Channing Intrinsic Value Small-Cap Fund

Institutional Class (OWLLX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Channing Intrinsic Value Small-Cap Fund for the period of February 1, 2026 to July 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 six months?

(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	$49	0.95%

How did the Fund perform during the reporting period?

The six-month period ending July 31, 2026, has presented a complex mix of opportunities and challenges for small-cap investors relative to their large-cap peers. Investors navigated shifting market leadership, geopolitical uncertainty, volatile energy prices, and changing expectations for monetary policy. At various points during the period, investors favored higher-growth and higher-beta stocks, while market breadth improved later in the period as valuation and lower-risk factors performed well. Our strategy has maintained its core principal: owning undervalued high-quality businesses with long-term stability and strong management teams.

The Channing Intrinsic Value Small-Cap Fund (the “Fund”) underperformed during the period. The Fund returned 8.75% versus 15.11% for the Russell 2000^® Value Index, and 8.66% for the Russell 3000^® Index. Performance for the year has been dominated by low-quality factors, with the strongest performance driven by high-beta, non-earning, lower-market-cap, and technology-oriented names. The top three sectors contributing positively to relative performance were Utilities, Materials, and Consumer Discretionary. In contrast, the three sectors that detracted most from relative performance were Information Technology, Industrials, and Financials.

Despite recent volatility, valuations in small-cap value equities remain compelling, particularly in sectors where pessimism has overshot fundamentals. We remain committed to Channing's high-conviction, quality-based approach to intrinsic value investing and to position our clients for long-term success through thoughtful, opportunistic portfolio construction. We view our portfolio companies to be well-positioned for long-term growth and have the wherewithal to sustain themselves as the economy moves into the next phase of the economic cycle. We believe individual stock selection will remain an essential and differentiating attribute to our performance. We continue to believe our high-quality value discipline remains the best place to achieve long-term risk-adjusted returns.

How has the Fund performed since inception?

Total Return Based on $50,000 Investment

Table Summary
	Channing Intrinsic Value Small-Cap Fund - I	Russell 3000^® Index	Russell 2000^® Value Index
Jun-2021	$50,000	$50,000	$50,000
Jul-2021	$49,500	$50,846	$48,210
Jul-2022	$44,925	$47,108	$45,913
Jul-2023	$49,341	$53,066	$47,723
Jul-2024	$56,467	$64,249	$55,207
Jul-2025	$54,842	$74,327	$52,851
Jul-2026	$71,202	$88,897	$74,274

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (June 30, 2021)
Channing Intrinsic Value Small-Cap Fund - I	29.83%	7.54%	7.20%
Russell 3000^® Index	19.60%	11.82%	11.98%
Russell 2000^® Value Index	40.54%	9.03%	8.09%

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	$10,530,583
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$0
Portfolio Turnover	32%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Axalta Coating Systems Ltd.	3.0%
Crane NXT, Inc.	2.8%
Affiliated Managers Group, Inc.	2.8%
MSA Safety, Inc.	2.8%
First American Treasury Obligations Fund, Class X	2.8%
Corporate Office Properties Trust	2.8%
Brink's Co. (The)	2.7%
Gates Industrial Corp Ltd.	2.7%
Hexcel Corp.	2.7%
Hancock Whitney Corp.	2.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Energy	1.2%
Utilities	2.4%
Money Market Funds	2.8%
Communication Services	4.2%
Materials	5.4%
Real Estate	7.1%
Information Technology	11.1%
Consumer Discretionary	13.3%
Financials	23.4%
Industrials	29.2%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

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

Semi-Annual Shareholder Report - July 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-SAR 073126-OWLLX

Regan Floating Rate MBS ETF

(MBSF) NYSE Arca, Inc.

