Lord, Abbett & Co. LLC, et al.; Notice of Application, 74228-74230 [2012-30052]
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Federal Register / Vol. 77, No. 240 / Thursday, December 13, 2012 / Notices
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[FR Doc. 2012–30124 Filed 12–12–12; 8:45 am]
BILLING CODE 6325–39–P
OFFICE OF PERSONNEL
MANAGEMENT
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ACTION: Notice of meeting.
AGENCY:
The National Council on
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plans to meet on the following dates—
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The meetings will start at 10 a.m. and
will be held in Room 1350, U.S. Office
of Personnel Management, 1900 E Street
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parties should consult the Council Web
site at www.lmrcouncil.gov for the latest
information on Council activities,
including changes in meeting dates.
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composed of representatives of Federal
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Tim
Curry, Deputy Associate Director for
Partnership and Labor Relations, Office
of Personnel Management, 1900 E Street
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at PLR@opm.gov.
FOR FURTHER INFORMATION CONTACT:
For the National Council.
John Berry,
Director.
[FR Doc. 2012–30126 Filed 12–12–12; 8:45 am]
BILLING CODE 6325–39–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
30297; File No. 812–14047]
Lord, Abbett & Co. LLC, et al.; Notice
of Application
December 6, 2012.
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: Lord, Abbett & Co. LLC
(‘‘Lord Abbett’’), Lord Abbett Distributor
SUMMARY OF APPLICATION:
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Federal Register / Vol. 77, No. 240 / Thursday, December 13, 2012 / Notices
Company. Lord Abbett Distributor is
organized as a New York limited
liability company, and is a registered
broker–dealer under the Securities
Exchange Act of 1934, as amended
(‘‘1934 Act’’); Lord Abbett Distributor is
the principal underwriter of each
DATES: Filing Dates: The application was
Company.
filed on June 26, 2012, and amended on
2. Applicants request the exemption
October 26, 2012, October 26, 2012, and
to the extent necessary to permit any
November 30, 2012.
existing or future series of each
HEARING OR NOTIFICATION OF HEARING:
Company and of any other registered
An order granting the application will
open-end management investment
be issued unless the Commission orders company that (i) Is advised by Lord
a hearing. Interested persons may
Abbett or any person controlling,
request a hearing by writing to the
controlled by or under common control
Commission’s Secretary and serving
with Lord Abbett (any such adviser or
applicants with a copy of the request,
Lord Abbett, an ‘‘Adviser’’) and (ii) is in
personally or by mail. Hearing requests
the same group of investment
should be received by the Commission
companies, as defined in section
by 5:30 p.m. on December 27, 2012, and 12(d)(1)(G) of the Act, as the Companies
should be accompanied by proof of
and invests in other registered open-end
service on applicants, in the form of an
management investment companies in
affidavit or, for lawyers, a certificate of
that same group (‘‘Underlying Funds’’)
service. Hearing requests should state
in reliance on section 12(d)(1)(G) of the
the nature of the writer’s interest, the
Act; and (iii) is also eligible to invest in
reason for the request, and the issues
securities (as defined in section 2(a)(36)
contested. Persons who wish to be
of the Act) in reliance on rule 12d1–2
notified of a hearing may request
under the Act (each a ‘‘Fund of Funds’’),
notification by writing to the
to also invest, to the extent consistent
Commission’s Secretary.
with its investment objectives, policies,
strategies and limitations, in financial
ADDRESSES: Elizabeth M. Murphy,
instruments that may not be securities
Secretary, Securities and Exchange
within the meaning of section 2(a)(36) of
Commission, 100 F Street NE.,
the Act (‘‘Other Investments’’).1
Washington, DC 20549–1090;
Applicants, c/o Lord Abbett, 90 Hudson Applicants also request that the order
exempt any entity, including any entity
Street, Jersey City, NJ 07302.
controlled by or under common control
FOR FURTHER INFORMATION CONTACT:
with an Adviser, that in the future acts
Steven I. Amchan, Senior Counsel, at
as principal underwriter, or broker or
(202) 551–6826, or Jennifer L. Sawin,
dealer if registered under the 1934 Act,
Branch Chief, at (202) 551–6821
with respect to the transactions
(Division of Investment Management,
described in the application.
Office of Investment Company
3. Consistent with its fiduciary
Regulation).
obligations under the Act, each Fund of
SUPPLEMENTARY INFORMATION: The
Funds’ board of directors or trustees, as
following is a summary of the
the case may be, will review the
application. The complete application
advisory fees charged by the Fund of
may be obtained via the Commission’s
Funds’ Adviser to ensure that they are
Web site by searching for the file
based on services provided that are in
number, or an applicant using the
addition to, rather than duplicative of,
Company name box, at https://
services provided pursuant to the
www.sec.gov/search/search.htm or by
advisory agreement of any investment
calling (202) 551–8090.
company in which the Fund of Funds
may invest.
Applicants’ Representations
Applicants’ Legal Analysis
1. Lord Abbett Global Fund, Inc. is
1. Section 12(d)(1)(A) of the Act
organized as a Maryland corporation;
provides that no registered investment
Lord Abbett Investment Trust and Lord
company (‘‘acquiring company’’) may
Abbett Securities Trust each are
acquire securities of another investment
organized as a Delaware statutory trust.
company (‘‘acquired company’’) if such
Each Company is registered under the
securities represent more than 3% of the
Act as an open-end management
acquired company’s outstanding voting
investment company. Lord Abbett, a
Delaware limited liability company, is
1 Every existing entity that currently intends to
an investment adviser registered under
requested
an
the Investment Advisers Act of 1940, as rely on theAny entity order is named asorder in the
applicant.
that relies on the
amended (the ‘‘Advisers Act’’) and
future will do so only in accordance with the terms
and condition in the application.
serves as investment adviser to each
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LLC (‘‘Lord Abbett Distributor’’), and
Lord Abbett Global Fund, Inc., Lord
Abbett Investment Trust, and Lord
Abbett Securities Trust (each, a
‘‘Company’’, and collectively, the
‘‘Companies’’).
