80 FR 23846 - Hartford Funds NextShares Trust, et al.; Notice of Application

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 82 (April 29, 2015)

Page Range		23846-23847
FR Document		2015-09964

Federal Register, Volume 80 Issue 82 (Wednesday, April 29, 2015)

[Federal Register Volume 80, Number 82 (Wednesday, April 29, 2015)]
[Notices]
[Pages 23846-23847]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-09964]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 31576; 812-14439]


Hartford Funds NextShares Trust, et al.; Notice of Application

April 23, 2015.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under section 6(c) of the 
Investment Company Act of 1940 (``Act'') for an exemption from sections 
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the 
Act, under sections 6(c) and 17(b) of the Act for an exemption from 
sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J) 
of the Act for an exemption from sections 12(d)(1)(A) and (B) of the 
Act.

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    Applicants: Hartford Funds NextShares Trust (the ``Trust''), 
Hartford Funds Management Company, LLC (the ``Adviser'') and Hartford 
Funds Distributors, LLC (the ``Distributor'').
    Summary of Application: Applicants request an order (``Order'') 
that permits: (a) Actively managed series of certain open-end 
management investment companies to issue shares (``Shares'') redeemable 
in large aggregations only (``Creation Units''); (b) secondary market 
transactions in Shares to occur at the next-determined net asset value 
plus or minus a market-determined premium or discount that may vary 
during the trading day; (c) certain series to pay redemption proceeds, 
under certain circumstances, more than seven days from the tender of 
Shares for redemption; (d) certain affiliated persons of the series to 
deposit securities into, and receive securities from, the series in 
connection with the purchase and redemption of Creation Units; (e) 
certain registered management investment companies and unit investment 
trusts outside of the same group of investment companies as the series 
to acquire Shares; and (f) certain series to create and redeem Shares 
in kind in a master-feeder structure. The Order would incorporate by 
reference terms and conditions of a previous order granting the same 
relief sought by applicants, as that order may be amended from time to 
time (``Reference Order'').\1\
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    \1\ Eaton Vance Management, et al., Investment Company Act Rel. 
Nos. 31333 (Nov. 6, 2014) (notice) and 31361 (Dec. 2, 2014) (order).
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    Filing Dates: The application was filed on March 31, 2015.
    Hearing or Notification of Hearing: An order granting the requested 
relief will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing by writing to the Commission's 
Secretary and serving applicants with a copy of the request, personally 
or by mail. Hearing requests should be received by the Commission by 
5:30 p.m. on May 18, 2015, and should be accompanied by proof of 
service on applicants, in the form of an affidavit or, for lawyers, a 
certificate of service. Pursuant to rule 0-5 under the Act, hearing 
requests should state the nature of the writer's interest, any facts 
bearing upon the desirability of a hearing on the matter, the reason 
for the request, and the issues contested. Persons who wish to be 
notified of a hearing may request notification by writing to the 
Commission's Secretary.

ADDRESSES: The Commission: Brent J. Fields, Secretary, U.S. Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. 
Applicants: Edward Macdonald, Esq., 5 Radnor Corporate Center-Suite 
300, 100 Matsonford Road, Radnor, PA 19087.

FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, or 
Daniele Marchesani, Branch Chief, at (202) 551-6821 (Division of 
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained via the 
Commission's Web site by searching for the file number, or for an 
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090.

Applicants:

    1. The Trust will be registered as an open-end management 
investment company under the Act and is a statutory trust organized 
under the laws of Delaware. Applicants seek relief with respect to four 
Funds (as defined below, and those Funds, the ``Initial Funds''). The 
portfolio positions of each Fund will consist of securities and other 
assets selected and managed by its

[[Page 23847]]

Adviser or Subadviser (as defined below) to pursue the Fund's 
investment objective.
    2. The Adviser, a Delaware limited liability company, will be the 
investment adviser to the Initial Funds. An Adviser (as defined below) 
will serve as investment adviser to each Fund. The Adviser is, and any 
other Adviser will be, registered as an investment adviser under the 
Investment Advisers Act of 1940 (``Advisers Act''). The Adviser may 
retain one or more subadvisers (each a ``Subadviser'') to manage the 
portfolios of the Funds. Any Subadviser will be registered, or not 
subject to registration, under the Advisers Act.
    3. The Distributor is a Delaware limited liability company and a 
broker-dealer registered under the Securities Exchange Act of 1934 and 
will act as the principal underwriter of Shares of the Funds. 
Applicants request that the requested relief apply to any distributor 
of Shares, whether affiliated or unaffiliated with the Adviser 
(included in the term ``Distributor''). Any Distributor will comply 
with the terms and conditions of the Order.

