Lord Abbett Floating Rate High Income Fund, et al., 34107-34109 [2021-13663]

Download as PDF Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices should be submitted on or before July 19, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.33 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–13655 Filed 6–25–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–92233; File No. SR– NYSEArca–2021–31] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the Valkyrie Bitcoin Fund Under NYSE Arca Rule 8.201–E June 22, 2021. khammond on DSKJM1Z7X2PROD with NOTICES On April 23, 2021, NYSE Arca, Inc. (‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares of the Valkyrie Bitcoin Fund under NYSE Arca Rule 8.201–E. The proposed rule change was published for comment in the Federal Register on May 12, 2021.3 The Commission has received comments on the proposed rule change.4 Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is June 26, 2021. The Commission is extending this 45day time period. The Commission finds that it is appropriate to designate a longer period 33 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 91771 (May 6, 2021), 86 FR 26073 (May 12, 2021). 4 Comments received on the proposed rule change are available at: https://www.sec.gov/comments/srnysearca-2021-31/srnysearca202131.htm. 5 15 U.S.C. 78s(b)(2). 1 15 VerDate Sep<11>2014 17:39 Jun 25, 2021 Jkt 253001 within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received. Accordingly, pursuant to Section 19(b)(2) of the Act,6 the Commission designates August 10, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSEArca–2021–31). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–13659 Filed 6–25–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34308; File No. 812–15097] Lord Abbett Floating Rate High Income Fund, et al. June 22, 2021. Securities and Exchange Commission. ACTION: Notice. AGENCY: Notice of application for an order under sections 6(c) and 23(c)(3) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from rule 23c– 3 under the Act. SUMMARY OF APPLICATION: Applicants request an order under sections 6(c) and 23(c)(3) of the Act for an exemption from certain provisions of rule 23c–3 to permit certain registered closed-end investment companies to make repurchase offers on a monthly basis. APPLICANTS: Lord Abbett Floating Rate High Income Fund (the ‘‘Fund’’), Lord Abbett & Co. LLC (the ‘‘Adviser’’) and Lord Abbett Distributor LLC (the ‘‘Distributor’’). FILING DATES: The application was filed on February 21, 2020 and amended on September 11, 2020 and February 23, 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 SecretarysOffice@sec.gov 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 July 16, 6 Id. 7 17 PO 00000 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: Secretarys-Office@sec.gov. Applicants: Pamela P. Chen, Associate General Counsel, PCHEN@LordAbbett.com. FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at (202) 551–6817 or Kaitlin C. Bottock, 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 for an applicant using the Company name box, at https:// www.sec.gov/search/search.htm or by calling (202) 551–8090. Applicants’ Representations 1. The Fund is a Delaware statutory trust that is registered under the Act as a non-diversified, closed-end management investment company that will be operated as an interval fund. The Adviser is a Delaware limited liability company and is registered as an investment adviser under the Investment Advisers Act of 1940. The Adviser serves as investment adviser to the Fund. The Distributor, a New York limited liability company and subsidiary of the Adviser, is a registered broker-dealer and is the Fund’s principal underwriter and distributor. 2. Applicants request that any relief granted also apply to any registered closed-end management investment company that operates as an interval fund pursuant to rule 23c–3 for which the Adviser or any entity controlling, controlled by, or under common control with the Adviser, or any successor in interest to any such entity,1 acts as investment adviser (the ‘‘Future Funds,’’ and together with the Fund, the ‘‘Funds,’’ and each, individually, a ‘‘Fund’’).2 1 A successor in interest is limited to an entity that results from a reorganization into another jurisdiction or a change in the type of business organization. 2 All entities currently intending to rely on the requested relief have been named as applicants. CFR 200.30–3(a)(31). Frm 00141 Fmt 4703 34107 Continued Sfmt 4703 E:\FR\FM\28JNN1.SGM 28JNN1 34108 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices khammond on DSKJM1Z7X2PROD with NOTICES 3. The Fund’s common shares are not offered or traded in the secondary market and are not listed on any exchange or quoted on any quotation medium. 