Valued Advisers Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22208

Valued Advisers Trust

(Exact name of registrant as specified in charter)

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

Capitol Services, Inc.

615 S. Dupont Hwy.

Dover, DE 19901

(Name and address of agent for service)

With a copy to:

John H. Lively, Esq.

The Law Offices of John H. Lively & Associates, Inc.

A member firm of The 1940 Act Law Group^TM

11300 Tomahawk Creek Parkway,

Suite 310

Leawood, KS 66221

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

Date of fiscal year end: 1/31

Date of reporting period: 7/31/17

Item 1. Reports to Stockholders.

Golub Group Equity Fund

Semi-Annual Report

July 31, 2017

Fund Adviser:

Golub Group, LLC

1850 Gateway Drive, Suite 100

San Mateo, CA 94404

Toll Free (866) 954-6682

Investment Results (Unaudited)

Average Annual Total Returns^(a)

(For the periods ended July 31, 2017)

	6 Months		1 Year		3 Year		5 Year		Since Inception (April 1, 2009)
Golub Group Equity Fund		8.09%		18.17%		9.22%		13.51%		14.49%
S&P 500® Index(b)		9.51%		16.04%		10.87%		14.78%		16.74%
Total annual operating expenses, as disclosed in the most recent Golub Group Equity Fund (the “Fund”) prospectus, dated May 31, 2017, were 1.38% of average daily net assets (1.26% after fee waivers/expense reimbursements by Golub Group, LLC (the “Adviser”)). The Adviser has contractually agreed to waive or limit its fees and assume other expenses of the Fund until May 31, 2018, so that Total Annual Fund Operating Expenses do not exceed 1.25%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board of Trustees of Valued Advisers Trust (the “Trust”), 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 generally accepted accounting principles, (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, incurred by the Fund 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 (“ETFs”), that have their own expenses. Each fee waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date in which the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the fee waiver or expense reimbursement.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (866) 954-6682.

^(a) Average annual total returns reflect any change in price per share and assume the reinvestment of all distributions. The Fund’s returns reflect any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for periods less than one year are not annualized.

^(b) The S&P 500^® Index (“Index”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the Index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

The Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling (866) 954-6682. Please read it carefully before investing.

The Fund is distributed by Unified Financial Securities, LLC, member FINRA/SIPC.

1

Fund Holdings (Unaudited)

^(a) As a percentage of net assets. As of July 31, 2017, the Fund held no securities in the Energy, Real Estate, Telecommunication Services and Utilities sectors.

The investment objective of the Fund is to provide long-term capital appreciation. A secondary objective is to provide current income.

Availability of Portfolio Schedule (Unaudited)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available at the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

2

Golub Group Equity Fund

Schedule of Investments (Unaudited)

July 31, 2017

Shares			Fair Value
	COMMON STOCKS – 86.48%
		Consumer Discretionary – 12.40%
	5,150	Chipotle Mexican Grill, Inc. *	$	1,770,416
	8,690	Expedia, Inc.		1,359,724
	53,330	General Motors Co.		1,918,813
	629	Priceline Group, Inc./The *		1,275,927
	8,720	Time Warner, Inc.		893,102
				7,217,982
		Consumer Staples – 2.95%
	39,015	Mondelez International, Inc., Class A		1,717,440
		Financials – 19.23%
	60,385	Bank of America Corp.		1,456,486
	33,075	Bank of New York Mellon Corp./The		1,753,967
	24,270	Berkshire Hathaway, Inc., Class B *		4,246,522
	38,110	Citigroup, Inc.		2,608,629
	20,850	Wells Fargo & Co.		1,124,649
				11,190,253
		Health Care – 12.56%
	13,020	Allergan PLC *		3,285,337
	21,670	Medtronic PLC		1,819,630
	25,875	Novartis AG ADR		2,204,550
				7,309,517
		Industrials – 15.27%
	37,420	Colfax Corp. *		1,544,698
	15,850	Deere & Co.		2,033,238
	74,550	Flowserve Corp.		3,066,241
	14,240	Stericycle, Inc. *		1,097,619
	6,865	W.W. Grainger, Inc.		1,144,670
				8,886,466
		Information Technology – 20.94%
	2,725	Alphabet, Inc., Class A *		2,576,488
	14,145	Apple, Inc.		2,103,786
	21,655	Cognizant Technology Solutions Corp., Class A *		1,501,125
	13,650	Fiserv, Inc. *		1,754,025
	30,405	Microsoft Corp.		2,210,444
	20,485	Visa, Inc., Class A		2,039,487
				12,185,355
		Materials – 3.13%
	76,150	Owens-Illinois, Inc. *		1,819,985
		Total Common Stocks (Cost $40,221,966)		50,326,998

