81 FR 28915 - Columbia ETF Trust I, et al.; Notice of Application
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 90 (May 10, 2016)
Federal Register Volume 81, Issue 90 (May 10, 2016)
| Page Range | 28915-28917 | |
| FR Document | 2016-10984 |
[Federal Register Volume 81, Number 90 (Tuesday, May 10, 2016)] [Notices] [Pages 28915-28917] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-10984] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32107; 812-14552] Columbia ETF Trust I, et al.; Notice of Application May 5, 2016. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (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) for an exemption from sections 12(d)(1)(A) and 12(d)(1)(B) of the Act. The requested order would permit (a) index- based series of certain open-end management investment companies (``Funds'') to issue shares redeemable in large aggregations only (``Creation Units''); (b) secondary market transactions in Fund shares to occur at negotiated market prices rather than at net asset value (``NAV''); (c) certain Funds to pay redemption proceeds, under certain circumstances, more than seven days after the tender of shares for redemption; (d) certain affiliated persons of a Fund to deposit securities into, and receive securities from, the Fund 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 Funds (``Funds of Funds'') to acquire shares of the Funds; and (f) certain Funds (``Feeder Funds'') to create and redeem Creation Units in-kind in a master-feeder structure. Applicants: Columbia Management Investment Advisers, LLC (the ``Initial Adviser''), a Minnesota limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, Columbia ETF Trust I (the ``Trust''), a Massachusetts business trust registered under the Act as an open-end management investment company with multiple series, and Columbia Management Investment Distributors, Inc. (the ``Distributor''), a Delaware corporation and broker-dealer registered under the Securities Exchange Act of 1934 (``Exchange Act''). DATES: Filing Dates: The application was filed on September 28, 2015, and amended on January 19, 2016, April 15, 2016, April 27, 2016, and May 5, 2016. 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 27, 2016, 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: Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090; Applicants: Columbia ETF Trust I and Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, Massachusetts 02110; Columbia Management Investment Advisers, LLC, 100 Park Avenue, 8th Floor, New York, New York 10017. FOR FURTHER INFORMATION CONTACT: Jill Ehrlich, Senior Counsel at (202) 551-6819, or David J. Marcinkus, 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 [[Page 28916]] Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090. Summary of the Application 1. Applicants request an order that would allow Funds to operate as index exchange traded funds (``ETFs'').\1\ Fund shares will be purchased and redeemed at their NAV in Creation Units only. All orders to purchase Creation Units and all redemption requests will be placed by or through an ``Authorized Participant'', which will have signed a participant agreement with the Distributor. Shares will be listed and traded individually on a national securities exchange, where share prices will be based on the current bid/offer market. Certain Funds may operate as Feeder Funds in a master-feeder structure. Any order granting the requested relief would be subject to the terms and conditions stated in the application. --------------------------------------------------------------------------- \1\ Applicants request that the order apply to the initial funds and any additional series of the Trust, and any other open-end management investment company or series thereof, that may be created in the future (each, included in the term ``Fund''), each of which will operate as an ETF and will track a specified index comprised of domestic or foreign equity and/or fixed income securities (each, an ``Underlying Index''). Any Fund will (a) be advised by the Initial Adviser or an entity controlling, controlled by, or under common control with the Initial Adviser (each, an ``Adviser'') and (b) comply with the terms and conditions of the application. --------------------------------------------------------------------------- 2. Each Fund will hold investment positions selected to correspond generally to the performance of an Underlying Index. In the case of Self-Indexing Funds, an affiliated person, as defined in section 2(a)(3) of the Act (``Affiliated Person''), or an affiliated person of an Affiliated Person (``Second-Tier Affiliate''), of the Trust or a Fund, of the Adviser, of any sub-adviser to or promoter of a Fund, or of the Distributor will compile, create, sponsor or maintain the Underlying Index.\2\ --------------------------------------------------------------------------- \2\ Each Self-Indexing Fund will post on its Web site the identities and quantities of the investment positions that will form the basis for the Fund's calculation of its NAV at the end of the day. Applicants believe that requiring Self-Indexing Funds to maintain full portfolio transparency will help address, together with other protections, conflicts of interest with respect to such Funds. --------------------------------------------------------------------------- 3. Shares will be purchased and redeemed in Creation Units and generally on an in-kind basis. Except where the purchase or redemption will include cash under the limited circumstances specified in the application, purchasers will be required to purchase Creation Units by depositing specified instruments (``Deposit Instruments''), and shareholders redeeming their shares will receive specified instruments (``Redemption Instruments''). The Deposit Instruments and the Redemption Instruments will each correspond pro rata to the positions in the Fund's portfolio (including cash positions) except as specified in the application. 