4. Applicants request an order to permit each Fund to offer to repurchase a portion of its common shares at onemonth intervals, rather than the three, six, or twelve-month intervals specified by rule 23c–3. Each Fund will disclose in its prospectus and annual reports its fundamental policy to make monthly offers to repurchase a portion of its common shares at net asset value, less deduction of a repurchase fee, if any, as permitted by rule 23c–3(b)(1).3 The fundamental policy will be changeable only by a majority vote of the holders of such Fund’s outstanding voting securities. Under the fundamental policy, the repurchase offer amount will be determined by the board of trustees of the applicable Fund (‘‘Board’’) prior to each repurchase offer. Each Fund will comply with rule 23c–3(b)(8)’s requirements with respect to its trustees who are not interested persons of such Fund, within the meaning of section 2(a)(19) of the Act (‘‘Disinterested Trustees’’) and their legal counsel. Each Fund will make monthly offers to repurchase not less than 5% of its outstanding shares at the time of the repurchase request deadline. The repurchase offer amounts for the thencurrent monthly period, plus the repurchase offer amounts for the two monthly periods immediately preceding the then-current monthly period, will not exceed 25% of the outstanding common shares of the applicable Fund. 5. Each Fund’s fundamental policies will specify the means to determine the repurchase request deadline and the maximum number of days between each repurchase request deadline and the repurchase pricing date. Each Fund’s repurchase pricing date normally will be the same date as the repurchase request deadline and pricing will be determined after close of business on that date. 6. Pursuant to rule 23c–3(b)(1), each Fund will repurchase shares for cash on or before the repurchase payment deadline, which will be no later than seven calendar days after the repurchase pricing date. The Fund (and any Future Any entity that relies on the requested order in the future will do so only in accordance with the terms and conditions of the application. 3 Applicants also note that the Fund has exemptive relief that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early withdrawal fees. See In the Matter of Lord Abbett Credit Opportunities Fund, et al., Investment Company Act Rel. Nos. 33513 (June 19, 2019) (notice) and 33558 (July 16, 2019) (order). VerDate Sep<11>2014 17:39 Jun 25, 2021 Jkt 253001 Fund) currently intends to make payment by the fifth business day or seventh calendar day (whichever period is shorter) following the repurchase pricing date. Each Fund will make payment for shares repurchased in the previous month’s repurchase offer at least five business days before sending notification of the next repurchase offer. The Fund and a Future Fund may deduct a repurchase fee in an amount not to exceed 2% from the repurchase proceeds payable to tendering shareholders, in compliance with rule 23c–3(b)(1). 7. Each Fund will provide common shareholders with notification of each repurchase offer no less than seven days and no more than fourteen days prior to the repurchase request deadline. The notification will include all information required by rule 23c–3(b)(4)(i). Each Fund will file the notification and the Form N–23c–3 with the Commission within three business days after sending the notification to its respective common shareholders. 8. Each Fund will not suspend or postpone a repurchase offer except pursuant to the vote of a majority of its Trustees, including a majority of its Disinterested Trustees, and only under the limited circumstances specified in rule 23c–3(b)(3)(i). Each Fund will not condition a repurchase offer upon tender of any minimum amount of shares. In addition, each Fund will comply with the pro ration and other allocation requirements of rule 23c– 3(b)(5) if common shareholders tender more than the repurchase offer amount. Further, each Fund will permit tenders to be withdrawn or modified at any time until the repurchase request deadline, but will not permit tenders to be withdrawn or modified thereafter. 9. From the time a Fund sends its notification to shareholders of the repurchase offer until the repurchase pricing date, a percentage of such Fund’s assets equal to at least 100% of the repurchase offer amount will consist of: (a) Assets that can be sold or disposed of in the ordinary course of business at approximately the price at which such Fund has valued such investment within a period equal to the period between the repurchase request deadline and the repurchase payment deadline; or (b) assets that mature by the next repurchase payment deadline. In the event the assets of a Fund fail to comply with this requirement, the Board will cause such Fund to take such action as it deems appropriate to ensure compliance. 