81 FR 52939 - Allianz Life Insurance Company of North America, et al; Notice of Application

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 154 (August 10, 2016)

Page Range		52939-52943
FR Document		2016-18913

Federal Register, Volume 81 Issue 154 (Wednesday, August 10, 2016)

[Federal Register Volume 81, Number 154 (Wednesday, August 10, 2016)]
[Notices]
[Pages 52939-52943]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-18913]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-32207; File No. 812-14580]

Allianz Life Insurance Company of North America, et al; Notice of
Application

August 3, 2016.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an order approving the substitution
of certain securities pursuant to section 26(c) of the Investment
Company Act of 1940, as amended (``Act'') and an order of exemption
pursuant to section 17(b) of the Act from section 17(a) of the Act.

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Applicants: Allianz Life Insurance Company of North America (``Allianz
Life'') and Allianz Life Insurance Company of New York (``Allianz NY'')
(together the ``Insurance Company Applicants''); their respective
separate accounts, Allianz Life Variable Account A (``Allianz Account
A''), Allianz Life Variable Account B (``Allianz Account B''), and
Allianz Life of NY Variable Account C (``Allianz Account C'')
(collectively, the ``Separate Accounts'' and together with the
Insurance Company Applicants, the ``Section 26 Applicants''); and
Allianz Variable Insurance Products Trust (the ``VIP Trust'' and
collectively with the Section 26 Applicants, the ``Section 17
Applicants'').

Summary of Application: The Applicants seek an order pursuant to
section 26(c) of the Act, approving the substitution of shares issued
by certain investment portfolios of registered investment companies
(the ``Target Funds'') for the shares of certain investment portfolios
of registered investment companies (the ``Destination Funds''), held by
the Separate Accounts to support certain variable life insurance
policies and variable annuity contracts (the ``Contracts'') issued by
Allianz Life and Allianz NY (the ``Substitutions''). The Section 17
Applicants seek an order pursuant to section 17(b) of the Act exempting
them from section 17(a) of the Act to the extent necessary to permit
them to engage in certain in-kind transactions in connection with the
Substitutions.

Filing Date: The application was filed on November 16, 2015 and amended
on June 27, 2016.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Secretary of the
Commission 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 August 26, 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 requester'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
Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants: Allianz Life
Insurance Company of North America, Allianz Life Variable Account A,
and Allianz Life Variable Account B, 5701 Golden Hills Dr.,
Minneapolis, MN 55416-1297; Allianz Life Insurance Company of New York,
and Allianz Life of NY Variable Account C, 28 Liberty Street, 38th
Floor, New York, NY 10005-1423; and Allianz Variable Insurance Products
Trust, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297.

FOR FURTHER INFORMATION CONTACT: Barbara T. Heussler, Senior Counsel,
at (202) 551-6990 or Mary Kay Frech, Branch Chief, at (202) 551-6821
(Chief Counsel's Office, Division of Investment Management).

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' Representations

1. Allianz Life is a stock life insurance company organized under
the laws of the state of Minnesota. Allianz Life offers fixed and
variable annuities and individual life insurance. Allianz Life is
licensed to do direct business in 49 states and the District of
Columbia. Allianz Life is an indirect, wholly-owned subsidiary of
Allianz SE., a European stock corporation.
2. Allianz NY is a stock life insurance company organized under the
laws of the state of New York. Allianz NY offers fixed and variable
annuities. Allianz NY is licensed to do direct business in six states,
including New York and the District of Columbia. Allianz NY is a
wholly-owned subsidiary of Allianz Life, and an indirect, wholly-owned
subsidiary of Allianz SE.
3. Allianz Account A is a segregated asset account of Allianz Life
established under Minnesota insurance laws. Allianz Account A is used
to fund certain variable life insurance policies issued by Allianz
Life. Allianz Account A is divided into a number of subaccounts (each a
``Subaccount''), each of which invests in and reflects the investment
performance of a specific underlying registered investment company or
portfolio thereof (each an ``Investment Option''). Allianz Account A is
registered as a unit investment trust under the Act.
4. Allianz Account B is a segregated asset account of Allianz Life
established under Minnesota insurance laws. Allianz Account B is used
to fund certain variable annuity contracts issued by Allianz Life.
Allianz Account B is divided into a number of Subaccounts, each of
which invests in and reflects the investment performance of a specific
Investment Option. Allianz Account B is registered as a unit investment
trust under the Act.
5. Allianz Account C is a segregated asset account of Allianz NY
established

