Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 197 

18 15 U.S.C. 78s(b)(3)(A)(ii). 

19 15 U.S.C. 78s(b)(2)(B). 20 17 CFR 200.30–3(a)(12). 

Basis section, the Exchange does not 

believe that the proposed changes 

represent a significant departure from 

its current fee structure. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intramarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because, while different fees are 

assessed in some circumstances, these 

different fees are not based on the type 

of Member entering the orders that 

match but on the type of order entered 

and all Members can submit any type of 

order. Further, the proposed fee changes 

continue to be intended to encourage 

market participants to bring increased 

order flow to the Exchange, which 

benefits all market participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) 18 of the Act. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 19 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

IEX–2017–43 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–IEX–2017–43. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–IEX–2017–43 and should 

be submitted on or before January 23, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–28311 Filed 12–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32956; 812–14749] 

Oppenheimer Capital Appreciation 

Fund et al.; Application 

December 27, 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 subadvisers without shareholder approval 

and grant relief from the Disclosure 

Requirements as they relate to fees paid 

to the sub-advisers. 

APPLICANTS: Oppenheimer Capital 

Appreciation Fund; Oppenheimer 

Capital Income Fund; Oppenheimer 

Corporate Bond Fund; Oppenheimer 

Developing Markets Fund; 

Oppenheimer Discovery Fund; 

Oppenheimer Discovery Mid Cap 

Growth Fund; Oppenheimer Dividend 

Opportunity Fund; Oppenheimer 

Emerging Markets Innovators Fund; 

Oppenheimer Emerging Markets Local 

Debt Fund; Oppenheimer Equity Income 

Fund; Oppenheimer Global Fund; 

Oppenheimer Global High Yield Fund; 

Oppenheimer Global Multi-Alternatives 

Fund; Oppenheimer Global Multi-Asset 

Growth Fund; Oppenheimer Global 

Multi-Asset Income Fund; Oppenheimer 

Global Multi Strategies Fund; 

Oppenheimer Global Opportunities 

Fund; Oppenheimer Global Real Estate 

Fund; Oppenheimer Global Strategic 

Income Fund; Oppenheimer Global 

Value Fund; Oppenheimer Gold & 

Special Minerals Fund; Oppenheimer 

Government Cash Reserves; 

Oppenheimer Government Money 

Market Fund; Oppenheimer 

Institutional Government Money Market 

Fund; Oppenheimer Integrity Funds; 

Oppenheimer International Bond Fund; 

Oppenheimer International Diversified 

Fund; Oppenheimer International 

Equity Fund; Oppenheimer 

International Growth and Income Fund; 

Oppenheimer International Growth 

Fund; Oppenheimer International 

Small-Mid Company Fund; 

Oppenheimer Limited-Term Bond 

Fund; Oppenheimer Limited-Term 

Government Fund; Oppenheimer 

Macquarie Global Infrastructure Fund; 

Oppenheimer Main Street Funds; 

Oppenheimer Main Street Mid Cap 

Fund; Oppenheimer Main Street All 

Cap Fund; Oppenheimer Main Street 

Small Cap Fund; Oppenheimer Master 

Event-Linked Bond Fund, LLC; 


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198 Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 

1Applicants request that the relief apply to the 

named Applicants, as well as to any future Fund 

and any other existing or future registered open-end 

management investment company or series thereof 

that intends to rely on the requested order in the 

future and that (i) is advised by the Adviser, its 

successors, and any entity controlling, controlled by 

or under common control with an Adviser or its 

successors (included in the term ‘‘Adviser’’), (ii) 

uses the multi-manager structure described in this 

application, and (iii) complies with the terms and 

conditions of this application (each, a ‘‘Subadvised 

Fund’’). 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. 

2The term ‘‘Board’’ includes the board of trustees 

or directors of a future Subadvised Funds. 

3A ‘‘Sub-Adviser’’ for a Fund is (1) an indirect 

or direct ‘‘wholly-owned subsidiary’’ (as such term 

is defined in the Act) of the Adviser for that Fund, 

or (2) a sister company of the Adviser for that Fund 

that is an indirect or direct ‘‘wholly-owned 

subsidiary’’ (as such term is defined in the Act) of 

the same company that, indirectly or directly, 

wholly owns the Adviser, or (3) a company of 

which the Adviser for that Fund is an indirect or 

direct ‘‘wholly-owned subsidiary’’ (as such term is 

defined in the 1940 Act) (each of (1), (2) and (3) a 

‘‘Wholly-Owned Sub-Advisor’’ and collectively, the 

‘‘Wholly-Owned Sub-Advisers’’), or (4) an 

investment sub-adviser for that Funds that is not an 

‘‘affiliated person’’ (as such term is defined in 

Section 2(a)(3) of the Act) of the Funds, any Feeder 

Fund, (as defined below) invested in a Master Fund 

(as defined below), the Funds, or the Adviser, 

except to the extent that an affiliation arises solely 

because the Sub-Adviser serves as a sub-adviser to 

one or more Funds (each a ‘‘Non-Affiliated SubAdviser’’ and collectively, the ‘‘Non-Affiliated SubAdvisers’’). 