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Regan Floating Rate MBS ETF	$25	0.49%

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.5%
U.S. Government & Agencies	5.4%
Collateralized Mortgage Obligations	94.1%

Fund Statistics

Net Assets$236,369,630
Number of Portfolio Holdings429
Advisory Fee $500,049
Portfolio Turnover17%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Regan Floating Rate MBS ETF (MBSF)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-MBSF

Summitry Equity Fund

(GGEFX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Summitry Equity Fund (the “Fund”) for the period of February 1, 2026 to July 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Summitry Equity Fund	$62	1.25%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.0%
Health Care	9.4%
Financials	9.7%
Industrials	10.0%
Communications	15.7%
Consumer Discretionary	22.9%
Technology	30.4%

Fund Statistics

Table Summary
Net Assets	$74,059,665
Number of Portfolio Holdings	29
Advisory Fee (net of waivers)	$322,535
Portfolio Turnover	12%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Summitry Equity Fund (GGEFX)

Semi-Annual Shareholder Report - July 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-SAR 073126-GGEFX

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 Fund’s CODM is the President and Principal Executive Officer of the Trust. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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

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

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

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

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

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.

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 July 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 six months ended July 31, 2026, the Adviser earned a fee of $36,909 from the Fund before the waivers and reimbursements described below. At July 31, 2026, the Adviser owed the Fund $11,570.

The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2027, so that total annual fund operating expenses do not exceed 0.95%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the

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

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation that is in effect at the time of the repayment or at the time of the fee waiver or expense reimbursement, whichever is lower. For the six months ended July 31, 2026, the Adviser waived fees or reimbursed expenses totaling $102,298. As of July 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

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

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

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

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

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

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

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

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

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.

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 six months ended July 31, 2026, there were no federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund.

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of July 31, 2026, the Fund had 28.29% of the value of its net assets invested in stocks within the Industrials sector.

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.

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

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

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

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

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

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

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

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

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

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

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

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 Fund’s CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the Fund’s CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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

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

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

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

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.

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

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

NAV calculation that may affect a security’s value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust’s Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

The following is a summary of the inputs used to value the Fund’s investments as of July 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 six months ended July 31, 2026, the Adviser earned a fee of $373,865 from the Fund before the waivers described below. At July 31, 2026, the Fund owed the Adviser $53,801.

The Adviser has contractually agreed to waive or limit its fees and to assume certain Fund operating expenses, until May 31, 2027, so that total annual operating expenses do not exceed 1.25%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures

which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, dividend expense on short sales, expenses incurred under a plan of distribution under Rule 12b-1, and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any “Acquired Fund Fees and Expenses”. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of investing in other investment companies, including exchange-traded funds, closed-end funds and money market funds that have their own expenses. For the six months ended July 31, 2026, the Adviser waived fees of $51,330.

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

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 July 31, 2026.

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

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

At July 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, the Fund’s most recent fiscal year end, was as follows:

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

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

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

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of July 31, 2026, the Fund had 30.38% of the value of its net assets invested in stocks within the Technology sector.

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

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

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

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

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

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.

The following is a summary of the inputs used to value the Fund’s investments as of July 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 six months ended July 31, 2026, the Adviser earned a fee of $500,049 from the Fund. At July 31, 2026, the Fund owed the Adviser $21,344.

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

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

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

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

For the six months ended July 31, 2026, the Fund had in-kind net realized gains of $0.

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

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

At July 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, the Fund’s most recent fiscal year end, was as follows:

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

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.

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.

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.

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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.