[[Page 52940]]

under New York insurance laws. Allianz Account C is used to fund
certain variable annuity contracts issued by Allianz NY. Allianz
Account C is divided into a number of Subaccounts, each of which
invests in and reflects the investment performance of a specific
Investment Option. Allianz Account C is registered as a unit investment
trust under the Act.
6. Allianz Life and Allianz NY have registration statements with
the Commission for Contracts sponsored by the Separate Accounts that
offer one or more of the Target Funds as an Investment Option. Under
the Contracts, the Insurance Company Applicants reserve the right,
subject to Commission approval and compliance with applicable laws, to
substitute one of the Investment Options with another Investment Option
after appropriate notice. Moreover, the Contracts permit the Insurance
Company Applicants to limit allocation of purchase payments to one or
more Subaccounts that invest in an Investment Option. The prospectuses
or statements of additional information for the Contracts also contain
appropriate disclosure of these rights.
7. Each Insurance Company Applicant, on behalf of itself and its
Separate Account(s), proposes to substitute shares of the Target Funds
that are held in Subaccounts of their Separate Accounts with shares of
the corresponding Destination Funds, as shown in the table below.

------------------------------------------------------------------------
Substitution target fund Destination fund
------------------------------------------------------------------------
1. Invesco V.I. International Growth AZL International Index Fund
Fund Series1. Class 1.
2. Oppenheimer Global Fund/VA Non- AZL International Index Fund
Service Shares. Class 1.
3. SP International Growth Portfolio AZL International Index Fund
Class II. Class 2.
4. Templeton Foreign VIP Fund Class 1... AZL International Index Fund
Class 1.
Templeton Foreign VIP Fund Class 2...... AZL International Index Fund
Class 2.
5. Alger MidCap Growth Portfolio Class 1 AZL Mid Cap Index Fund Class
1.
6. Franklin Small-Mid Cap Growth VIP AZL Mid Cap Index Fund Class
Fund Class 1. 1.
Franklin Small-Mid Cap Growth VIP Fund AZL Mid Cap Index Fund Class 2
Class 2. .
7. Franklin Global Real Estate VIP Fund AZL Morgan Stanley Global Real
Class 1. Estate Fund Class 1.
Franklin Global Real Estate VIP Fund AZL Morgan Stanley Global Real
Class 2. Estate Fund Class 2.
8. Franklin High Income VIP Fund Class 1 AZL Pyramis Total Bond Fund
Class 1.
Franklin High Income VIP Fund Class AZL Pyramis Total Bond Fund
2. Class 2.
9. Alger Capital Appreciation Portfolio AZL Russell 1000 Growth Index
Class 1. Fund Class 1.
10. Alger Large Cap Growth Portfolio AZL Russell 1000 Growth Index
Class 1. Fund Class 1.
11. Franklin Large Cap Growth VIP Fund AZL Russell 1000 Growth Index
Class 1. Fund Class 1.
Franklin Large Cap Growth VIP Fund AZL Russell 1000 Growth Index
Class 2. Fund Class 2.
12. Invesco V.I. American Franchise Fund AZL Russell 1000 Growth Index
Series I. Fund Class 1.
Invesco V.I. American Franchise Fund AZL Russell 1000 Growth Index
Series II. Fund Class 2.
13. Jennison Portfolio Class II......... AZL Russell 1000 Growth Index
Fund Class 2.
14. Davis VA Value Portfolio Class 1.... AZL Russell 1000 Value Index
Fund Class 1.
15. Franklin Growth and Income VIP Fund AZL Russell 1000 Value Index
Class 1. Fund Class 1.
Franklin Growth and Income VIP Fund AZL Russell 1000 Value Index
Class 2. Fund Class 2.
16. Invesco V.I. Growth & Income Fund AZL Russell 1000 Value Index
Series I. Fund Class 1.
17. Invesco V.I. Core Equity Fund Series AZL S&P 500 Index Fund Class
I. 1.
18. JPMorgan Insurance Trust U.S. Equity AZL S&P 500 Index Fund Class
Portfolio Class 1. 1.
19. Oppenheimer Main Street Fund/VA AZL S&P 500 Index Fund Class
Class 1. 1.
20. Alger Small Cap Growth Portfolio AZL Small Cap Stock Index Fund
Class 1. Class 1.
21. Columbia Variable Portfolio--Select AZL Small Cap Stock Index Fund
Smaller-Cap Value Fund Class 1. Class 1.
22. Franklin Small Cap Value VIP Fund AZL Small Cap Stock Index Fund
Class 1. Class 1.
Franklin Small Cap Value VIP Fund AZL Small Cap Stock Index Fund
Class 2. Class 2.
------------------------------------------------------------------------

