UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22208

Valued Advisers Trust

(Exact name of registrant as specified in charter)

Huntington Asset Services, Inc. 2960 N. Meridian Street, Suite 300 Indianapolis, IN 46208

(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

2041 W. 141^st Terrace

Suite 119

Leawood, KS 66224

Registrant’s telephone number, including area code: 317-917-7000

Date of fiscal year end: 5/31

Date of reporting period: 2/28/2011

Item 1. Schedule of Investments.

LS Opportunity Fund

Schedule of Investments

February 28, 2011

(Unaudited)

	Shares		Fair Value
Common Stocks - Long - Domestic - 72.52%
Consumer Discretionary - 23.69%
Goodyear Tire & Rubber Co. / The (a)		15,737	$	223,151
Liberty Global, Inc. - Class A (a)		4,353		183,261
Liberty Media Corp. - Capital - Series A (a)		21,880		1,587,613
Liberty Media Corp. - Interactive - Class A (a)		19,560		314,134
Liberty Media-Starz - Series A (a)		3,430		240,786
Tenneco, Inc. (a)		5,345		213,159
Tiffany & Co.		1,013		62,350
Time Warner, Inc.		9,057		345,977
Visteon Corp. (a)		2,195		162,320
				3,332,751
Energy - 11.15%
Anadarko Petroleum Corp.		6,657		544,742
Baker Hughes, Inc.		4,589		326,049
Cheniere Energy, Inc. (a)		10,975		113,921
CONSOL Energy, Inc.		4,055		205,629
EQT Corp.		3,161		155,837
Kinder Morgan, Inc. (a)		3,527		107,574
RigNet, Inc. (a)		3,682		54,125
Williams Companies, Inc. / The		2,013		61,115
				1,568,992
Financials - 3.14%
Citigroup, Inc. (a)		67,835		317,468
Discover Financial Services		5,712		124,236
				441,704
Health Care - 5.77%
Affymax, Inc. (a)		15,151		96,663
Anacor Pharmaceuticals, Inc. (a)		7,464		59,190
Baxter International, Inc.		4,576		243,214
Complete Genomics, Inc. (a)		3,442		25,127
Medco Health Solutions, Inc. (a)		3,129		192,872
UnitedHealth Group, Inc.		4,578		194,931
				811,997
Industrials - 9.05%
Crane Co.		1,564		73,883
DigitalGlobe, Inc. (a)		8,593		277,382
Eaton Corp.		3,311		366,793
Lockheed Martin Corp.		2,861		226,477
Navistar International Corp. (a)		3,804		235,772
SeaCube Container Leasing, Ltd.		6,206		93,214
				1,273,521
Information Technology - 8.01%
Aeroflex Holding Corp. (a)		1,008		19,807
Avid Technology, Inc. (a)		5,249		115,793
BroadSoft, Inc. (a)		3,307		116,737
Finisar Corp. (a)		4,017		164,777
ON Semiconductor Corp. (a)		10,208		113,819
QUALCOMM, Inc.		9,043		538,782
Teradyne, Inc. (a)		3,051		56,840
				1,126,555
Materials - 10.14%
Cliffs Natural Resources, Inc.		2,136		207,342
Innospec, Inc. (a)		5,038		135,069
Monsanto Co.		2,024		145,505
Mosaic Co. / The		5,047		433,285
Rock-Tenn Co. - Class A		4,083		280,298
Solutia, Inc. (a)		9,682		224,719
				1,426,218
Telecommunication Services - 1.57%
American Tower Corp. - Class A (a)		4,095		220,966
TOTAL COMMON STOCKS - LONG - DOMESTIC				10,202,704

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

LS Opportunity Fund

Schedule of Investments

February 28, 2011

(Unaudited)

