Westcore Trust and Denver Investment Advisors LLC; Notice of Application, 28370-28371 [2017-12947]
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28370
Federal Register / Vol. 82, No. 118 / Wednesday, June 21, 2017 / Notices
implementation of the proposed
reduction response time duration to no
less than 100 milliseconds.15 The
Exchange also represents that its system
will be able to sufficiently maintain an
audit trail for order and trade
information with the reduction in the
response timer.16
Based on the Exchange’s statements,
the Commission believes that market
participants should continue to have
opportunities to compete to trade with
the exposed order by submitting
responses to the PRIME and PRIME
Solicitation Mechanism within an
exposure period of no less than 100
milliseconds and no more than 1
second.17 Accordingly, for the reasons
discussed above, the Commission
believes that the Exchange’s proposal is
consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,18 that the
proposed rule change (SR–MIAX–2017–
16) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–12890 Filed 6–20–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32682; 812–14728]
Westcore Trust and Denver Investment
Advisors LLC; Notice of Application
June 16, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
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),
asabaliauskas on DSKBBXCHB2PROD with NOTICES
15 See
id. at 21289–90.
16 See id. at 21290.
17 The Commission notes that the ability to
designate such an exposure time period is
consistent with the rules of other options
exchanges. See supra note 7. See also NASDAQ
Phlx Rule 1080(n)(ii)(A)(4), NASDAQ BX Options
Rules Chapter VI, Section 9(ii)(A)(3), Nasdaq ISE
Rule 716, Supplementary Material .04, Nasdaq ISE
Rule 723(c)(1), CBOE Rule 6.74A(b)(1)(C), and
CBOE Rule 6.74B(b)(1)(C).
18 15 U.S.C. 78s(b)(2).
19 17 CFR 200.30–3(a)(12).
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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 sub-advisers.
APPLICANTS: Westcore Trust (the
‘‘Trust’’), a Massachusetts business trust
registered under the Act as an open-end
management investment company with
multiple series (each, a ‘‘Series’’), and
Denver Investment Advisors LLC, a
Colorado limited liability company
registered as an investment adviser
under the Investment Advisers Act of
1940 (the ‘‘Advisor,’’ and, collectively
with the Trust, the ‘‘Applicants’’).
FILING DATES: The application was filed
on December 15, 2016, and amended on
March 13, 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 July 11, 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: c/o Peter H. Schwartz, Esq.,
Davis Graham & Stubbs LLP, 1550 17th
Street, Suite 500, Denver, Colorado
80202.
FOR FURTHER INFORMATION CONTACT:
Elizabeth G. Miller, Senior Counsel, at
(202) 551–8707, or Aaron Gilbride,
Acting Branch Chief, at (202) 551–6906
(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://
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Summary of the Application
1. The Advisor will serve as the
investment adviser to the Subadvised
Series pursuant to an investment
advisory agreement with the Trust
(each, an ‘‘Investment Management
Agreement’’).1 The Advisor will provide
the Subadvised Series with continuous
and comprehensive investment
management services subject to the
supervision of, and policies established
by, each Subadvised Series’ board of
trustees (the ‘‘Board’’).2 Each Investment
Management Agreement permits the
Advisor, subject to the approval of the
Board, to delegate to one or more SubAdvisors the responsibility to provide
the day-to-day portfolio investment
management of each Subadvised Series,
subject to the supervision and direction
of the Advisor.3 The primary
responsibility for managing the
Subadvised Series will remain vested in
the Advisor. The Advisor will hire,
evaluate, allocate assets to and oversee
the Sub-Advisors, including
determining whether a Sub-Advisor
should be terminated, at all times
subject to the authority of the Board.
2. Applicants request an exemption to
permit the Advisor, subject to Board
approval, to hire a Non-Affiliated SubAdvisor or a Wholly-Owned SubAdvisor, pursuant to Sub-Advisory
Agreements and materially amend Sub1 Applicants request that the relief sought herein
apply to the named Applicants, as well as to any
future Series of the Trust 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 Advisor, its successors, and any entity
controlling, controlled by or under common control
with an Advisor or its successors (included in the
term ‘‘Advisor’’), (ii) uses the multi-manager
structure described in this application, and (iii)
complies with the terms and conditions of this
application (each, a ‘‘Subadvised Series’’). For the
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.
2 The term ‘‘Board’’ includes the board of trustees
or directors of a future Subadvised Series.
3 A ‘‘Sub-Advisor’’ for a Series is (1) an indirect
or direct ‘‘wholly-owned subsidiary’’ (as such term
is defined in the Act) of the Advisor for that Series,
or (2) a sister company of the Advisor for that Series
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 Advisor (each of (1) and (2) a
‘‘Wholly-Owned Sub-Advisor’’ and collectively, the
‘‘Wholly-Owned Sub-Advisers’’), or (3) an
investment sub-adviser for that Series that is not an
‘‘affiliated person’’ (as such term is defined in
Section 2(a)(3) of the Act) of the Series or the
Advisor, except to the extent that an affiliation
arises solely because the Sub-Advisor serves as a
sub-adviser to one or more Series (each a ‘‘NonAffiliated Sub-Advisor’’ and collectively, the ‘‘NonAffiliated Sub-Advisers’’).
