Legg Mason Partners Equity Trust, et al.;, 58849-58850 [2011-24330]
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58849
Federal Register / Vol. 76, No. 184 / Thursday, September 22, 2011 / Notices
ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual
responses
Form number
Time (minutes)
Burden (hours)
G–88p ..........................................................................................................................................
G–88r ...........................................................................................................................................
750
10
8
8
100
1
Total ......................................................................................................................................
760
........................
101
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, contact Charles
Mierzwa, the RRB Clearance Officer, at
(312) 751–3363 or
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Patricia
Henaghan, Railroad Retirement Board,
844 North Rush Street, Chicago, Illinois
60611–2092 or e-mailed to
Patricia.Henaghan@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. 2011–24293 Filed 9–21–11; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
29789; File No. 812–13892]
Legg Mason Partners Equity Trust, et
al.; Notice of Application
September 15, 2011.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
Act of 1940 (‘‘Act’’) for an exemption
from rule 12d1–2(a) under the Act.
jlentini on DSK4TPTVN1PROD with NOTICES
AGENCY:
Summary of Application: Applicants
request an order to permit open-end
management investment companies
relying on rule 12d1–2 under the Act to
invest in certain financial instruments.
Applicants: Legg Mason Partners
Equity Trust (‘‘LMP Equity Trust’’), Legg
Mason Partners Variable Equity Trust
(‘‘LMP Variable Equity Trust’’ and
together with LMP Equity Trust, the
‘‘Trusts’’), Legg Mason Partners Fund
Advisor, LLC (‘‘LMPFA’’), and Legg
Mason Investor Services, LLC (the
‘‘Distributor’’).
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 https://www.sec.
gov/search/search.htm or by calling
(202) 551–8090.
Mason, is registered as a broker-dealer
under the Securities Exchange Act of
1934, as amended (the ‘‘Exchange Act’’),
and is the distributor for each registered
open-end investment company for
which LMPFA presently acts as
investment adviser.
2. Applicants request the exemption
to the extent necessary to permit any
existing or future registered open-end
management investment company or
series thereof that (i) Is advised by
LMPFA or an entity controlling,
controlled by or under common control
with LMPFA (any such adviser or
LMPFA, an ‘‘Adviser’’); 1 (ii) is in the
same group of investment companies as
defined in section 12(d)(1)(G) of the Act
and that invests in other registered
open-end management investment
companies (‘‘Underlying Funds’’) in
reliance on section 12(d)(1)(G) of the
Act; and (iii) is also eligible to invest in
securities (as defined in section 2(a)(36)
of the Act) in reliance on rule 12d1–2
under the Act (each a ‘‘Fund of Funds’’),
also to invest, to the extent consistent
with its investment objectives, policies,
strategies and limitations, in financial
instruments that may not be securities
within the meaning of section 2(a)(36) of
the Act (‘‘Other Investments’’).2
3. Consistent with its fiduciary
obligations under the Act, each Fund of
Funds’ board of trustees will review the
advisory fees charged by the Fund of
Funds’ Adviser to ensure that they are
based on services provided that are in
addition to, rather than duplicative of,
services provided pursuant to the
advisory agreement of any investment
company in which the Fund of Funds
may invest.
Applicants’ Representations
Applicants’ Legal Analysis
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 11, 2011, and
should be accompanied by proof of
service on applicants, in the form of an
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, 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: the Trusts, 55 Water Street,
New York, NY 10041; LMPFA, 620
Eighth Avenue, New York, NY 10018;
the Distributor, 100 International Drive,
Baltimore, MD 21202.
FOR FURTHER INFORMATION CONTACT:
Christine Y. Greenlees, Senior Counsel,
at (202) 551–6879, or Mary Kay Frech,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION:
1. The Trusts are organized as
Maryland statutory trusts and are
registered under the Act as open-end
management investment companies.
LMPFA, a wholly-owned subsidiary of
Legg Mason, Inc. (‘‘Legg Mason’’), is an
investment adviser registered under the
Investment Advisers Act of 1940, as
DATES: Filing Dates: The application was amended (the ‘‘Advisers Act’’) and
filed on April 12, 2011, and amended on currently serves as investment adviser
to each Trust. The Distributor, a
August 24, 2011.
