Notice2021-11917
Listed Funds Trust and Skyrocket Investments, LLC
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 8, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 108 (Tuesday, June 8, 2021)</title>
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[Federal Register Volume 86, Number 108 (Tuesday, June 8, 2021)]
[Notices]
[Pages 30505-30508]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11917]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 34293; 812-15202-01]
Listed Funds Trust and Skyrocket Investments, LLC
June 2, 2021.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
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Notice of an application under Section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from Section 15(a) of
the Act, as well as from certain disclosure requirements in Rule 20a-1
under the Act, 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 under the
Securities Exchange Act of 1934 (``1934 Act''), and Sections 6-
07(2)(a), (b), and (c) of Regulation S-X (``Disclosure Requirements'').
Applicants: Listed Funds Trust (``Trust''), a Delaware statutory trust
registered under the Act as an open-end management investment company
with multiple series (each a ``Fund'') and Skyrocket Investments, LLC
(``Initial Adviser''), a Delaware limited liability company registered
as an investment adviser under the Investment Advisers Act of 1940
(``Advisers Act'') that serves an investment adviser to the Funds
(collectively with the Trust, the ``Applicants'').
Summary of Application: The requested exemption would permit
Applicants to enter into and materially amend sub-advisory agreements
with sub-advisers without shareholder approval and would grant relief
from the Disclosure Requirements as they relate to fees paid to the
sub-advisers.
DATES: The application was filed on February 17, 2021 and amended on
May 14, 2021.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by emailing the Commission's
Secretary at <a href="/cdn-cgi/l/email-protection#3d6e585e4f58495c4f444e10725b5b545e587d4e585e135a524b"><span class="__cf_email__" data-cfemail="1f4c7a7c6d7a6b7e6d666c32507979767c7a5f6c7a7c31787069">[email protected]</span></a> and serving Applicants with a
copy of the request by email. Hearing requests should be received by
the Commission by 5:30 p.m. on June 28, 2021, and should be accompanied
by proof of service on the Applicants, in the form of an affidavit, or,
for lawyers, a certificate of service. Pursuant to Rule 0-5 under the
Act, hearing requests should state the nature of the writer's interest,
any facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons who wish to
be notified of a hearing may request notification by emailing the
Commission's Secretary.
ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#8ad9efe9f8effeebf8f3f9a7c5ecece3e9efcaf9efe9a4ede5fc"><span class="__cf_email__" data-cfemail="a1f2c4c2d3c4d5c0d3d8d28ceec7c7c8c2c4e1d2c4c28fc6ced7">[email protected]</span></a>. Applicants: Kent
P. Barnes, Listed Funds Trust, by email: <a href="/cdn-cgi/l/email-protection#bcd7d9d2c892deddced2d9cffcc9cfdeddd2d792dfd3d1"><span class="__cf_email__" data-cfemail="a5cec0cbd18bc7c4d7cbc0d6e5d0d6c7c4cbce8bc6cac8">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at (202) 551-6879, or Lisa Reid Ragen, Branch Chief, at (202)
551-6825 (Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number or an Applicant
using the ``Company'' name box, at <a href="http://www.sec.gov/search/search.htm">http://www.sec.gov/search/search.htm</a>
or by calling (202) 551-8090.
I. Requested Exemptive Relief
1. Applicants request an order to permit the Adviser,\1\ subject to
the approval of the board of trustees of the Trust (collectively, the
``Board''),\2\ including a majority of the trustees who are not
``interested persons'' of the Trust or the Adviser, as defined in
Section 2(a)(19) of the Act (the ``Independent Trustees''), without
obtaining shareholder approval, to: (i) Select investment sub-advisers
(``Sub-Advisers'') for all or a portion of the assets of one or more of
the Funds pursuant to an investment sub-advisory agreement with each
Sub-Adviser (each a ``Sub-Advisory Agreement''); and (ii) materially
amend Sub-Advisory Agreements with the Sub-Advisers.