E:\FR\FM\21JNN1.SGM
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asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 118 / Wednesday, June 21, 2017 / Notices
Advisory Agreements with NonAffiliated Sub-Advisors and WhollyOwned Sub-Advisors 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
Series to disclose (as both a dollar
amount and a percentage of the
Subadvised Series’ net assets): (a) The
aggregate fees paid to the Advisor and
any Wholly-Owned Sub-Advisors; (b)
the aggregate fees paid to Non-Affiliated
Sub-Advisors; and (c) the fee paid to
each Affiliated Sub-Advisor.
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 Series’ shareholders and
notification about sub-advisory changes
and enhanced Board oversight to protect
the interests of the Subadvised Series’
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 Management Agreements
will remain subject to shareholder
approval, while the role of the SubAdvisors is substantially equivalent to
that of individual portfolio managers, so
that requiring shareholder approval of
Sub-Advisory Agreements would
impose unnecessary delays and
expenses on the Subadvised Series.
Applicants believe that the requested
relief from the Disclosure Requirements
meets this standard because it will
improve the Advisor’s ability to
negotiate fees paid to the Sub-Advisors
that are more advantageous for the
Subadvised Series.
4 The requested relief will not extend to any subadviser, other than a Wholly-Owned Sub-Advisor,
who is an affiliated person, as defined in section
2(a)(3) of the Act, of the Subadvised Series or the
Manager, other than by reason of serving as a subadviser to one or more of the Subadvised Series or
to any existing or future registered open-end
management company or series thereof advised by
an Advisor (‘‘Affiliated Sub-Advisor’’).
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19:12 Jun 20, 2017
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For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
28371
Missouri: Barry, Butler, Dunklin,
Howell, McDonald, Oregon, Ozark,
Ripley, Stone, Taney
Oklahoma: Adair, Delaware.
The Interest Rates are:
[FR Doc. 2017–12947 Filed 6–20–17; 8:45 am]
Percent
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15175 and #15176;
Arkansas Disaster #AR–00094]
Presidential Declaration of a Major
Disaster for the State of Arkansas
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for the State of ARKANSAS
(FEMA–4318–DR), dated 06/15/2017.
Incident: Severe Storms, Tornadoes,
Straight-Line Winds, and Flooding.
Incident Period: 04/26/2017 through
05/19/2017.
DATES: Effective 06/15/2017.
Physical Loan Application Deadline
Date: 08/14/2017.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/15/2018.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
06/15/2017, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties (Physical Damage and
Economic Injury Loans): Benton,
Boone, Carroll, Clay, Faulkner,
Fulton, Jackson, Lawrence, Pulaski,
Randolph, Saline, Washington, Yell
Contiguous Counties (Economic Injury
Loans Only):
Arkansas: Baxter, Cleburne, Conway,
Craighead, Crawford, Cross,
Garland, Grant, Greene, Hot Spring,
Independence, Izard, Jefferson,
Logan, Lonoke, Madison, Marion,
Montgomery, Newton, Perry,
Poinsett, Pope, Scott, Searcy, Sharp,
Van Buren, White, Woodruff.
SUMMARY:
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
Non-Profit Organizations without Credit Available Elsewhere .....................................
3.875
1.938
6.430
3.215
2.500
2.500
3.215
2.500
The number assigned to this disaster
for physical damage is 151756 and for
economic injury is 151760.
(Catalog of Federal Domestic Assistance
Number 59008)
Cynthia G. Pitts,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2017–12869 Filed 6–20–17; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15177 and #15178;
Arkansas Disaster #AR–00096]
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of Arkansas
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of ARKANSAS (FEMA–4318–
DR), dated 06/15/2017.
Incident: Severe Storms, Tornadoes,
Straight-line Winds, and Flooding.
Incident Period: 04/26/2017 through
05/19/2017.
DATES: Effective 06/15/2017.
Physical Loan Application Deadline
Date: 08/14/2017.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/15/2018.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
SUMMARY:
E:\FR\FM\21JNN1.SGM
21JNN1
]]>Agencies
[Federal Register Volume 82, Number 118 (Wednesday, June 21, 2017)]
[Notices]
[Pages 28370-28371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-12947]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32682; 812-14728]
Westcore Trust and Denver Investment Advisors LLC; Notice of
Application
June 16, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
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.