Applicants' Requested Exemptive Relief

    4. Applicants seek the requested Order under section 6(c) of the 
Act for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) 
of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) 
of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the 
Act, and under section 12(d)(1)(J) of the Act for an exemption from 
sections 12(d)(1)(A) and (B) of the Act. The requested Order would 
permit applicants to offer exchange-traded managed funds. Because the 
relief requested is the same as the relief granted by the Commission 
under the Reference Order and because the Adviser has entered into, or 
anticipates entering into, a licensing agreement with Eaton Vance 
Management, or an affiliate thereof in order to offer exchange-traded 
managed funds,\2\ the Order would incorporate by reference the terms 
and conditions of the Reference Order.
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    \2\ Eaton Vance Management has obtained patents with respect to 
certain aspects of the Funds' method of operation as exchange-traded 
managed funds.
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    5. Applicants request that the Order apply to the Initial Funds and 
to any other existing or future open-end management investment company 
or series thereof that: (a) Is advised by the Adviser or any entity 
controlling, controlled by, or under common control with the Adviser 
(any such entity included in the term ``Adviser''); and (b) operates as 
an exchange-traded managed fund as described in the Reference Order; 
and (c) complies with the terms and conditions of the Order and of the 
Reference Order, which is incorporated by reference herein (each such 
company or series and Initial Fund, a ``Fund'').\3\
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    \3\ All entities that currently intend to rely on the Order are 
named as applicants. Any other entity that relies on the Order in 
the future will comply with the terms and conditions of the Order 
and of the Reference Order, which is incorporated by reference 
herein.
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    6. Section 6(c) of the Act provides that the Commission may exempt 
any person, security or transaction, or any class of persons, 
securities or transactions, from any provisions of the Act, if and to 
the extent that such exemption is necessary or appropriate in the 
public interest and consistent with the protection of investors and the 
purposes fairly intended by the policy and provisions of the Act. 
Section 17(b) of the Act authorizes the Commission to exempt a proposed 
transaction from section 17(a) of the Act if evidence establishes that 
the terms of the transaction, including the consideration to be paid or 
received, are reasonable and fair and do not involve overreaching on 
the part of any person concerned, and the proposed transaction is 
consistent with the policies of the registered investment company and 
the general purposes of the Act. Section 12(d)(1)(J) of the Act 
provides that the Commission may exempt any person, security, or 
transaction, or any class or classes of persons, securities or 
transactions, from any provision of section 12(d)(1) if the exemption 
is consistent with the public interest and the protection of investors.
    7. Applicants submit that for the reasons stated in the Reference 
Order: (1) With respect to the relief requested pursuant to section 
6(c) of the Act, the relief is appropriate, in the public interest and 
consistent with the protection of investors and the purposes fairly 
intended by the policy and provisions of the Act; (2) with respect to 
the relief request pursuant to section 17(b) of the Act, the proposed 
transactions are reasonable and fair and do not involve overreaching on 
the part of any person concerned, are consistent with the policies of 
each registered investment company concerned and consistent with the 
general purposes of the Act; and (3) with respect to the relief 
requested pursuant to section 12(d)(1)(J) of the Act, the relief is 
consistent with the public interest and the protection of investors.

    By the Division of Investment Management, pursuant to delegated 
authority.
Brent J. Fields,
Secretary.
[FR Doc. 2015-09964 Filed 4-28-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 82 / Wednesday, April 29, 2015 / Notices 23847

