On December 18, 2015, Board IQ reported that the SEC launched a sweep of high-yield bond funds requesting “dozens of pieces of information, some of which the SEC demanded to be produced within 24 to 48 hours.” The data, information and materials identified in the article as requested by the SEC “for immediate production” includes: a description of each high-yield bond fund, its securities, pricing source, market value, external and internal bond rating, liquidity status, daily liquidity fund calculations, the definition of the methodology used to determine if the securities were liquid, large shareholders, price challenges, flows, redemption activities, all disclosures in the past six months concerning liquidity, policies and procedures related to liquidity risk, the most recent annual report submitted to the board by the CCO, the names of independent directors who have resigned or were terminated between midsummer and mid-December, and the reasons for their departure. Board IQ also reported that the SEC requested, for subsequent production, “all board meeting materials for the year, the most recent annual assessment by the fund board, minutes of board meetings and the minutes of independent director meetings.”