80 FR 44403 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting Approval of Proposed Rule Change To Expire CBOE Volatility Index Options Every Week
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 143 (July 27, 2015)
Federal Register Volume 80, Issue 143 (July 27, 2015)
| Page Range | 44403-44405 | |
| FR Document | 2015-18274 |
[Federal Register Volume 80, Number 143 (Monday, July 27, 2015)] [Notices] [Pages 44403-44405] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18274] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75501; File No. SR-CBOE-2015-050] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting Approval of Proposed Rule Change To Expire CBOE Volatility Index Options Every Week July 21, 2015. I. Introduction On June 1, 2015, Chicago Board Options Exchange, Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to expire CBOE Volatility Index (``VIX'') options every week. The proposed rule change was published for comment in the Federal Register on June 12, 2015.\3\ The Commission received no comments on the proposed rule change. This order grants approval of the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 75120 (June 8, 2015), 80 FR 33574 (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change In February 2006, CBOE began trading options that expire monthly on the VIX, which measures a 30-day period of implied volatility. Currently, standard VIX options expire once a month. CBOE now proposes to expire 30-day VIX options every week. According to CBOE, VIX options would continue to trade as they do today and they would be subject to all of the same rules that they are subject to today, except as proposed to be modified by the proposed rule change.\4\ --------------------------------------------------------------------------- \4\ See Notice, supra note 3, at 33574. --------------------------------------------------------------------------- CBOE notes that, in its capacity as the Reporting Authority, it enhanced the VIX Index (cash/spot value) to include P.M.-settled S&P 500 Index End-of-Week expirations (``SPXWs'') in 2014.\5\ According to CBOE, the inclusion of SPXWs allows the VIX Index to be calculated with SPX option series that most precisely match the 30-day target timeframe for expected volatility that the VIX Index is intended to represent. CBOE further states that using SPX options with more than 23 days and less than 37 days to expiration ensures that the VIX Index will always reflect an interpolation of two points along the S&P 500 Index volatility term structure.\6\ --------------------------------------------------------------------------- \5\ See Notice, supra note 3, at 33574-75. CBOE notes that this enhancement did not impact the exercise settlement value for VIX options and futures, which continue to use the same VIX Index formula and the opening prices of standard (i.e., third Friday expiration) S&P 500 Index (``SPX'') option series with 30 days to expiration. See id. at 33575, n.5. \6\ See Notice, supra note 3, at 33574-75. See also the VIX White Paper available at https://www.cboe.com/micro/vix/vixwhite.pdf for a detailed description about the VIX Index methodology. --------------------------------------------------------------------------- The last trading day for expiring standard VIX options is the business day immediately prior to their expiration date. The expiration date for VIX options is pegged to the standard (third Friday) SPX option expiration in the subsequent month. According to CBOE, the expiration date is on the Wednesday that is 30 days prior to the third Friday of the calendar month immediately following the month in which the VIX option expires.\7\ CBOE (as the Reporting Authority for VIX options) calculates the exercise settlement value for expiring VIX options on their expiration date.\8\ --------------------------------------------------------------------------- \7\ See Notice, supra note 3, at 33575. If the Friday in the subsequent month is an Exchange holiday this standard Wednesday VIX option expiration is changed to be the business day that is thirty days prior to the Exchange business day immediately preceding that Friday. See id. \8\ See CBOE Rule 24.9(a)(5) (setting forth the method of determining the day on which the exercise settlement value will be calculated for VIX options and determining the expiration date and last trading day for VIX options). See also Notice, supra note 3, at 33575. --------------------------------------------------------------------------- [[Page 44404]] The Exchange now proposes to expire VIX options each Wednesday.\9\ According to CBOE, the new VIX expirations would be series of the existing VIX option class. Similar to the CBOE Short-Term Volatility Index (``VXST''),\10\ however, different types of SPX options would be used to calculate and settle VIX options. Specifically, CBOE states that, as today, the standard (monthly) VIX option expirations would be calculated using A.M.-settled SPX options that expire on the third Friday in the subsequent month and the period of implied volatility covered by these contracts would be exactly 30 days. The new weekly VIX option expirations would be calculated using P.M.