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\1\ The term ``Adviser'' means (i) the Initial Adviser, (ii) its
successors, and (iii) any entity controlling, controlled by or under
common control with, the Initial Adviser or its successors that
serves as the primary adviser to a Sub-Advised Fund. For the
purposes of the requested order, ``successor'' is limited to an
entity or entities that result from a reorganization into another
jurisdiction or a change in the type of business organization. Any
other Adviser also will be registered with the Commission as an
investment adviser under the Advisers Act.
\2\ The term ``Board'' also includes the board of trustees or
directors of a future Sub-Advised Fund (as defined below), if
different from the board of trustees (``Trustees'') of the Trust.
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2. Applicants also request an order exempting the Sub-Advised Funds
(as defined below) from the Disclosure Requirements, which require each
Fund to disclose fees paid to a Sub-Adviser. Applicants seek relief to
permit each Sub-Advised Fund to disclose (as a dollar amount and a
percentage of the Fund's net assets): (i) The aggregate fees paid to
the Adviser and any Wholly-Owned Sub-Advisers; and (ii) the aggregate
fees paid to Affiliated and Non-Affiliated Sub-Advisers (``Aggregate
Fee Disclosure'').\3\ Applicants seek an exemption to permit a Sub-
Advised Fund to include only the Aggregate Fee Disclosure.\4\
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\3\ A ``Wholly-Owned Sub-Adviser'' is any investment adviser
that is (1) an indirect or direct ``wholly-owned subsidiary'' (as
such term is defined in Section 2(a)(43) of the Act) of the Adviser,
(2) a ``sister company'' of the Adviser that is an indirect or
direct ``wholly-owned subsidiary'' of the same company that
indirectly or directly wholly owns the Adviser (the Adviser's
``parent company''), or (3) a parent company of the Adviser. An
``Affiliated Sub-Adviser'' is any investment sub-adviser that is not
a Wholly-Owned Sub-Adviser, but is an ``affiliated person'' (as
defined in Section 2(a)(3) of the Act) of a Sub-Advised Fund or the
Adviser for reasons other than serving as investment sub-adviser to
one or more Funds. A ``Non-Affiliated Sub-Adviser'' is any
investment adviser that is not an ``affiliated person'' (as defined
in the Act) of a Fund or the Adviser, except to the extent that an
affiliation arises solely because the Sub-Adviser serves as a sub-
adviser to one or more Funds.
\4\ Applicants note that all other items required by Sections 6-
07(2)(a), (b) and (c) of Regulation S-X will be disclosed.
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3. Applicants request that the relief apply to Applicants, as well
as to any future Fund and any other existing or future registered open-
end management investment company or series thereof that intends to
rely on the requested order in the future and that: (i) Is advised by
the Adviser; (ii) uses the multi-manager structure described in the
application; and (iii) complies with the terms and conditions of the
application (each, a ``Sub-Advised Fund'').\5\
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\5\ All registered open-end investment companies that currently
intend to rely on the requested order are named as Applicants. All
Funds that currently are, or that currently intend to be, Sub-
Advised Funds are identified in this application. Any entity that
relies on the requested order will do so only in accordance with the
terms and conditions contained in the application.
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II. Management of the Sub-Advised Funds
4. The Adviser serves or will serve as the investment adviser to
each Sub-Advised Fund pursuant to an investment advisory agreement with
the Fund (each an ``Investment Advisory Agreement''). Each Investment
Advisory Agreement has been or will be approved by the Board, including
a majority of the Independent Trustees, and by the
[[Page 30506]]
shareholders of the relevant Sub-Advised Fund in the manner required by
Sections 15(a) and 15(c) of the Act. The terms of these Investment
Advisory Agreements comply or will comply with Section 15(a) of the
Act. Applicants are not seeking an exemption from the Act with respect
to the Investment Advisory Agreements. Pursuant to the terms of each
Investment Advisory Agreement, the Adviser, subject to the oversight of
the Board, will provide continuous investment management for each Sub-
Advised Fund. For its services to each Sub-Advised Fund, the Adviser
receives or will receive an investment advisory fee from that Fund as
specified in the applicable Investment Advisory Agreement.