8. The Destination Funds are all series of the VIP Trust, a
Delaware statutory trust registered as an open-end management
investment company under the Act and whose shares are registered under
the Securities Act of 1933.
9. Shares of the VIP Trust are sold to separate accounts of Allianz
Life and Allianz NY for the purpose of funding the Contracts. The
Destination Funds are managed by Allianz Investment Management LLC
(``AIM''), an affiliate of the Insurance Company Applicants. AIM is
registered as an investment adviser under the Investment Advisers Act
of 1940.
10. The Insurance Company Applicants state that the proposed
Substitutions are part of an ongoing effort to make their Contracts
more attractive to existing and prospective Contract owners and to make
the Contracts more efficient to administer. The Section 26 Applicants
state that the Substitutions are designed and intended to simplify the
menu of Investment Options by eliminating certain overlapping fund
offerings that duplicate one another by having substantially similar
investment objectives, strategies and risks. Additional information for
each Target Fund and the corresponding Destination Fund, including
investment objectives, principal investment strategies, principal
risks, and performance can be found in the application.
11. Applicants state that for all Substitutions, the management
fees and total annual fund operating expenses of each Destination Fund
are lower than those of the corresponding Target Fund. The application
sets forth the fees and expenses of each Target Fund and its
corresponding Destination Fund in greater detail.
12. The proposed Substitutions will be described in supplements to
the applicable prospectuses for the Contracts filed with the Commission
(``Supplements'') and delivered to all affected Contract owners at
least 30 days before the date the proposed Substitution is effected
(``Substitution Date''). The Supplements will give Contract owners
notice of the respective Insurance Company Applicant's intent to take
the necessary actions, including seeking the order requested by the
application, to substitute shares of the Target Funds as described in
the application on the Substitution Date. The Supplements also will
advise Contract owners that for at least thirty (30) days before the
Substitution Date, Contract owners are permitted to transfer all of or
a portion of their

[[Page 52941]]

