Securities and Exchange Commission November 13, 2014 – Federal Register Recent Federal Regulation Documents

Applicants request an order that permits: (a) Actively managed series of certain open-end management investment companies to issue shares (``Shares'') redeemable in large aggregations only (``Creation Units''); (b) secondary market transactions in Shares to occur at the next-determined net asset value (``NAV'') plus or minus a market- determined premium or discount (``premium/discount'') that may vary during the trading day (``NAV-based Trading''); (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days from the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Units; (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares; and (f) certain series to create and redeem Shares in kind in a master-feeder structure.