5. Consistent with the terms of each Investment Advisory Agreement,
the Adviser may, subject to the approval of the Board, including a
majority of the Independent Trustees, and the shareholders of the
applicable Sub-Advised Fund (if required by applicable law), delegate
portfolio management responsibilities of all or a portion of the assets
of a Sub-Advised Fund to a Sub-Adviser. The Adviser will retain overall
responsibility for the management and investment of the assets of each
Sub-Advised Fund. This responsibility includes recommending the removal
or replacement of Sub-Advisers, allocating the portion of that Sub-
Advised Fund's assets to any given Sub-Adviser and reallocating those
assets as necessary from time to time.\6\ The Sub-Advisers will be
``investment advisers'' to the Sub-Advised Funds within the meaning of
Section 2(a)(20) of the Act and will provide investment management
services to the Funds subject to, without limitation, the requirements
of Sections 15(c) and 36(b) of the Act.\7\ The Sub-Advisers, subject to
the oversight of the Adviser and the Board, will determine the
securities and other investments to be purchased, sold or entered into
by a Sub-Advised Fund's portfolio or a portion thereof, and will place
orders with brokers or dealers that they select.\8\
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\6\ Applicants represent that if the name of any Sub-Advised
Fund contains the name of a sub-adviser, the name of the Adviser
that serves as the primary adviser to the Fund, or a trademark or
trade name that is owned by or publicly used to identify the
Adviser, will precede the name of the sub-adviser.
\7\ The Sub-Advisers will be registered with the Commission as
an investment adviser under the Advisers Act or not subject to such
registration.
\8\ A ``Sub-Adviser'' also includes an investment sub-adviser
that will provide the Adviser with a model portfolio reflecting a
specific strategy, style or focus with respect to the investment of
all or a portion of a Sub-Advised Fund's assets. The Adviser may use
the model portfolio to determine the securities and other
instruments to be purchased, sold or entered into by a Sub-Advised
Fund's portfolio or a portion thereof, and place orders with brokers
or dealers that it selects.
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6. The Sub-Advisory Agreements will be approved by the Board,
including a majority of the Independent Trustees, in accordance with
Sections 15(a) and 15(c) of the Act. In addition, the terms of each
Sub-Advisory Agreement will comply fully with the requirements of
Section 15(a) of the Act. The Adviser may compensate the Sub-Advisers
or the Sub-Advised Funds may pay advisory fees to the Sub-Advisers
directly.
7. Sub-Advised Funds will inform shareholders of the hiring of a
new Sub-Adviser pursuant to the following procedures (``Modified Notice
and Access Procedures''): (a) Within 90 days after a new Sub-Adviser is
hired for any Sub-Advised Fund, that Fund will send its shareholders
either a Multi-Manager Notice or a Multi-Manager Notice and Multi-
Manager Information Statement; \9\ and (b) the Sub-Advised Fund will
make the Multi-Manager Information Statement available on the website
identified in the Multi-Manager Notice no later than when the Multi-
Manager Notice (or Multi-Manager Notice and Multi-Manager Information
Statement) is first sent to shareholders, and will maintain it on that
website for at least 90 days.\10\
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\9\ A ``Multi-Manager Notice'' will be modeled on a Notice of
internet Availability as defined in Rule 14a-16 under the 1934 Act,
and specifically will, among other things: (a) Summarize the
relevant information regarding the new Sub-Adviser (except as
modified to permit Aggregate Fee Disclosure); (b) inform
shareholders that the Multi-Manager Information Statement is
available on a website; (c) provide the website address; (d) state
the time period during which the Multi-Manager Information Statement
will remain available on that website; (e) provide instructions for
accessing and printing the Multi-Manager Information Statement; and
(f) instruct the shareholder that a paper or email copy of the
Multi-Manager Information Statement may be obtained, without charge,
by contacting the Sub-Advised Fund. A ``Multi-Manager Information
Statement'' will meet the requirements of Regulation 14C, Schedule
14C and Item 22 of Schedule 14A under the 1934 Act for an
information statement, except as modified by the requested order to
permit Aggregate Fee Disclosure. Multi-Manager Information
Statements will be filed with the Commission via the EDGAR system.