Adviser or Subadviser (as defined operates as an exchange-traded managed By the Division of Investment
below) to pursue the Fund’s investment fund as described in the Reference Management, pursuant to delegated
objective. Order; and (c) complies with the terms authority.
2. The Adviser, a Delaware limited and conditions of the Order and of the Brent J. Fields,
liability company, will be the Reference Order, which is incorporated Secretary.
investment adviser to the Initial Funds. by reference herein (each such company [FR Doc. 2015–09964 Filed 4–28–15; 8:45 am]
An Adviser (as defined below) will or series and Initial Fund, a ‘‘Fund’’).3 BILLING CODE 8011–01–P
serve as investment adviser to each
Fund. The Adviser is, and any other 6. Section 6(c) of the Act provides that
Adviser will be, registered as an the Commission may exempt any SECURITIES AND EXCHANGE
investment adviser under the person, security or transaction, or any COMMISSION
Investment Advisers Act of 1940 class of persons, securities or
(‘‘Advisers Act’’). The Adviser may transactions, from any provisions of the Sunshine Act Meeting
retain one or more subadvisers (each a Act, if and to the extent that such
exemption is necessary or appropriate Notice is hereby given, pursuant to
‘‘Subadviser’’) to manage the portfolios
in the public interest and consistent the provisions of the Government in the
of the Funds. Any Subadviser will be
with the protection of investors and the Sunshine Act, Public Law 94–409, that
registered, or not subject to registration,
purposes fairly intended by the policy the Securities and Exchange
under the Advisers Act.
and provisions of the Act. Section 17(b) Commission will hold a Closed Meeting
3. The Distributor is a Delaware
of the Act authorizes the Commission to on Wednesday, April 29, 2015 at 12:00
limited liability company and a broker-
p.m.
dealer registered under the Securities exempt a proposed transaction from Commissioners, Counsel to the
Exchange Act of 1934 and will act as the section 17(a) of the Act if evidence Commissioners, the Secretary to the
principal underwriter of Shares of the establishes that the terms of the Commission, and recording secretaries
Funds. Applicants request that the transaction, including the consideration will attend the Closed Meeting. Certain
requested relief apply to any distributor to be paid or received, are reasonable staff members who have an interest in
of Shares, whether affiliated or and fair and do not involve the matters also may be present.
unaffiliated with the Adviser (included overreaching on the part of any person The General Counsel of the
in the term ‘‘Distributor’’). Any concerned, and the proposed Commission, or her designee, has
Distributor will comply with the terms transaction is consistent with the certified that, in her opinion, one or
and conditions of the Order. policies of the registered investment more of the exemptions set forth in 5
Applicants’ Requested Exemptive Relief company and the general purposes of U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
the Act. Section 12(d)(1)(J) of the Act and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
4. Applicants seek the requested
provides that the Commission may and (10), permit consideration of the
Order under section 6(c) of the Act for
exempt any person, security, or scheduled matter at the Closed Meeting.
an exemption from sections 2(a)(32), Commissioner Aguilar, as duty
5(a)(1), 22(d) and 22(e) of the Act and transaction, or any class or classes of
persons, securities or transactions, from officer, voted to consider the item listed
rule 22c–1 under the Act, under for the Closed Meeting in closed
sections 6(c) and 17(b) of the Act for an any provision of section 12(d)(1) if the
exemption is consistent with the public session, and determined that no earlier
exemption from sections 17(a)(1) and notice thereof was possible.
17(a)(2) of the Act, and under section interest and the protection of investors.
The subject matter of the Closed
12(d)(1)(J) of the Act for an exemption 7. Applicants submit that for the Meeting will be a matter related to an
from sections 12(d)(1)(A) and (B) of the reasons stated in the Reference Order: enforcement proceeding.
Act. The requested Order would permit (1) With respect to the relief requested At times, changes in Commission
applicants to offer exchange-traded pursuant to section 6(c) of the Act, the priorities require alterations in the
managed funds. Because the relief relief is appropriate, in the public scheduling of meeting items.
requested is the same as the relief interest and consistent with the For further information and to
granted by the Commission under the protection of investors and the purposes ascertain what, if any, matters have been
Reference Order and because the fairly intended by the policy and added, deleted or postponed, please
Adviser has entered into, or anticipates provisions of the Act; (2) with respect to contact the Office of the Secretary at
entering into, a licensing agreement the relief request pursuant to section (202) 551–5400.
with Eaton Vance Management, or an 17(b) of the Act, the proposed Dated: April 24, 2015.
affiliate thereof in order to offer transactions are reasonable and fair and Brent J. Fields,
exchange-traded managed funds,2 the do not involve overreaching on the part
Order would incorporate by reference Secretary.
of any person concerned, are consistent
the terms and conditions of the [FR Doc. 2015–10037 Filed 4–27–15; 11:15 am]
with the policies of each registered
Reference Order. investment company concerned and BILLING CODE 8011–01–P
5. Applicants request that the Order consistent with the general purposes of
apply to the Initial Funds and to any the Act; and (3) with respect to the relief
other existing or future open-end requested pursuant to section 12(d)(1)(J) DEPARTMENT OF TRANSPORTATION
management investment company or of the Act, the relief is consistent with
series thereof that: (a) Is advised by the Federal Aviation Administration
the public interest and the protection of
mstockstill on DSK4VPTVN1PROD with NOTICES

Adviser or any entity controlling, investors. [Summary Notice No. 2015–22]
controlled by, or under common control
with the Adviser (any such entity 3 All entities that currently intend to rely on the
Petition for Exemption; Summary of
included in the term ‘‘Adviser’’); and (b) Order are named as applicants. Any other entity Petition Received; Last Frontier
that relies on the Order in the future will comply Aviation Group
2 Eaton Vance Management has obtained patents with the terms and conditions of the Order and of
with respect to certain aspects of the Funds’ method the Reference Order, which is incorporated by AGENCY:Federal Aviation
of operation as exchange-traded managed funds. reference herein. Administration (FAA), DOT.

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Document Created: 2015-12-16 08:25:48
Document Modified: 2015-12-16 08:25:48

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J) of the Act for an exemption from sections 12(d)(1)(A) and (B) of the Act.
Dates		The application was filed on March 31, 2015.
Contact		Jean E. Minarick, Senior Counsel, or Daniele Marchesani, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office).
FR Citation		80 FR 23846