	Shares		Fair Value
Common Stocks - Long - International - 9.69%
Consumer Staples - 0.43%
Adecoagro S.A. (a)		5,032	$	61,290
Energy - 1.74%
Petroleo Brasileiro S.A. (b)		2,195		87,427
Suncor Energy, Inc.		2,195		103,209
Teekay Tankers, Ltd. - Class A		5,054		54,027
				244,663
Health Care - 1.56%
Nordion, Inc. (a)		2,013		23,129
Warner Chilcott PLC - Class A		8,275		195,952
				219,081
Information Technology - 3.35%
Alcatel-Lucent (a) (b)		30,373		148,828
Allot Communications, Ltd. (a)		4,134		65,875
Avago Technologies, Ltd.		4,661		158,427
NXP Semiconductors NV (a)		3,071		98,118
				471,248
Materials - 2.61%
AbitibiBowater, Inc. (a)		4,047		113,276
Lynas Corp. Ltd. (a)		127,766		253,703
				366,979
TOTAL COMMON STOCKS - LONG - INTERNATIONAL				1,363,261
TOTAL COMMON STOCKS - LONG - DOMESTIC & INTERNATIONAL (Cost $10,246,151)				11,565,965
Master Limited Partnerships - 3.58%
Williams Partners LP		9,727		504,442
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $428,450)				504,442
Investment Companies - 0.94%
ETFS Palladium Trust (a)		1,660		131,870
TOTAL INVESTMENT COMPANIES (Cost $135,816)				131,870
TOTAL INVESTMENTS - LONG - (Cost $10,810,417) - 86.73%			$	12,202,277
Other assets less liabilities - 13.27%				1,867,091
TOTAL NET ASSETS - 100%			$	14,069,368

(a) Non-income producing

(b) American Depositary Receipt.

Tax Related (Excludes Short Securities)
Unrealized appreciation	1,454,829
Unrealized depreciation	(62,969	)
Net unrealized appreciation (depreciation)	1,391,860
Aggregate cost of securities for income tax purposes	10,810,417

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

LS Opportunity Fund

Schedule of Securities Sold Short

February 28, 2011

(Unaudited)

	Shares		Fair Value
Securities Sold Short - Domestic - (7.87%)
Consumer Discretionary
Dollar General Corp. (a)		695	$	19,634
DreamWorks Animation SKG, Inc. - Class A (a)		1,780		49,164
Leggett & Platt, Inc.		1,419		32,722
McDonald’s Corp.		1,091		82,567
Mohawk Industries, Inc. (a)		548		31,844
Sirius XM Radio, Inc. (a)		57,657		104,359
Whirlpool Corp.		960		79,200
				399,490
Consumer Staples
Energizer Holdings, Inc. (a)		817		54,600
Sanderson Farms, Inc.		935		38,662
				93,262
Energy
Marathon Oil Corp.		818		40,573
Murphy Oil Corp.		1,202		88,383
Sunoco, Inc.		818		34,242
				163,198
Financials
Federated Investors, Inc. - Class B		961		26,485
Health Care
Johnson & Johnson		1,190		73,114
Owens & Minor, Inc.		1,249		38,969
St. Jude Medical, Inc. (a)		521		24,946
				137,029
Industrials
Corporate Executive Board Co. / The		544		21,798
Fastenal Co.		576		35,787
Iron Mountain, Inc.		543		14,118
				71,703
Information Technology
Akamai Technologies, Inc. (a)		1,676		62,900
Cree, Inc. (a)		515		27,125
FLIR Systems, Inc.		832		26,874
GSI Commerce, Inc. (a)		1,372		28,524
Intel Corp.		1,092		23,445
RF Micro Devices, Inc. (a)		1,099		8,242
Tellabs, Inc.		2,224		11,987
				189,097
Materials
Ecolab, Inc.		551		26,801
TOTAL SECURITIES SOLD SHORT - DOMESTIC				1,107,065

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

LS Opportunity Fund

Schedule of Securities Sold Short

February 28, 2011

(Unaudited)

