Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 12d1-3 -- Exemptions for Investment Companies Relying on Section 12(d)(1)(F)
of the
Act.
Exemption from sales charge limits.
A registered investment company ("acquiring fund") that
relies on section 12(d)(1)(F) of the Act (15 U.S.C. 80a-12(d)(1)(F)) to
acquire securities issued by an investment company ("acquired fund")
may offer or sell any security it issues through a principal underwriter
or otherwise at a public offering price that includes a sales load of more
than
1 1/2 percent if any sales charges and service fees charged with respect to the
acquiring fund's securities do not exceed the limits set forth in rule 2830
of the Conduct Rules of the NASD applicable to a fund of funds.
Definitions. For purposes of this section, the
terms fund of funds, sales charge, and service fee have the same meanings as
in rule 2830(b) of the Conduct Rules of the NASD.
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