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      Valued Advisers Trust
      811-22208
      0001437249
      549300W12YUPFS7QVT86
      225 Pictoria Drive
      Suite 450
      Cincinnati
      45246-1617
      US-OH
      US
      513-587-3400
      
        
      
      
        
          Ultimus Fund Solutions, LLC
          225 Pictoria Drive
          Suite 450
          Cincinnati
          
          45246-1617
          513-587-3400
          Books and records related to transfer agent, fund accounting, and fund administration services
        
        
          Prospector Partners, LLC
          370 Church St
          Guilford
          
          06437-2004
          203 458-1500
          Books and records related to advisory services
        
        
          Long Short Advisors, LLC
          3330 Fairchild Gardens Avenue
          Suite 30428
          Palm Beach Gardens
          
          33410-3236
          215-399-9409
          Books and records related to advisory services
        
        
          Bradley, Foster & Sargent, Inc.
          185 Asylum St
          11th Floor
          Hartford
          
          06103-3408
          860-527-8050
          Books and records related to advisory services
        
        
          US Bank National Association
          425 Walnut Street
          N/A
          Cincinnati
          
          45202-3956
          513-455-8102
          Books and records related to custody services
        
        
          Huntington National Bank
          41 South High Street
          N/A
          Columbus
          
          43215-3406
          800-322-4600
          Books and records related to custody services
        
        
          Ultimus Fund Distributors, LLC
          225 Pictoria Drive
          Suite 450
          Cincinnati
          
          45246-1617
          513-587-3400
          Books and records related to distribution services
        
      
      N
      N
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      15
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          Mark J. Seger
          001663313
          Y
          
            
          
        
        
          Ira P. Cohen
          001657889
          N
          
            
            
            
            
            
            
            
          
        
        
          Andrea N. Mullins
          002081957
          N
          
            
            
            
            
            
            
            
          
        
      
      
        
          Lynn Bowley
          N/A
          4221 North 203 Street
          Suite 100
          Elkhorn
          
          68022
          XXXXXX
          Y
          
            
          
        
      
      N
      N
      N
      N
      
      N
      
        
      
      
        
          Ultimus Fund Distributors, LLC
          008-52643
          000104177
          N/A
          
          N
        
      
      N
      
        
          Cohen and Company, Ltd.
          925
          N/A
          
        
      
      N
      N
      N
      N
      N
      N
      N
    
    
      
        LS Opportunity Fund
        S000029069
        549300QQ64C1N4236K79
        N
        1
        0
        0
        
          
        
        N/A
        N
        N
        N
        N
        N/A
        0.00000000
        0.00000000
        N/A
        Y
        Y
        Y
        N
        
          
            Long Short Advisors, LLC
            801-71538
            000153632
            N/A
            
            N
          
        
        
          
            Prospector Partners, LLC
            801-64500
            000123546
            N/A
            N
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            84-05829
            N/A
            
            N
            N
          
        
        N
        
          
            Ice Data Pricing & Reference Data, LLC
            5493000NQ9LYLDBCTL34
            N/A
            
            N
          
        
        N
        
          
            U.S. Bank
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC File number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC File number
            
            N
            N
          
        
        N
        
          
            Jefferies LLC
            008-15074
            000002347
            58PU97L1C0WSRCWADL48
            
            2762.20000000
          
          
            CitiGroup Global Markets, Inc.
            008-8177
            000007059
            MBNUM2BPBDO7JBLYG310
            
            4765.84000000
          
          
            Keefe, Bruyette, & Woods, Inc.
            008-10888
            000000481
            549300OM47DQV01G4854
            
            16209.46000000
          
          
            Stifel Nicolaus & Company
            008-1447
            000000793
            5WUVMA08EYG4KEUPW589
            
            11422.56000000
          
          
            Dowling & Partners Securities, LLC
            008-35658
            000024746
            254900NTPWGHA2OLDV63
            
            8564.45000000
          
          
            Piper Sandler Companies
            008-15204
            000000665
            QUQDBTUSOAKFEVMRMF78
            
            7439.20000000
          
          
            Raymond James & Associates, Inc.
            008-10999
            000000705
            U4ONQX15J3RO8XCKE979
            
            10727.52000000
          
          
            Morgan Stanley & Co., LLC
            008-15869
            000008209
            9R7GPTSO7KV3UQJZQ078
            
            26535.11000000
          
          
            Janney Montgomery Scott, LLC
            008-462
            000000463
            549300QQRY1JCFQHYS08
            
            5717.95000000
          
          
            J.P. Morgan Securities, LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            5994.80000000
          
        
        113630.10000000
        
          
            J.P. Morgan Securities, LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            17625.00000000
          
        
        17625.00000000
        Y
        137767849.53000000
        N
        N
        N
        N
      
      
        BFS Equity Fund
        S000042102
        549300N4OZTGIF06QO32
        N
        0
        0
        0
        
          
        
        N/A
        N
        N
        N
        N
        N/A
        0.00000000
        0.00000000
        N/A
        Y
        Y
        Y
        N
        
          
            Bradley, Foster & Sargent, Inc.
            801-46616
            000106928
            N/A
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            84-05829
            N/A
            
            N
            N
          
        
        N
        
          
            Ice Data Pricing & Reference Data, LLC
            5493000NQ9LYLDBCTL34
            N/A
            
            N
          
        
        N
        
          
            Huntington National Bank
            2WHM8VNJH63UN14OL754
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC File number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC File number
            
            N
            N
          
        
        N
        
          
            Evercore Group, LLC
            008-49830
            000042405
            5493008F0LRLS5N8LZ81
            
            570.00000000
          
          
            Charles Schwab & Co. Inc.
            008-16514
            000005393
            549300ZP8XN77GK5BS04
            
            25.00000000
          
          
            J.P. Morgan Securities, LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            4755.00000000
          
          
            Needham & Company
            008-33772
            000016360
            254900J2GFQ4J4NK1J89
            
            750.00000000
          
          
            Fidelity Brokerage Services, LLC
            008-23292
            000007784
            549300OQFQ4NFIOD5695
            
            30.00000000
          
          
            Sanford C. Bernstein & Co., LLC
            008-52942
            000104474
            549300I7JYZHT7D5CO04
            
            6638.84000000
          
        
        12768.84000000
        
          
            Sanford C. Bernstein & Co., LLC
            008-52942
            000104474
            549300I7JYZHT7D5CO04
            
            52061.43000000
          
          
            Charles Schwab & Co. Inc.
            008-16514
            000005393
            549300ZP8XN77GK5BS04
            
            4975066.60000000
          
        
        5027128.03000000
        N
        51161761.22000000
        N
        N
        N
        N
      
    
    
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of BFS Equity and Board of Trustees of Valued Advisers Trust

In planning and performing our audit of the financial statements of BFS Equity Fund (the “Fund”), a series of Valued Advisers Trust, as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Cohen & Company, LTD

COHEN & COMPANY, LTD.

Cleveland, Ohio July 26, 2022

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of LS Opportunity Fund and Board of Trustees of Valued Advisers Trust

In planning and performing our audit of the financial statements of LS Opportunity Fund (the “Fund”), a series of Valued Advisers Trust, as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Cohen & Company, LTD

COHEN & COMPANY, LTD.

Cleveland, Ohio July 26, 2022