Certain Oppenheimer Investment Companies are 

operated in a master-feeder structure pursuant to 

Section 12(d)(1)(E) of the 1940 Act. In such a 

structure, certain Funds (each, a ‘‘Feeder Fund’’) 

may invest substantially all of their assets in a Fund 

(a ‘‘Master Fund’’) pursuant to Section 12(d)(1)(E) 

of the 1940 Act. No Feeder Fund will engage any 

sub-advisers other than through approving the 

engagement of one or more of the Master Fund’s 

sub-advisers. 4The requested relief will not extend to any subadviser, other than a Wholly-Owned Sub-Adviser, 

who is an affiliated person, as defined in section 

2(a)(3) of the Act, of the Subadvised Funds or the 

Manager, other than by reason of serving as a subadviser to one or more of the Subadvised Funds or 

to any existing or future registered open-end 

management company or series thereof advised by 

an Advisor (‘‘Affiliated Sub-Adviser’’). 

Oppenheimer Master Inflation Protected 

Securities Fund, LLC; Oppenheimer 

Master International Value Fund, LLC; 

Oppenheimer Master Loan Fund, LLC; 

Oppenheimer Multi-State Municipal 

Trust; Oppenheimer Municipal Fund; 

Oppenheimer Portfolio Series; 

Oppenheimer Quest for Value Funds; 

Oppenheimer Real Estate Fund; 

Oppenheimer ETF Trust; Oppenheimer 

Rising Dividends Fund; Oppenheimer 

Rochester AMT-Free Municipal Fund; 

Oppenheimer Rochester AMT-Free New 

York Municipal Fund; Oppenheimer 

Rochester Arizona Municipal Fund; 

Oppenheimer Rochester California 

Municipal Fund; Oppenheimer 

Rochester Fund Municipals; 

Oppenheimer Rochester Intermediate 

Term Municipal Fund; Oppenheimer 

Rochester Limited Term California 

Municipal Fund; Oppenheimer 

Rochester Maryland Municipal Fund; 

Oppenheimer Rochester Massachusetts 

Municipal Fund; Oppenheimer 

Rochester Michigan Municipal Fund; 

Oppenheimer Rochester Minnesota 

Municipal Fund; Oppenheimer 

Rochester North Carolina Municipal 

Fund; Oppenheimer Rochester Ohio 

Municipal Fund; Rochester Portfolio 

Series; Oppenheimer Rochester Short 

Term Municipal Fund; Oppenheimer 

Rochester Virginia Municipal Fund; 

Oppenheimer Senior Floating Rate 

Fund; Oppenheimer Senior Floating 

Rate Plus Fund; Oppenheimer Series 

Fund; Oppenheimer Small Cap Value 

Fund; Oppenheimer Steelpath MLP 

Funds Trust; Oppenheimer Steelpath 

Panoramic Fund; Oppenheimer UltraShort Duration Fund; Oppenheimer 

Variable Account Funds (each, an 

‘‘Oppenheimer Investment Company’’ 

and collectively, the ‘‘Oppenheimer 

Investment Companies’’ with multiple 

series (each, a ‘‘Fund’’)); OFI Global 

Asset Management, Inc.; 

OppenheimerFunds, Inc.; OFI SteelPath, 

Inc. and VTL Associates, LLC (each an 

‘‘Adviser’’ and, collectively with the 

Oppenheimer Investment Companies, 

the ‘‘Applicants’’). Each Oppenheimer 

Investment Company is organized as 

either a Delaware statutory trust or a 

Delaware limited liability company and 

is registered with the Commission as an 

open-end management investment 

company under the 1940 Act. 

FILING DATES: The application was filed 

on February 28, 2017, and amended on 

August 31, 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 January 22, 2018 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 Margery K. Neale, Esq., 

Willkie Farr & Gallagher LLP, 787 

Seventh Avenue, New York, New York 

10019. 

