BELMONT THETA INCOME FUND
SCHEDULE OF INVESTMENTS
April 30, 2020 (Unaudited)
U.S. GOVERNMENT & AGENCY OBLIGATIONS(a)(b) — 100.18%	Principal Amount		Fair Value
United States Treasury Bill, 1.76%, 5/21/2020	$	2,000,000	$	1,999,917
United States Treasury Bill, 1.67%, 8/13/2020		2,000,000		1,999,451
United States Treasury Bill, 1.49%, 11/5/2020		2,000,000		1,998,877
United States Treasury Bill, 1.44%, 12/3/2020		2,000,000		1,998,755
United States Treasury Bill, 1.42%, 12/31/2020		2,000,000		1,998,289
United States Treasury Bill, 1.23%, 1/28/2021		2,000,000		1,997,922
United States Treasury Bill, 0.02%, 3/25/2021		2,000,000		1,997,631
Total U.S. Government & Agency Obligations (Cost $13,918,291)				13,990,842

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Fair Value
CALL OPTIONS PURCHASED — 0.11%
S&P 500 Index		151	$	43,977,693	$	3,200 .00	May 2020		15,100
Total Options Purchased (Cost $86,754)									15,100
Total Investments — 100.29% (Cost $14,005,045)									14,005,942
Liabilities in Excess of Other Assets — (0.29)%									(39,992	)
NET ASSETS — 100.00%								$	13,965,950

(a)	All or a portion of these securities are held as collateral for options.
(b)	The rate shown represents effective yield at time of purchase.

See accompanying notes which are an integral part of this schedule of investments.

SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
April 30, 2020 (Unaudited)
Description	Number of Contracts			Notional Amount			Exercise Price		Expiration Date	Fair Value
WRITTEN CALL OPTIONS (0.46)%
S&P 500 Index		(151	)	$	(43,977,693	)	$	3,100 .00	May 2020	$	(64,930	)
Total Written Options (Premiums Received $226,319)										$	(64,930	)

At April 30, 2020, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:

Gross unrealized apprecation	$	205,085
Gross unrealized depreciation		(73,489	)
Net unrealized apprecation on investments	$	131,596
Tax cost of investments	$	13,809,416

See accompanying notes which are an integral part of this schedule of investments.

Belmont Theta Income Fund

Notes to the Schedule of Investments

April 30, 2020

(Unaudited)

The Belmont Theta Income Fund (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”).

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. Discounts and premiums on securities purchased are accreted or amortized using the effective interest method, if applicable. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

Options – The Fund utilizes an option premium collection strategy that implements a put spread and a call spread on the S&P 500® Index (SPX) to create a number of defined-risk trades. A defined-risk trade is essentially where a series of financial instruments (such as options) are entered into where the terms and conditions of the financial instruments are, in combination, designed to limit the overall risk. Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying investments, and therefore may be subject to greater fluctuation than an investment in the underlying instruments themselves.

In implementing its option premium collection strategy, the Fund will sell (write) a put option (creating a short position) while simultaneously purchasing another put option at a different strike price (creating a long position) – the combination of these two put option positions creates a defined-risk trade. Additionally, the Fund will sell (write) a call option (creating another short position) while simultaneously purchasing another call option at a different strike price (creating another long position) – the combination of these two call options positions creates another defined-risk trade for the Fund. The Fund’s put spreads and call spreads each contain the following characteristics: (i) the long and short options of each spread have the same number of contracts, (ii) the long option of each spread will have a further out-of-the-money strike price than the short option; (iii) the long option of each spread will have at least the same or longer expiration date than the short option.

The Fund generally utilizes weekly and monthly SPX options with expirations of 90 days or less. SPX options are European-style options, which means that they can be exercised only at expiration. Based on Belmont Capital LLC d/b/a Belmont Capital Group’s™ (the “Adviser”) assessment of market conditions, the Adviser may close one or more sides of a spread at any time for purposes of risk management of the Fund.

The Adviser monitors all SPX option strikes for the optimal sale of put spreads and call spreads. Once the Fund has entered into a position, the Adviser attempts to realize as much of the net premium as possible. The Fund may decide to close its option spread positions prior to expiration, which may result in realizing less than the net option premium initially collected. Positions are generally re-set on a monthly basis, but the Adviser may determine to close and/or adjust option spreads prior to expiration for purposes of risk management. The Adviser may at times determine to take a temporary defensive position and not implement its option spread writing investment strategy. The option premium collection strategy may result in the generation of positive returns for the Fund; however, the loss potential if the strategy is not effective may be greater than the profit potential. The Fund may lose significantly more than the premium it receives in highly volatile market conditions.

The Fund is required to pledge collateral for the option trades and it will hold cash, money market instruments, or treasury bills as collateral for all such options trades. The Fund’s custodian will segregate such collateral for the benefit of the counterparty. Therefore, the Fund must typically maintain a large percentage of cash and cash equivalents within the Fund. The Fund’s option spread positions will effectively lever the portfolio and will target a notional exposure of no greater than three times the pledged collateral value.

Belmont Theta Income Fund

Notes to the Financial Statements - continued

April 30, 2020

(Unaudited)

Securities Valuation and Fair Value Measurements - Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

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

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

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

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

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

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

Debt securities are valued 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. Securities purchased with a discount or premium are accreted or amortized using the effective interest method. These securities will generally be categorized as Level 2 securities. If the Adviser determines 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.

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, the Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of 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 net asset value (“NAV”). These securities are categorized as Level 1 securities.