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

Date of fiscal year end:	1/31

Date of reporting period:	7/31/2026

COMMON STOCKS — 97.33%	Shares		Fair Value
Communication Services — 4.15%
Madison Square Garden Entertainment Corp.^(a)		2,124	$	164,100
Nexstar Media Group, Inc.		1,433		273,030
				437,130
Consumer Discretionary — 13.32%
Asbury Automotive Group, Inc.^(a)		945		218,957
Boyd Gaming Corp.		2,239		190,448
Brunswick Corp.		2,845		224,755
Dorman Products, Inc.^(a)		1,939		258,197
OneSpaWorld Holdings Ltd.		6,152		158,476
Patrick Industries, Inc.		1,210		99,886
Valvoline, Inc.^(a)		6,571		252,392
				1,403,111
Energy — 1.20%
California Resources Corp.		2,393		125,920

Financials — 23.42%
Affiliated Managers Group, Inc.		797		292,284
Ameris Bancorp		2,897		252,647
Artisan Partners Asset Management, Inc., Class A		4,129		162,022
First American Financial Corp.		3,709		278,138
Glacier Bancorp, Inc.		4,953		244,133
Hancock Whitney Corp.		3,670		282,590
Independent Bank Corp.		2,770		232,209
Moelis & Co., Class A		3,895		261,277
Old National Bancorp		10,100		269,064
Renasant Corp.		4,408		192,057
				2,466,421
Industrials — 29.25%
Atmus Filtration Technologies, Inc.		5,023		259,337
Brink’s Co. (The)		2,435		288,426
CSW Industrials, Inc.		777		247,809
Gates Industrial Corp Ltd.^(a)		10,287		287,830
Herc Holdings, Inc.		1,834		275,357
Hexcel Corp.		2,765		284,657
JT Marel Corp.		1,459		202,028
Louisiana-Pacific Corp.		1,403		101,619
McGrath RentCorp		2,429		279,699
MSA Safety, Inc.		1,534		291,873
Parsons Corp.^(a)		5,331		235,684
Terex Corp.		1,188		74,654
Timken Co. (The)		1,826		251,166
				3,080,139
Information Technology — 11.12%
ACI Worldwide, Inc.^(a)		1,811		103,825
Belden, Inc.		2,212		274,398
Crane NXT, Inc.		5,807		301,674

COMMON STOCKS — 97.33% - (continued)	Shares		Fair Value
Information Technology — 11.12% - continued
Littelfuse, Inc.		545	$	240,961
OSI Systems, Inc.^(a)		1,130		250,170
				1,171,028
Materials — 5.36%
Avient Corp.		6,953		252,533
Axalta Coating Systems Ltd.^(a)		8,702		311,619
				564,152
Real Estate — 7.14%
Corporate Office Properties Trust		7,669		291,115
Cushman & Wakefield Ltd.^(a)		16,176		217,082
STAG Industrial, Inc.		6,358		243,257
				751,454
Utilities — 2.37%
Southwest Gas Holdings, Inc.		2,793		249,694

Total Common Stocks (Cost $8,810,107)				10,249,049

MONEY MARKET FUNDS - 2.77%
First American Treasury Obligations Fund, Class X, 3.60%^(b)		291,548		291,548

Total Money Market Funds (Cost $291,548)				291,548
Total Investments — 100.10% (Cost $9,101,655)				10,540,597
Liabilities in Excess of Other Assets — (0.10)%				(10,014	)
NET ASSETS — 100.00%			$	10,530,583

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

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

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

	For the Six															For the
	Months															Period
	Ended July															Ended
	31, 2026			For the Years Ended January 31,												January 31,
	(Unaudited)			2026			2025			2024			2023			2022^(a)
Selected Per Share Data:
Net asset value, beginning of period	$	12.80		$	11.22		$	9.66		$	9.27		$	9.77		$	10.00
Investment operations:
Net investment income		0.06			0.09			0.05			0.05			0.03			0.02
Net realized and unrealized gain (loss) on investments		1.06			1.57			1.56			0.39			(0.50	)		(0.22	)
Total from investment operations		1.12			1.66			1.61			0.44			(0.47	)		(0.20	)
Less distributions to shareholders from:
Net investment income		—			(0.08	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)
Total distributions		—			(0.08	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)
Net asset value, end of period	$	13.92		$	12.80		$	11.22		$	9.66		$	9.27		$	9.77
Total Return^(b)		8.75	%^(c)		14.81	%		16.67	%		4.72	%		(4.72	)%		(2.03	)%^(c)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	10,531		$	10,666		$	10,276		$	6,983		$	7,324		$	1,868
Ratio of net expenses to average net assets		0.95	% ^(d)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	% ^(d)
Ratio of expenses to average net assets before waiver and reimbursement		2.89	% ^(d)		3.17	%		2.96	%		3.70	%		3.90	%		12.86	% ^(d)
Ratio of net investment income to average net assets		0.89	% ^(d)		0.75	%		0.45	%		0.49	%		0.34	%		0.27	% ^(d)
Portfolio turnover rate		32	% ^(c)		76	%		48	%		65	%		72	%		23	% ^(c)

