1 | / See Investment Company Act Rel. No. 17,357, [1989-1990 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 84,513 (Feb. 26, 1990); 141 Cong. Rec. E868 (daily ed. April 7, 1995) (statement of Rep. Fields). |
2 | / See Investment Company Act Rel. No. 17,357, [1989-1990 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 84,513 (Feb. 26, 1990); 141 Cong. Rec. E868 (daily ed. April 7, 1995) (statement of Rep. Fields). |
3 | / See 141 Cong. Rec. E868 (daily ed. April 7, 1995) (statement of Rep. Fields). |
4 | / See Report of the Securities and Exchange Commission on the Public Policy Implication of Investment Company Growth: Hearings on H.R. 2337 Before the House Comm. on Interstate and Foreign Commerce , 89th Cong., 2d Sess. 321 (1966) [hereinafter PPI Report] (noting that the review and supervision of the managers of a fund of funds over the profession management of their portfolio companies may seriously disrupt the action of the registered portfolio funds). |
5 | / See 15 U.S.C. § 80a-12(d)(1)(G)(i)(III)(bb). |
6 | / See Fields Outlines Congressional Rethinking of Mutual Fund Regulation, THE INVESTMENT LAWYER, March 1995, at 11. While Congressman Fields' statement is not entirely correct, the adoption of Rule 3a-4 under the 1940 Act has significantly lessened the restrictions on mutual fund asset allocation programs. |
7 | / See id. |
8 | / See id. |
9 | / See Investment Company Act Rel. No. 21332 at 5 (September 1, 1995). |
10 | / See id. |
11 | / See id. |
12 | / Obviously, I concede that there are differences between a fund of funds and the other two-tier structures, variable insurance products and master-feeder funds. For example, in both the variable insurance products and master-feeder arrangements, the acquiring fund invests in only one other fund. Conversely, a fund of funds invests in multiple underlying funds. |