# 2026-12866: Investment Fund Asks SEC to Tweak Share Fees

2026-12866, Third Lake Partners Alternative Yield Strategy Fund and Third Lake Partners, LLC, is a Federal Register notice from Securities and Exchange Commission published 2026-06-26, effective 2026-05-11; PRIA reads it as touching household money (as of 2026-07-03).

- Canonical: https://policyrisk.com/federal-register/2026-12866
- As of: 2026-07-03
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12866
- Title: Third Lake Partners Alternative Yield Strategy Fund and Third Lake Partners, LLC
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 38747
- Published: 2026-06-26
- Effective: 2026-05-11
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-07-03

## In one line

Investment Fund Asks SEC to Tweak Share Fees

## Summary

Third Lake Partners wants permission to offer different types of shares in their investment fund and charge fees based on assets or early withdrawals. This change affects investors in their closed-end fund and could impact how fees are paid. If no one asks for a hearing by July 20, 2026, the SEC will likely approve it soon after.

## Effects PRIA read

- Fund May Offer Multiple Share Classes: mixed, low. The fund has applied for permission to issue multiple classes of shares for its registered closed-end fund. The application was filed on May 11, 2026; interested persons may request a hearing by 5:30 p.m. Eastern on July 20, 2026.
- Asset-Based Distribution and Service Fees: cost, medium. The applicants seek authority to impose asset-based distribution and/or service fees on shares of the closed-end fund. The application was filed May 11, 2026, and hearing requests must be received by 5:30 p.m. Eastern on July 20, 2026.
- Early Withdrawal Charges Permitted: cost, medium. The applicants request permission to impose early withdrawal charges on the fund's shares, meaning investors could be charged for redeeming or withdrawing early. The filing date is May 11, 2026; hearing requests are due by July 20, 2026 at 5:30 p.m. Eastern.

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## Sources
- [2026-12866 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/26/2026-12866/third-lake-partners-alternative-yield-strategy-fund-and-third-lake-partners-llc)
- [2026-12866 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-26/pdf/2026-12866.pdf)

## Related
- [Previous: 2026-12865, Nilsine Partners NP1X Fund and Nilsine Partners, LLC](https://policyrisk.com/federal-register/2026-12865)
- [Next: 2026-12867, Submission for OMB Review; Comment Request](https://policyrisk.com/federal-register/2026-12867)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12866 (as of 2026-07-03).