\10\ In addition, Applicants represent that whenever a new Sub-
Adviser is retained, an existing Sub-Adviser is terminated, or a
Sub-Advisory Agreement is materially amended, the Sub-Advised Fund's
prospectus and statement of additional information will be
supplemented promptly pursuant to Rule 497(e) under the Securities
Act of 1933.
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III. Applicable Law
8. Section 15(a) of the Act states, in part, that it is unlawful
for any person to act as an investment adviser to a registered
investment company ``except pursuant to a written contract, which
contract, whether with such registered company or with an investment
adviser of such registered company, has been approved by the vote of a
majority of the outstanding voting securities of such registered
company.''
9. Form N-1A is the registration statement used by open-end
investment companies. Item 19(a)(3) of Form N-1A requires a registered
investment company to disclose in its statement of additional
information the method of computing the ``advisory fee payable'' by the
investment company with respect to each investment adviser, including
the total dollar amounts that the investment company ``paid to the
adviser (aggregated with amounts paid to affiliated advisers, if any),
and any advisers who are not affiliated persons of the adviser, under
the investment advisory contract for the last three fiscal years.''
10. Rule 20a-1 under the Act requires proxies solicited with
respect to a registered investment company to comply with Schedule 14A
under the 1934 Act. Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and
22(c)(9) of Schedule 14A, taken together, require a proxy statement for
a shareholder meeting at which the advisory contract will be voted upon
to include the ``rate of compensation of the investment adviser,'' the
``aggregate amount of the investment adviser's fee,'' a description of
the ``terms of the contract to be acted upon,'' and, if a change in the
advisory fee is proposed, the existing and proposed fees and the
difference between the two fees.
11. Regulation S-X sets forth the requirements for financial
statements required to be included as part of a registered investment
company's registration statement and shareholder reports filed with the
Commission. Sections 6-07(2)(a), (b), and (c) of Regulation S-X require
a registered investment company to include in its financial statements
information about investment advisory fees.
12. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction or any class or classes of
persons, securities, or transactions from any provisions of the Act, or
any rule thereunder, if such exemption is necessary or appropriate in
the public interest and consistent with the protection of investors and
the purposes fairly intended by the policy and provisions of the Act.
Applicants state that the requested relief meets this standard for the
reasons discussed below.
[[Page 30507]]
IV. Arguments in Support of the Requested Relief
13. Applicants assert that, from the perspective of the
shareholder, the role of the Sub-Advisers is substantially equivalent
to the limited role of the individual portfolio managers employed by an
investment adviser to a traditional investment company. Applicants also
assert that the shareholders expect the Adviser, subject to review and
approval of the Board, to select a Sub-Adviser who is in the best
position to achieve the Sub-Advised Fund's investment objective.
Applicants believe that permitting the Adviser to perform the duties
for which the shareholders of the Sub-Advised Fund are paying the
Adviser--the selection, oversight and evaluation of the Sub-Adviser--
without incurring unnecessary delays or expenses of convening special
meetings of shareholders is appropriate and in the interest of the
Fund's shareholders, and will allow such Fund to operate more
efficiently. Applicants state that each Investment Advisory Agreement
will continue to be fully subject to Section 15(a) of the Act and
approved by the relevant Board, including a majority of the Independent
Trustees, in the manner required by Section 15(a) and 15(c) of the Act.
14. Applicants submit that the requested relief meets the standards
for relief under Section 6(c) of the Act. Applicants state that the
operation of the Sub-Advised Fund in the manner described in the
application must be approved by shareholders of that Fund before it may
rely on the requested relief. Applicants also state that the proposed
conditions to the requested relief are designed to address any
potential conflicts of interest or economic incentives, and provide
that shareholders are informed when new Sub-Advisers are hired.