Contract value out of any Subaccount investing in a Target Fund to any
other available Subaccounts offered under their Contract without any
transfer charge or limitation and without the transfer being counted as
a transfer for purposes of transfer limitations and fees that would
otherwise be applicable under the terms of the Contracts.
13. The Section 26 Applicants will send the Supplements to all
existing Contract owners. Prospective purchasers and new purchasers of
Contracts will be provided with a Contract prospectus and the
Supplements, as well as prospectuses and supplements for the
Destination Funds.
14. In addition to the Supplements distributed to Contract owners,
within five (5) business days after the Substitution Date, the
Insurance Company Applicants will send Contract owners a written
confirmation of the completed proposed Substitutions in accordance with
rule 10b-10 under the Securities Exchange Act of 1934. The confirmation
statement will include or be accompanied by a statement that reiterates
the free transfer rights disclosed in the Supplements. The Insurance
Company Applicants also will send each Contract owner current
prospectuses for the Destination Funds involved to the extent that they
have not previously received a copy.
15. Each Substitution will take place at the applicable Target and
Destination Funds' relative per share net asset values determined on
the Substitution Date in accordance with section 22 of the Act and rule
22c-1 under the Act. Accordingly, applicants state that the proposed
Substitutions will have no negative financial impact on any Contract
owner. Each proposed Substitution will be effected by having each
Target Fund Subaccount redeem its Target Fund shares in cash and/or in-
kind on the Substitution Date at net asset value per share and purchase
shares of the appropriate Destination Fund at net asset value per share
calculated on the same date. The process for accomplishing the transfer
of assets from each Target Fund to its corresponding Destination Fund
will be determined on a case-by-case basis. In some cases, it is
expected that the Substitutions will be effected by redeeming shares of
a Target Fund for cash and using the cash to purchase shares of the
Destination Fund. In other cases, it is expected that the Substitutions
will be effected by redeeming the shares of a Target Fund in-kind;
those assets will then be contributed in-kind to the corresponding
Destination Fund to purchase shares of that fund.
16. The Insurance Company Applicants or an affiliate will pay all
expenses and transaction costs reasonably related to the proposed
Substitutions. Applicants state that no costs of the proposed
Substitutions will be borne directly or indirectly by Contract owners.
Contract owners will not incur any fees or charges as a result of the
proposed Substitutions, nor will their rights or the obligations of the
Insurance Company Applicants under the Contracts be altered in any way.
Applicants state that the proposed Substitutions will not cause the
fees and charges under the Contracts currently being paid by Contract
owners to be greater after the proposed Substitutions than before the
proposed Substitutions.
17. The Section 26 Applicants further agree that they will cause
AIM, as the manager of each Destination Fund, to enter into a written
contract with the Destination Funds, whereby, during the two (2) years
following the Substitution Date, the annual net operating expenses of
each Destination Fund will not exceed, on an annualized basis, the
annual net operating expenses of any corresponding Target Fund for
fiscal year 2015. The Section 26 Applicants further agree that separate
account charges for any Contract owner on the Substitution Date, will
not be increased at any time during the two year period following the
Substitution Date.

Legal Analysis

1. The Section 26 Applicants request that the Commission issue an
order pursuant to section 26(c) of the Act approving the proposed
Substitutions. Section 26(c) of the Act prohibits any depositor or
trustee of a unit investment trust that invests exclusively in the
securities of a single issuer from substituting the securities of
another issuer without the approval of the Commission. Section 26(c)
provides that such approval shall be granted by order of the Commission
if the evidence establishes that the substitution is consistent with
the protection of investors and the purposes of the Act.
2. Applicants submit that each of the proposed Substitutions meet
the standards set forth in section 26(c) and that, if implemented, the
Substitutions would not raise any of the concerns underlying this
provision. Applicants state that each Destination Fund and its
corresponding Target Fund have substantially similar investment
objectives, principal investment strategies, and principal risks. The
applicants also state that the management fees and total annual fund
operating expenses of each Destination Fund are lower than those of the
corresponding Target Fund.
3. Applicants also assert that the proposed Substitutions are
consistent with the principles and purposes of section 26(c) and do not
entail any of the abuses that section 26(c) is designed to prevent.
Applicants state that the proposed Substitutions, therefore, will not
result in the type of costly forced redemptions that section 26(c) was
designed to guard against and are consistent with the protection of
investors and the purposes fairly intended by the Act.
4. The Section 17 Applicants request that the Commission issue an
order pursuant to section 17(b) of the Act exempting them from section
17(a) of the Act to the extent necessary to permit them to carry out
the Substitutions by redeeming shares issued by each applicable Target
Fund in-kind and using the securities distributed as redemption
proceeds to purchase shares issued by the applicable Destination Funds
(the ``In-Kind Transactions'').
5. Section 17(a)(1) of the Act prohibits any affiliated person of a
registered investment company, or an affiliated person of an affiliated
person, acting as principal, from selling any security or other
property to such registered investment company. Section 17(a)(2) of the
Act prohibits any of the persons described above, acting as principal,
from purchasing any security or other property from such registered
investment company.
6. Applicants may be considered affiliates of the Destination Funds
based upon the definition of ``affiliated person'' in section 2(a)(3)
of the Act. The majority of the shares of each fund of the VIP Trust
are held by the Separate Accounts. Because shares held by a separate
account of an insurance company are legally owned by the insurance
company, Allianz Life and Allianz NY and their affiliates collectively
own of record the majority of the shares of each fund of the VIP Trust,
including the Destination Funds. Further, AIM, an affiliated person of
the VIP Trust by virtue of section 2(a)(3)(E) of the Act, is a wholly
owned subsidiary of Allianz Life. For these reasons, the VIP Trust and
the Destination Funds are arguably under the control of Allianz Life
and Allianz NY notwithstanding the fact that Contract owners may be
considered the beneficial owners of those shares held in the Separate
Accounts. If the VIP Trust and the Destination Funds are under the
control of Allianz Life and Allianz NY, then each of Allianz Life and
Allianz NY, or any person controlling Allianz Life and Allianz NY, or
any person under