	Shares		Fair Value
Securities Sold Short - International - (1.10%)
Consumer Staples
Diageo plc (b)		382	$	29,895
Information Technology
Nokia Corp. (b)		2,320		20,022
Logitech International S.A (a)		546		10,303
Wipro, Ltd. (b)		575		7,567
				37,892
Materials
ArcelorMittal (c)		402		14,741
Vale SA (b)		2,091		71,575
				86,316
TOTAL SECURITIES SOLD SHORT - INTERNATIONAL				154,103
Investment Companies - (12.80%)
iShares Barclays 20+ Year Treasury Bond Fund		844		77,986
iShares MSCI Emerging Markets Index		822		37,639
iShares Russell 2000 Index Fund		548		45,084
Powershares QQQ Trust, Series 1		8,029		463,835
SPDR S&P 500 ETF Trust		8,833		1,176,114
TOTAL INVESTMENT COMPANIES				1,800,658
TOTAL SECURITIES SOLD SHORT - DOMESTIC, INTERNATIONAL, &INVESTMENT COMPANIES (PROCEEDS RECEIVED $2,828,987) - (21.77%)				3,061,826

(a) Non-income producing.

(b) American Depositary Receipt.

(c) New York Registered

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

LS Opportunity Fund

Related Notes to the Schedule of Investments

February 28, 2011

(Unaudited)

Security Transactions and Related Income - The Fund follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions from Limited Partnerships are recognized on the ex-date. Income or loss from Limited Partnerships is reclassified in the components of net assets upon receipt of K-1’s. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. 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. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in a specific country or region.

Short Sales - The Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board of Trustees, or otherwise cover its position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short are not covered under the Advisor’s expense limitation agreement with the Fund and, therefore, these expenses will be borne by the shareholders of the Fund.

Securities Valuation and Fair Value Measurements - Fair value is defined as the price that a 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. Accounting principles generally accepted in the United States of America (“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, for example, the risk inherent in a particular valuation technique used to measure fair value including such 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 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 – quoted prices in active markets for identical securities

• 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)

LS Opportunity Fund

Related Notes to the Schedule of Investments

February 28, 2011

(Unaudited)

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, including common stocks, exchange-traded funds, American Depositary Receipts, and limited partnerships are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security is classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security is classified as a Level 2 security. When market quotations are not readily available, when the Fund determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Fund, in conformity with guidelines adopted by and subject to review by the Board. These securities are categorized as Level 3 securities.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds. These securities are categorized as Level 1 securities.

Fixed income securities that are valued using market quotations in an active market will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Fund decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Fund, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

In accordance with the Trust’s good faith pricing guidelines, the Fund 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 Fund would appear to be the amount which the owner might reasonably 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 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. Good faith pricing is permitted if, in the Fund’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 Fund is aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in instances when the bonds the Fund invest in may default or otherwise cease to have market quotations readily available. Any fair valuation pricing done outside the Fund’s approved pricing methods must be approved by the Pricing Committee of the Board.

LS Opportunity Fund

Related Notes to the Schedule of Investments

February 28, 2011

(Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of February 28, 2011:

	Valuation Inputs
Investments	Level 1 - Quoted Prices in Active Markets		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks - Long*	$	11,565,965	$	—	$	—	$	11,565,965
Master Limited Partnerships		504,442		—		—		504,442
Investment Companies		131,870		—		—		131,870
Total		$12,202,277	$	—	$	—	$	12,202,277

* Refer to the Schedule of Investments for industry classifications.

	Valuation Inputs
Liabilities	Level 1 - Quoted Prices in Active Markets		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Securities Sold Short	$	3,061,826	$	—	$	—	$	3,061,826
Total	$	3,061,826	$	—	$	—	$	3,061,826

The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs 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. There were no significant transfers between Levels 1 and 2 during the reporting period.

Item 2. Controls and Procedures.

(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of April 27, 2011, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-Q is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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/ R. Jeffrey Young
	R. Jeffrey Young, President and Principal Executive Officer
Date	4/21/11

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/ R. Jeffrey Young
	R. Jeffrey Young, President and Principal Executive Officer
Date	4/21/11
By	/s/ William J. Murphy
	William J. Murphy, Treasurer and Principal Financial Officer
Date	4/25/11