-settled SPXWs that expire in 30 days and the period of implied volatility by these contracts would be 30 days, plus 390 minutes.\11\ --------------------------------------------------------------------------- \9\ CBOE notes that it is currently unable to list weekly VIX options under its other weekly option programs because those programs require that weekly options expire on Fridays and VIX options expire on Wednesdays. See Notice, supra note 3 at 33575, n.8. \10\ CBOE introduced weekly expiring options on the VXST, which measures a nine-day implied volatility period, in 2014. See Securities Exchange Act Release No. 71764 (March 21, 2014), 79 FR 17212 (March 27, 2014) (SR-CBOE-2014-003) (Order Granting Approval of Proposed Rule Change to List and Trade CBOE Short-Term Volatility Index Options). \11\ P.M.-settled, expiring SPXWs stop trading at 3:00 p.m. (Chicago time) on their last day of trading. See Rule 24.9(e)(4). The additional 390 minutes reflects that these constituent options trade for six and a half hours on their expiration date until 3:00 p.m. (Chicago time). --------------------------------------------------------------------------- In order to allow for the weekly expiration of 30-day VIX options, CBOE is also proposing to amend its rules relating to volatility index options in several ways. CBOE proposes to add new language relating to VIX options specifying that the exercise settlement value of a VIX option will be calculated on the specific date (usually a Wednesday) identified in the option symbol for the series. If that Wednesday or the Friday that is 30 days following that Wednesday is an Exchange holiday, the exercise settlement value shall be calculated on the business day immediately preceding that Wednesday.\12\ --------------------------------------------------------------------------- \12\ See Notice, supra note 3, at 33575. --------------------------------------------------------------------------- CBOE notes that expiring 30-day VIX options weekly would result in the Modified Opening Procedures being used more frequently for the constituent options series used to calculate the exercise settlement values for the proposed new 30-day VIX weekly expirations.\13\ --------------------------------------------------------------------------- \13\ See id. --------------------------------------------------------------------------- The Exchange also proposes to add detailed information about the ``time to expiration'' input for VIX options volatility index options (including standard (monthly) and weekly VIX options) that will be used. Specifically, under the proposal, the ``time to expiration'' used to calculate the Special Opening Quotation will account for the actual number of days and minutes until expiration for the constituent options series.\14\ --------------------------------------------------------------------------- \14\ See id. --------------------------------------------------------------------------- The Exchange also notes that it currently is permitted to list up to 12 standard (monthly) VIX expirations.\15\ The Exchange proposes to retain the ability to list 12 standard (monthly) VIX expirations and proposes to permit the Exchange to list up to six weekly expirations in VIX options. According to the Exchange, the six weekly expirations would be for the nearest weekly expirations from the actual listing date and weekly expirations would not be permitted to expire in the same week in which standard (monthly) VIX options expire. Standard (monthly) expirations in VIX options would not be counted as part of the maximum six weekly expirations permitted for VIX options.\16\ --------------------------------------------------------------------------- \15\ The Exchange calculates the CBOE VVIX Index, which measures the expected volatility of the 30-day forward price of the VIX Index and is calculated using VIX options. Because CBOE calculates a volatility index using VIX options, the Exchange is permitted to list up to 12 expirations at any one time for VIX options. See Notice, supra note 3, at 33576, n.13. \16\ See Notice, supra note 3, at 33576 (providing a chart summarizing the maximum listing ability under the proposed rule change). --------------------------------------------------------------------------- The Exchange notes that currently it may list new series in VIX options up to the fifth business day prior to expiration. The Exchange proposes to amend CBOE Rule 24.9 to permit new series to be added up to and including on the last day of trading for an expiring VIX option contract. The Exchange notes that this listing ability is similar to the series setting schedule for other types of weekly expirations, including VXST options.