Hearing or Notification of Hearing: An Delaware limited liability company and
wholly-owned subsidiary of Legg
order granting the application will be
VerDate Mar<15>2010
17:29 Sep 21, 2011
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PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
1. Section 12(d)(1)(A) of the Act
provides that no registered investment
company (‘‘acquiring company’’) may
acquire securities of another investment
company (‘‘acquired company’’) if such
securities represent more than 3% of the
1 All Advisers to any Fund will be registered
under the Advisers Act.
2 Every existing entity that currently intends to
rely on the requested order is named as an
applicant. Any entity that relies on the order in the
future will do so only in accordance with the terms
and condition in the application.
E:\FR\FM\22SEN1.SGM
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jlentini on DSK4TPTVN1PROD with NOTICES
58850
Federal Register / Vol. 76, No. 184 / Thursday, September 22, 2011 / Notices
acquired company’s outstanding voting
stock or more than 5% of the acquiring
company’s total assets, or if such
securities, together with the securities of
other investment companies, represent
more than 10% of the acquiring
company’s total assets. Section
12(d)(1)(B) of the Act provides that no
registered open-end investment
company may sell its securities to
another investment company if the sale
will cause the acquiring company to
own more than 3% of the acquired
company’s voting stock, or cause more
than 10% of the acquired company’s
voting stock to be owned by investment
companies and companies controlled by
them.
2. Section 12(d)(1)(G) of the Act
provides, in part, that section 12(d)(1)
will not apply to securities of an
acquired company purchased by an
acquiring company if: (i) The acquired
company and acquiring company are
part of the same group of investment
companies; (ii) the acquiring company
holds only securities of acquired
companies that are part of the same
group of investment companies,
government securities, and short-term
paper; (iii) the aggregate sales loads and
distribution-related fees of the acquiring
company and the acquired company are
not excessive under rules adopted
pursuant to section 22(b) or section
22(c) of the Act by a securities
association registered under section 15A
of the Exchange Act or by the
Commission; and (iv) the acquired
company has a policy that prohibits it
from acquiring securities of registered
open-end investment companies or
registered unit investment trusts in
reliance on section 12(d)(1)(F) or (G) of
the Act.
3. Rule 12d1–2 under the Act permits
a registered open-end investment
company or a registered unit investment
trust that relies on section 12(d)(1)(G) of
the Act to acquire, in addition to
securities issued by another registered
investment company in the same group
of investment companies, government
securities, and short-term paper: (i)
Securities issued by an investment
company that is not in the same group
of investment companies, when the
acquisition is in reliance on section
12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii)
securities (other than securities issued
by an investment company); and (iii)
securities issued by a money market
fund, when the investment is in reliance
on rule 12d1–1 under the Act. For the
purposes of rule 12d1–2, ‘‘securities’’
means any security as defined in section
2(a)(36) of the Act.
4. Section 6(c) of the Act provides that
the Commission may exempt any
VerDate Mar<15>2010
17:29 Sep 21, 2011
Jkt 223001
person, security, or transaction from any
provision of the Act, or from any rule
under 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 policies and
provisions of the Act.
5. Applicants state that the Funds of
Funds will comply with rule 12d1–2
under the Act, but for the fact that the
Funds of Funds may invest a portion of
their assets in Other Investments.
Applicants request an order under
section 6(c) of the Act for an exemption
from rule 12d1–2(a) to allow the Funds
of Funds to invest in Other Investments
while investing in Underlying Funds.
Applicants assert that permitting the
Funds of Funds to invest in Other
Investments as described in the
application would not raise any of the
concerns that the requirements of
section 12(d)(1) were designed to
address.
Applicants’ Condition
Applicants agree that the order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Fund of Funds from
investing in Other Investments as
described in the application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–24330 Filed 9–21–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
29790; File No. 812–13890]
Highland Capital Management, L.P., et
al.; Notice of Application
September 15, 2011.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
Act of 1940 (‘‘Act’’) for an exemption
from rule 12d1–2(a) under the Act.
