87660 Federal Register / Vol. 89, No. 213 / Monday, November 4, 2024 / Notices 

1The Commission issued a notice of application 

on October 8, 2024. Applicants subsequently 

amended the application on October 25, 2024, so 

a new notice is being issued. 

distribution and/or service fees and 

early withdrawal charges.1

APPLICANTS: Institutional Investment 

Strategy Fund and Buena Capital 

Advisors, LLC. 

FILING DATES: The application was filed 

on May 29, 2024, and amended on 

August 28, 2024 and October 25, 2024. 

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 on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on November 25, 2024, 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 Act, hearing requests should 

state the nature of the writer’s 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 Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Arash Ghodoosi, Institutional 

Investment Strategy Fund, arash@

buenacapital.com, with a copy to JoAnn 

M. Strasser, Esq., Thompson Hine LLP, 

JoAnn.Strasser@ThompsonHine.com, 

and Philip B. Sineneng, Esq., Thompson 

Hine LLP, Philip.Sineneng@

ThompsonHine.com. 

FOR FURTHER INFORMATION CONTACT: 

Steven I. Amchan, Senior Counsel, or 

Lisa Reid Ragen, Branch Chief, at (202) 

551–6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ amended application, dated 

October 25, 2024, which may be 

obtained via the Commission’s website 

by searching for the file number at the 

top of this document, or for an 

Applicant using the Company name 

search field on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at https://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–25540 Filed 11–1–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–437, OMB Control No. 

3235–0494] 

Proposed Collection; Comment 

Request; Extension: Rule 30e–2 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 30e–2 (17 CFR 270.30e–2) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) (‘‘Investment 

Company Act’’) requires registered unit 

investment trusts (‘‘UITs’’) that invest 

substantially all of their assets in shares 

of a management investment company 

(‘‘fund’’) to send their unitholders 

annual and semiannual reports 

containing financial information on the 

underlying company. Specifically, rule 

30e–2 requires that the report contain 

all the applicable information and 

financial statements or their equivalent, 

required by rule 30e–1 under the 

Investment Company Act (17 CFR 

270.30e–1) to be included in reports of 

the underlying fund for the same fiscal 

period. Rule 30e–1 requires that the 

underlying fund’s report contain, among 

other things, the information that is 

required to be included in such reports 

by the fund’s registration statement form 

under the Investment Company Act. 

The purpose of this requirement is to 

apprise current shareholders of the 

operational and financial condition of 

the UIT. Absent the requirement to 

disclose all material information in 

reports, investors would be unable to 

obtain accurate information upon which 

to base investment decisions and 

consumer confidence in the securities 

industry might be adversely affected. 

Requiring the submission of these 

reports to the Commission permits us to 

verify compliance with securities law 

requirements. 

Rule 30e–2, however, permits, under 

certain conditions, delivery of a single 

shareholder report to investors who 

share an address (‘‘householding’’). 

Specifically, rule 30e–2 permits 

householding of annual and semiannual reports by UITs to satisfy the 

delivery requirements of rule 30e–2 if, 

in addition to the other conditions set 

forth in the rule, the UIT has obtained 

from each applicable investor written or 

implied consent to the householding of 

shareholder reports at such address. The 

rule requires UITs that wish to 

household shareholder reports with 

implied consent to send a notice to each 

applicable investor stating that the 

investors in the household will receive 

one report in the future unless the 

investors provide contrary instructions. 

In addition, at least once a year, UITs 

relying on the rule for householding 

must explain to investors who have 

provided written or implied consent 

how they can revoke their consent. The 

purpose of the notice and annual 

explanation requirements associated 

with the householding provisions of the 

rule is to ensure that investors who wish 

to receive individual copies of 

shareholder reports are able to do so. 

The Commission estimates that the 

annual burden associated with rule 30e– 

2 is 15 hours per respondent. The 

Commission estimates that there are 

currently approximately 660 UITs that 

file 1342 reports per year. Therefore, the 

Commission estimates that the total 

hour burden is approximately 10,065 

hours. In addition to the burden hours, 

the Commission estimates that the 

annual cost of contracting for outside 

services associated with rule 30e–2 is 

$6,667 per respondent, for a total cost of 

approximately $4,495,700. 

Estimates of average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or even 

representative survey or study of the 

costs of Commission rules and forms. 