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

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

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

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

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


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

Total Common Stocks (Cost $50,609,126)				72,608,385

MONEY MARKET FUNDS - 2.02%	Shares		Fair Value
Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.59%^(b)		1,496,680	$	1,496,680
Total Money Market Funds (Cost $1,496,680)				1,496,680

Total Investments — 100.06% (Cost $52,105,806)				74,105,065
Liabilities in Excess of Other Assets — (0.06)%				(45,400	)
NET ASSETS — 100.00%			$	74,059,665

Investment Income
Dividend income (net of foreign taxes withheld of $57,824)	$	381,671
Total investment income		381,671

Expenses
Investment Adviser fees (Note 4)		373,865
Administration (Note 4)		37,299
Fund accounting fees (Note 4)		15,707
Registration expenses		14,139
Audit and tax preparation fees		10,336
Compliance service fees (Note 4)		10,056
Transfer agent fees (Note 4)		9,918
Legal fees		9,676
Trustee fees		9,067
Custodian fees		5,991
Printing and postage expenses		4,768
Insurance expenses		2,957
Miscellaneous		14,635
Total expenses		518,414
Fees contractually waived by Adviser (Note 4)		(51,330	)
Net operating expenses		467,084
Net investment loss		(85,413	)

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities transactions		8,525,018
Net change in unrealized depreciation of investment securities		(7,658,023	)
Net realized and change in unrealized gain on investments		866,995
Net increase in net assets resulting from operations	$	781,582

	For the Six			For the Year
	Months Ended			Ended January 31,
	July 31, 2026			2026
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment loss	$	(85,413	)	$	(182,503	)
Net realized gain on investment securities transactions		8,525,018			11,236,451
Net change in unrealized depreciation of investment securities		(7,658,023	)		(6,634,944	)
Net increase in net assets resulting from operations		781,582			4,419,004

Distributions to Shareholders (Note 2)
Earnings		—			(11,664,174	)
Total distributions		—			(11,664,174	)

Capital Transactions
Proceeds from shares sold		1,962,795			5,567,551
Reinvestment of distributions		—			11,664,174
Amount paid for shares redeemed		(9,275,989	)		(13,320,729	)
Net increase (decrease) in net assets resulting from capital transactions		(7,313,194	)		3,910,996
Total Decrease in Net Assets		(6,531,612	)		(3,334,174	)

Net Assets
Beginning of period		80,591,277			83,925,451
End of period	$	74,059,665		$	80,591,277

Share Transactions
Shares sold		84,581			223,732
Shares issued in reinvestment of distributions		—			496,137
Shares redeemed		(398,795	)		(530,447	)
Net increase (decrease) in shares outstanding		(314,214	)		189,422