AGENCY:
Applicants
request an order to permit open-end
management investment companies
relying on rule 12d1–2 under the Act to
invest in certain financial instruments.
Applicants: Highland Capital
Management, L.P. (‘‘HCM’’), Highland
SUMMARY OF APPLICATION:
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
Funds Asset Management, L.P.
(‘‘HFAM’’), Highland Funds I (‘‘HFI’’)
and Highland Funds II (‘‘HFII’’).
Filing Dates: The application was
filed on April 8, 2011, and amended on
August 15, 2011, and September 15,
2011.
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 11, 2011, and
should be accompanied by proof of
service on applicants, in the form of an
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, 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: NexBank Tower, 13455
Noel Road, Suite 800, Dallas, TX 75240.
FOR FURTHER INFORMATION CONTACT: Jean
E. Minarick, Senior Counsel, at (202)
551–6811, or Daniele Marchesani,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
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 https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
SUPPLEMENTARY INFORMATION:
Applicants’ Representations
1. HFI is organized as a Delaware
statutory trust and HFII as a
Massachusetts unincorporated business
trust (HFI and HFII, collectively the
‘‘Trusts’’). Each is registered under the
Act as an open-end management
investment company. HCM is organized
as a Delaware limited partnership and is
registered as an investment adviser
under the Investment Advisers Act of
1940, as amended (‘‘Advisers Act’’).
HCM currently serves as investment
adviser to a number of registered
investment companies, including HFI.
HFAM is organized as a Delaware
limited partnership and is registered as
an investment adviser under the
E:\FR\FM\22SEN1.SGM
22SEN1
]]>Agencies
[Federal Register Volume 76, Number 184 (Thursday, September 22, 2011)]
[Notices]
[Pages 58849-58850]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-24330]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 29789; File No. 812-13892]
Legg Mason Partners Equity Trust, et al.; Notice of Application
September 15, 2011.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a)
under the Act.
-----------------------------------------------------------------------
Summary of Application: Applicants request an order to permit open-
end management investment companies relying on rule 12d1-2 under the
Act to invest in certain financial instruments.
Applicants: Legg Mason Partners Equity Trust (``LMP Equity
Trust''), Legg Mason Partners Variable Equity Trust (``LMP Variable
Equity Trust'' and together with LMP Equity Trust, the ``Trusts''),
Legg Mason Partners Fund Advisor, LLC (``LMPFA''), and Legg Mason
Investor Services, LLC (the ``Distributor'').
DATES: Filing Dates: The application was filed on April 12, 2011, and
amended on August 24, 2011.
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 11, 2011, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, 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: the Trusts, 55 Water
Street, New York, NY 10041; LMPFA, 620 Eighth Avenue, New York, NY
10018; the Distributor, 100 International Drive, Baltimore, MD 21202.
FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at (202) 551-6879, or Mary Kay Frech, Branch Chief, at (202)
551-6821 (Division of Investment Management, Office of Investment
Company Regulation).
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 https://www.sec.gov/search/search.htm or
by calling (202) 551-8090.
Applicants' Representations
1. The Trusts are organized as Maryland statutory trusts and are
registered under the Act as open-end management investment companies.
LMPFA, a wholly-owned subsidiary of Legg Mason, Inc. (``Legg Mason''),
is an investment adviser registered under the Investment Advisers Act
of 1940, as amended (the ``Advisers Act'') and currently serves as
investment adviser to each Trust. The Distributor, a Delaware limited
liability company and wholly-owned subsidiary of Legg Mason, is
registered as a broker-dealer under the Securities Exchange Act of
1934, as amended (the ``Exchange Act''), and is the distributor for
each registered open-end investment company for which LMPFA presently
acts as investment adviser.