Applicants: Westcore Trust (the ``Trust''), a Massachusetts business
trust registered under the Act as an open-end management investment
company with multiple series (each, a ``Series''), and Denver
Investment Advisors LLC, a Colorado limited liability company
registered as an investment adviser under the Investment Advisers Act
of 1940 (the ``Advisor,'' and, collectively with the Trust, the
``Applicants'').
Filing Dates: The application was filed on December 15, 2016, and
amended on March 13, 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 July 11, 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: c/o Peter H.
Schwartz, Esq., Davis Graham & Stubbs LLP, 1550 17th Street, Suite 500,
Denver, Colorado 80202.
FOR FURTHER INFORMATION CONTACT: Elizabeth G. Miller, Senior Counsel,
at (202) 551-8707, or Aaron Gilbride, Acting Branch Chief, at (202)
551-6906 (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.
Summary of the Application
1. The Advisor will serve as the investment adviser to the
Subadvised Series pursuant to an investment advisory agreement with the
Trust (each, an ``Investment Management Agreement'').\1\ The Advisor
will provide the Subadvised Series with continuous and comprehensive
investment management services subject to the supervision of, and
policies established by, each Subadvised Series' board of trustees (the
``Board'').\2\ Each Investment Management Agreement permits the
Advisor, subject to the approval of the Board, to delegate to one or
more Sub-Advisors the responsibility to provide the day-to-day
portfolio investment management of each Subadvised Series, subject to
the supervision and direction of the Advisor.\3\ The primary
responsibility for managing the Subadvised Series will remain vested in
the Advisor. The Advisor will hire, evaluate, allocate assets to and
oversee the Sub-Advisors, including determining whether a Sub-Advisor
should be terminated, at all times subject to the authority of the
Board.
---------------------------------------------------------------------------
\1\ Applicants request that the relief sought herein apply to
the named Applicants, as well as to any future Series of the Trust
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
Advisor, its successors, and any entity controlling, controlled by
or under common control with an Advisor or its successors (included
in the term ``Advisor''), (ii) uses the multi-manager structure
described in this application, and (iii) complies with the terms and
conditions of this application (each, a ``Subadvised Series''). For
the 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.
\2\ The term ``Board'' includes the board of trustees or
directors of a future Subadvised Series.
\3\ A ``Sub-Advisor'' for a Series is (1) an indirect or direct
``wholly-owned subsidiary'' (as such term is defined in the Act) of
the Advisor for that Series, or (2) a sister company of the Advisor
for that Series 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 Advisor (each
of (1) and (2) a ``Wholly-Owned Sub-Advisor'' and collectively, the
``Wholly-Owned Sub-Advisers''), or (3) an investment sub-adviser for
that Series that is not an ``affiliated person'' (as such term is
defined in Section 2(a)(3) of the Act) of the Series or the Advisor,
except to the extent that an affiliation arises solely because the
Sub-Advisor serves as a sub-adviser to one or more Series (each a
``Non-Affiliated Sub-Advisor'' and collectively, the ``Non-
Affiliated Sub-Advisers'').
---------------------------------------------------------------------------
2. Applicants request an exemption to permit the Advisor, subject
to Board approval, to hire a Non-Affiliated Sub-Advisor or a Wholly-
Owned Sub-Advisor, pursuant to Sub-Advisory Agreements and materially
amend Sub-
[[Page 28371]]
Advisory Agreements with Non-Affiliated Sub-Advisors and Wholly-Owned
Sub-Advisors 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 Series to disclose (as both a dollar amount and a percentage
of the Subadvised Series' net assets): (a) The aggregate fees paid to
the Advisor and any Wholly-Owned Sub-Advisors; (b) the aggregate fees
paid to Non-Affiliated Sub-Advisors; and (c) the fee paid to each
Affiliated Sub-Advisor.
---------------------------------------------------------------------------
\4\ The requested relief will not extend to any sub-adviser,
other than a Wholly-Owned Sub-Advisor, who is an affiliated person,
as defined in section 2(a)(3) of the Act, of the Subadvised Series
or the Manager, other than by reason of serving as a sub-adviser to
one or more of the Subadvised Series or to any existing or future
registered open-end management company or series thereof advised by
an Advisor (``Affiliated Sub-Advisor'').
---------------------------------------------------------------------------
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 Series' shareholders and
notification about sub-advisory changes and enhanced Board oversight to
protect the interests of the Subadvised Series' 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
Management Agreements will remain subject to shareholder approval,
while the role of the Sub-Advisors is substantially equivalent to that
of individual portfolio managers, so that requiring shareholder
approval of Sub-Advisory Agreements would impose unnecessary delays and
expenses on the Subadvised Series. Applicants believe that the
requested relief from the Disclosure Requirements meets this standard
because it will improve the Advisor's ability to negotiate fees paid to
the Sub-Advisors that are more advantageous for the Subadvised Series.
For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-12947 Filed 6-20-17; 8:45 am]
BILLING CODE 8011-01-P
