LoCorr Fund Management, LLC and LoCorr Investment Trust; Notice of Application, 10692-10693 [2016-04352]
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10692
Federal Register / Vol. 81, No. 40 / Tuesday, March 1, 2016 / Notices
Compliance with Rule 19b–4(e) is
mandatory. Information received in
response to Rule 19b–4(e) shall not be
kept confidential; the information
collected is public information.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden of the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: February 24, 2016.
Robert W. Errett,
Deputy Secretary.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
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[FR Doc. 2016–04528 Filed 2–26–16; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32005; 812–14540]
LoCorr Fund Management, LLC and
LoCorr Investment Trust; Notice of
Application
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 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 sub-advisers without
shareholder approval and grant relief
from the Disclosure Requirements as
they relate to fees paid to the subadvisers.1
AGENCY:
BILLING CODE 8011–01–P
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Thursday, March 3, 2016 at 2:00 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
20:18 Feb 29, 2016
Dated: February 25, 2016.
Brent J. Fields,
Secretary.
February 24, 2016.
[FR Doc. 2016–04348 Filed 2–29–16; 8:45 am]
VerDate Sep<11>2014
Chair White, as duty officer, voted to
consider the items listed for the Closed
Meeting in closed session.
The subject matter of the Closed
Meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Opinion;
Adjudicatory matters;
Resolution of litigation claims; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Jkt 238001
1 The requested order would supersede an
exemptive order issued to the Applicants on Sept.
11, 2012 (the ‘‘Prior Order’’), with the result that no
person will continue to rely on the Prior Order if
the requested order is granted. See LoCorr Fund
Management, LLC and LoCorr Investment Trust,
Investment Company Act Release Nos. 30168 (Aug.
PO 00000
Frm 00128
Fmt 4703
Sfmt 4703
LoCorr Investment Trust
(the ‘‘Trust’’), an Ohio business trust
registered under the Act as an open-end
management investment company with
multiple series, and LoCorr Fund
Management, LLC, a Minnesota limited
liability company registered as an
investment adviser under the
Investment Advisers Act of 1940
(‘‘LoCorr’’ or the ‘‘Adviser,’’ and,
collectively with the Trust, the
‘‘Applicants’’).
APPLICANTS:
The application was filed
August 28, 2015, and amended on
December 29, 2015 and January 16,
2016.
FILING DATES:
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 March 21, 2016, 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.
Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants: Jon C. Essen, LoCorr Fund
Management, LLC, 261 School Avenue,
4th Floor, Excelsior, MN 55331; and
JoAnn Strasser, Esq., Thompson Hine
LLP, 41 South High Street 17th Floor,
Columbus, OH 43215.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David J. Marcinkus, Senior Counsel, at
(202) 551–6882, or Mary Kay Frech,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
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:
14, 2012) (notice) and 30199 (Sept. 11, 2012)
(order).
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Federal Register / Vol. 81, No. 40 / Tuesday, March 1, 2016 / Notices
Summary of the Application
1. The Adviser will serve as the
investment adviser to the Funds
pursuant to an investment advisory
agreement with the Trust (the ‘‘Advisory
Agreement’’).2 The Adviser will provide
the Funds with continuous and
comprehensive investment management
services subject to the supervision of,
and policies established by, each Fund’s
board of trustees (‘‘Board’’). The
Advisory Agreement permits the
Adviser, subject to the approval of the
Board, to delegate to one or more subadvisers (each, a ‘‘Sub-Adviser’’ and
collectively, the ‘‘Sub-Advisers’’) the
responsibility to provide the day-to-day
portfolio investment management of
each Fund, subject to the supervision
and direction of the Adviser. The
primary responsibility for managing the
Funds will remain vested in the
Adviser. The Adviser will hire,
evaluate, allocate assets to and oversee
the Sub-Advisers, including
determining whether a Sub-Adviser
should be terminated, at all times
subject to the authority of the Board.
