497

Huntington Asset Services, Inc.

2960 N. Meridian St., Suite 300

Indianapolis, IN 46208

February 27, 2013

EDGAR CORRESPONDENCE

Securities & Exchange Commission

Division of Investment Management

450 5^th Street, NW

Washington, DC 20549

Re: Valued Advisers Trust (“Registrant”), SEC File No. 333-151672

Ladies and Gentlemen:

On behalf of the Registrant, attached herewith for filing pursuant to paragraph (e) of Rule 497 under the Securities Act of 1933, as amended (the “1933 Act”), please find exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in a supplement, February 4, 2013, to the Prospectus for the LS Opportunity Fund.

If you have any questions or would like further information, please contact me at (317) 917-7029.

Sincerely,

/s/ Carol J. Highsmith

Carol J. Highsmith

Vice President

XML

Valued Advisers Trust

LS Opportunity Fund

Supplement to the Prospectus

dated September 28, 2012

Supplement dated February 4, 2013

The Board of Trustees (“Board”) of the Valued Advisers Trust (the “Trust”) has approved a change to the expense limitation arrangements currently in place for the Fund, which will be effective immediately.

LOWER EXPENSE LIMITATION

Effective February 4, 2013, the Fund’s adviser contractually has agreed to lower the Fund’s expense cap from 2.50% to 1.95% and extend the term of the expense limitation agreement such that the new contractual agreement is in effect through September 30, 2014. Accordingly, the section of the Fund’s prospectus dated September 28, 2012 labeled “SUMMARY SECTION – Fees and Expenses of the Fund” is hereby deleted in its entirety and replaced with the following:

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.

Shareholder fees (fees paid directly from your investment)
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase)				2.00	%
Fee for Redemptions Paid by Wire			$	15.00
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees				1.75	%
Distribution and Service (12b-1) Fees				0.00	%
Other Expenses				1.32	%
Interest and Dividend Expenses	0.66	%
Other Expenses	0.66	%
Acquired Fund Fees and Expenses				0.00	%
Total Annual Fund Operating Expenses				3.07	%
Expenses Waived and/or Reimbursed1				(1.11	)%
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements				1.96	%

1. Effective February 4, 2013, the Adviser has agreed to amend its existing expense limitation agreement. Under the terms of the amended expense limitation agreement, the Adviser will waive its fees and/or reimburse other expenses of the Fund until September 30, 2014, so that Total Annual Fund Operating Expenses does not exceed 1.95%. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, dividend expense on short sales, expenses incurred under a Rule 12b-1 plan of distribution, “acquired fund fees and expenses,” and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Prior to February 4, 2013, the expense cap was 2.50%. 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 agreement may only be terminated by mutual consent of the Adviser and the Fund.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

VALUED ADVISERS TRUST

Prospectus Date

rr_ProspectusDate

Sep. 28, 2012

Supplement [Text Block]

vat14_SupplementTextBlock

Valued Advisers Trust

LS Opportunity Fund

Supplement to the Prospectus

dated September 28, 2012

Supplement dated February 4, 2013

The Board of Trustees (“Board”) of the Valued Advisers Trust (the “Trust”) has approved a change to the expense limitation arrangements currently in place for the Fund, which will be effective immediately.

LOWER EXPENSE LIMITATION

Effective February 4, 2013, the Fund’s adviser contractually has agreed to lower the Fund’s expense cap from 2.50% to 1.95% and extend the term of the expense limitation agreement such that the new contractual agreement is in effect through September 30, 2014. Accordingly, the section of the Fund’s prospectus dated September 28, 2012 labeled “SUMMARY SECTION – Fees and Expenses of the Fund” is hereby deleted in its entirety and replaced with the following:

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.

Shareholder fees (fees paid directly from your investment)
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase)				2.00	%
Fee for Redemptions Paid by Wire			$	15.00
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees				1.75	%
Distribution and Service (12b-1) Fees				0.00	%
Other Expenses				1.32	%
Interest and Dividend Expenses	0.66	%
Other Expenses	0.66	%
Acquired Fund Fees and Expenses				0.00	%
Total Annual Fund Operating Expenses				3.07	%
Expenses Waived and/or Reimbursed1				(1.11	)%
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements				1.96	%

1. Effective February 4, 2013, the Adviser has agreed to amend its existing expense limitation agreement. Under the terms of the amended expense limitation agreement, the Adviser will waive its fees and/or reimburse other expenses of the Fund until September 30, 2014, so that Total Annual Fund Operating Expenses does not exceed 1.95%. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, dividend expense on short sales, expenses incurred under a Rule 12b-1 plan of distribution, “acquired fund fees and expenses,” and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Prior to February 4, 2013, the expense cap was 2.50%. 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 agreement may only be terminated by mutual consent of the Adviser and the Fund.

