82 FR 44478 - Eagle Series Trust, et al.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 183 (September 22, 2017)

Page Range		44478-44479
FR Document		2017-20176
Federal Register, Volume 82 Issue 183 (Friday, September 22, 2017)
[Federal Register Volume 82, Number 183 (Friday, September 22, 2017)]
[Notices]
[Pages 44478-44479]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-20176]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32802A; 812-14777-01]


Eagle Series Trust, et al.

September 18, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Corrected notice to amend file number (see Eagle Series Trust, 
et al. IC-32802) (Aug. 31, 2017).

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    Notice of an application under section 6(c) of the Investment 
Company Act of 1940 (``Act'') for an exemption from section 15(a) of 
the Act and rule 18f-2 under the Act, as well as from certain 
disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of 
Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of 
Schedule 14A under the Securities Exchange Act of 1934, and Sections 6-
07(2)(a), (b), and (c) of Regulation S-X (``Disclosure Requirements''). 
The requested exemption would permit an investment adviser to hire and 
replace certain subadvisers without shareholder approval and grant 
relief from the Disclosure Requirements as they relate to fees paid to 
the subadvisers. The requested order would supersede a prior order.\1\
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    \1\ Eagle Capital Appreciation Fund, et al., Investment Company 
Act Rel. Nos. 31239 (Sep. 3, 2014) (notice) and 31269 (Sep. 29, 
2014) (order).

 Applicants:
    Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and 
Eagle Series Trust (each, a ``Trust'' and collectively, the 
``Trusts''), each a Massachusetts business trust registered under the 
Act as an open-end management investment company with multiple series 
(each a ``Fund''), and Carillon Tower Advisers, Inc. (the ``Initial 
Adviser''), a Florida corporation registered as an investment adviser 
under the Investment Advisers Act of 1940 (collectively with the 
Trusts, the ``Applicants'').

 Filing Dates:
    The application was filed May 17, 2017, and amended on August 22, 
2017.

 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 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 October 13, 2017, and should 
be accompanied by proof of service on the 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, U.S. Securities and Exchange Commission, 100 F 
Street NE., Washington, DC 20549-1090. Applicants: Susan L. Walzer, 
Carillon Tower Advisers, Inc., 880 Carillon Parkway, St. Petersburg, FL 
33716 and Kathy Kresch Ingber, K&L Gates LLP, 1601 K Street NW., 
Washington, DC 20006-1600.

FOR FURTHER INFORMATION CONTACT: Laura L. Solomon, Senior Counsel, at 
(202) 551-6915, or David 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 an Applicant 
using the Company name box, at http://www.sec.gov/search/search.htm or 
by calling (202) 551-8090.

Summary of the Application

    1. The Adviser serves as the investment adviser to each Fund 
pursuant to an investment advisory agreement with the Fund (the 
``Investment Advisory Agreement'').\2\ The Adviser provides the Funds 
with continuous and comprehensive investment management services 
subject to the supervision of, and policies established by, each 
Trust's board of Trustees (``Board''). The Investment Advisory 
Agreement permits the Adviser, subject to the approval of the Board, to 
delegate to one or more subadvisers (each, a ``Subadviser'' and 
collectively, the ``Subadvisers'') the responsibility to provide the 
day-to-day portfolio investment management of each Fund, subject to the 
supervision and direction of the Adviser.\3\ The primary responsibility 
for managing the Subadvised Funds will remain vested in the Adviser. 
The Adviser will hire, evaluate, allocate assets to and oversee the 
Subadvisers, including determining whether a Subadviser should be 
terminated, at all times subject to the authority of the Board.
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    \2\ Applicants request relief with respect to the named 
Applicants, as well as to any future Fund and any other existing or 
future registered open-end management investment company or series 
thereof that intends to rely on the requested order in the future 
and that: (i) Is advised by the Adviser; (ii) uses the multi- 
manager structure described in the application; and (iii) complies 
with the terms and conditions of the application (each, together 
with any Fund that currently uses the multi-manager structure 
described in the application, a ``Subadvised Fund''). The term 
``Adviser'' means (i) the Initial Adviser, (ii) its successors, and 
(iii) any entity controlling, controlled by, or under common control 
with, the Initial Adviser or its successors. For purposes of the 
requested order, ``successor'' is limited to an entity resulting 
from a reorganization into another jurisdiction or a change in the 
type of business organization.
    \3\ A ``Subadviser'' for a Fund is (1) an indirect or direct 
``wholly owned subsidiary'' (as such term is defined in the Act) of 
the Adviser, or (2) a sister company of the Adviser that is an 
indirect or direct ``wholly-owned subsidiary'' (as such term is 
defined in the Act) of the same company that, indirectly or 
directly, wholly owns the Adviser (each of (1) and (2) a ``Wholly-
Owned Subadviser'' and collectively, the ``Wholly-Owned 
Subadvisers''), or (3) not an ``affiliated person'' (as such term is 
defined in Section 2(a)(3) of the Act) of a Fund or the Adviser, 
except to the extent that an affiliation arises solely because the 
Subadviser serves as a subadviser to one or more Funds (each a 
``Non-Affiliated Subadviser'' and collectively, the ``Non-Affiliated 
Subadvisers'').
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    2. Applicants request an exemption to permit the Adviser, subject 
to Board approval, to hire certain Subadvisers pursuant to subadvisory 
agreements

