SEC Issues Notice on Exemption Request by Valued Advisers Trust and Long Short Advisors

The Securities and Exchange Commission issued a notice of an application under section 6(c) of the Investment Company Act of 1940 for an exemption from section 15(a) of the Act and from certain disclosure requirements in rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a), (b), and (c) of Regulation S-X.

The application was filed on March 30, 2026, and amended on June 26, 2026, and September 25, 2026. An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by emailing the SEC's Secretary and serving the Applicants, with requests due by 5:30 p.m., Eastern time on November 20, 2026.

If granted, the exemption would permit Valued Advisers Trust and Long Short Advisors, LLC to enter into and materially amend subadvisory agreements with subadvisers without shareholder approval and would relieve them from the listed disclosure requirements as they relate to fees paid to the subadvisers.

Requests for a hearing must include the file number, state the nature of the writer's interest, any facts bearing upon the desirability of a hearing, the reason for the request, and the issues contested, and must be accompanied by proof of service in the form of an affidavit or, for lawyers, a certificate of service.

For further information, contact Erin Loomis Moore, Senior Counsel, or Matthew Cook, Branch Chief, at (202) 551-6720 or the SEC's email address listed in the notice. The second amended application dated September 25, 2026, is available on the SEC's website via the file number or company name search.