4. Because shares will not be individually redeemable, applicants request an exemption from section 5(a)(1) and section 2(a)(32) of the Act that would permit the Funds to register as open-end management investment companies and issue shares that are redeemable in Creation Units only. 5. Applicants also request an exemption from section 22(d) of the Act and rule 22c-1 under the Act as secondary market trading in shares will take place at negotiated prices, not at a current offering price described in a Fund's prospectus, and not at a price based on NAV. Applicants state that (a) secondary market trading in shares does not involve a Fund as a party and will not result in dilution of an investment in shares, and (b) to the extent different prices exist during a given trading day, or from day to day, such variances occur as a result of third-party market forces, such as supply and demand. Therefore, applicants assert that secondary market transactions in shares will not lead to discrimination or preferential treatment among purchasers. Finally, applicants represent that share market prices will be disciplined by arbitrage opportunities, which should prevent shares from trading at a material discount or premium from NAV. 6. With respect to Funds that effect creations and redemptions of Creation Units in kind and that are based on certain Underlying Indexes that include foreign securities, applicants request relief from the requirement imposed by section 22(e) in order to allow such Funds to pay redemption proceeds within fourteen calendar days following the tender of Creation Units for redemption. Applicants assert that the requested relief would not be inconsistent with the spirit and intent of section 22(e) to prevent unreasonable, undisclosed or unforeseen delays in the actual payment of redemption proceeds. 7. Applicants request an exemption to permit Funds of Funds to acquire Fund shares beyond the limits of section 12(d)(1)(A) of the Act; and the Funds, and any principal underwriter for the Funds, and/or any broker or dealer registered under the Exchange Act, to sell shares to Funds of Funds beyond the limits of section 12(d)(1)(B) of the Act. The application's terms and conditions are designed to, among other things, help prevent any potential (i) undue influence over a Fund through control or voting power, or in connection with certain services, transactions, and underwritings, (ii) excessive layering of fees, and (iii) overly complex fund structures, which are the concerns underlying the limits in sections 12(d)(1)(A) and (B) of the Act. 8. Applicants request an exemption from sections 17(a)(1) and 17(a)(2) of the Act to permit persons that are Affiliated Persons, or Second Tier Affiliates, of the Funds, solely by virtue of certain ownership interests, to effectuate purchases and redemptions in-kind. The deposit procedures for in-kind purchases of Creation Units and the redemption procedures for in-kind redemptions of Creation Units will be the same for all purchases and redemptions and Deposit Instrument and Redemption Instruments will be valued in the same manner as those investment positions currently held by the Funds. Applicants also seek relief from the prohibitions on affiliated transactions in section 17(a) to permit a Fund to sell its shares to and redeem its shares from a Fund of Funds, and to engage in the accompanying in-kind transactions with the Fund of Funds.\3\ The purchase of Creation Units by a Fund of Funds directly from a Fund will be accomplished in accordance with the policies of the Fund of Funds and will be based on the NAVs of the Funds. --------------------------------------------------------------------------- \3\ The requested relief would apply to direct sales of shares in Creation Units by a Fund to a Fund of Funds and redemptions of those shares. Applicants, moreover, are not seeking relief from section 17(a) for, and the requested relief will not apply to, transactions where a Fund could be deemed an Affiliated Person, or a Second-Tier Affiliate, of a Fund of Funds because an Adviser or an entity controlling, controlled by or under common control with an Adviser provides investment advisory services to that Fund of Funds. --------------------------------------------------------------------------- 9. Applicants also request relief to permit a Feeder Fund to acquire shares of another registered investment company managed by the Adviser having substantially the same investment objectives as the Feeder Fund (``Master Fund'') beyond the limitations in section 12(d)(1)(A) and permit the Master Fund, and any principal underwriter for the Master Fund, to sell shares of the Master Fund to the Feeder Fund beyond the limitations in section 12(d)(1)(B). 10. Section 6(c) of the Act permits the Commission to exempt any persons or transactions from any provision of the Act if 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 12(d)(1)(J) of the Act provides that the Commission may exempt any person, security, or [[Page 28917]] 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. Section 17(b) of the Act authorizes the Commission to grant an order permitting a transaction otherwise prohibited by section 17(a) if it finds that (a) the terms of the proposed transaction are fair and reasonable and do not involve overreaching on the part of any person concerned; (b) the proposed transaction is consistent with the policies of each registered investment company involved; and (c) the proposed transaction is consistent with the general purposes of the Act. For the Commission, by the Division of Investment Management, under delegated authority. Robert W. Errett, Deputy Secretary. [FR Doc. 2016-10984 Filed 5-9-16; 8:45 am] BILLING CODE 8011-01-P
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Advisors under their respective and recommendations under conditions shares of the Funds; and (f) certain
advisory agreements with the Regulated 1, 2(a), 7 and 8. Funds (‘‘Feeder Funds’’) to create and
Entities and the Affiliated Investors, be 15. If the Holders own in the aggregate redeem Creation Units in-kind in a
shared by the Regulated Entities and the more than 25 percent of the shares of a master-feeder structure.
