, 9/25/2036		95,312		94,936
Fannie Mae REMIC, Series 86, Class CF, 5.01%, 9/25/2036		59,831		61,131
Fannie Mae REMIC, Series 101, Class FA, 4.23%, 10/25/2036		700,178		696,581
Fannie Mae REMIC, Series 104, Class FC, 4.06%, 11/25/2036		125,906		125,102
Fannie Mae REMIC, Series 33, Class FB, 4.63%, 3/25/2037		77,843		78,523
Fannie Mae REMIC, Series 25, Class FB, 4.14%, 4/25/2037		84,503		83,644
Fannie Mae REMIC, Series 54, Class AF, 4.37%, 4/25/2037		131,632		131,580
Fannie Mae REMIC, Series 103, Class BF, 4.06%, 7/25/2037		612,603		607,578
Fannie Mae REMIC, Series 89, Class EF, 4.37%, 9/25/2037		40,711		40,720
Fannie Mae REMIC, Series 92, Class OF, 4.38%, 9/25/2037		134,656		134,690
Fannie Mae REMIC, Series 102, Class FA, 4.38%, 11/25/2037		48,875		48,851
Fannie Mae REMIC, Series 117, Class FM, 4.51%, 1/25/2038		241,381		242,393
Fannie Mae REMIC, Series 117, Class MF, 4.51%, 1/25/2038		103,784		104,220
Fannie Mae REMIC, Series 7, Class FA, 4.26%, 2/25/2038		193,631		193,037
Fannie Mae REMIC, Series 12, Class FA, 4.48%, 3/25/2038		52,920		53,087
Fannie Mae REMIC, Series 16, Class KF, 4.61%, 3/25/2038		100,472		101,289
Fannie Mae REMIC, Series 68, Class FC, 4.78%, 8/25/2038		780,357		791,741
Fannie Mae REMIC, Series 93, Class GF, 4.26%, 4/25/2039		63,395		63,077
Fannie Mae REMIC, Series 46, Class FA, 4.51%, 6/25/2039		267,882		269,472
Fannie Mae REMIC, Series 46, Class FC, 4.51%, 6/25/2039		251,027		252,487
Fannie Mae REMIC, Series 72, Class JF, 4.56%, 9/25/2039		216,466		218,110
Fannie Mae REMIC, Series 27, Class FG, 4.81%, 4/25/2040		630,384		636,860

COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%^(a)	Principal Amount		Fair Value
Government National Mortgage Association, Series 31, Class FV, 4.54%, 3/20/2040	$	166,822	$	167,672
Government National Mortgage Association, Series 85, Class FE, 4.24%, 7/20/2040		864,955		860,336
Government National Mortgage Association, Series 2014-131, Class BW, 5.78%, 5/20/2041		139,968		138,687
Government National Mortgage Association, Series 153, Class LF, 4.04%, 7/16/2041		210,321		207,518
Government National Mortgage Association, Series 135, Class FN, 4.19%, 10/16/2041		1,832,345		1,814,865
Government National Mortgage Association, Series 113, Class QF, 4.09%, 2/20/2042		181,762		180,484
Government National Mortgage Association, Series 34, Class FA, 4.24%, 3/20/2042		202,684		200,687
Government National Mortgage Association, Series 74, Class LF, 4.19%, 6/20/2042		1,048,595		1,036,079
Government National Mortgage Association, Series 124, Class GF, 4.04%, 10/20/2042		895,997		880,503
Government National Mortgage Association, Series 5, Class FA, 4.24%, 1/20/2044		2,262,412		2,235,827
Government National Mortgage Association, Series 110, Class DF, 4.01%, 8/20/2045		311,168		303,643
Government National Mortgage Association, Series 161, Class AF, 4.09%, 11/20/2045		508,619		498,233
Government National Mortgage Association, Series 33, Class UF, 4.24%, 3/20/2046		2,936,682		2,897,735
Government National Mortgage Association, Series 49, Class MF, 4.29%, 4/20/2046		903,338		899,112
Government National Mortgage Association, Series 83, Class NF, 4.21%, 6/20/2046		1,151,040		1,136,727
Government National Mortgage Association, Series 18, Class GF, 4.11%, 2/20/2047		128,346		125,227
Government National Mortgage Association, Series 1, Class EF, 4.11%, 1/20/2048		981,116		955,320
Government National Mortgage Association, Series 138, Class FB, 4.09%, 10/20/2048		1,745,233		1,702,490
Government National Mortgage Association, Series 33, Class F, 4.24%, 3/20/2049		124,096		122,174
Government National Mortgage Association, Series 35, Class GF, 4.24%, 3/20/2049		1,197,248		1,181,891
Government National Mortgage Association, Series 31, Class GF, 4.24%, 3/20/2049		330,903		326,765
Government National Mortgage Association, Series 44, Class FM, 4.24%, 4/20/2049		979,298		963,028