2. Applicants request the exemption to the extent necessary to
permit any existing or future registered open-end management investment
company or series thereof that (i) Is advised by LMPFA or an entity
controlling, controlled by or under common control with LMPFA (any such
adviser or LMPFA, an ``Adviser''); \1\ (ii) is in the same group of
investment companies as defined in section 12(d)(1)(G) of the Act and
that invests in other registered open-end management investment
companies (``Underlying Funds'') in reliance on section 12(d)(1)(G) of
the Act; and (iii) is also eligible to invest in securities (as defined
in section 2(a)(36) of the Act) in reliance on rule 12d1-2 under the
Act (each a ``Fund of Funds''), also to invest, to the extent
consistent with its investment objectives, policies, strategies and
limitations, in financial instruments that may not be securities within
the meaning of section 2(a)(36) of the Act (``Other Investments'').\2\
---------------------------------------------------------------------------
\1\ All Advisers to any Fund will be registered under the
Advisers Act.
\2\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any entity that relies on
the order in the future will do so only in accordance with the terms
and condition in the application.
---------------------------------------------------------------------------
3. Consistent with its fiduciary obligations under the Act, each
Fund of Funds' board of trustees will review the advisory fees charged
by the Fund of Funds' Adviser to ensure that they are based on services
provided that are in addition to, rather than duplicative of, services
provided pursuant to the advisory agreement of any investment company
in which the Fund of Funds may invest.
Applicants' Legal Analysis
1. Section 12(d)(1)(A) of the Act provides that no registered
investment company (``acquiring company'') may acquire securities of
another investment company (``acquired company'') if such securities
represent more than 3% of the
[[Page 58850]]
acquired company's outstanding voting stock or more than 5% of the
acquiring company's total assets, or if such securities, together with
the securities of other investment companies, represent more than 10%
of the acquiring company's total assets. Section 12(d)(1)(B) of the Act
provides that no registered open-end investment company may sell its
securities to another investment company if the sale will cause the
acquiring company to own more than 3% of the acquired company's voting
stock, or cause more than 10% of the acquired company's voting stock to
be owned by investment companies and companies controlled by them.
2. Section 12(d)(1)(G) of the Act provides, in part, that section
12(d)(1) will not apply to securities of an acquired company purchased
by an acquiring company if: (i) The acquired company and acquiring
company are part of the same group of investment companies; (ii) the
acquiring company holds only securities of acquired companies that are
part of the same group of investment companies, government securities,
and short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not
excessive under rules adopted pursuant to section 22(b) or section
22(c) of the Act by a securities association registered under section
15A of the Exchange Act or by the Commission; and (iv) the acquired
company has a policy that prohibits it from acquiring securities of
registered open-end investment companies or registered unit investment
trusts in reliance on section 12(d)(1)(F) or (G) of the Act.
3. Rule 12d1-2 under the Act permits a registered open-end
investment company or a registered unit investment trust that relies on
section 12(d)(1)(G) of the Act to acquire, in addition to securities
issued by another registered investment company in the same group of
investment companies, government securities, and short-term paper: (i)
Securities issued by an investment company that is not in the same
group of investment companies, when the acquisition is in reliance on
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) securities (other
than securities issued by an investment company); and (iii) securities
issued by a money market fund, when the investment is in reliance on
rule 12d1-1 under the Act. For the purposes of rule 12d1-2,
``securities'' means any security as defined in section 2(a)(36) of the
Act.
4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction from any provision of the Act, or
from any rule under 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 policies and
provisions of the Act.
5. Applicants state that the Funds of Funds will comply with rule
12d1-2 under the Act, but for the fact that the Funds of Funds may
invest a portion of their assets in Other Investments. Applicants
request an order under section 6(c) of the Act for an exemption from
rule 12d1-2(a) to allow the Funds of Funds to invest in Other
Investments while investing in Underlying Funds. Applicants assert that
permitting the Funds of Funds to invest in Other Investments as
described in the application would not raise any of the concerns that
the requirements of section 12(d)(1) were designed to address.
Applicants' Condition
Applicants agree that the order granting the requested relief will
be subject to the following condition:
Applicants will comply with all provisions of rule 12d1-2 under the
Act, except for paragraph (a)(2) to the extent that it restricts any
Fund of Funds from investing in Other Investments as described in the
application.
For the Commission, by the Division of Investment Management,
under delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-24330 Filed 9-21-11; 8:45 am]
BILLING CODE 8011-01-P