The collection of information under rule 

30e–2 is mandatory. The information 

provided under rule 30e–2 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 proposed collection of 

information is necessary for the proper 


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Federal Register / Vol. 89, No. 213 / Monday, November 4, 2024 / Notices 87661 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Part 12 of the Company Guide provides that 

these companies can seek review of a delisting 

determination from the Committee for Review of 

the Board of Directors of the Exchange. 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

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 

by January 3, 2025. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Austin Gerig, Director/Chief Data 

Officer, Securities and Exchange 

Commission, c/o Tanya Ruttenberg, 100 

F Street NE, Washington, DC 20549 or 

send an email to: PRA_Mailbox@

sec.gov. 

Dated: October 29, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–25547 Filed 11–1–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101457; File No. SR– 

NYSEAMER–2024–61] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing of 

Proposed Change Amending Section 

1003 of the NYSE American LLC 

Company Guide To Provide for the 

Suspension and Delisting of Any 

Company That: (i) Has Effected One or 

More Reverse Stock Splits Over the 

Prior Two-Year Period With a 

Cumulative Ratio of 200 Shares or 

More to One; or (ii) Has Effectuated a 

Reverse Stock Split and the 

Effectuation of Such Reverse Stock 

Split Results in the Company’s 

Security Falling Below Any of the 

Continued Listing Requirements of 

Section 1003 

October 29, 2024. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on October 

16, 2024, NYSE American LLC (‘‘NYSE 

American’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Section 1003 of the NYSE American 

LLC Company Guide to provide for the 

suspension and delisting of any 

company that: (i) has effected one or 

more reverse stock splits over the prior 

two-year period with a cumulative ratio 

of 200 shares or more to one; or (ii) has 

effectuated a reverse stock split and the 

effectuation of such reverse stock split 

results in the company’s security falling 

below any of the continued listing 

requirements of Section 1003. The 

proposed rule change is available on the 

Exchange’s website at www.nyse.com, at 

the principal office of the Exchange, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

subsection (f) (‘‘Other Events’’) of 

Section 1003 (‘‘Application of Policies’’) 

of the Company Guide to add two 

additional circumstances under which 

the Exchange would have the authority 

to suspend and delist a listed company. 

Specifically, proposed Section 

1003(f)(vi) would give the Exchange the 

authority to suspend and delist any 

listed company that has effected one or 

more reverse stock splits over the prior 

two-year period with a cumulative ratio 

of 200 shares or more to one. In 

addition, proposed Section 1003(f)(vii) 

would give the Exchange the authority 

to suspend and delist any listed 

company that has effected a reverse 

stock split if the effectuation of such 

reverse stock split results in the 

company’s security falling below any of 

the continued listing requirements of 

Section 1003. Any action taken by a 

listed company that is governed by 

proposed Sections 1003(f)(vi) and 

1003(f)(vii) would result in the 

immediate commencement of 

suspension and delisting procedures in 

accordance with the procedures set out 

in Section 1010 of the Company Guide.4

A listed issuer would not be eligible to 

follow the procedures outlined in 

Section 1009 with respect to any action 

in violation of proposed Sections 

1003(f)(vi) or (vii). 

Section 1003(f)(v) (‘‘Low Selling Price 

Issues’’) of the Company Guide provides 

that, in the case of a common stock 

selling for a substantial period of time 

at a low price per share, the Exchange 

may suspend and delist a company if 

such company shall fail to effect a 

reverse split of such shares within a 

reasonable time after being notified that 

the Exchange deems such action to be 

appropriate under all the circumstances. 

In its review of the question of whether 

it deems a reverse split of a given issue 

to be appropriate, the Exchange will 

consider all pertinent factors including, 

market conditions in general, the 

number of shares outstanding, plans 

which may have been formulated by 

management, applicable regulations of 

the state or country of incorporation or 

of any governmental agency having 

jurisdiction over the issuer, the 

relationship to other Exchange policies 

regarding continued listing, and, in 

respect of securities of foreign issuers, 

the general practice in the country of 

origin of trading in low-selling price 

issues. Proposed Section 1003(f)(vii) is 

consistent with the provisions of 

Section 1003(f)(v) as described above, as 

well as with the Exchange’s consistent 

policy that it would immediately 

suspend and delist a listed company if 

the company effects a reverse stock split 

to cure a low selling price issue under 

Section 1003(f)(v) and the company 

would fall below another quantitative 

continued listing standard as a direct 

result of effecting that reverse stock 

split. 

Many companies seek to address low 

selling price issues under Section 

1003(f)(v) by effectuating a reverse stock 


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