2. Applicants request an exemption to
permit the Adviser, subject to Board
approval, to hire certain Sub-Advisers
pursuant to Sub-Advisory Agreements
and materially amend existing SubAdvisory Agreements without obtaining
the shareholder approval required under
section 15(a) of the Act and rule 18f–2
under the Act.3 Applicants also seek an
exemption from the Disclosure
Requirements to permit a Fund to
disclose (as both a dollar amount and a
percentage of the Fund’s net assets): (a)
The aggregate fees paid to the Adviser
and any Affiliated Sub-Adviser; and (b)
the aggregate fees paid to Sub-Advisers
other than Affiliated Sub-Advisers
(collectively, ‘‘Aggregate Fee
Disclosure’’). For any Fund that
employs an Affiliated Sub-Adviser, the
Fund will provide separate disclosure of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2 Applicants
request relief with respect to any
existing and any future series of the Trust and any
other registered open-end management company or
series thereof that: (a) Is advised by LoCorr or its
successor or by a person controlling, controlled by,
or under common control with LoCorr or its
successor (each, also an ‘‘Adviser’’); (b) uses the
manager of managers structure described in the
application; and (c) complies with the terms and
conditions of the application (any such series, a
‘‘Fund’’ and collectively, the ‘‘Funds’’). For
purposes of the requested order, ‘‘successor’’ is
limited to an entity that results from a
reorganization into another jurisdiction or a change
in the type of business organization.
3 The requested relief will not extend to any SubAdviser that is an affiliated person, as defined in
section 2(a)(3) of the Act, of a Fund or the Adviser,
other than by reason of serving as a sub-adviser to
one or more of the Funds (‘‘Affiliated SubAdviser’’).
VerDate Sep<11>2014
20:18 Feb 29, 2016
Jkt 238001
any fees paid to the Affiliated SubAdviser.
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
Fund shareholders and notification
about sub-advisory changes and
enhanced Board oversight to protect the
interests of the Funds’ 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
Advisory Agreements will remain
subject to shareholder approval, while
the role of the Sub-Advisers is
substantially similar to that of
individual portfolio managers, so that
requiring shareholder approval of SubAdvisory Agreements would impose
unnecessary delays and expenses on the
Funds. 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 Funds.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–04352 Filed 2–29–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77221; File No. SR–Phlx–
2016–26]
Self-Regulatory Organizations;
NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Amend
Section II of the Exchange’s Pricing
Schedule
February 24, 2016.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00129
Fmt 4703
Sfmt 4703
10693
notice is hereby given that on February
10, 2016, NASDAQ PHLX LLC (‘‘Phlx’’
or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Exchange’s Pricing Schedule (‘‘Pricing
Schedule’’) at section II, entitled
‘‘Multiply Listed Options Fees,’’ 3 to: (1)
Exclude floor volume from the Monthly
Market Maker Cap; (2) increase the
assessment for select Firm electronic
simple orders; and (3) state that Phlx
members that have executed MARS
Eligible Contracts may receive the
MARS Payment.4
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to amend
the Exchange’s Pricing Schedule at
section II to: (1) Exclude floor volume
from the Monthly Market Maker Cap; (2)
increase the assessment for select Firm
electronic simple orders; and (3) state
3 Multiply Listed Options Fees include options
overlying equities, exchange traded funds (‘‘ETFs’’),
exchange traded notes (‘‘ETNs’’) and indexes which
are Multiply Listed.
4 Monthly Market Maker Cap and MARS are
discussed below.
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]]>Agencies
[Federal Register Volume 81, Number 40 (Tuesday, March 1, 2016)]
[Notices]
[Pages 10692-10693]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04352]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32005; 812-14540]
LoCorr Fund Management, LLC and LoCorr Investment Trust; Notice
of Application
February 24, 2016.
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 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 sub-advisers without shareholder approval and grant
relief from the Disclosure Requirements as they relate to fees paid to
the sub-advisers.\1\
-----------------------------------------------------------------------
---------------------------------------------------------------------------
\1\ The requested order would supersede an exemptive order
issued to the Applicants on Sept. 11, 2012 (the ``Prior Order''),
with the result that no person will continue to rely on the Prior
Order if the requested order is granted. See LoCorr Fund Management,
LLC and LoCorr Investment Trust, Investment Company Act Release Nos.
30168 (Aug. 14, 2012) (notice) and 30199 (Sept. 11, 2012) (order).