COLLATERALIZED MORTGAGE OBLIGATIONS — 92.90%^(a)	Principal Amount		Fair Value
Government National Mortgage Association, Series 71, Class FK, 4.14%, 6/20/2049	$	1,520,281	$	1,486,379
Government National Mortgage Association, Series 98, Class KF, 4.24%, 8/20/2049		3,192,955		3,136,052
Government National Mortgage Association, Series 115, Class FE, 4.19%, 9/20/2049		2,788,826		2,732,164
Government National Mortgage Association, Series 30, Class FE, 4.24%, 3/20/2050		1,511,088		1,483,169
Government National Mortgage Association, Series 98, Class FM, 2.50%, 6/20/2051		160,995		134,802
Government National Mortgage Association, Series 64, Class FA, 4.40%, 4/20/2052		1,821,628		1,752,032
Government National Mortgage Association, Series 78, Class FM, 4.50%, 4/20/2052		1,806,976		1,747,880
Government National Mortgage Association, Series 154, Class FC, 4.25%, 9/20/2052		1,352,853		1,341,944
Government National Mortgage Association, Series 96, Class FA, 4.75%, 7/20/2053		84,313		84,816
Government National Mortgage Association, Series 111, Class FN, 4.90%, 8/20/2053		98,546		99,447
Government National Mortgage Association, Series 128, Class CF, 4.90%, 8/20/2053		112,724		113,748
Government National Mortgage Association, Series 51, Class FL, 4.60%, 3/20/2054		206,444		206,942
Government National Mortgage Association, Series 64, Class YK, 4.70%, 4/20/2054		89,810		90,204
Government National Mortgage Association, Series 64, Class YF, 5.02%, 4/20/2054		1,461,428		1,469,882
Government National Mortgage Association, Series 64, Class YX, 5.02%, 4/20/2054		522,443		525,466
Government National Mortgage Association, Series 84, Class FJ, 4.90%, 5/20/2054		1,583,851		1,596,865
Government National Mortgage Association, Series 97, Class FW, 4.85%, 6/20/2054		178,596		179,715
Government National Mortgage Association, Series 97, Class CF, 4.85%, 6/20/2054		164,064		165,081
Government National Mortgage Association, Series 159, Class FM, 4.75%, 10/20/2054		162,494		163,390
Government National Mortgage Association, Series 197, Class FV, 4.65%, 12/20/2054		141,593		142,223
Government National Mortgage Association, Series 41, Class F, 4.90%, 3/20/2055		39,081		39,440
Government National Mortgage Association, Series 69, Class YH, 4.95%, 4/20/2055		91,138		92,103

Assets
Investments in securities, at fair value (cost $171,629,958) (Note 3)	$	173,009,104
Receivable for investments sold		2,658,955
Interest receivable		248,973
Total Assets		175,917,032

Liabilities
Due to custodian		16,737
Payable for investments purchased		348,147
Payable to Investment Adviser (Note 4)		26,500
Total Liabilities		391,384
Net Assets	$	175,525,648

Net Assets consist of:
Paid-in capital		173,885,028
Accumulated earnings		1,640,620
Net Assets	$	175,525,648
Shares outstanding (unlimited number of shares authorized, no par value)		6,850,000
Net asset value, offering and redemption price per share (Note 2)	$	25.62

Investment Income
Interest income	$	8,103,608
Total investment income		8,103,608

Expenses
Investment Adviser fees (Note 4)		771,236
Total operating expenses		771,236

Net investment income		7,332,372

Net Realized and Change in Unrealized Gain on Investments
Net realized gain on investment securities		223,716
Change in unrealized appreciation on investment securities		941,517
Net realized and change in unrealized gain on investment securities		1,165,233

Net increase in net assets resulting from operations	$	8,497,605

	For the Year Ended January 31, 2026			For the Period Ended January 31, 2025^(a)
Increase in Net Assets due to:
Operations
Net investment income	$	7,332,372		$	4,124,218
Net realized gain on investment securities		223,716			32,766
Change in unrealized appreciation on investment securities		941,517			437,629
Net increase in net assets resulting from operations		8,497,605			4,594,613

Distributions to Shareholders from Earnings (Note 2)		(7,409,525	)		(4,042,073	)

Capital Transactions
Proceeds from shares sold		45,284,080			151,568,574
Amount paid for shares redeemed		(18,494,547	)		(4,473,079	)
Net increase in net assets resulting from capital transactions		26,789,533			147,095,495

Total Increase in Net Assets		27,877,613			147,648,035

Net Assets
Beginning of period		147,648,035			—
End of period	$	175,525,648		$	147,648,035

Share Transactions
Shares sold		1,775,000			5,975,000
Shares redeemed		(725,000	)		(175,000	)
Net increase in shares outstanding		1,050,000			5,800,000

(For a share outstanding during each period)
	For the Year Ended January 31, 2026			For the Period Ended January 31, 2025^(a)
Selected Per Share Data:
Net asset value, beginning of period	$	25.46		$	25.00

Investment operations:
Net investment income		1.18			1.15
Net realized and unrealized gain on investments		0.18			0.45
Total from investment operations		1.36			1.60

Less distributions to shareholders from:
Net investment income		(1.18	)		(1.13	)
Net realized gains		(0.02	)		(0.01	)
Total distributions		(1.20	)		(1.14	)

Net asset value, end of period	$	25.62		$	25.46

Total Return^(b)		5.46	%		6.48	%^(c)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	175,526		$	147,648
Ratio of expenses to average net assets		0.49	%		0.49	%^(d)
Ratio of net investment income to average net assets		4.66	%		5.29	%^(d)
Portfolio turnover rate^(e)		37	%		21	%^(c)