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

3

Golub Group Equity Fund

Schedule of Investments (Unaudited) (continued)

July 31, 2017

Shares			Fair Value
	MONEY MARKET SECURITIES – 13.55%
	7,889,185	Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.91% (a)	$	7,889,185
		Total Money Market Securities (Cost $7,889,185)		7,889,185
		Total Investments – 100.03% (Cost $48,111,151)		58,216,183
		Liabilities in Excess of Other Assets – (0.03)%		(19,642	)
		NET ASSETS – 100.00%	$	58,196,541

(a) Rate disclosed is the seven day effective yield as of July 31, 2017.

* Non-income producing security.

ADR – American Depositary Receipt

The sectors shown on the schedule of investments are based on 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 the Administrator.

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

4

Golub Group Equity Fund

Statement of Assets and Liabilities (Unaudited)

July 31, 2017

Assets
Investments in securities at fair value (cost $48,111,151)	$	58,216,183
Receivable for fund shares sold		12,584
Dividends receivable		27,993
Prepaid expenses		5,304
Total Assets		58,262,064
Liabilities
Payable to Adviser		45,972
Payable to Administrator		7,453
Payable to trustees		141
Other accrued expenses		11,957
Total Liabilities		65,523
Net Assets	$	58,196,541
Net Assets consist of:
Paid-in capital	$	44,059,977
Accumulated undistributed net investment (loss)		(10,907	)
Accumulated undistributed net realized gain from investments		4,042,439
Net unrealized appreciation on investments		10,105,032
Net Assets	$	58,196,541
Shares outstanding (unlimited number of shares authorized, no par value)		3,026,087
Net asset value, offering and redemption price per share	$	19.23

5

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

Golub Group Equity Fund

Statement of Operations (Unaudited)

For the six months ended July 31, 2017

Investment Income
Dividend income (net of foreign taxes withheld of $10,742)	$	388,473
Total investment income		388,473
Expenses
Investment Adviser		281,448
Administration		26,612
Fund accounting		12,398
Transfer agent		9,922
Legal		8,526
Audit		8,480
Printing		6,441
Custodian		4,581
Registration		3,750
Insurance		3,596
Trustee		3,111
Miscellaneous		6,439
Total expenses		375,304
Fees contractually waived by Adviser		(23,351	)
Net operating expenses		351,953
Net investment income		36,520
Net Realized and Change in Unrealized Gain on Investments
Net realized gain on investment securities transactions		2,657,430
Net change in unrealized appreciation of investment securities		1,698,896
Net realized and change in unrealized gain on investments		4,356,326
Net increase in net assets resulting from operations	$	4,392,846

6

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

Golub Group Equity Fund

Statements of Changes in Net Assets

	For the Six Months Ended July 31, 2017 (Unaudited)			For the Year Ended January 31, 2017
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	36,520		$	110,307
Net realized gain on investment securities transactions		2,657,430			3,022,101
Net change in unrealized appreciation of investment securities		1,698,896			6,002,536
Net increase in net assets resulting from operations		4,392,846			9,134,944
Distributions From:
Net investment income		–			(131,250	)
Net realized gains		–			(3,821,429	)
Total distributions		–			(3,952,679	)
Capital Transactions
Proceeds from shares sold		2,777,745			5,753,373
Reinvestment of distributions		–			3,952,679
Amount paid for shares redeemed		(2,792,453	)		(5,009,373	)
Net increase (decrease) in net assets resulting from capital transactions		(14,708	)		4,696,679
Total Increase in Net Assets		4,378,138			9,878,944
Net Assets
Beginning of period		53,818,403			43,939,459
End of period	$	58,196,541		$	53,818,403
Accumulated undistributed net investment loss included in net assets at end of period	$	(10,907	)	$	(47,427	)
Share Transactions
Shares sold		150,030			337,776
Shares issued in reinvestment of distributions		–			223,189
Shares redeemed		(149,733	)		(288,628	)
Net increase in shares outstanding		297			272,337