10. In compliance with the asset coverage requirements of section 18 of the Act, any senior security issued by, PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 or other indebtedness of, a Fund will either mature by the next repurchase pricing date or provide for such Fund’s ability to call, repay or redeem such senior security or other indebtedness by the next repurchase pricing date, either in whole or in part, without penalty or premium, as necessary to permit that Fund to complete the repurchase offer in such amounts determined by its Board. 11. The Board of each Fund will adopt written procedures to ensure that such Fund’s portfolio assets are sufficiently liquid so that it can comply with its fundamental policy on repurchases and the liquidity requirements of rule 23c–3(b)(10)(i). The Board of each Fund will review the overall composition of the portfolio and make and approve such changes to the procedures as it deems necessary. Applicants’ Legal Analysis 1. 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 provision of the Act or rule thereunder, if and to the extent that 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. 2. Section 23(c) of the Act provides in relevant part that no registered closedend investment company shall purchase any securities of any class of which it is the issuer except: (a) On a securities exchange or other open market; (b) pursuant to tenders, after reasonable opportunity to submit tenders given to all holders of securities of the class to be purchased; or (c) under such other circumstances as the Commission may permit by rules and regulations or orders for the protection of investors. 3. Rule 23c–3 under the Act permits a registered closed-end investment company to make repurchase offers for its common stock at net asset value at periodic intervals pursuant to a fundamental policy of the investment company. ‘‘Periodic interval’’ is defined in rule 23c–3(a)(1) as an interval of three, six, or twelve months. Rule 23c– 3(b)(4) requires that notification of each repurchase offer be sent to shareholders no less than 21 calendar days and no more than 42 calendar days before the repurchase request deadline. 4. Applicants request an order pursuant to sections 6(c) and 23(c) of the Act exempting them from rule 23c– 3(a)(1) to the extent necessary to permit the Funds to make monthly repurchase offers. Applicants also request an E:\FR\FM\28JNN1.SGM 28JNN1 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices khammond on DSKJM1Z7X2PROD with NOTICES exemption from the notice provisions of rule 23c–3(b)(4) to the extent necessary to permit each Fund to send notification of an upcoming repurchase offer to shareholders at least seven days but no more than fourteen calendar days in advance of the repurchase request deadline. 5. Applicants contend that monthly repurchase offers are in the public interest and in the common shareholders’ interests and consistent with the policies underlying rule 23c– 3. Applicants assert that monthly repurchase offers will provide investors with more liquidity than quarterly repurchase offers. Applicants assert that shareholders will be better able to manage their investments and plan transactions, because if they decide to forego a repurchase offer, they will only need to wait one month for the next offer. Applicants also contend that the portfolio of each Fund will be managed to provide ample liquidity for monthly repurchase offers. 6. Applicants propose to send notification to shareholders at least seven days, but no more than fourteen calendar days, in advance of a repurchase request deadline. Applicants assert that, because each Fund intends to make payment on the fifth business day or seventh calendar day (whichever period is shorter) following the repurchase pricing date, the entire procedure will be completed before the next notification is sent out to shareholders, thus avoiding any overlap. Applicants believe that these procedures will eliminate any possibility of investor confusion. Applicants also state that monthly repurchase offers will be a fundamental feature of the Funds, and their prospectuses will provide a clear explanation of the repurchase program. 