[[Page 52942]]

common control with Allianz Life and Allianz NY, is an affiliated
person of the VIP Trust and the Destination Funds. Similarly, if the
VIP Trust and the Destination Funds are under the control of Allianz
Life and Allianz NY, then the VIP Trust and the Destination Funds are
affiliated persons of Allianz Life and Allianz NY, and of any persons
that control Allianz Life and Allianz NY or are under common control
with Allianz Life and Allianz NY.
7. At the close of business on the Substitution Date, the Insurance
Company Applicants will redeem shares of each Target Fund either in-
kind or in cash, or a combination thereof, and use the proceeds of such
redemptions to purchase shares of the corresponding Destination Fund,
with each Subaccount of the applicable Separate Account investing the
proceeds of its redemption from the Target Fund in the corresponding
Destination Fund. Thus, the proposed transactions may involve a
transfer of portfolio securities by each Target Fund to Allianz Life
and Allianz NY. Immediately thereafter, Allianz Life and Allianz NY
would purchase shares of the corresponding Destination Fund with the
portfolio securities and/or cash received from the applicable Target
Fund. This aspect of the Substitution may be deemed to involve one or
more sales by Allianz Life or Allianz NY of securities or other
property to the applicable Destination Fund, and could therefore be
viewed as being prohibited by section 17(a) of the Act. Accordingly,
the Section 17 Applicants seek relief from section 17(a) of the Act for
the in-kind purchases and sales of the Destination Fund shares.
8. The Section 17 Applicants submit that the terms of the proposed
In-Kind Transactions, including the consideration to be paid and
received, are reasonable and fair, and do not involve overreaching on
the part of any person concerned because: (1) the proposed In-Kind
Transactions will not adversely affect or dilute the interests of
Contract owners; and (2) the proposed In-Kind Transactions will comply
with the conditions set forth in rule 17a-7 under the Act, other than
the requirement relating to cash consideration. Even though the
proposed In-Kind Transactions will not comply with the cash
consideration requirement of paragraph (a) of rule 17a-7, the terms of
the proposed In-Kind Transactions will offer to the relevant Target and
Destination Funds the same degree of protection from overreaching that
rule 17a-7 generally provides in connection with the purchase and sale
of securities under that rule in the ordinary course of business. In
particular, the Section 17 Applicants cannot effect the proposed In-
Kind Transactions at a price that is disadvantageous to either a Target
Fund or a Destination Fund, and the proposed In-Kind Transactions will
not occur absent an exemptive order from the Commission.
9. The Section 17 Applicants also submit that the proposed In-Kind
Transactions are, or will be, consistent with the policies of each
Target Fund and corresponding Destination Fund as stated in their
respective registration statements and reports filed with the
Commission. Finally, the Section 17 Applicants submit that the proposed
In-Kind Transactions are consistent with the general purposes of the
Act.