\17\ --------------------------------------------------------------------------- \17\ See existing Rule 24.9.01(c). See also Rules 5.5(d)(4) and 24.9(a)(2)(A)(iv) which permit series to be added up to and including on their expiration date for short-term (weekly) options. --------------------------------------------------------------------------- Finally, the Exchange proposes to break out VIX options separately from other volatility index options under new subparagraph (ii) to CBOE Rule 24.9.01(1) and to specify that the interval between strike prices for CBOE Volatility Index (VIX) options will be $0.50 or greater where the strike price is less than $75, $1 or greater where the strike price is $200 or less and $5 or greater where the strike price is more than $200. The Exchange notes that the strike setting parameters set forth in the proposed paragraph are already permitted for VIX options.\18\ The Exchange believes that separating VIX options from other volatility index options in this section to the CBOE Rulebook would benefit market participants since it would be easier to identify the strike setting parameters for VIX options by breaking them out as proposed. --------------------------------------------------------------------------- \18\ See Rule 24.9(l) and Rule 24.9.12, which permits $0.50 and $1 strike price intervals for options that are used to calculate volatility indexes. The Exchange calculates the CBOE VVIX Index, which measures the expected volatility of the 30-day forward price of the VIX Index and is calculated using VIX options. --------------------------------------------------------------------------- The Exchange proposes several clarifying changes to the rule titles and various subheadings to reflect the substantive changes the Exchange is proposing. In addition, the Exchange is proposing various clarifying non-substantive changes to ensure consistency and parallel structure among various Exchange rules. CBOE represents that it has analyzed its capacity and represents that it believes the Exchange and the Options Price Reporting Authority (``OPRA'') have the necessary systems capacity to handle the additional traffic associated with the listing of new series that would result from the expiring VIX options weekly. CBOE further notes that because the proposal is limited to a single class, the Exchange believes that the additional traffic that would be generated from the introduction of weekly 30-Day VIX option series would be manageable. III. Discussion and Commission Findings The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\19\ Specifically, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\20\ which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. Specifically, the Commission believes that expiring VIX options weekly will [[Page 44405]] provide investors with an additional trading and hedging mechanism and may provide investors with additional opportunities to manage 30-day volatility risk each week. --------------------------------------------------------------------------- \19\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \20\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange has represented that it has many years of history and experience in conducting surveillance for volatility index options trading to draw from in order to detect manipulative trading in the proposed 30-day weekly VIX series.\21\ In approving the proposed weekly expiring VIX options, the Commission has also relied on the Exchange's representation that it and OPRA have the necessary systems capacity to handle the additional traffic associated with the listing of new series that would result from the weekly expiration of VIX options.\22\ --------------------------------------------------------------------------- \21\ See Notice, supra note 3, at 33577. \22\ See id. --------------------------------------------------------------------------- IV. Conclusion IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Act,\23\ that the proposed rule change (SR-CBOE-2015-050) be, and hereby is, approved. --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\24\ --------------------------------------------------------------------------- \24\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18274 Filed 7-24-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 44403
AA–21, Application for Lump-Sum required to obtain benefits. The RRB home should list as types of payments
Death Payment and Annuities Unpaid proposes the following changes to the received or expected to be received to
at Death; AA–21cert, Application forms in the information collection: Item 3.
Summary and Certification; G–131, • Form AA–21—Add clarifying
• Form G–131—For clarity, add an
Authorization of Payment and Release language to better define who qualifies
Instructions section and space for the
of All Claims to a Death Benefit or for a child’s annuity and other minor
RRB to enter the applicant’s name and
Accrued Annuity Payment; and G–273a, editorial changes;
• Form G–273a—Add clarifying the waived share amount.
Funeral Director’s Statement of Burial
language to Item 2, regarding the total • Form AA–11a—Remove from the
Charges. One response is requested of
amount of charges the funeral home information collection due to less than
each respondent. Completion is should enter; and what the funeral 10 responses a year.
ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual Time Burden
Form No. responses (minutes) (hours)
AA–21cert (with assistance) ........................................................................................................ 3,500 20 1,167
AA–21 (without assistance) ......................................................................................................... 200 40 133
G–131 .......................................................................................................................................... 100 5 8
G–273a ........................................................................................................................................ 4,000 10 667
Total ...................................................................................................................................... 7,800 ........................ 1,975
Additional Information or Comments: of 1934 (‘‘Act’’) 1 and Rule 19b–4 calculated with SPX option series that
To request more information or to thereunder,2 a proposed rule change to most precisely match the 30-day target
obtain a copy of the information expire CBOE Volatility Index (‘‘VIX’’) timeframe for expected volatility that
collection justification, forms, and/or options every week. The proposed rule the VIX Index is intended to represent.
supporting material, contact Dana change was published for comment in CBOE further states that using SPX
Hickman at (312) 751–4981 or the Federal Register on June 12, 2015.3 options with more than 23 days and less
Dana.Hickman@RRB.GOV. Comments The Commission received no comments than 37 days to expiration ensures that
regarding the information collection on the proposed rule change. This order the VIX Index will always reflect an
should be addressed to Charles grants approval of the proposed rule interpolation of two points along the
Mierzwa, Railroad Retirement Board, change.
S&P 500 Index volatility term structure.6
844 North Rush Street, Chicago, Illinois II. Description of the Proposed Rule
60611–2092 or emailed to The last trading day for expiring
Change standard VIX options is the business
Charles.Mierzwa@RRB.GOV. Written
comments should be received within 60 In February 2006, CBOE began trading day immediately prior to their
days of this notice. options that expire monthly on the VIX, expiration date. The expiration date for
which measures a 30-day period of VIX options is pegged to the standard
Charles Mierzwa, implied volatility. Currently, standard (third Friday) SPX option expiration in
Chief of Information Resources Management. VIX options expire once a month. CBOE the subsequent month. According to
[FR Doc. 2015–18314 Filed 7–24–15; 8:45 am] now proposes to expire 30-day VIX CBOE, the expiration date is on the
BILLING CODE 7905–01–P options every week. According to CBOE, Wednesday that is 30 days prior to the
VIX options would continue to trade as third Friday of the calendar month
they do today and they would be subject
immediately following the month in
to all of the same rules that they are
which the VIX option expires.7 CBOE
SECURITIES AND EXCHANGE subject to today, except as proposed to
be modified by the proposed rule (as the Reporting Authority for VIX
COMMISSION
change.4 options) calculates the exercise
CBOE notes that, in its capacity as the settlement value for expiring VIX
[Release No. 34–75501; File No. SR–CBOE– options on their expiration date.8
2015–050] Reporting Authority, it enhanced the
VIX Index (cash/spot value) to include
Self-Regulatory Organizations; P.M.-settled S&P 500 Index End-of-
6 See Notice, supra note 3, at 33574–75. See also
Chicago Board Options Exchange, Week expirations (‘‘SPXWs’’) in 2014.5
the VIX White Paper available at https://
Incorporated; Order Granting Approval According to CBOE, the inclusion of www.cboe.com/micro/vix/vixwhite.pdf for a
of Proposed Rule Change To Expire SPXWs allows the VIX Index to be detailed description about the VIX Index
CBOE Volatility Index Options Every methodology.
1 15 U.S.C. 78s(b)(1).