[[Page 44479]]

(each, a ``Subadvisory Agreement'' and collectively, the ``Subadvisory 
Agreements'') and materially amend Subadvisory Agreements without 
obtaining the shareholder approval required under section 15(a) of the 
Act and rule 18f-2 under the Act.\4\ Applicants also seek an exemption 
from the Disclosure Requirements to permit a Subadvised Fund to 
disclose (as both a dollar amount and a percentage of the Subadvised 
Fund's net assets): (a) The aggregate fees paid to the Adviser and any 
Wholly-Owned Subadvisers; (b) the aggregate fees paid to Non-Affiliated 
Subadvisers, and (c) the fee paid to each Affiliated Subadviser.
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    \4\ The requested relief will not extend to any subadviser, 
other than a Wholly-Owned Subadviser, who is an affiliated person, 
as defined in section 2(a)(3) of the Act, of the Subadvised Fund or 
of the Adviser, other than by reason of serving as a subadviser to 
one or more of the Subadvised Funds (``Affiliated Subadviser'').
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    3. Applicants agree that any order granting the requested relief 
will be subject to the terms and conditions stated in the application. 
Such terms and conditions provide for, among other safeguards, 
appropriate disclosure to Subadvised Fund's shareholders and 
notification about subadvisory changes and enhanced Board oversight to 
protect the interests of the Subadvised Fund's shareholders.
    4. Section 6(c) 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 provisions of the Act, or 
any rule thereunder, if such relief is necessary or appropriate in the 
public interest and consistent with the protection of investors and 
purposes fairly intended by the policy and provisions of the Act. 
Applicants believe that the requested relief meets this standard 
because, as further explained in the application, the Investment 
Advisory Agreements will remain subject to shareholder approval, while 
the role of the Subadvisers is substantially equivalent to that of 
individual portfolio managers, so that requiring shareholder approval 
of Subadvisory Agreements would impose unnecessary delays and expenses 
on the Subadvised Fund. Applicants believe that the requested relief 
from the Disclosure Requirements meets this standard because it will 
improve the Adviser's ability to negotiate fees paid to the Subadvisers 
that are more advantageous for the Subadvised Fund.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20176 Filed 9-21-17; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices 44479