Applicants' Conditions

The Section 26 Applicants agree that any order granting the
requested relief will be subject to the following conditions:
1. The proposed Substitutions will not be effected unless the
Insurance Company Applicants determine that: (a) the Contracts allow
the substitution of shares of registered open-end investment companies
in the manner contemplated by the application; (b) the proposed
Substitutions can be consummated as described in the application under
applicable insurance laws; and (c) any regulatory requirements in each
jurisdiction where the Contracts are qualified for sale have been
complied with to the extent necessary to complete the proposed
Substitutions.
2. The Insurance Company Applicants or their affiliates will pay
all expenses and transaction costs of the proposed Substitutions,
including legal and accounting expenses, any applicable brokerage
expenses and other fees and expenses. No fees or charges will be
assessed to the Contract owners to effect the proposed Substitutions.
3. The proposed Substitutions will be effected at the relative net
asset values of the respective shares in conformity with section 22(c)
of the Act and rule 22c-1 thereunder without the imposition of any
transfer or similar charges by the Section 26 Applicants. The proposed
Substitutions will be effected without change in the amount or value of
any Contracts held by affected Contract owners.
4. The proposed Substitutions will in no way alter the tax
treatment of affected Contract owners in connection with their
Contracts, and no tax liability will arise for affected Contract owners
as a result of the proposed Substitutions.
5. The rights or obligations of the Insurance Company Applicants
under the Contracts of affected Contract owners will not be altered in
any way. The proposed Substitutions will not adversely affect any
riders under the Contracts since each of the Destination Funds is an
allowable Investment Option for use with such riders.
6. Affected Contract owners will be permitted to make at least one
transfer of Contract value from the Subaccount investing in the Target
Fund (before the Substitution Date) or the Destination Fund (after the
Substitution Date) to any other available Investment Option under the
Contract without charge for a period beginning at least 30 days before
the Substitution Date through at least 30 days following the
Substitution Date. Except as described in any market timing/short-term
trading provisions of the relevant prospectus, the Insurance Company
Applicants will not exercise any right it may have under the Contract
to impose restrictions on transfers between the Subaccounts under the
Contracts, including limitations on the future number of transfers, for
a period beginning at least 30 days before the Substitution Date
through at least 30 days following the Substitution Date.
7. All affected Contract owners will be notified, at least 30 days
before the Substitution Date about: (a) the intended Substitution of
the Target Funds with the Destination Funds; (b) the intended
Substitution Date; and (c) information with respect to transfers as set
forth in Condition 6 above. In addition, Insurance Company Applicants
will deliver to all affected Contract owners, at least 30 days before
the Substitution Date, a prospectus for each applicable Destination
Fund.
8. Insurance Company Applicants will deliver to each affected
Contract owner within five (5) business days of the Substitution Date a
written confirmation which will include: (a) a confirmation that the
proposed Substitutions were carried out as previously notified; (b) a
restatement of the information set forth in the Supplements; and (c)
before and after account values.
9. The Section 26 Applicants will cause AIM, as the Manager of each
Destination Fund, to enter into a written contract with the Destination
Funds, whereby, during the two (2) years following the Substitution
Date, the annual net operating expenses of each Destination Fund will
not exceed, on an annualized basis, the annual net operating expenses
of any corresponding Target Fund for fiscal 2015. The Section 26
Applicants further agree that separate account charges for

[[Page 52943]]

any Contract owner on the Substitution Date will not be increased at
any time during the two year period following the Substitution Date.

For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-18913 Filed 8-9-16; 8:45 am]
BILLING CODE 8011-01-P

Document Created: 2016-08-10 01:59:13
Document Modified: 2016-08-10 01:59:13

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 application for an order approving the substitution of certain securities pursuant to section 26(c) of the Investment Company Act of 1940, as amended (``Act'') and an order of exemption pursuant to section 17(b) of the Act from section 17(a) of the Act.
Dates		The application was filed on November 16, 2015 and amended on June 27, 2016.
Contact		Barbara T. Heussler, Senior Counsel, at (202) 551-6990 or Mary Kay Frech, Branch Chief, at (202) 551-6821 (Chief Counsel's Office, Division of Investment Management).
FR Citation		81 FR 52939