Week 7 See Notice, supra note 3, at 33575. If the Friday
2 17 CFR 240.19b–4. in the subsequent month is an Exchange holiday
July 21, 2015. 3 See Securities Exchange Act Release No. 75120
this standard Wednesday VIX option expiration is
(June 8, 2015), 80 FR 33574 (‘‘Notice’’). changed to be the business day that is thirty days
I. Introduction 4 See Notice, supra note 3, at 33574.
tkelley on DSK3SPTVN1PROD with NOTICES
prior to the Exchange business day immediately
5 See Notice, supra note 3, at 33574–75. CBOE
On June 1, 2015, Chicago Board preceding that Friday. See id.
notes that this enhancement did not impact the 8 See CBOE Rule 24.9(a)(5) (setting forth the
Options Exchange, Incorporated exercise settlement value for VIX options and
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the futures, which continue to use the same VIX Index method of determining the day on which the
formula and the opening prices of standard (i.e., exercise settlement value will be calculated for VIX
Securities and Exchange Commission options and determining the expiration date and
third Friday expiration) S&P 500 Index (‘‘SPX’’)
(‘‘Commission’’), pursuant to Section option series with 30 days to expiration. See id. at last trading day for VIX options). See also Notice,
19(b)(1) of the Securities Exchange Act 33575, n.5. supra note 3, at 33575.
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![Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 44405
provide investors with an additional certain sub-advisers without Summary of the Application
trading and hedging mechanism and shareholder approval and grant relief
may provide investors with additional from the Disclosure Requirements as 1. The Adviser will serve as the
opportunities to manage 30-day they relate to fees paid to the sub- investment adviser to the Funds
volatility risk each week. advisers. pursuant to an investment advisory
The Exchange has represented that it agreement with the Trust (the ‘‘Advisory
has many years of history and APPLICANTS: BPV Family of Funds Agreement’’).1 The Adviser will provide
experience in conducting surveillance (the ‘‘Trust’’), a Delaware statutory trust the Funds with continuous and
for volatility index options trading to registered under the Act as an open-end comprehensive investment management
draw from in order to detect management investment company with services subject to the supervision of,
manipulative trading in the proposed multiple series, and BPV Capital and policies established by, each Fund’s
30-day weekly VIX series.21 In Management, LLC, a Delaware limited board of trustees (‘‘Board’’). The
approving the proposed weekly expiring liability company registered as an Advisory Agreement permits the
VIX options, the Commission has also investment adviser under the Adviser, subject to the approval of the
relied on the Exchange’s representation Investment Advisers Act of 1940 Board, to delegate to one or more sub-
that it and OPRA have the necessary (‘‘BPV’’ or the ‘‘Adviser,’’ and, advisers (each, a ‘‘Sub-Adviser’’ and
systems capacity to handle the collectively with the Trust, the collectively, the ‘‘Sub-Advisers’’) the
additional traffic associated with the ‘‘Applicants’’). responsibility to provide the day-to-day
listing of new series that would result DATES: Filing Dates: The application was portfolio investment management of
from the weekly expiration of VIX filed January 8, 2015, and amended on each Fund, subject to the supervision
options.22 June 10, 2015. and direction of the Adviser. The
Hearing or Notification of Hearing: An primary responsibility for managing the
IV. Conclusion
order granting the application will be Funds will remain vested in the
IT IS THEREFORE ORDERED, Adviser. The Adviser will hire,
issued unless the Commission orders a
pursuant to Section 19(b)(2) of the
hearing. Interested persons may request evaluate, allocate assets to and oversee
Act,23 that the proposed rule change the Sub-Advisers, including
a hearing by writing to the
(SR–CBOE–2015–050) be, and hereby is, determining whether a Sub-Adviser
Commission’s Secretary and serving
approved. should be terminated, at all times
applicants with a copy of the request,
For the Commission, by the Division of personally or by mail. Hearing requests subject to the authority of the Board.