Affiliated Investors in proportion to the Regulated Entity, then the Holders will APPLICANTS: Columbia Management
relative amounts of the securities held vote such shares as directed by an Investment Advisers, LLC (the ‘‘Initial
or to be acquired or disposed of, as the independent third party when voting on Adviser’’), a Minnesota limited liability
case may be. (1) the election of directors or trustees; company registered as an investment
13. Any transaction fee (including (2) the removal of one or more directors adviser under the Investment Advisers
break-up or commitment fees but or trustees; or (3) any matters requiring Act of 1940, Columbia ETF Trust I (the
excluding brokers’ fees contemplated by approval by the vote of a majority of the ‘‘Trust’’), a Massachusetts business trust
section 17(e) or 57(k) of the Act, as outstanding voting securities, as defined registered under the Act as an open-end
applicable) 13 received in connection in section 2(a)(42) of the Act. management investment company with
with a Co-Investment Transaction will For the Commission, by the Division of multiple series, and Columbia
be distributed to the participating Investment Management, under delegated Management Investment Distributors,
Regulated Entities and Affiliated authority. Inc. (the ‘‘Distributor’’), a Delaware
Investors on a pro rata basis based on Robert W. Errett, corporation and broker-dealer registered
the amount they invested or committed, Deputy Secretary. under the Securities Exchange Act of
as the case may be, in such Co- 1934 (‘‘Exchange Act’’).
[FR Doc. 2016–10960 Filed 5–9–16; 8:45 am]
Investment Transaction. If any
BILLING CODE 8011–01–P DATES: FILING DATES: The application
transaction fee is to be held by an
was filed on September 28, 2015, and
Advisor pending consummation of the
amended on January 19, 2016, April 15,
transaction, the fee will be deposited SECURITIES AND EXCHANGE 2016, April 27, 2016, and May 5, 2016.
into an account maintained by the COMMISSION
Advisor at a bank or banks having the HEARING OR NOTIFICATION OF HEARING:
qualifications prescribed in section [Investment Company Act Release No. An order granting the requested relief
26(a)(1) of the Act, and the account will 32107; 812–14552] will be issued unless the Commission
earn a competitive rate of interest that orders a hearing. Interested persons may
will also be divided pro rata among the Columbia ETF Trust I, et al.; Notice of request a hearing by writing to the
participating Regulated Entities and Application Commission’s Secretary and serving
Affiliated Investors based on the amount applicants with a copy of the request,
May 5, 2016.
they invest in the Co-Investment personally or by mail. Hearing requests
AGENCY: Securities and Exchange should be received by the Commission
Transaction. None of the other Commission (‘‘Commission’’).
Regulated Entities, Affiliated Investors, by 5:30 p.m. on May 27, 2016, and
ACTION: Notice. should be accompanied by proof of
the Advisors nor any affiliated person of
the Regulated Entities or the Affiliated service on applicants, in the form of an
SUMMARY: Notice of an application for affidavit, or for lawyers, a certificate of
Investors will receive additional an order under section 6(c) of the
compensation or remuneration of any service. Pursuant to rule 0–5 under the
Investment Company Act of 1940 (the Act, hearing requests should state the
kind as a result of or in connection with ‘‘Act’’) for an exemption from sections
a Co-Investment Transaction (other than nature of the writer’s interest, any facts
2(a)(32), 5(a)(1), 22(d), and 22(e) of the bearing upon the desirability of a
(a) in the case of the Regulated Entities Act and rule 22c–1 under the Act, under
and the Affiliated Investors, the pro rata hearing on the matter, the reason for the
sections 6(c) and 17(b) of the Act for an request, and the issues contested.
transaction fees described above and exemption from sections 17(a)(1) and
fees or other compensation described in Persons who wish to be notified of a
17(a)(2) of the Act, and under section hearing may request notification by
condition 2(c)(iii)(c) and (b) in the case 12(d)(1)(J) for an exemption from
of the Advisors, investment advisory writing to the Commission’s Secretary.
