On November 2, 2022, the Securities and Exchange Commission (the “SEC”) voted 3-2 to propose significant amendments to rules 22e-4 and 22c-1 under the Investment Company Act (dealing with liquidity risk management and pricing of shares, respectively), as well as amendments to related reporting and disclosure forms, “to enhance funds’ liquidity risk management to help better prepare them for stressed market conditions and to require the use of swing pricing for certain funds in certain circumstances to limit dilution.” If adopted as proposed, the amendments would result in sweeping changes to the distribution, operation and reporting of open-end funds, with the potential to impose significant costs on these funds and their shareholders. The SEC is seeking comment from the public on the proposal, including responses to 261 specific questions included in the 433-page proposing release. Comments are due 60 days after the date of publication of the proposed amendments in the Federal Register.