Funds Dodge Shareholder Votes on Secret Fee Tweaks
Published Date: 9/11/2026
Notice
Summary
The RBB Fund Trust and Millburn Ridgefield LLC want permission to change their subadvisory agreements without asking shareholders every time and to keep some fee details private. This means they can work faster and keep some info under wraps, but shareholders can still ask for a hearing by October 5, 2026. No immediate money changes, but it could speed up how fees and agreements are handled.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Funds may amend subadviser deals without vote
The RBB Fund Trust and Millburn Ridgefield LLC applied for an exemption under section 6(c) that would let them enter into and materially amend subadvisory agreements with subadvisers without needing shareholder approval under Section 15(a). The application was filed June 11, 2026, amended August 7, 2026, and a hearing request deadline is October 5, 2026.
Relief from subadviser fee disclosure rules
The applicants seek relief from certain disclosure requirements so they would not have to follow fee-disclosure rules that apply to subadvisers (including provisions in rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a)-(c) of Regulation S-X). The application was filed June 11, 2026 and amended August 7, 2026.
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