sections 12(d)(1)(A) and 12(d)(1)(B) of
fees paid in accordance with the ADDRESSES: Secretary, Securities and
the Act. The requested order would
Regulated Entities’ and the Affiliated permit (a) index-based series of certain Exchange Commission, 100 F Street NE.,
Investors’ investment advisory open-end management investment Washington, DC 20549–1090;
agreements). companies (‘‘Funds’’) to issue shares Applicants: Columbia ETF Trust I and
14. The Advisors to the Regulated redeemable in large aggregations only Columbia Management Investment
Entities and Affiliated Investors will (‘‘Creation Units’’); (b) secondary market Distributors, Inc., 225 Franklin Street,
maintain written policies and transactions in Fund shares to occur at Boston, Massachusetts 02110; Columbia
procedures reasonably designed to negotiated market prices rather than at Management Investment Advisers, LLC,
ensure compliance with the foregoing net asset value (‘‘NAV’’); (c) certain 100 Park Avenue, 8th Floor, New York,
conditions. These policies and Funds to pay redemption proceeds, New York 10017.
procedures will require, among other under certain circumstances, more than FOR FURTHER INFORMATION CONTACT: Jill
things, that each of the Advisors to each seven days after the tender of shares for Ehrlich, Senior Counsel at (202) 551–
Regulated Entity will be notified of all redemption; (d) certain affiliated 6819, or David J. Marcinkus, Branch
Potential Co-Investment Transactions persons of a Fund to deposit securities Chief, at (202) 551–6821 (Division of
asabaliauskas on DSK3SPTVN1PROD with NOTICES
that fall within a Regulated Entity’s into, and receive securities from, the Investment Management, Chief
then-current Objectives and Strategies Fund in connection with the purchase Counsel’s Office).
and will be given sufficient information and redemption of Creation Units; (e) SUPPLEMENTARY INFORMATION: The
to make its independent determination certain registered management following is a summary of the
13 Applicants are not requesting and the
investment companies and unit application. The complete application
Commission is not providing any relief for
investment trusts outside of the same may be obtained via the Commission’s
transaction fees received in connection with any group of investment companies as the Web site by searching for the file
Co-Investment Transaction. Funds (‘‘Funds of Funds’’) to acquire number, or for an applicant using the
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![Federal Register / Vol. 81, No. 90 / Tuesday, May 10, 2016 / Notices 28917
transaction, or any class or classes of investment trusts outside of the same 1. Applicants request an order that
persons, securities, or transactions, from group of investment companies as the would allow Funds to operate as index
any provision of section 12(d)(1) if the Funds (‘‘Funds of Funds’’) to acquire exchange traded funds (‘‘ETFs’’).1 Fund
exemption is consistent with the public shares of the Funds; and (f) certain shares will be purchased and redeemed
interest and the protection of investors. Funds (‘‘Feeder Funds’’) to create and at their NAV in Creation Units only. All
Section 17(b) of the Act authorizes the redeem Creation Units in-kind in a orders to purchase Creation Units and
Commission to grant an order master-feeder structure. all redemption requests will be placed
permitting a transaction otherwise by or through an ‘‘Authorized
prohibited by section 17(a) if it finds Applicants: Franklin Templeton ETF Participant’’, which will have signed a
that (a) the terms of the proposed Trust (the ‘‘Trust’’), a Delaware statutory participant agreement with the
transaction are fair and reasonable and trust that will register under the Act as Distributor. Shares will be listed and
do not involve overreaching on the part an open-end management investment traded individually on a national
of any person concerned; (b) the company with multiple series, Franklin securities exchange, where share prices
proposed transaction is consistent with Advisers, Inc. (the ‘‘Initial Adviser), a will be based on the current bid/offer
the policies of each registered California Corporation that is registered market. Certain Funds may operate as
investment company involved; and (c) as an investment adviser under the Feeder Funds in a master-feeder
the proposed transaction is consistent Investment Advisers Act of 1940, and structure. Any order granting the
with the general purposes of the Act. Franklin Templeton Distributors, Inc., a requested relief would be subject to the
New York Corporation (together with terms and conditions stated in the
For the Commission, by the Division of
Investment Management, under delegated any future distributor, the application.
