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Federal Register / Vol. 86, No. 126 / Tuesday, July 6, 2021 / Notices section 17d of the 1940 Act and rule 17d1 thereunder.
SUMMARY OF APPLICATION: Applicants request an order to permit certain registered closed-end management investment companies to issue multiple classes of common shares of beneficial interest Shares with varying sales loads and asset-based service and/or distribution fees and to impose early withdrawal charges.
APPLICANTS: BNY Mellon Alcentra Opportunistic Global Credit Income Fund the Initial Fund and BNY
Mellon Investment Adviser, Inc.
Adviser.
FILING DATES: The application was filed on April 1, 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 July 23, 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 1940 Act, hearing requests should state the nature of the writers 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 Commissions Secretary at SecretarysOffice@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
Jeff Prunofsky, Esq., jeff.prusnofsky@
bnymellon.com.

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FOR FURTHER INFORMATION CONTACT:

Bruce R. MacNeil, Senior Counsel, at 202 5516817, or Kaitlin C. Bottock, Branch Chief, at 202 5516825
Division of Investment Management, Chief Counsels Office.
SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained by searching the Commissions website, at http
www.sec.gov/search/search.htm, using the applications file number or the applicants name, or by calling the Commission at 202 5518090.
Applicants Representations 1. The Initial Fund is a newly organized Maryland statutory trust that is registered under the 1940 Act as a closed-end management investment
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company and classified as a nondiversified investment company. The Initial Funds investment objective is to seek to provide total return consisting of high current income and capital appreciation.
2. The Adviser, a New York corporation, is registered as an investment adviser under the Investment Advisers Act of 1940. The Adviser serves as investment adviser to the Initial Fund.
3. The applicants seek an order to permit the Initial Fund to offer investors multiple classes of Shares with varying sales loads and asset-based service and/
or distribution fees and to impose early withdrawal charges.
4. Applicants request that the order also apply to any other registered closed-end management investment company that conducts a continuous offering of its shares, existing now or in the future, for which the Adviser, its successors,1 or any entity controlling, controlled by, or under common control with the Adviser, or its successors, acts as investment adviser, and which provides periodic liquidity with respect to its Shares through tender offers conducted in compliance with either rule 23c3 under the 1940 Act or rule 13e4 under the Securities Exchange Act of 1934 the 1934 Act each such closed-end management investment company a Future Fund and, together with the Initial Fund, each a Fund, and collectively the Funds.2
5. The Initial Funds initial Registration Statement filed on Form N
2 seeks to register an initial class of Shares the Initial Class Shares.
Shares will be offered on a continuous basis pursuant to a registration statement under the Securities Act of 1933 at their net asset value per share.
The Initial Fund, as a closed-end management investment company, does not intend to continuously redeem Shares as does an open-end management investment company.
Shares of the Initial Fund will not be listed on any securities exchange and will not trade on an over-the-counter system. Applicants do not expect that any secondary market will ever develop for the Shares.
6. If the requested relief is granted, the Initial Fund intends to offer multiple 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 The Initial Fund and any Future Fund relying on the requested relief will do so in compliance with the terms and conditions of the application.
Applicants represent that any person presently intending to rely on the requested relief is listed as an applicant.

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classes of Shares, such as the Initial Class Shares and a new Share class the New Class Shares, or any other classes. Because of the different distribution fees, shareholder services fees, and any other class expenses that may be attributable to the different classes, the net income attributable to, and any dividends payable on, each class of Shares may differ from each other from time to time.
7. Applicants state that, from time to time, the Board of a Fund may create and offer additional classes of Shares, or may vary the characteristics described of the Initial Class and New Class Shares, including without limitation, in the following respects: 1 The amount of fees permitted by a distribution and service plan as to such class; 2 voting rights with respect to a distribution and service plan as to such class; 3
different class designations; 4 the impact of any class expenses directly attributable to a particular class of Shares allocated on a class basis as described in the application; 5
differences in any dividends and net asset values per Share resulting from differences in fees under a distribution and service plan or in class expenses;
6 any early withdrawal charge or other sales load structure; and 7 any exchange or conversion features, as permitted under the 1940 Act.
8. Applicants state that, in order to provide some liquidity to shareholders, the Initial Fund is structured as an interval fund and conducts quarterly offers to repurchase between five percent and twenty-five percent of its outstanding Shares at net asset value, pursuant to rule 23c3 under the 1940
Act, unless such offer is suspended or postponed in accordance with regulatory requirements. Any other Fund that intends to rely on the requested relief will provide periodic liquidity to shareholders in accordance with either rule 23c3 under the 1940
Act or rule 13e4 under the 1934 Act.
9. Applicants represent that any assetbased distribution and servicing fee of a Fund will comply with the provisions of Rule 2341 of the Rules of the Financial Industry Regulatory Authority FINRA
Rule 2341.3 Applicants also represent that each Fund will disclose in its prospectus the fees, expenses, and other characteristics of each class of Shares offered for sale by the prospectus, as is required for open-end, multiple class funds under Form N1A. As if it were an open-end management investment company, each Fund will disclose fund 3 Any references to FINRA Rule 2341 include any successor or replacement rule that may be adopted by FINRA.

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