80 FR 63256 - Columbia Trust, et al.; Notice of Application

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 201 (October 19, 2015)

Page Range		63256-63257
FR Document		2015-26422

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\ ---------------------------------------------------------------------------

Federal Register, Volume 80 Issue 201 (Monday, October 19, 2015)

[Federal Register Volume 80, Number 201 (Monday, October 19, 2015)]
[Notices]
[Pages 63256-63257]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-26422]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 31866; 812-14553]


Columbia Trust, et al.; Notice of Application

October 13, 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.

-----------------------------------------------------------------------

APPLICANTS:  Columbia Trust (the ``Trust''), Columbia Management 
Investment Advisers, LLC (the ``Adviser'') and Columbia Management 
Investment Distributors, Inc. (the ``Distributor'').
SUMMARY:  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\
---------------------------------------------------------------------------

    \1\ Eaton Vance Management, et al., Investment Company Act Rel. 
Nos. 31333 (Nov. 6, 2014) (notice) and 31361 (Dec. 2, 2014) (order).

---------------------------------------------------------------------------
DATES:  Filing Dates: The application was filed on September 28, 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 November 9, 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: Columbia Trust, Columbia Management Investment Advisers, 
LLC, and Columbia Management Investment

[[Page 63257]]

Distributors, Inc., 225 Franklin Street, Boston, MA 02110.

FOR FURTHER INFORMATION CONTACT: Dalia Osman Blass, Assistant Chief 
Counsel, 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 business trust organized 
under the laws of Massachusetts. Applicants seek relief with respect to 
a Fund (as defined below, and the Fund, the ``Initial Fund''). The 
portfolio positions of the Fund will consist of securities and other 
assets selected and managed by its Adviser or Subadviser (as defined 
below) to pursue the Fund's investment objective.
    2. The Adviser, a Minnesota limited liability company, will be the 
investment adviser to the Initial Fund. An Adviser (as defined below) 
will serve as investment adviser to the 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 and the 
Trust may retain one or more Subadvisers (each a ``Subadviser'') to 
manage the portfolio of the Fund. Any Subadviser will be registered, or 
not subject to registration, under the Advisers Act.
    3. The Distributor is a Delaware corporation and a broker-dealer 
registered under the Securities Exchange Act of 1934 and will act as 
the principal underwriter of Shares of the Fund. 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.
---------------------------------------------------------------------------

    \2\ Eaton Vance Management has obtained patents with respect to 
certain aspects of the Funds' method of operation as exchange-traded 
managed funds.
---------------------------------------------------------------------------

    5. Applicants request that the Order apply to the Initial Fund 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\
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-26422 Filed 10-16-15; 8:45 am]
 BILLING CODE 8011-01-P

