Troutman Pepper Hamilton Sanders LLP 3000 Two Logan Square, Eighteenth and Arch Streets Philadelphia, PA 19103-2799   troutman.com

 

Terrance James Reilly

D 215.981.4689

terrance.reilly@troutman.com

May 25, 2021

VIA EDGAR TRANSMISSION

U. S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:     BFS Equity Fund

1933 Act Registration No. 333-151672

1940 Act Registration No. 811-22208

Ladies and Gentlemen:

Pursuant to the requirements of Rule 14a-6(a) under the Securities Exchange Act of 1934, submitted electronically via EDGAR is a preliminary copy of the Notice of Meeting, Proxy Statement and Proxy Card to be furnished to shareholders of the BFS Equity Fund (the “Fund”), a series portfolio of Valued Advisers Trust (the “Trust”), in connection with a Special Meeting of Shareholders of the Fund to be held on July 8, 2021 (the “Special Meeting”). At the Special Meeting, shareholders of the Fund will be asked to approve a new investment advisory agreement between the Trust, on behalf of the Fund, and Bradley, Foster & Sargent, Inc. The Trust anticipates that the definitive proxy materials will be sent on or about June 8, 2021 to shareholders of record on May 14, 2021.

If you have any questions or comments with respect to this filing, please do not hesitate to contact me directly at (215) 981-4689.

Very truly yours,

/s/ TERRANCE JAMES REILLY

Terrance James Reilly

cc:       Adam Kornegay, President of Valued Advisers Trust

Carol Highsmith, Secretary of Valued Advisers Trust

John M. Ford, Esq.

Enclosures