15. Applicants contend that, in the circumstances described in the
application, a proxy solicitation to approve the appointment of new
Sub-Advisers provides no more meaningful information to shareholders
than the proposed Multi-Manager Information Statement. Applicants state
that, accordingly, they believe the requested relief is necessary or
appropriate in the public interest, and consistent with the protection
of investors and the purposes fairly intended by the policy and
provisions of the Act.
16. With respect to the relief permitting Aggregate Fee Disclosure,
Applicants assert that disclosure of the individual fees paid to the
Sub-Advisers does not serve any meaningful purpose. Applicants contend
that the primary reasons for requiring disclosure of individual fees
paid to Sub-Advisers are to inform shareholders of expenses to be
charged by a particular Sub-Advised Fund and to enable shareholders to
compare the fees to those of other comparable investment companies.
Applicants believe that the requested relief satisfies these objectives
because the Sub-Advised Fund's overall advisory fee will be fully
disclosed and, therefore, shareholders will know what the Sub-Advised
Fund's fees and expenses are and will be able to compare the advisory
fees a Sub-Advised Fund is charged to those of other investment
companies. In addition, Applicants assert that the requested relief
would benefit shareholders of the Sub-Advised Fund because it would
improve the Adviser's ability to negotiate the fees paid to Sub-
Advisers. In particular, Applicants state that if the Adviser is not
required to disclose the Sub-Advisers' fees to the public, the Adviser
may be able to negotiate rates that are below a Sub-Adviser's
``posted'' amounts as the rate would not be disclosed to the Sub-
Adviser's other clients. Applicants assert that the relief will also
encourage Sub-Advisers to negotiate lower sub-advisory fees with the
Adviser if the lower fees are not required to be made public.
V. Relief for Affiliated Sub-Advisers
17. The Commission has granted the requested relief with respect to
Wholly-Owned and Non-Affiliated Sub-Advisers through numerous exemptive
orders. The Commission also has extended the requested relief to
Affiliated Sub-Advisers.\11\ Applicants state that although the
Adviser's judgment in recommending a Sub-Adviser can be affected by
certain conflicts, they do not warrant denying the extension of the
requested relief to Affiliated Sub-Advisers. Specifically, the Adviser
faces those conflicts in allocating fund assets between itself and a
Sub-Adviser, and across Sub-Advisers, as it has an interest in
considering the benefit it will receive, directly or indirectly, from
the fee the Sub-Advised Fund pays for the management of those assets.
Applicants also state that to the extent the Adviser has a conflict of
interest with respect to the selection of an Affiliated Sub-Adviser,
the proposed conditions are protective of shareholder interests by
ensuring the Board's independence and providing the Board with the
appropriate resources and information to monitor and address conflicts.
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\11\ Carillon Series Trust, et al., Investment Co. Act Rel. Nos.
33464 (May 2, 2019) (notice) and 33494 (May 29, 2019) (order).
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18. With respect to the relief permitting Aggregate Fee Disclosure,
Applicants assert that it is appropriate to disclose only aggregate
fees paid to Affiliated Sub-Advisers for the same reasons that similar
relief has been granted previously with respect to Wholly-Owned and
Non-Affiliated Sub-Advisers.
VI. Applicants' Conditions
Applicants agree that any order granting the requested relief will
be subject to the following conditions:
1. Before a Sub-Advised Fund may rely on the order requested in the
application, the operation of the Sub-Advised Fund in the manner
described in the application will be, or has been, approved by a
majority of the Sub-Advised Fund's outstanding voting securities as
defined in the Act, or, in the case of a Sub-Advised Fund whose public
shareholders purchase shares on the basis of a prospectus containing
the disclosure contemplated by condition 2 below, by the initial
shareholder before such Sub-Advised Fund's shares are offered to the
public.
2. The prospectus for each Sub-Advised Fund will disclose the
existence, substance and effect of any order granted pursuant to the
application. In addition, each Sub-Advised Fund will hold itself out to
the public as employing the multi-manager structure described in the
application. The prospectus will prominently disclose that the Adviser
has the ultimate responsibility, subject to oversight by the Board, to
oversee the Sub-Advisers and recommend their hiring, termination, and
replacement.