Trading and Markets, pursuant to delegated should be received by the Commission 2. Applicants request an exemption to
authority.24
by 5:30 p.m. on August 17, 2015, and permit the Adviser, subject to Board
Robert W. Errett, should be accompanied by proof of approval, to hire certain Sub-Advisers
Deputy Secretary. service on the applicants, in the form of pursuant to Sub-Advisory Agreements
[FR Doc. 2015–18274 Filed 7–24–15; 8:45 am] an affidavit or, for lawyers, a certificate and materially amend existing Sub-
BILLING CODE 8011–01–P of service. Pursuant to rule 0–5 under Advisory Agreements without obtaining
the Act, hearing requests should state the shareholder approval required under
the nature of the writer’s interest, any section 15(a) of the Act and rule 18f–2
SECURITIES AND EXCHANGE facts bearing upon the desirability of a under the Act.2 Applicants also seek an
COMMISSION hearing on the matter, the reason for the exemption from the Disclosure
[Investment Company Act Release No. request, and the issues contested. Requirements to permit a Fund to
31721; 812–14413] Persons who wish to be notified of a disclose (as both a dollar amount and a
hearing may request notification by percentage of the Fund’s net assets): (a)
BPV Capital Management, LLC and writing to the Commission’s Secretary. The aggregate fees paid to the Adviser
BPV Family of Funds; Notice of ADDRESSES: Secretary, U.S. Securities and any Affiliated Sub-Adviser; and (b)
Application and Exchange Commission, 100 F Street the aggregate fees paid to Sub-Advisers
July 21, 2015.
NE., Washington, DC 20549–1090. other than Affiliated Sub-Advisers
Applicants: Michael R. West, BPV (collectively, ‘‘Aggregate Fee
AGENCY: Securities and Exchange
Family of Funds, 9202 South Disclosure’’). For any Fund that
Commission (‘‘Commission’’).
Northshore Drive, Suite 300, Knoxville, employs an Affiliated Sub-Adviser, the
ACTION: Notice of an application under
TN 37922; and Jeffrey T. Skinner, Esq., Fund will provide separate disclosure of
section 6(c) of the Investment Company Kirkpatrick, Townsend & Stockton LLP,
Act of 1940 (‘‘Act’’) for an exemption 1001 W. Fourth Street, Winston-Salem, 1 Applicants request relief with respect to any
from section 15(a) of the Act and rule NC 27101. existing and any future series of the Trust and any
18f–2 under the Act, as well as from other registered open-end management company or
FOR FURTHER INFORMATION CONTACT:
certain disclosure requirements in rule series thereof that: (a) Is advised by BPV or its
Emerson S. Davis, Senior Counsel, at successor or by a person controlling, controlled by,
20a–1 under the Act, Item 19(a)(3) of
(202) 551–6868, or Daniele Marchesani, or under common control with BPV or its successor
Form N–1A, Items 22(c)(1)(ii), (each, also an ‘‘Adviser’’); (b) uses the manager of
Branch Chief, at (202) 551–6821
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of managers structure described in the application;
(Division of Investment Management,
Schedule 14A under the Securities and (c) complies with the terms and conditions of
Chief Counsel’s Office). the application (any such series, a ‘‘Fund’’ and
Exchange Act of 1934, and Sections 6–
07(2)(a), (b), and (c) of Regulation S–X SUPPLEMENTARY INFORMATION: The collectively, the ‘‘Funds’’). For purposes of the
following is a summary of the requested order, ‘‘successor’’ is limited to an entity
(‘‘Disclosure Requirements’’). The that results from a reorganization into another
tkelley on DSK3SPTVN1PROD with NOTICES
requested exemption would permit an application. The complete application jurisdiction or a change in the type of business
investment adviser to hire and replace may be obtained via the Commission’s organization.
Web site by searching for the file 2 The requested relief will not extend to any Sub-
21 See number, or an applicant using the Adviser that is an affiliated person, as defined in
Notice, supra note 3, at 33577. section 2(a)(3) of the Act, of a Fund or the Adviser,
22 See id. Company name box, at http:// other than by reason of serving as a sub-adviser to
23 15 U.S.C. 78s(b)(2). www.sec.gov/search/search.htm or by one or more of the Funds (‘‘Affiliated Sub-
24 17 CFR 200.30–3(a)(12). calling (202) 551–8090. Adviser’’).
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Document Created: 2018-02-23 09:26:51
Document Modified: 2018-02-23 09:26:51
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| FR Citation | 80 FR 44403 |
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