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74229
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 1934 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
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Federal Register / Vol. 77, No. 240 / Thursday, December 13, 2012 / Notices
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 they
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 any 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.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–30052 Filed 12–12–12; 8:45 am]
BILLING CODE 8011–01–P
The application was filed
on July 13, 2012, and amended on
November 26, 2012.
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 December 27, 2012, 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: Elizabeth M. Murphy,
Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090; PNC
Capital Advisors and the Trusts, One
East Pratt Street, 5th Floor East,
Baltimore, MD 21202; and the
Distributor, Three Canal Plaza, Suite
100, Portland, ME 04101.
FOR FURTHER INFORMATION CONTACT:
Steven I. Amchan, Senior Counsel, at
(202) 551–6826, or Jennifer L. Sawin,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
FILING DATES:
PNC Capital Advisors, LLC, et al.;
Notice of Application
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.
December 6, 2012.
Applicants’ Representations
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.
1. The Trusts are organized as
Delaware statutory trusts and registered
under the Act as open-end management
investment companies. PNC Capital
Advisors, the Trusts’ investment
adviser, is organized as a Delaware
limited liability company and is a
registered investment adviser under the
Investment Advisers Act of 1940, as
amended (the ‘‘Advisers Act’’). The
Distributor is organized as a Delaware
limited liability company, and is a
registered broker–dealer under the
Securities Exchange Act of 1934, as
amended (‘‘1934 Act’’); the Distributor
serves as the principal underwriter to
the Trusts.
SUPPLEMENTARY INFORMATION:
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
30298; File No. 812–14055]
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: PNC Capital Advisors, LLC
(‘‘PNC Capital Advisors’’), PNC Funds
and PNC Advantage Funds (together,
the ‘‘Trusts’’), and PNC Funds
Distributor, LLC (‘‘Distributor’’).
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SUMMARY OF APPLICATION:
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2. Applicants request the exemption
to the extent necessary to permit any
existing or future series of the Trusts
and any other registered open-end
management investment company or
series thereof that (i) is advised by PNC
Capital Advisors or any person
controlling, controlled by or under
common control with PNC Capital
Advisors (any such adviser or PNC
Capital Advisors, an ‘‘Adviser’’) and (ii)
is in the same group of investment
companies, as defined in section
12(d)(1)(G) of the Act, as the Trusts and
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’’), to also 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’’).1
Applicants also request that the order
exempt any entity, including any entity
controlled by or under common control
with an Adviser, that in the future acts
as principal underwriter, or broker or
dealer if registered under the 1934 Act,
with respect to the transactions
described 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
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
1 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\13DEN1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 240 (Thursday, December 13, 2012)]
[Notices]
[Pages 74228-74230]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30052]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 30297; File No. 812-14047]
Lord, Abbett & Co. LLC, et al.; Notice of Application
December 6, 2012.
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: Lord, Abbett & Co. LLC (``Lord Abbett''), Lord Abbett
Distributor
[[Page 74229]]
LLC (``Lord Abbett Distributor''), and Lord Abbett Global Fund, Inc.,
Lord Abbett Investment Trust, and Lord Abbett Securities Trust (each, a
``Company'', and collectively, the ``Companies'').
DATES: Filing Dates: The application was filed on June 26, 2012, and
amended on October 26, 2012, October 26, 2012, and November 30, 2012.
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 December 27, 2012, 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: Elizabeth M. Murphy, Secretary, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090; Applicants, c/
o Lord Abbett, 90 Hudson Street, Jersey City, NJ 07302.
FOR FURTHER INFORMATION CONTACT: Steven I. Amchan, Senior Counsel, at
(202) 551-6826, or Jennifer L. Sawin, 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. Lord Abbett Global Fund, Inc. is organized as a Maryland
corporation; Lord Abbett Investment Trust and Lord Abbett Securities
Trust each are organized as a Delaware statutory trust. Each Company is
registered under the Act as an open-end management investment company.
Lord Abbett, a Delaware limited liability company, is an investment
adviser registered under the Investment Advisers Act of 1940, as
amended (the ``Advisers Act'') and serves as investment adviser to each
Company. Lord Abbett Distributor is organized as a New York limited
liability company, and is a registered broker-dealer under the
Securities Exchange Act of 1934, as amended (``1934 Act''); Lord Abbett
Distributor is the principal underwriter of each Company.
2. Applicants request the exemption to the extent necessary to
permit any existing or future series of each Company and of any other
registered open-end management investment company that (i) Is advised
by Lord Abbett or any person controlling, controlled by or under common
control with Lord Abbett (any such adviser or Lord Abbett, an
``Adviser'') and (ii) is in the same group of investment companies, as
defined in section 12(d)(1)(G) of the Act, as the Companies and invests
in other registered open-end management investment companies in that
same group (``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''), to also 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'').\1\
Applicants also request that the order exempt any entity, including any
entity controlled by or under common control with an Adviser, that in
the future acts as principal underwriter, or broker or dealer if
registered under the 1934 Act, with respect to the transactions
described in the application.
---------------------------------------------------------------------------
\1\ 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 directors or trustees, as the case may be, 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 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 1934 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
[[Page 74230]]
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 they 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 any 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.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30052 Filed 12-12-12; 8:45 am]
BILLING CODE 8011-01-P