7

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

Golub Group Equity Fund

Financial Highlights

(For a share outstanding during each period)

	For the Six Months Ended July 31, 2017 (Unaudited)			For the Year Ended January 31,
				2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period		$ 17.79			$ 15.96			$ 17.98			$ 17.94			$ 15.76			$ 14.00
Investment operations:
Net investment income		0.01			0.04			0.06			0.07			0.10	(a)		0.14	(a)
Net realized and unrealized gain on investments		1.43			3.18			0.11			1.54			3.09			2.12
Total from investment operations		1.44			3.22			0.17			1.61			3.19			2.26
Less distributions to shareholders from:
Net investment income		–			(0.05	)		(0.05	)		(0.07	)		(0.10	)		(0.14	)
Net realized gains		–			(1.34	)		(2.14	)		(1.50	)		(0.91	)		(0.36	)
Total distributions		–			(1.39	)		(2.19	)		(1.57	)		(1.01	)		(0.50	)
Net asset value, end of period		$ 19.23			$ 17.79			$ 15.96			$ 17.98			$ 17.94			$ 15.76
Total Return(b)		8.09	%(c)		20.21	%		0.42	%		8.74	%		20.20	%		16.34	%
Ratios and Supplemental Data:
Net assets, end of period (000)		$58,197			$53,818			$43,939			$46,249			$41,084			$32,517
Ratio of expenses to average net assets after expense waiver		1.25	%(d)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets before expense waiver		1.33	%(d)		1.37	%		1.40	%		1.39	%		1.45	%		1.57	%
Ratio of net investment income to average net assets after expense waiver		0.13	%(d)		0.22	%		0.34	%		0.33	%		0.58	%		0.95	%
Portfolio turnover rate		11.48	%(c)		26.59	%		42.99	%		34.45	%		29.83	%		16.79	%

(a) Net investment income per share is calculated by dividing net investment income by the average shares outstanding throughout the year.

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

(c) Not annualized.

(d) Annualized.

8

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

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited)

July 31, 2017

NOTE 1 – ORGANIZATION

The Golub Group Equity Fund (the “Fund”) was organized as an open-end diversified series of Valued Advisers Trust (the “Trust”) 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”) 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 Golub Group, LLC (the “Adviser”). The investment objective of the Fund is to provide long-term capital appreciation. A secondary objective is to provide current income.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification 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.

Securities Valuation – All investments in securities are recorded at their estimated fair value as described in Note 3.

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 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, 2017, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended July 31, 2017, the Fund did not incur any interest or penalties.

9

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited) (continued)

July 31, 2017

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

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

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 in the components of the 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 values per share of the Fund.

NOTE 3 – SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly 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 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, for example, 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 from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market

10

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited) (continued)

July 31, 2017

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.

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 the ending net asset value (“NAV”) provided by the pricing service of the funds. These securities are categorized as Level 1 securities.

In accordance with the Trust’s 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 standard 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 an issue of securities being valued by the Adviser would appear to be the amount that the owner might reasonably

11

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited) (continued)

July 31, 2017

expect to receive for them upon their current sale. Methods which 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 July 31, 2017:

	Valuation Inputs
Assets	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	50,326,998	$	–	$	–	$	50,326,998
Money Market Securities		7,889,185		–		–		7,889,185
Total	$	58,216,183	$	–	$	–	$	58,216,183

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

The Fund did not hold any investments during the reporting period for which other significant observable inputs (Level 2) were used in determining fair value. The Fund did not hold any investments during 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.