Belmont Theta Income Fund

Notes to the Financial Statements - continued

April 30, 2020

(Unaudited)

Exchange-traded options on securities and indices purchased or sold by the Fund generally will be valued at the mean of the last bid and ask prices. If there is no such reported ask on the valuation date, purchased options are valued at the most recent bid price. If there is no such reported bid on the valuation date, written options are valued at the most recent ask price. On the last business day of each month, the Chicago Board Options Exchange (“CBOE”) conducts special end-of-month non-trading closing rotations for the sole purpose of determining the fair value of the S&P 500 Index (“SPX”) option series. For month end valuations of SPX, the CBOE adjusted price will be used if the special end-of-month non-trading closing rotation fair value price differs from the price provided at market close. Options will generally be categorized as Level 2 securities.

In accordance with the Valued Advisers Trust’s (the “Trust”) valuation policies, the Adviser 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 Adviser 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 Adviser’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 Adviser 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 April 30, 2020:

	Valuation Inputs
Assets	Level 1		Level 2		Level 3		Total
United States Treasury Bills	$	-	$	13,990,842	$	-	$	13,990,842
Call Options Purchased		-		15,100		-		15,100
Total	$	-	$	14,005,942	$	-	$	14,005,942

	Valuation Inputs
Liabilities	Level 1		Level 2			Level 3		Total
Written Call Options	$	-	$	(64,930	)	$	-	$	(64,930	)
Total	$	-	$	(64,930	)	$	-	$	(64,930	)

The Fund did not hold any investments 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.

SUMMITRY EQUITY FUND (formerly Golub Group Equity Fund)
SCHEDULE OF INVESTMENTS
April 30, 2020 (Unaudited)
COMMON STOCKS — 98.27%	Shares		Fair Value
Communication Services — 20.98%
Alphabet, Inc., Class A(a)		2,152	$	2,898,098
Facebook, Inc., Class A(a)		18,115		3,708,322
Fox Corporation, Class A		63,980		1,655,163
Walt Disney Company (The)		23,530		2,544,769
				10,806,352
Consumer Discretionary — 18.36%
Booking Holdings, Inc.(a)		1,695		2,509,566
CarMax, Inc.(a)		15,640		1,151,886
Lowe's Companies, Inc.		23,120		2,421,821
Ross Stores, Inc.		13,695		1,251,175
Ulta Beauty, Inc.(a)		9,735		2,121,451
				9,455,899
Financials — 21.87%
Bank of America Corporation		36,465		876,983
Berkshire Hathaway, Inc., Class B(a)		17,280		3,237,581
BlackRock, Inc.		3,642		1,828,430
Charles Schwab Corporation (The)		46,325		1,747,379
Citigroup, Inc.		26,610		1,292,182
Wells Fargo & Company		78,425		2,278,246
				11,260,801
Health Care — 6.78%
Agilent Technologies, Inc.		13,145		1,007,696
Medtronic plc		15,630		1,525,957
Varian Medical Systems, Inc.(a)		8,395		960,220
				3,493,873
Industrials — 3.85%
General Electric Company		125,685		854,658
W.W. Grainger, Inc.		4,085		1,125,744
				1,980,402
Information Technology — 26.43%
Apple, Inc.		7,300		2,144,740
Cognizant Technology Solutions Corporation, Class A		29,785		1,728,126
Fiserv, Inc.(a)		18,745		1,931,860
Mastercard, Inc., Class A		6,515		1,791,430
Microsoft Corporation		12,740		2,283,135
Visa, Inc., Class A		14,595		2,608,417
Zebra Technologies Corporation, Class A(a)		4,875		1,119,593
				13,607,301

See accompanying notes which are an integral part of this schedule of investments.

SUMMITRY EQUITY FUND (formerly Golub Group Equity Fund)
SCHEDULE OF INVESTMENTS - continued
April 30, 2020 (Unaudited)
COMMON STOCKS — 98.27% - continued	Shares		Fair Value
Total Common Stocks (Cost $43,246,414)			$	50,604,628
MONEY MARKET FUNDS - 1.80%
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.20%(b)		926,133		926,133
Total Money Market Funds (Cost $926,133)				926,133
Total Investments — 100.07% (Cost $44,172,547)				51,530,761
Liabilities in Excess of Other Assets — (0.07)%				(34,658	)
NET ASSETS — 100.00%			$	51,496,103

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of April 30, 2020.

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.

At April 30, 2020, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:

Gross unrealized appreciation	$	11,048,433
Gross unrealized depreciation		(3,690,219	)
Net unrealized appreciation on investments	$	7,358,214
Tax cost of investments	$	44,172,547

See accompanying notes which are an integral part of this schedule of investments.

Summitry Equity Fund (formerly Golub Group Equity Fund)

Notes to the Schedule of Investments

April 30, 2020

(Unaudited)

The Summitry Equity Fund (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”).

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 have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

Securities Valuation and Fair Value Measurements – Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

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

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

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

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

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

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

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security’s primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board of Trustees. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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

In accordance with the Valued Advisers Trust valuation policies, Summitry LLC (the “Adviser”) 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 Adviser 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 Adviser’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 Adviser 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 April 30, 2020:

	Valuation Inputs
Assets	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	50,604,628	$	-	$	-	$	50,604,628
Money Market Funds		926,133		-		-		926,133
Total	$	51,530,761	$	-	$	-	$	51,530,761

^(a) Refer to the Schedule of Investments for sector classifications.

The Fund did not hold any investments 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. The Fund did not hold any derivative instruments during the reporting period.