(each, a ‘‘Subadvisory Agreement’’ and For the Commission, by the Division of investment advisers and one Form
collectively, the ‘‘Subadvisory Investment Management, under delegated ADV–H filing annually from exempt
authority. reporting advisers. Based on the 60
Agreements’’) and materially amend
Subadvisory Agreements without Eduardo A. Aleman, minute per respondent estimate, the
obtaining the shareholder approval Assistant Secretary. Commission estimates a total annual
required under section 15(a) of the Act [FR Doc. 2017–20176 Filed 9–21–17; 8:45 am] burden of 3 hours for this collection of
and rule 18f–2 under the Act.4 BILLING CODE 8011–01–P information.
Applicants also seek an exemption from Rule 203–3, rule 204–4, and Form
the Disclosure Requirements to permit a ADV–H do not require recordkeeping or
SECURITIES AND EXCHANGE records retention. The collection of
Subadvised Fund to disclose (as both a COMMISSION information requirements under the rule
dollar amount and a percentage of the
and form are mandatory. The
Subadvised Fund’s net assets): (a) The Submission for OMB Review; information collected pursuant to the
aggregate fees paid to the Adviser and Comment Request rule and Form ADV–H consists of filings
any Wholly-Owned Subadvisers; (b) the with the Commission. These filings are
Upon Written Request, Copies Available
aggregate fees paid to Non-Affiliated not kept confidential. An agency may
From: Securities and Exchange
Subadvisers, and (c) the fee paid to each not conduct or sponsor, and a person is
Commission, Office of FOIA Services,
Affiliated Subadviser. 100 F Street NE., Washington, DC not required to respond to, a collection
3. Applicants agree that any order 20549–2736 of information unless it displays a
granting the requested relief will be Extension: currently valid control number.
subject to the terms and conditions Rule 203–3, Form ADV–H, SEC File No. The public may view the background
stated in the application. Such terms 270–481, OMB Control No. 3235–0538 documentation for this information
and conditions provide for, among other collection at the following Web site,
Notice is hereby given that, pursuant
safeguards, appropriate disclosure to www.reginfo.gov. Comments should be
to the Paperwork Reduction Act of 1995
Subadvised Fund’s shareholders and directed to: (i) Desk Officer for the
(44 U.S.C. 3501 et seq.), the Securities
notification about subadvisory changes Securities and Exchange Commission,
and Exchange Commission
and enhanced Board oversight to protect Office of Information and Regulatory
(‘‘Commission’’) has submitted to the
Affairs, Office of Management and
the interests of the Subadvised Fund’s Office of Management and Budget
Budget, Room 10102, New Executive
shareholders. (‘‘OMB’’) a request for extension of the
Office Building, Washington, DC 20503,
4. Section 6(c) of the Act provides that previously approved collection of
or by sending an email to: Shagufta_
the Commission may exempt any information discussed below.
The title for the collection of Ahmed@omb.eop.gov; and (ii) Pamela
person, security, or transaction or any Dyson, Director/Chief Information
information is ‘‘Form ADV–H under the
class or classes of persons, securities, or Officer, Securities and Exchange
Investment Advisers Act of 1940.’’ Rule
transactions from any provisions of the 203–3 (17 CFR 275.203–3) under the Commission, c/o Remi Pavlik-Simon,
Act, or any rule thereunder, if such Investment Advisers Act of 1940 (15 100 F Street NE., Washington, DC 20549
relief is necessary or appropriate in the U.S.C. 80b) requires that registered or send an email to: PRA_Mailbox@
public interest and consistent with the advisers requesting either a temporary sec.gov. Comments must be submitted to
protection of investors and purposes or continuing hardship exemption OMB within 30 days of this notice.
fairly intended by the policy and submit the request on Form ADV–H. Dated: September 19, 2017.
provisions of the Act. Applicants Rule 204–4 (17 CFR 275.204–4) under Eduardo A. Aleman,
believe that the requested relief meets the Investment Advisers Act of 1940 Assistant Secretary.
this standard because, as further requires that exempt reporting advisers [FR Doc. 2017–20217 Filed 9–21–17; 8:45 am]
explained in the application, the requesting a temporary hardship BILLING CODE 8011–01–P
Investment Advisory Agreements will exemption submit the request on Form
remain subject to shareholder approval, ADV–H. The purpose of this collection
while the role of the Subadvisers is of information is to permit advisers to SECURITIES AND EXCHANGE
substantially equivalent to that of obtain a hardship exemption to not COMMISSION
individual portfolio managers, so that complete an electronic filing. The
requiring shareholder approval of temporary hardship exemption that is Submission for OMB Review;
Subadvisory Agreements would impose available to registered advisers under Comment Request
unnecessary delays and expenses on the rule 203–3 and exempt reporting
Upon Written Request, Copies Available
Subadvised Fund. Applicants believe advisers under rule 204–4 permits these
From: Securities and Exchange
that the requested relief from the advisers to make late filings due to
Commission, Office of FOIA Services,
Disclosure Requirements meets this unforeseen computer or software
100 F Street NE., Washington, DC
standard because it will improve the problems. The continuing hardship
20549–2736
exemption available to registered
Adviser’s ability to negotiate fees paid Extension:
advisers under rule 203–3 permits
to the Subadvisers that are more Rule 17Ab2–1, Form CA–1, SEC File No.
advisers to submit all required
advantageous for the Subadvised Fund. 270–203, OMB Control No. 3235–0195
electronic filings on hard copy for data
entry by the operator of the IARD. Notice is hereby given that pursuant
The Commission has estimated that to the Paperwork Reduction Act of 1995
4 The requested relief will not extend to any
compliance with the requirement to (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
subadviser, other than a Wholly-Owned Subadviser,
complete Form ADV–H imposes a total Securities and Exchange Commission
who is an affiliated person, as defined in section
2(a)(3) of the Act, of the Subadvised Fund or of the
burden of approximately one hour for (‘‘Commission’’) has submitted to the
Adviser, other than by reason of serving as a an adviser. Based on our experience, we Office of Management and Budget
subadviser to one or more of the Subadvised Funds estimate that we will receive two Form (‘‘OMB’’) a request for approval of
(‘‘Affiliated Subadviser’’). ADV–H filings annually from registered extension of the previously approved

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Document Created: 2017-09-22 01:52:51
Document Modified: 2017-09-22 01:52:51
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		Corrected notice to amend file number (see Eagle Series Trust, et al. IC-32802) (Aug. 31, 2017).
Contact		Laura L. Solomon, Senior Counsel, at (202) 551-6915, or David Marcinkus, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office).
FR Citation		82 FR 44478