7. Applicants submit that for the reasons given above the requested relief is appropriate in the public interest and is consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. Applicants’ Conditions Applicants agree that any order granting the requested relief shall be subject to the following conditions: 1. The Fund (and any Future Fund relying on this relief) will make a repurchase offer pursuant to rule 23c– 3(b) for a repurchase offer amount of not less than 5% in any one-month period. In addition, the repurchase offer amount for the then-current monthly period, plus the repurchase offer amounts for the two monthly periods immediately preceding the then-current monthly VerDate Sep<11>2014 17:39 Jun 25, 2021 Jkt 253001 34109 period, will not exceed 25% of the Fund’s (or Future Fund’s, as applicable) outstanding common shares. The Fund (and any Future Fund relying on this relief) may repurchase additional tendered common shares pursuant to rule 23c–3(b)(5) only to the extent the percentage of additional common shares so repurchased does not exceed 2% in any three-month period. 2. Payment for repurchased common shares will occur at least five business days before notification of the next repurchase offer is sent to common shareholders of the Fund (or any Future Fund relying on this relief). whether the collection has practical utility; (2) the accuracy of the Board’s burden estimates; (3) ways to enhance the quality, utility, and clarity of the information collected; and (4) ways to minimize the burden of the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology, when appropriate. Submitted comments will be included and summarized in the Board’s request for OMB approval. Subjects: In this notice, the Board is requesting comments on the following information collections: For the Commission, by the Division of Investment Management, under delegated authority. J. Matthew DesLesDernier, Assistant Secretary. Description of Collection 1 [FR Doc. 2021–13663 Filed 6–25–21; 8:45 am] BILLING CODE 8011–01–P SURFACE TRANSPORTATION BOARD 60-Day Notice of Intent To Seek Extension of Approval of Collections: Rail Carrier Financial Reports Surface Transportation Board. Notice and request for comments. AGENCY: ACTION: As part of its continuing effort to reduce paperwork burdens, and as required by the Paperwork Reduction Act of 1995 (PRA), the Surface Transportation Board (Board) gives notice of its intent to request from the Office of Management and Budget (OMB) approval without change of the six existing collections described below. DATES: Comments on these information collections should be submitted by August 27, 2021. ADDRESSES: Direct all comments to Chris Oehrle, PRA Officer, Surface Transportation Board, 395 E Street SW, Washington, DC 20423–0001, or to PRA@stb.gov. When submitting comments, please refer to ‘‘Paperwork Reduction Act Comments, Rail Carrier Financial Reports.’’ For further information regarding these collections, contact Pedro Ramirez at (202) 245– 0333 or pedro.ramirez@stb.gov. Assistance for the hearing impaired is available through the Federal Information Relay Service (FIRS) at 1–800–877–8339. SUPPLEMENTARY INFORMATION: Comments are requested concerning each collection as to (1) whether the particular collection of information is necessary for the proper performance of the functions of the Board, including SUMMARY: PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 Title: Quarterly Report of Revenues, Expenses, and Income—Railroads (Form RE&I). OMB Control Number: 2140–0013. Form Number: Form RE&I. Type of Review: Extension without change. Respondents: Class I railroads. Number of Respondents: Seven. Estimated Time per Response: Six hours. Frequency of Response: Quarterly. Total Annual Hour Burden: 168 hours annually. Total Annual ‘‘Non-Hour Burden’’ Cost: None identified. Filings are submitted electronically to the Board. Needs and Uses: This collection is a report of railroad operating revenues, operating expenses, and income items. It is also a profit and loss statement, disclosing net railway operating income on a quarterly and year-to-date basis for current and prior years. See 49 CFR 1243.1. The Board uses the information in this report to ensure competitive, efficient, and safe transportation through general oversight programs that monitor and forecast the financial and operating condition of railroads, and through regulation of railroad rate and service issues and rail restructuring proposals, including railroad mergers, consolidations, acquisitions of control, and abandonments. Information from these reports is used by the Board, other Federal agencies, and industry groups to monitor and assess industry growth and operations, detect changes in carrier financial stability, and identify trends that may affect the national transportation system. Some of the information from these reports is compiled by the Board in our quarterly Selected Earnings Data Report, which is published on the Board’s website, https://www.stb.gov/stb/industry/econ_ reports.html. The information contained in these reports is not available from any other source. E:\FR\FM\28JNN1.SGM 28JNN1