Applicants: LoCorr Investment Trust (the ``Trust''), an Ohio business
trust registered under the Act as an open-end management investment
company with multiple series, and LoCorr Fund Management, LLC, a
Minnesota limited liability company registered as an investment adviser
under the Investment Advisers Act of 1940 (``LoCorr'' or the
---------------------------------------------------------------------------
``Adviser,'' and, collectively with the Trust, the ``Applicants'').
Filing Dates: The application was filed August 28, 2015, and amended
on December 29, 2015 and January 16, 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 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 March 21, 2016, 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: Jon C. Essen, LoCorr
Fund Management, LLC, 261 School Avenue, 4th Floor, Excelsior, MN
55331; and JoAnn Strasser, Esq., Thompson Hine LLP, 41 South High
Street 17th Floor, Columbus, OH 43215.
FOR FURTHER INFORMATION CONTACT: David J. Marcinkus, Senior Counsel, at
(202) 551-6882, or Mary Kay Frech, 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 https://www.sec.gov/search/search.htm or
by calling (202) 551-8090.
[[Page 10693]]
Summary of the Application
1. The Adviser will serve as the investment adviser to the Funds
pursuant to an investment advisory agreement with the Trust (the
``Advisory Agreement'').\2\ The Adviser will provide the Funds with
continuous and comprehensive investment management services subject to
the supervision of, and policies established by, each Fund's board of
trustees (``Board''). The Advisory Agreement permits the Adviser,
subject to the approval of the Board, to delegate to one or more sub-
advisers (each, a ``Sub-Adviser'' and collectively, the ``Sub-
Advisers'') the responsibility to provide the day-to-day portfolio
investment management of each Fund, subject to the supervision and
direction of the Adviser. The primary responsibility for managing the
Funds will remain vested in the Adviser. The Adviser will hire,
evaluate, allocate assets to and oversee the Sub-Advisers, including
determining whether a Sub-Adviser should be terminated, at all times
subject to the authority of the Board.
---------------------------------------------------------------------------
\2\ Applicants request relief with respect to any existing and
any future series of the Trust and any other registered open-end
management company or series thereof that: (a) Is advised by LoCorr
or its successor or by a person controlling, controlled by, or under
common control with LoCorr or its successor (each, also an
``Adviser''); (b) uses the manager of managers structure described
in the application; and (c) complies with the terms and conditions
of the application (any such series, a ``Fund'' and collectively,
the ``Funds''). For purposes of the requested order, ``successor''
is limited to an entity that results from a reorganization into
another jurisdiction or a change in the type of business
organization.
---------------------------------------------------------------------------
2. Applicants request an exemption to permit the Adviser, subject
to Board approval, to hire certain Sub-Advisers pursuant to Sub-
Advisory Agreements and materially amend existing Sub-Advisory
Agreements without obtaining the shareholder approval required under
section 15(a) of the Act and rule 18f-2 under the Act.\3\ Applicants
also seek an exemption from the Disclosure Requirements to permit a
Fund to disclose (as both a dollar amount and a percentage of the
Fund's net assets): (a) The aggregate fees paid to the Adviser and any
Affiliated Sub-Adviser; and (b) the aggregate fees paid to Sub-Advisers
other than Affiliated Sub-Advisers (collectively, ``Aggregate Fee
Disclosure''). For any Fund that employs an Affiliated Sub-Adviser, the
Fund will provide separate disclosure of any fees paid to the
Affiliated Sub-Adviser.
---------------------------------------------------------------------------
\3\ The requested relief will not extend to any Sub-Adviser that
is an affiliated person, as defined in section 2(a)(3) of the Act,
of a Fund or the Adviser, other than by reason of serving as a sub-
adviser to one or more of the Funds (``Affiliated Sub-Adviser'').
---------------------------------------------------------------------------
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 Fund shareholders and notification about sub-
advisory changes and enhanced Board oversight to protect the interests
of the Funds' 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 Advisory
Agreements will remain subject to shareholder approval, while the role
of the Sub-Advisers is substantially similar to that of individual
portfolio managers, so that requiring shareholder approval of Sub-
Advisory Agreements would impose unnecessary delays and expenses on the
Funds. 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 Sub-Advisers that are more
advantageous for the Funds.
For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-04352 Filed 2-29-16; 8:45 am]
BILLING CODE 8011-01-P