3. The Adviser will provide general management services to each
Sub-Advised Fund, including overall supervisory responsibility for the
general management and investment of the Sub-Advised Fund's assets, and
subject to review and oversight of the Board, will (i) set the Sub-
Advised Fund's overall investment strategies, (ii) evaluate, select,
and recommend Sub-Advisers for all or a portion of the Sub-Advised
Fund's assets, (iii) allocate and, when appropriate, reallocate the
Sub-Advised Fund's assets among Sub-Advisers, (iv) monitor and evaluate
the Sub-Advisers' performance, and (v) implement procedures reasonably
designed to ensure that Sub-Advisers comply with the Sub-Advised Fund's
investment objective, policies and restrictions.
4. Sub-Advised Funds will inform shareholders of the hiring of a
new Sub-Adviser within 90 days after the hiring
[[Page 30508]]
of the new Sub-Adviser pursuant to the Modified Notice and Access
Procedures.
5. At all times, at least a majority of the Board will be
Independent Trustees, and the selection and nomination of new or
additional Independent Trustees will be placed within the discretion of
the then-existing Independent Trustees.
6. Independent Legal Counsel, as defined in Rule 0-1(a)(6) under
the Act, will be engaged to represent the Independent Trustees. The
selection of such counsel will be within the discretion of the then-
existing Independent Trustees.
7. Whenever a Sub-Adviser is hired or terminated, the Adviser will
provide the Board with information showing the expected impact on the
profitability of the Adviser.
8. The Board must evaluate any material conflicts that may be
present in a sub-advisory arrangement. Specifically, whenever a sub-
adviser change is proposed for a Sub-Advised Fund (``Sub-Adviser
Change'') or the Board considers an existing Sub-Advisory Agreement as
part of its annual review process (``Sub-Adviser Review''):
(a) The Adviser will provide the Board, to the extent not already
being provided pursuant to Section 15(c) of the Act, with all relevant
information concerning:
(i) Any material interest in the proposed new Sub-Adviser, in the
case of a Sub-Adviser Change, or the Sub-Adviser in the case of a Sub-
Adviser Review, held directly or indirectly by the Adviser or a parent
or sister company of the Adviser, and any material impact the proposed
Sub-Advisory Agreement may have on that interest;
(ii) any arrangement or understanding in which the Adviser or any
parent or sister company of the Adviser is a participant that (A) may
have had a material effect on the proposed Sub-Adviser Change or Sub-
Adviser Review, or (B) may be materially affected by the proposed Sub-
Adviser Change or Sub-Adviser Review;
(iii) any material interest in a Sub-Adviser held directly or
indirectly by an officer or Trustee of the Sub-Advised Fund, or an
officer or board member of the Adviser (other than through a pooled
investment vehicle not controlled by such person); and
(iv) any other information that may be relevant to the Board in
evaluating any potential material conflicts of interest in the proposed
Sub-Adviser Change or Sub-Adviser Review.
(b) the Board, including a majority of the Independent Trustees,
will make a separate finding, reflected in the Board minutes, that the
Sub-Adviser Change or continuation after Sub-Adviser Review is in the
best interests of the Sub-Advised Fund and its shareholders and, based
on the information provided to the Board, does not involve a conflict
of interest from which the Adviser, a Sub-Adviser, any officer or
Trustee of the Sub-Advised Fund, or any officer or board member of the
Adviser derives an inappropriate advantage.
9. Each Sub-Advised Fund will disclose in its registration
statement the Aggregate Fee Disclosure.
10. In the event that the Commission adopts a rule under the Act
providing substantially similar relief to that in the order requested
in the application, the requested order will expire on the effective
date of that rule.
11. Any new Sub-Advisory Agreement or any amendment to an existing
Investment Advisory Agreement or Sub-Advisory Agreement that directly
or indirectly results in an increase in the aggregate advisory fee rate
payable by the Sub-Advised Fund will be submitted to the Sub-Advised
Fund's shareholders for approval.
For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11917 Filed 6-7-21; 8:45 am]
BILLING CODE 8011-01-P
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