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Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices
Financial Industry Regulatory Authority FINRA.
The requirement that the fund send a notification to shareholders of each offer is intended to ensure that a fund provides material information to shareholders about the terms of each offer. The requirement that copies be sent to the Commission is intended to enable the Commission to monitor the funds compliance with the notification requirement. The requirement that the shareholder notification be attached to Form N23c3 is intended to ensure that the fund provides basic information necessary for the Commission to process the notification and to monitor the funds use of repurchase offers. The requirement that the fund describe its current policy on repurchase offers and the results of recent offers in the annual shareholder report is intended to provide shareholders current information about the funds repurchase policies and its recent experience. The requirement that the board approve and review written procedures designed to maintain portfolio liquidity is intended to ensure that the fund has enough cash or liquid securities to meet its repurchase obligations, and that written procedures are available for review by shareholders and examination by the Commission. The requirement that the fund file advertisements and sales literature as if it were an open-end fund is intended to facilitate the review of these materials by the Commission or FINRA to prevent incomplete, inaccurate, or misleading disclosure about the special characteristics of a closed-end fund that makes periodic repurchase offers.
The Commission staff estimates that 60 funds make use of rule 23c3
annually, including 32 funds that are relying upon rule 23c3 for the first time. The Commission staff estimates that on average a fund spends 89 hours annually in complying with the requirements of the Rule and Form N23c3, with funds relying upon rule 23c3 for the first time incurring an additional one-time burden of 28 hours.
The Commission therefore estimates the total annual hour burden of the rules and forms paperwork requirements to be 6,236 hours. In addition to the burden hours, the Commission staff estimates that the average yearly cost to each fund that relies on rule 23c3 to print and mail repurchase offers to shareholders is about $32,744.13. The Commission estimates total annual cost is therefore about $1,964,647.
Estimates of average burden hours and costs are made solely for purposes of the Paperwork Reduction Act and are not derived from a comprehensive or
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even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of the rule and form is mandatory only for those funds that rely on the rule in order to repurchase shares of the fund. The information provided to the Commission on Form N23c3 will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid OMB control number.
Written comments are invited on: a Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; b the accuracy of the Commissions estimate of the burden of the collection of information; c ways to enhance the quality, utility, and clarity of the information collected; and d ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication.
Please direct your written comments to David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, C/O Cynthia Roscoe, 100 F Street NE, Washington, DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
All submissions should refer to File Number 270373. This file number should be included on the subject line if email is used. The Commission will post all comments on the Commissions internet website http www.sec.gov.
All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly.
Dated: July 15, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202115427 Filed 72021; 8:45 am BILLING CODE 801101P

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SECURITIES AND EXCHANGE
COMMISSION
Investment Company Act Release No.
34331; 81215180

Uncommon Investment Funds Trust and Uncommon Investment Advisors LLC
July 15, 2021.

Securities and Exchange Commission Commission.
ACTION: Notice.
AGENCY:

Notice of an application under section 6c of the Investment Company Act of 1940 Act for an exemption from section 15a of the Act, as well as from certain disclosure requirements in rule 20a1 under the Act, Item 19a3 of Form N1A, Items 22c1ii, 22c1iii, 22c8 and 22c9 of Schedule 14A under the Securities Exchange Act of 1934 1934 Act, and sections 6072a, b, and c of Regulation SX Disclosure Requirements.
APPLICANTS: Uncommon Investment 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 Uncommon Investment Advisors LLC Initial Adviser, a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940 Advisers Act that serves as an investment adviser to the Uncommon Generosity 50 Equity ETF and Uncommon Portfolio Design Core Equity ETF collectively with the Trust, the Applicants.
SUMMARY OF APPLICATION: The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with subadvisers without shareholder approval and would grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.
FILING DATES: The application was filed on November 25, 2020, and amended on March 12, 2021, and June 10, 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 Commissions 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 August 9, 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
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