63256 Federal Register / Vol. 80, No. 201 / Monday, October 19, 2015 / Notices

item is anticipated to be discussed (all Comments received at the November SUMMARY: Summary of Application:
times Eastern): quarterly meeting will be limited to Applicants request an order (‘‘Order’’)
those regarding mental health services that permits: (a) Actively managed
Monday, November 2
in higher education; challenges to the series of certain open-end management
9:00–9:15 a.m.—Call to Order, Welcome direct care workforce; and emerging investment companies to issue shares
and Introductions technology, each during its respective (‘‘Shares’’) redeemable in large
9:15–9:30 a.m.—Chair and Executive slot of time for the themed town hall. aggregations only (‘‘Creation Units’’); (b)
Director Reports CONTACT PERSON: Anne Sommers, NCD, secondary market transactions in Shares
9:30–10:15 a.m.—Mental Health 1331 F Street NW., Suite 850, to occur at the next-determined net asset
Services in Higher Education Panel Washington, DC 20004; 202–272–2004 value plus or minus a market-
10:15–10:45 a.m.—Town Hall to Receive (V), 202–272–2074 (TTY). determined premium or discount that
Comments on Mental Health ACCOMMODATIONS: A CART streamtext may vary during the trading day; (c)
Services in Higher Education link has been arranged for this certain series to pay redemption
10:45–11:00 a.m.—Break teleconference meeting. The web link to proceeds, under certain circumstances,
11:00–11:30 a.m.—Release of ‘‘Self- more than seven days from the tender of
access CART on Monday, November 2,
Driving Cars: Mapping Access to a 2015 is: http://www.streamtext.net/ Shares for redemption; (d) certain
Technology Revolution’’ Report text.aspx?event=110215ncd900am; and affiliated persons of the series to deposit
11:30 a.m.–12:30 p.m.—Help America securities into, and receive securities
on Tuesday, November 3, 2015 is:
Vote Act Compliance Panel from, the series in connection with the
http://www.streamtext.net/
12:30 p.m.—Adjourn for lunch purchase and redemption of Creation
text.aspx?event=110315ncd830am.
2:00–2:45 p.m.—Elementary and Those who plan to attend the meeting Units; (e) certain registered management
Secondary Education Act— in-person and require accommodations investment companies and unit
Statewide Impact of Federal Policy should notify NCD as soon as possible investment trusts outside of the same
Panel to allow time to make arrangements. To group of investment companies as the
2:45–3:00 p.m.—Break help reduce exposure to fragrances for series to acquire Shares; and (f) certain
3:00–4:00 p.m.—Medicaid Managed
those with multiple chemical series to create and redeem Shares in
Care and Challenges for the Direct
sensitivities, NCD requests that all those kind in a master-feeder structure. The
Care Workforce Panel
attending the meeting in person refrain Order would incorporate by reference
4:00–4:30 p.m.—Town Hall to Receive
from wearing scented personal care terms and conditions of a previous order
Comments on Direct Care
products such as perfumes, hairsprays, granting the same relief sought by
Workforce Challenges
and deodorants. applicants, as that order may be
4:30 p.m.—Adjourn
Dated: October 15, 2015. amended from time to time (‘‘Reference
Tuesday, November 3 Rebecca Cokley, Order’’).1
8:30–9:30 a.m.—Emerging Technology Executive Director. DATES: Filing Dates: The application was
in Employment and Education [FR Doc. 2015–26599 Filed 10–15–15; 4:15 pm] filed on September 28, 2015.
Panel BILLING CODE 8421–03–P HEARING OR NOTIFICATION OF HEARING: An
9:30–10:00 a.m.—Town Hall to Receive order granting the requested relief will
Comments on Emerging Technology be issued unless the Commission orders
10:00–10:15 a.m.—Break SECURITIES AND EXCHANGE a hearing. Interested persons may
10:15–11:00 a.m.—Council Discussion COMMISSION request a hearing by writing to the
on Emerging Technology Focus Commission’s Secretary and serving
Area [Investment Company Act Release No. applicants with a copy of the request,
11:00–11:45 a.m.—NCD Business 31866; 812–14553]
personally or by mail. Hearing requests
Meeting should be received by the Commission
11:45 a.m.—Adjournment Columbia Trust, et al.; Notice of
Application by 5:30 p.m. on November 9, 2015, and
PUBLIC COMMENT: To better facilitate should be accompanied by proof of
NCD’s public comment, any individual October 13, 2015. service on applicants, in the form of an
interested in providing public comment AGENCY: Securities and Exchange affidavit or, for lawyers, a certificate of
is asked to register his or her intent to Commission (‘‘Commission’’). service. Pursuant to rule 0–5 under the
provide comment in advance by sending ACTION: Notice of an application for an Act, hearing requests should state the
an email to PublicComment@ncd.gov order under section 6(c) of the nature of the writer’s interest, any facts
with the subject line ‘‘Public Comment’’ Investment Company Act of 1940 bearing upon the desirability of a
with your name, organization, state, and (‘‘Act’’) for an exemption from sections hearing on the matter, the reason for the
topic of comment included in the body 2(a)(32), 5(a)(1), 22(d) and 22(e) of the request, and the issues contested.
of your email. Full-length written public Act and rule 22c–1 under the Act, under Persons who wish to be notified of a
comments may also be sent to that email sections 6(c) and 17(b) of the Act for an hearing may request notification by
address. All emails to register for public exemption from sections 17(a)(1) and writing to the Commission’s Secretary.
comment at the quarterly meeting must (a)(2) of the Act, and under section ADDRESSES: The Commission: Brent J.
be received by Friday, October 30, 2015. 12(d)(1)(J) of the Act for an exemption Fields, Secretary, U.S. Securities and
Priority will be given to those
asabaliauskas on DSK5VPTVN1PROD with NOTICES

from sections 12(d)(1)(A) and (B) of the Exchange Commission, 100 F Street NE.,
individuals who are in-person to Act. Washington, DC 20549–1090.
provide their comments during the town Applicants: Columbia Trust, Columbia
hall portions of the agenda. Those APPLICANTS: Columbia Trust (the Management Investment Advisers, LLC,
commenters on the phone will be called ‘‘Trust’’), Columbia Management and Columbia Management Investment
on according to the list of those Investment Advisers, LLC (the
registered via email. Due to time ‘‘Adviser’’) and Columbia Management 1 Eaton Vance Management, et al., Investment
constraints, NCD asks all commenters to Investment Distributors, Inc. (the Company Act Rel. Nos. 31333 (Nov. 6, 2014)
limit their comments to three minutes. ‘‘Distributor’’). (notice) and 31361 (Dec. 2, 2014) (order).

VerDate Sep<11>2014 17:52 Oct 16, 2015 Jkt 238001 PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 E:\FR\FM\19OCN1.SGM 19OCN1

Document Created: 2015-12-15 08:36:03
Document Modified: 2015-12-15 08:36:03

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.
Contact		Dalia Osman Blass, Assistant Chief Counsel, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office).
FR Citation		80 FR 63256