The Trust recognizes transfers between fair value hierarchy levels at the end of the reporting period. There were no transfers between any levels as of July 31, 2017 based on input levels assigned at January 31, 2017.

NOTE 4 – FEES AND OTHER TRANSACTIONS WITH AFFILIATES

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 is obligated to pay 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, 2017, the Adviser earned a fee of $281,448 from the Fund before the waivers described below. At July 31, 2017, the Fund owed the Adviser $45,972.

The Adviser has contractually agreed to waive or limit its fee and reimburse certain Fund operating expenses, until May 31, 2018, so that the ratio of total annual operating

12

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited) (continued)

July 31, 2017

expenses does not exceed 1.25%. 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, incurred by the Fund 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 ETFs, closed-end funds and money market funds that have their own expenses. For the six months ended July 31, 2017, the Adviser waived fees of $23,351. Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within three fiscal years following the date in which that particular waiver or 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 and any expense limitation in place at the time of repayment. As of July 31, 2017, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements in the amount of $219,584 from the Fund no later than July 31, 2020.

The Trust retains Ultimus Asset Services, LLC (the “Administrator”) to provide the Fund with administration and compliance, fund accounting, and transfer agent services, including all regulatory reporting. For the six months ended July 31, 2017, The Administrator earned fees of $26,612 for administration services, $12,398 for fund accounting services and $9,922 for transfer agent services. At July 31, 2017, the Fund owed the Administrator $7,453 for such services.

The officers and one trustee of the Trust are members of management and/or employees of the Administrator. Unified Financial Securities, LLC (the “Distributor”) acts as the principal distributor of the Fund’s shares. Certain officer of the Trust are officers of the Distributor and each such person may be deemed to be an affiliate of the Distributor.

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940 (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

13

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited) (continued)

July 31, 2017

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 and will not be activated prior to May 31, 2018.

There were no payments made by the Fund to the Distributor during the six months ended July 31, 2017.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the six months ended July 31, 2017, purchases and sales of investment securities, other than short-term investments and short-term U.S. government obligations, were as follows:

Purchases	Sales
$5,618,639	$	7,459,403

There were no purchases or sales of long-term U.S. government obligations during the six months ended July 31, 2017.

NOTE 6 – BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At July 31, 2017, Charles Schwab & Co., Inc. (“Schwab”) owned, as record shareholder, 96% of the outstanding shares of the Fund. It is not known whether Schwab or any of the underlying beneficial owners owned or controlled 25% or more of the voting securities of the Fund.

NOTE 7 – FEDERAL TAX INFORMATION

At July 31, 2017, the net unrealized appreciation (depreciation) of investments for tax purposes was as follows:

Gross Appreciation	$	11,341,827
Gross (Depreciation)		(1,237,314	)
Net Appreciation on Investments	$	10,104,513

At July 31, 2017, the aggregate cost of securities for federal income tax purposes was $48,111,670.

14

Golub Group Equity Fund

Notes to the Financial Statements (Unaudited) (concluded)

July 31, 2017

The tax characterization of distributions for the fiscal year ended January 31, 2017 was as follows:

Distributions paid from:
Ordinary Income(a)	$	652,727
Long-Term Capital Gain		3,299,952
	$	3,952,679

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

At January 31, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed long-term capital gains	$	1,385,528
Accumulated capital and other losses		(47,427	)
Unrealized appreciation (depreciation)		8,405,617
	$	9,743,718

At January 31, 2017, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund deferred losses as follows:

Qualified Late Year
Ordinary Loss

$47,427

NOTE 8 – COMMITMENTS AND CONTINGENCIES

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

NOTE 9 – SUBSEQUENT EVENT

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date 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.

15

Summary of Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period, and held for the six month period from February 1, 2017 to July 31, 2017.