Agencies

[Federal Register Volume 86, Number 121 (Monday, June 28, 2021)]
[Notices]
[Pages 34107-34109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13663]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34308; File No. 812-15097]


Lord Abbett Floating Rate High Income Fund, et al.

June 22, 2021.
AGENCY: Securities and Exchange Commission.

ACTION: Notice.

-----------------------------------------------------------------------

    Notice of application for an order under sections 6(c) and 23(c)(3) 
of the Investment Company Act of 1940 (the ``Act'') for an exemption 
from rule 23c-3 under the Act.

SUMMARY OF APPLICATION: Applicants request an order under sections 6(c) 
and 23(c)(3) of the Act for an exemption from certain provisions of 
rule 23c-3 to permit certain registered closed-end investment companies 
to make repurchase offers on a monthly basis.

APPLICANTS: Lord Abbett Floating Rate High Income Fund (the ``Fund''), 
Lord Abbett & Co. LLC (the ``Adviser'') and Lord Abbett Distributor LLC 
(the ``Distributor'').

FILING DATES: The application was filed on February 21, 2020 and 
amended on September 11, 2020 and February 23, 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 [email protected] 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 July 16, 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: [email protected]. Applicants: 
Pamela P. Chen, Associate General Counsel, [email protected].

FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at 
(202) 551-6817 or Kaitlin C. Bottock, 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 for an 
applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090.

Applicants' Representations

    1. The Fund is a Delaware statutory trust that is registered under 
the Act as a non-diversified, closed-end management investment company 
that will be operated as an interval fund. The Adviser is a Delaware 
limited liability company and is registered as an investment adviser 
under the Investment Advisers Act of 1940. The Adviser serves as 
investment adviser to the Fund. The Distributor, a New York limited 
liability company and subsidiary of the Adviser, is a registered 
broker-dealer and is the Fund's principal underwriter and distributor.
    2. Applicants request that any relief granted also apply to any 
registered closed-end management investment company that operates as an 
interval fund pursuant to rule 23c-3 for which the Adviser or any 
entity controlling, controlled by, or under common control with the 
Adviser, or any successor in interest to any such entity,\1\ acts as 
investment adviser (the ``Future Funds,'' and together with the Fund, 
the ``Funds,'' and each, individually, a ``Fund'').\2\
---------------------------------------------------------------------------

    \1\ A successor in interest is limited to an entity that results 
from a reorganization into another jurisdiction or a change in the 
type of business organization.
    \2\ All entities currently intending to rely on the requested 
relief have been named as applicants. Any entity that relies on the 
requested order in the future will do so only in accordance with the 
terms and conditions of the application.

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[[Page 34108]]

    3. The Fund's common shares are not offered or traded in the 
secondary market and are not listed on any exchange or quoted on any 
quotation medium.
    4. Applicants request an order to permit each Fund to offer to 
repurchase a portion of its common shares at one-month intervals, 
rather than the three, six, or twelve-month intervals specified by rule 
23c-3. Each Fund will disclose in its prospectus and annual reports its 
fundamental policy to make monthly offers to repurchase a portion of 
its common shares at net asset value, less deduction of a repurchase 
fee, if any, as permitted by rule 23c-3(b)(1).\3\ The fundamental 
policy will be changeable only by a majority vote of the holders of 
such Fund's outstanding voting securities. Under the fundamental 
policy, the repurchase offer amount will be determined by the board of 
trustees of the applicable Fund (``Board'') prior to each repurchase 
offer. Each Fund will comply with rule 23c-3(b)(8)'s requirements with 
respect to its trustees who are not interested persons of such Fund, 
within the meaning of section 2(a)(19) of the Act (``Disinterested 
Trustees'') and their legal counsel. Each Fund will make monthly offers 
to repurchase not less than 5% of its outstanding shares at the time of 
the repurchase request deadline. The repurchase offer amounts for the 
then-current monthly period, plus the repurchase offer amounts for the 
two monthly periods immediately preceding the then-current monthly 
period, will not exceed 25% of the outstanding common shares of the 
applicable Fund.
---------------------------------------------------------------------------

