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Bond Fund Sweep Request Includes Board Self-Assessments

The examination request list that the SEC is using for the ongoing bond sweep asks for “[t]he most recent annual self-assessment by the board and committees, if written.” No SEC staff member has publicly given a reason for the request.  The bond sweep began in October 2014 to determine how funds are prepared for a rising interest rate environment, the fund’s disclosures around rising rates, and how advisers are communicating with boards.  

Additionally, the request seeks the most recent CCO annual report, the “board’s annual calendar reflecting proposed approvals,” board meeting minutes for a 15-month period and the most recent meeting’s draft meeting minutes, independent director meeting minutes, board committee composition and meeting minutes, and the names of trustees that resigned or were terminated and the reasoning accompanying such decision.