authority. ‘‘Distributor’’). 2. Each Fund will hold investment
Robert W. Errett, DATES: Filing Dates: The application was positions selected to correspond
Deputy Secretary. filed on October 16, 2015, and amended generally to the performance of an
[FR Doc. 2016–10984 Filed 5–9–16; 8:45 am] on April 11, 2016. Underlying Index. In the case of Self-
BILLING CODE 8011–01–P Hearing or Notification of Hearing: An Indexing Funds, an affiliated person, as
order granting the requested relief will defined in section 2(a)(3) of the Act
be issued unless the Commission orders (‘‘Affiliated Person’’), or an affiliated
SECURITIES AND EXCHANGE a hearing. Interested persons may person of an Affiliated Person (‘‘Second-
COMMISSION request a hearing by writing to the Tier Affiliate’’), of the Trust or a Fund,
Commission’s Secretary and serving of the Adviser, of any sub-adviser to or
[Investment Company Act Release No. promoter of a Fund, or of the Distributor
32105; 812–14566] applicants with a copy of the request,
personally or by mail. Hearing requests will compile, create, sponsor or
should be received by the Commission maintain the Underlying Index.2
Franklin Templeton ETF Trust, et al.;
by 5:30 p.m. on May 27, 2016, and 3. Shares will be purchased and
Notice of Application
should be accompanied by proof of redeemed in Creation Units and
May 5, 2016. service on applicants, in the form of an generally on an in-kind basis. Except
AGENCY: Securities and Exchange affidavit, or for lawyers, a certificate of where the purchase or redemption will
Commission (‘‘Commission’’). service. Pursuant to rule 0–5 under the include cash under the limited
ACTION: Notice of an application for an Act, hearing requests should state the circumstances specified in the
order under section 6(c) of the nature of the writer’s interest, any facts application, purchasers will be required
Investment Company Act of 1940 (the bearing upon the desirability of a to purchase Creation Units by
‘‘Act’’) for an exemption from sections hearing on the matter, the reason for the depositing specified instruments
2(a)(32), 5(a)(1), 22(d), and 22(e) of the request, and the issues contested. (‘‘Deposit Instruments’’), and
Act and rule 22c–1 under the Act, under Persons who wish to be notified of a shareholders redeeming their shares
sections 6(c) and 17(b) of the Act for an hearing may request notification by will receive specified instruments
exemption from sections 17(a)(1) and writing to the Commission’s Secretary. (‘‘Redemption Instruments’’). The
17(a)(2) of the Act, and under section Deposit Instruments and the
ADDRESSES: Secretary, Securities and
12(d)(1)(J) for an exemption from Redemption Instruments will each
Exchange Commission, 100 F Street NE., correspond pro rata to the positions in
sections 12(d)(1)(A) and 12(d)(1)(B) of Washington, DC 20549–1090;
the Act. The requested order would the Fund’s portfolio (including cash
Applicants: Franklin Templeton
permit (a) index-based series of certain Investments, One Franklin Parkway,
open-end management investment San Mateo, California 94403–1906.
1 Applicants request that the order apply to the
companies (‘‘Funds’’) to issue shares initial series of the Trust and any additional series
FOR FURTHER INFORMATION CONTACT: of the Trust, and any other existing or future open-
redeemable in large aggregations only end management investment company or series
(‘‘Creation Units’’); (b) secondary market Deepak T. Pai, Senior Counsel, at (202) thereof (each, included in the term ‘‘Fund’’), each
transactions in Fund shares to occur at 551–6876 or Mary Kay Frech, at (202) of which will operate as an ETF and will track a
negotiated market prices rather than at 551–6821 (Division of Investment specified index comprised of domestic or foreign
Management, Chief Counsel’s Office). equity and/or fixed income securities (each, an
net asset value (‘‘NAV’’); (c) certain ‘‘Underlying Index’’). Any Fund will (a) be advised
Funds to pay redemption proceeds, SUPPLEMENTARY INFORMATION: The by the Initial Adviser or an entity controlling,
under certain circumstances, more than following is a summary of the controlled by, or under common control with the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
seven days after the tender of shares for application. The complete application Initial Adviser (each, an ‘‘Adviser’’) and (b) comply
with the terms and conditions of the application.
redemption; (d) certain affiliated may be obtained via the Commission’s 2 Each Self-Indexing Fund will post on its Web
persons of a Fund to deposit securities Web site by searching for the file site the identities and quantities of the investment
into, and receive securities from, the number, or for an applicant using the positions that will form the basis for the Fund’s
Fund in connection with the purchase Company name box, at http:// calculation of its NAV at the end of the day.
www.sec.gov/search/search.htm or by Applicants believe that requiring Self-Indexing
and redemption of Creation Units; (e) Funds to maintain full portfolio transparency will
certain registered management calling (202) 551–8090. help address, together with other protections,
investment companies and unit Summary of the Application conflicts of interest with respect to such Funds.
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Document Created: 2016-05-10 05:18:57
Document Modified: 2016-05-10 05:18:57
| 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. | |
| Contact | Jill Ehrlich, Senior Counsel at (202) 551-6819, or David J. Marcinkus, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office). | |
| FR Citation | 81 FR 28915 |
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