    \3\ Applicants also note that the Fund has exemptive relief that 
permits the Fund to issue multiple classes of shares and to impose 
asset-based distribution fees and early withdrawal fees. See In the 
Matter of Lord Abbett Credit Opportunities Fund, et al., Investment 
Company Act Rel. Nos. 33513 (June 19, 2019) (notice) and 33558 (July 
16, 2019) (order).
---------------------------------------------------------------------------

    5. Each Fund's fundamental policies will specify the means to 
determine the repurchase request deadline and the maximum number of 
days between each repurchase request deadline and the repurchase 
pricing date. Each Fund's repurchase pricing date normally will be the 
same date as the repurchase request deadline and pricing will be 
determined after close of business on that date.
    6. Pursuant to rule 23c-3(b)(1), each Fund will repurchase shares 
for cash on or before the repurchase payment deadline, which will be no 
later than seven calendar days after the repurchase pricing date. The 
Fund (and any Future Fund) currently intends to make payment by the 
fifth business day or seventh calendar day (whichever period is 
shorter) following the repurchase pricing date. Each Fund will make 
payment for shares repurchased in the previous month's repurchase offer 
at least five business days before sending notification of the next 
repurchase offer. The Fund and a Future Fund may deduct a repurchase 
fee in an amount not to exceed 2% from the repurchase proceeds payable 
to tendering shareholders, in compliance with rule 23c-3(b)(1).
    7. Each Fund will provide common shareholders with notification of 
each repurchase offer no less than seven days and no more than fourteen 
days prior to the repurchase request deadline. The notification will 
include all information required by rule 23c-3(b)(4)(i). Each Fund will 
file the notification and the Form N-23c-3 with the Commission within 
three business days after sending the notification to its respective 
common shareholders.
    8. Each Fund will not suspend or postpone a repurchase offer except 
pursuant to the vote of a majority of its Trustees, including a 
majority of its Disinterested Trustees, and only under the limited 
circumstances specified in rule 23c-3(b)(3)(i). Each Fund will not 
condition a repurchase offer upon tender of any minimum amount of 
shares. In addition, each Fund will comply with the pro ration and 
other allocation requirements of rule 23c-3(b)(5) if common 
shareholders tender more than the repurchase offer amount. Further, 
each Fund will permit tenders to be withdrawn or modified at any time 
until the repurchase request deadline, but will not permit tenders to 
be withdrawn or modified thereafter.
    9. From the time a Fund sends its notification to shareholders of 
the repurchase offer until the repurchase pricing date, a percentage of 
such Fund's assets equal to at least 100% of the repurchase offer 
amount will consist of: (a) Assets that can be sold or disposed of in 
the ordinary course of business at approximately the price at which 
such Fund has valued such investment within a period equal to the 
period between the repurchase request deadline and the repurchase 
payment deadline; or (b) assets that mature by the next repurchase 
payment deadline. In the event the assets of a Fund fail to comply with 
this requirement, the Board will cause such Fund to take such action as 
it deems appropriate to ensure compliance.
    10. In compliance with the asset coverage requirements of section 
18 of the Act, any senior security issued by, or other indebtedness of, 
a Fund will either mature by the next repurchase pricing date or 
provide for such Fund's ability to call, repay or redeem such senior 
security or other indebtedness by the next repurchase pricing date, 
either in whole or in part, without penalty or premium, as necessary to 
permit that Fund to complete the repurchase offer in such amounts 
determined by its Board.
    11. The Board of each Fund will adopt written procedures to ensure 
that such Fund's portfolio assets are sufficiently liquid so that it 
can comply with its fundamental policy on repurchases and the liquidity 
requirements of rule 23c-3(b)(10)(i). The Board of each Fund will 
review the overall composition of the portfolio and make and approve 
such changes to the procedures as it deems necessary.