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

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

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

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

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

COLLATERALIZED MORTGAGE OBLIGATIONS — 94.14%	Principal Amount		Fair Value
Government National Mortgage Association, Series H23, Class F, 4.49%, 10/20/2066	$	95,208	$	95,540
Government National Mortgage Association, Series H03, Class FA, 4.55%, 12/20/2066		60,717		60,946
Government National Mortgage Association, Series H12, Class FL, 4.22%, 5/20/2067		504,387		503,667
Government National Mortgage Association, Series 2018-H04, Class FG, 4.02%, 2/20/2068		67,206		66,900
Government National Mortgage Association, Series H01, Class FV, 4.39%, 1/20/2070		240,504		241,750
Government National Mortgage Association, Series H09, Class FL, 4.89%, 5/20/2070		159,799		162,235
Government National Mortgage Association, Series H07, Class FG, 4.37%, 3/20/2072		72,908		72,996
Government National Mortgage Association, Series H05, Class FL, 4.49%, 1/20/2073		93,401		93,551
Government National Mortgage Association, Series H06, Class FA, 4.32%, 4/20/2074		60,865		61,044
Government National Mortgage Association, Series H08, Class KF, 4.47%, 5/20/2074		141,988		143,486
Government National Mortgage Association, Series H09, Class BF, 4.37%, 6/20/2074		137,026		132,402
Government National Mortgage Association, Series H20, Class FD, 4.42%, 11/20/2074		766,494		770,940
Total Collateralized Mortgage Obligations (Cost $221,128,763)				222,510,006

U.S. GOVERNMENT & AGENCIES — 5.36%^(a)
United States Treasury Floating Rate Note, 3.96%, 4/30/2028		1,500,000		1,501,305
United States Treasury Inflation Indexed Bond, 0.13%, 4/15/2027		9,626,000		11,168,521
Total U.S. Government & Agencies (Cost $12,858,381)				12,669,826

Total Investments — 99.50% (Cost $233,987,144)				235,179,832
Other Assets in Excess of Liabilities — 0.50%				1,189,798
NET ASSETS — 100.00%			$	236,369,630

Assets
Investments in securities, at fair value (cost $233,987,144) (Note 3)	$	235,179,832
Receivable for fund shares sold		1,281,386
Receivable for investments sold		3,322
Dividends and interest receivable		317,450
Total Assets		236,781,990

Liabilities
Due to custodian		273,409
Payable for investments purchased		117,607
Payable to Investment Adviser (Note 4)		21,344
Total Liabilities		412,360
Net Assets	$	236,369,630

Net Assets consist of:
Paid-in capital		234,823,784
Accumulated earnings		1,545,846
Net Assets	$	236,369,630
Shares outstanding (unlimited number of shares authorized, no par value)		9,225,000
Net asset value, offering and redemption price per share (Note 2)	$	25.62

Investment Income
Interest income	$	4,645,263
Total investment income		4,645,263

Expenses
Investment Adviser fees (Note 4)		500,049
Total operating expenses		500,049

Net investment income		4,145,214

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities		285,088
Change in unrealized depreciation on investment securities		(186,458	)
Net realized and change in unrealized gain on investment securities		98,630

Net increase in net assets resulting from operations	$	4,243,844

	For the
	Six Months			For the
	Ended			Year
	July 31,			Ended
	2026			January 31,
	(Unaudited)			2026
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	4,145,214		$	7,332,372
Net realized gain on investment securities		285,088			223,716
Change in unrealized appreciation (depreciation) on investment securities		(186,458	)		941,517
Net increase in net assets resulting from operations		4,243,844			8,497,605

Distributions to Shareholders from Earnings (Note 2)		(4,338,618	)		(7,409,525	)

Capital Transactions
Proceeds from shares sold		69,262,692			45,284,080
Amount paid for shares redeemed		(8,323,936	)		(18,494,547	)
Net increase in net assets resulting from capital transactions		60,938,756			26,789,533

Total Increase in Net Assets		60,843,982			27,877,613

Net Assets
Beginning of period		175,525,648			147,648,035
End of period	$	236,369,630		$	175,525,648

Share Transactions
Shares sold		2,700,000			1,775,000
Shares redeemed		(325,000	)		(725,000	)
Net increase in shares outstanding		2,375,000			1,050,000

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

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

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

By	/s/ Matthew J. Miller
Matthew J. Miller
President and Principal Executive Officer
Date:	10/2/2026

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