Valued Advisers Trust

Angel Oak Multi-Strategy Income Fund

Supplement to the Prospectus

dated July 11, 2012

Supplement dated August 31, 2012

LOWER EXPENSE LIMITATION

Effective September 1, 2012, the Fund’s adviser contractually has agreed to lower the Fund’s expense cap from 1.50% to 0.99%. The contractual agreement is in effect through August 31, 2013. Accordingly, the fee tables found in the Fund’s prospectus dated July 11, 2012 are hereby replaced with the fee tables below.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $25,000 in Class A shares of the Fund. More information about these and other discounts or waivers is available from your financial professional and in the section “How to Buy Shares — Sales Charges” on page 12 of this prospectus.

Shareholder fees (fees paid directly from your investment)

	Class A Shares			Class C Shares			Institutional Class
Maximum Sales Charge (load) Imposed on Purchases		5.75	%		None			None
(as a % of offering price)
Maximum Deferred Sales Charge (load)		None			1.00	%1		None
(as a % of amount redeemed)
Fee for Redemptions Paid by Wire	$	15.00		$	15.00		$	15.00

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	1.50	%	1.50	%	1.50	%
Distribution and Service (12b-1) Fees	0.25	%	1.00	%	0.00	%
Other Expenses	1.63	%	1.63	%2	1.63	%2
Acquired Fund Fees and Expenses3	0.04	%	0.04	%	0.04	%
Total Annual Fund Operating Expenses4	3.42	%	4.17	%	3.17	%
Fee Waiver/Expense Reimbursement	(1.94	)%	(1.94	)%	(1.94	)%
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement5	1.48	%	2.23	%	1.23	%

¹  The Fund charges this fee on Class C shares redeemed within one year of purchase.

²  Estimated for the first year of operations.

³  Acquired Fund Fees and Expenses are estimated. These fees are expected to increase as compared to the Fund’s prior fiscal year, due to the Fund’s change in investment strategy.

⁴  Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights. The information in the Financial Highlights reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

⁵  Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement have been restated to reflect that, effective September 1, 2012, the Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until August 31, 2013, so that Total Annual Fund Operating Expenses does not exceed 0.99%. This operating expense limitation does not apply to brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, 12b-1 fees; extraordinary expenses and indirect expenses (such as “acquired funds fees and expenses”). Prior to September 1, 2012, the expense cap was 1.50%. The Adviser may be entitled to the reimbursement of any fees waived or expenses reimbursed pursuant to the agreement provided overall expenses fall below the limitations set forth above. The Adviser may recoup the sum of all fees previously waived or expenses reimbursed during any of the previous three (3) years, less any reimbursement previously paid, provided total expenses do not exceed the limitation set forth above. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board of Trustees of the Fund, and it will automatically terminate upon the termination of the investment advisory agreement between the Fund and the Adviser.

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ELIMINATION OF DEALER COMMISSION AND CONTINGENT DEFERRED SALES CHARGE – CLASS A SHARES

The Fund is eliminating the dealer commission paid on certain Class A sales. There is no initial sales charge on purchases of Class A shares of $1 million or more, or purchases by qualified retirement plans with at least 200 employees. Effective with such purchases made on or after September 10, 2012, the dealer of record will no longer receive a commission on those sales. Also effective with such purchases made on or after September 10, 2012, the Fund is eliminating the 1.00% contingent deferred sales charge imposed if those Class A shares are redeemed within eighteen months of their purchase. In the case of such Class A purchases made at net asset value prior to September 10, 2012, for which a dealer commission was paid, the contingent deferred sales charge will still apply.

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This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated July 11, 2012 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (877) 625-3042.

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