Applicants' Legal Analysis

    1. 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 provision of the Act or 
rule thereunder, if and to the extent that 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.
    2. Section 23(c) of the Act provides in relevant part that no 
registered closed-end investment company shall purchase any securities 
of any class of which it is the issuer except: (a) On a securities 
exchange or other open market; (b) pursuant to tenders, after 
reasonable opportunity to submit tenders given to all holders of 
securities of the class to be purchased; or (c) under such other 
circumstances as the Commission may permit by rules and regulations or 
orders for the protection of investors.
    3. Rule 23c-3 under the Act permits a registered closed-end 
investment company to make repurchase offers for its common stock at 
net asset value at periodic intervals pursuant to a fundamental policy 
of the investment company. ``Periodic interval'' is defined in rule 
23c-3(a)(1) as an interval of three, six, or twelve months. Rule 23c-
3(b)(4) requires that notification of each repurchase offer be sent to 
shareholders no less than 21 calendar days and no more than 42 calendar 
days before the repurchase request deadline.
    4. Applicants request an order pursuant to sections 6(c) and 23(c) 
of the Act exempting them from rule 23c-3(a)(1) to the extent necessary 
to permit the Funds to make monthly repurchase offers. Applicants also 
request an

[[Page 34109]]

exemption from the notice provisions of rule 23c-3(b)(4) to the extent 
necessary to permit each Fund to send notification of an upcoming 
repurchase offer to shareholders at least seven days but no more than 
fourteen calendar days in advance of the repurchase request deadline.
    5. Applicants contend that monthly repurchase offers are in the 
public interest and in the common shareholders' interests and 
consistent with the policies underlying rule 23c-3. Applicants assert 
that monthly repurchase offers will provide investors with more 
liquidity than quarterly repurchase offers. Applicants assert that 
shareholders will be better able to manage their investments and plan 
transactions, because if they decide to forego a repurchase offer, they 
will only need to wait one month for the next offer. Applicants also 
contend that the portfolio of each Fund will be managed to provide 
ample liquidity for monthly repurchase offers.
    6. Applicants propose to send notification to shareholders at least 
seven days, but no more than fourteen calendar days, in advance of a 
repurchase request deadline. Applicants assert that, because each Fund 
intends to make payment on the fifth business day or seventh calendar 
day (whichever period is shorter) following the repurchase pricing 
date, the entire procedure will be completed before the next 
notification is sent out to shareholders, thus avoiding any overlap. 
Applicants believe that these procedures will eliminate any possibility 
of investor confusion. Applicants also state that monthly repurchase 
offers will be a fundamental feature of the Funds, and their 
prospectuses will provide a clear explanation of the repurchase 
program.
    7. Applicants submit that for the reasons given above the requested 
relief is appropriate in the public interest and is consistent with the 
protection of investors and the purposes fairly intended by the policy 
and provisions of the Act.

Applicants' Conditions

    Applicants agree that any order granting the requested relief shall 
be subject to the following conditions:
    1. The Fund (and any Future Fund relying on this relief) will make 
a repurchase offer pursuant to rule 23c-3(b) for a repurchase offer 
amount of not less than 5% in any one-month period. In addition, the 
repurchase offer amount for the then-current monthly period, plus the 
repurchase offer amounts for the two monthly periods immediately 
preceding the then-current monthly period, will not exceed 25% of the 
Fund's (or Future Fund's, as applicable) outstanding common shares. The 
Fund (and any Future Fund relying on this relief) may repurchase 
additional tendered common shares pursuant to rule 23c-3(b)(5) only to 
the extent the percentage of additional common shares so repurchased 
does not exceed 2% in any three-month period.
    2. Payment for repurchased common shares will occur at least five 
business days before notification of the next repurchase offer is sent 
to common shareholders of the Fund (or any Future Fund relying on this 
relief).

    For the Commission, by the Division of Investment Management, 
under delegated authority.
J. Matthew DesLesDernier,
Assistant Secretary.
[FR Doc. 2021-13663 Filed 6-25-21; 8:45 am]
BILLING CODE 8011-01-P
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