Actual Expenses

The first line of the table provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purpose

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value February 1, 2017		Ending Account Value July 31, 2017		Expenses Paid During the  Period(a)
Actual	$	1,000.00	$	1,080.90	$	6.45
Hypothetical(b)	$	1,000.00	$	1,018.60	$	6.26

^(a) Expenses are equal to the Fund’s annualized net expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 181/365.

^(b) Assumes a 5% return before expenses.

16

March 9, 2017

FACTS WHAT DOES VALUED ADVISERS TRUST DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◾   Social Security number ◾   account balances and account transactions ◾    account transactions, transaction or loss history and purchase history ◾   checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Valued Advisers Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Valued Advisers Trust share?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes
For our marketing purposes — to offer our products and services to you	Yes
For joint marketing with other financial companies	No
For our affiliates’ everyday business purposes — information about your transactions and experiences	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No
For nonaffiliates to market to you	No

Questions? Call 1-866-954-6682.

17

Page 2

Who we are
Who is providing this notice?	Valued Advisers Trust
What we do
How does Valued Advisers Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Valued Advisers Trust collect my personal information?	We collect your personal information, for example, when you ◾    open an account or deposit money ◾   buy securities from us or sell securities to us ◾   make deposits or withdrawals from your account or provide account information ◾    give us your account information ◾   make a wire transfer ◾   tell us who receives the money ◾    tell us where to send the money ◾   show your government-issued ID ◾   show your driver’s license
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾    sharing for affiliates’ everyday business purposes — information about your creditworthiness ◾    affiliates from using your information to market to you ◾   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾   Valued Advisers Trust does not share your personal information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾   Valued Advisers Trust doesn’t jointly market financial products or services to you.

18

PROXY VOTING

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, is available without charge upon request by (1) calling the Fund at (866) 954-6682 and (2) from Fund documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.

TRUSTEES

Andrea N. Mullins, Chairperson

Ira P. Cohen

Mark J. Seger

OFFICERS

Bo J. Howell, Principal Executive Officer and President

Bryan W. Ashmus, Principal Financial Officer and Treasurer

John C. Swhear, Chief Compliance Officer and Vice-President

Carol J. Highsmith, Vice President and Secretary

Matthew J. Miller, Vice President

Stephen L. Preston, Anti-Money Laundering Compliance Officer

INVESTMENT ADVISER

Golub Group, LLC

1850 Gateway Drive, Suite 100

San Mateo, CA 94404

DISTRIBUTOR

Unified Financial Securities, LLC

9465 Counselors Row, Suite 200

Indianapolis, IN 46240

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

The Law Offices of John H. Lively & Associates, Inc.,

A member firm of The 1940 Act Law Group^TM

11300 Tomahawk Creek Pkwy, Suite 310

Leawood, KS 66211

CUSTODIAN

Huntington National Bank

41 South High St.

Columbus, OH 43215

ADMINISTRATOR, TRANSFER AGENT AND FUND ACCOUNTANT

Ultimus Asset Services, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

This report is intended only for the information of shareholders or those who have received the Fund’s prospectus which contains information about the Fund’s management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Unified Financial Securities, LLC

Member FINRA/SIPC

Item 2. Code of Ethics. NOT APPLICABLE- disclosed with annual report

Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report

Item 4. Principal Accountant Fees and Services. NOT APPLICABLE- disclosed with annual report

Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only

Item 6. Schedule of Investments. Schedules filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to a Vote of Security Holders.

The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant’s board of trustees are contained in the statement of additional information of the Trust with respect to the Fund(s) for which this Form N-CSR is being filed.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of 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 12. Exhibits.

(a)(1)	Not Applicable – filed with annual report
(2)	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.
(3)	Not Applicable
(b)	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

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.

(Registrant)        Valued Advisers Trust    

By         /s/ Bo J. Howell                                      

             Bo J. Howell, President and Principal Executive Officer

Date     10/04/2017                       

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By         /s/ Bo J. Howell                                      

             Bo J. Howell, President and Principal Executive Officer

Date       10/04/2017                     

By         Bryan W. Ashmus                      

                Bryan W. Ashmus, Treasurer and Principal Financial Officer

Date        10/04/2017