LS Opportunity Fund Member

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

vat14_SupplementTextBlock

Valued Advisers Trust

LS Opportunity Fund

Supplement to the Prospectus

dated September 28, 2012

Supplement dated February 4, 2013

The Board of Trustees (“Board”) of the Valued Advisers Trust (the “Trust”) has approved a change to the expense limitation arrangements currently in place for the Fund, which will be effective immediately.

LOWER EXPENSE LIMITATION

Effective February 4, 2013, the Fund’s adviser contractually has agreed to lower the Fund’s expense cap from 2.50% to 1.95% and extend the term of the expense limitation agreement such that the new contractual agreement is in effect through September 30, 2014. Accordingly, the section of the Fund’s prospectus dated September 28, 2012 labeled “SUMMARY SECTION – Fees and Expenses of the Fund” is hereby deleted in its entirety and replaced with the following:

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.

Shareholder fees (fees paid directly from your investment)
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase)				2.00	%
Fee for Redemptions Paid by Wire			$	15.00
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees				1.75	%
Distribution and Service (12b-1) Fees				0.00	%
Other Expenses				1.32	%
Interest and Dividend Expenses	0.66	%
Other Expenses	0.66	%
Acquired Fund Fees and Expenses				0.00	%
Total Annual Fund Operating Expenses				3.07	%
Expenses Waived and/or Reimbursed1				(1.11	)%
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements				1.96	%

1. Effective February 4, 2013, the Adviser has agreed to amend its existing expense limitation agreement. Under the terms of the amended expense limitation agreement, the Adviser will waive its fees and/or reimburse other expenses of the Fund until September 30, 2014, so that Total Annual Fund Operating Expenses does not exceed 1.95%. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, dividend expense on short sales, expenses incurred under a Rule 12b-1 plan of distribution, “acquired fund fees and expenses,” and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Prior to February 4, 2013, the expense cap was 2.50%. 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 agreement may only be terminated by mutual consent of the Adviser and the Fund.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

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

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

September 30, 2014

LS Opportunity Fund Member | LS Opportunity Fund

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of amount redeemed within 60 days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Fee for Redemptions Paid by Wire

rr_RedemptionFee

15.00

Management Fees

rr_ManagementFeesOverAssets

1.75%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Interest and Dividend Expenses

rr_Component1OtherExpensesOverAssets

0.66%

Other Expenses

rr_Component2OtherExpensesOverAssets

0.66%

Other Expenses

rr_OtherExpensesOverAssets

1.32%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

none

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.07%

Expenses Waived and/or Reimbursed

rr_FeeWaiverOrReimbursementOverAssets

(1.11%)

^[1]

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements

rr_NetExpensesOverAssets

1.96%

[1] Effective February 4, 2013, the Adviser has agreed to amend its existing expense limitation agreement. Under the terms of the amended expense limitation agreement, the Adviser will waive its fees and/or reimburse other expenses of the Fund until September 30, 2014, so that Total Annual Fund Operating Expenses does not exceed 1.95%. This operating expense limitation does not apply to interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund's business, dividend expense on short sales, expenses incurred under a Rule 12b-1 plan of distribution, "acquired fund fees and expenses," and expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Prior to February 4, 2013, the expense cap was 2.50%. 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 agreement may only be terminated by mutual consent of the Adviser and the Fund.

XML

Document and Entity Information	12 Months Ended
	Sep. 28, 2012
Risk/Return:
Document Type	Other
Document Period End Date	May 31, 2013
Registrant Name	VALUED ADVISERS TRUST
Central Index Key	0001437249
Amendment Flag	false
Document Creation Date	Feb. 05, 2013
Document Effective Date	Feb. 05, 2013
Prospectus Date	Sep. 28, 2012

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	VALUED ADVISERS TRUST
Prospectus Date	rr_ProspectusDate	Sep. 28, 2012
Document Creation Date	dei_DocumentCreationDate	Feb. 05, 2013