FOR FURTHER INFORMATION CONTACT: 

Rachel Loko, Senior Counsel, at (202) 

551–6883, or Holly Hunter-Ceci, 

Assistant Chief Counsel, at (202) 551– 

6825 (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 

website by searching for the file 

number, or an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Summary of the Application 

1. An Adviser will serve as the 

investment adviser to the Subadvised 

Funds pursuant to an investment 

advisory agreement with the 

Oppenheimer Investment Companies 

(each, an ‘‘Investment Management 

Agreement’’).1 An Adviser will provide 

the Subadvised Funds with continuous 

and comprehensive investment 

management services subject to the 

supervision of, and policies established 

by, each Subadvised Funds’ board of 

directors or trustees (the ‘‘Board’’).2

Each Investment Management 

Agreement permits the Adviser, subject 

to the approval of the Board, to delegate 

to one or more Sub-Advisers the 

responsibility to provide the day-to-day 

portfolio investment management of 

each Subadvised Funds, subject to the 

supervision and direction of the 

Adviser.3 The primary responsibility for 

managing the Subadvised Funds will 

remain vested in an Adviser. An 

Adviser will hire, evaluate, allocate 

assets to and oversee the Sub-Advisers, 

including determining whether a SubAdviser should be terminated, at all 

times subject to the authority of the 

Board. 

2. Applicants request an exemption to 

permit an Adviser, subject to Board 

approval, to hire a Non-Affiliated SubAdviser or a Wholly-Owned SubAdviser, pursuant to Sub-Advisory 

Agreements and materially amend SubAdvisory Agreements with NonAffiliated Sub-Advisers and WhollyOwned Sub-Advisers without obtaining 

the shareholder approval required under 

section 15(a) of the Act and rule 18f–2 

under the Act.4 Applicants also seek an 

exemption from the Disclosure 

Requirements to permit a Subadvised 

Fund to disclose (as both a dollar 

amount and a percentage of the 

Subadvised Fund’s net assets): (a) The 


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Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 199 

aggregate fees paid to the Adviser and 

any Wholly-Owned Sub-Advisers; (b) 

the aggregate fees paid to Non-Affiliated 

Sub-Advisers; and (c) the fee paid to 

each 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 

Subadvised Funds’ shareholders and 

notification about sub-advisory changes 

and enhanced Board oversight to protect 

the interests of the Subadvised 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 

Investment Management Agreements 

will remain subject to shareholder 

approval, while the role of the SubAdvisers is substantially equivalent to 

that of individual portfolio managers, so 

that requiring shareholder approval of 

Sub-Advisory Agreements would 

impose unnecessary delays and 

expenses on the Subadvised 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 

Subadvised Funds. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–28299 Filed 12–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

[Summary Notice No. 2017–103] 

Petition for Exemption; Summary of 

Petition Received; Sierra Pacific 

Airlines, Inc. 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice. 

SUMMARY: This notice contains a 

summary of a petition seeking relief 

from specified requirements of Federal 

Aviation Regulations. The purpose of 

this notice is to improve the public’s 

awareness of, and participation in, the 

FAA’s exemption process. Neither 

publication of this notice nor the 

inclusion or omission of information in 

the summary is intended to affect the 

legal status of the petition or its final 

disposition. 

DATES: Comments on this petition must 

identify the petition docket number and 

must be received on or before January 

12, 2018. 

ADDRESSES: Send comments identified 

by docket number FAA–2017–0964 

using any of the following methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov and follow 

the online instructions for sending your 

comments electronically. 

• Mail: Send comments to Docket 

Operations, M–30; U.S. Department of 

Transportation (DOT), 1200 New Jersey 

Avenue SE, Room W12–140, West 

Building Ground Floor, Washington, DC 

20590–0001. 

• Hand Delivery or Courier: Take 

comments to Docket Operations in 

Room W12–140 of the West Building 

Ground Floor at 1200 New Jersey 

Avenue SE, Washington, DC, between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. 

• Fax: Fax comments to Docket 

Operations at 202–493–2251. 

Privacy: In accordance with 5 U.S.C. 

553(c), DOT solicits comments from the 

public to better inform its rulemaking 

process. DOT posts these comments, 

without edit, including any personal 

information the commenter provides, to 

http://www.regulations.gov, as 

described in the system of records 

notice (DOT/ALL–14 FDMS), which can 

be reviewed at http://www.dot.gov/ 

privacy. 

Docket: Background documents or 

comments received may be read at 

http://www.regulations.gov at any time. 

Follow the online instructions for 

accessing the docket or go to the Docket 

Operations in Room W12–140 of the 

West Building Ground Floor at 1200 

New Jersey Avenue SE, Washington, 

DC, between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: 

Justin Barcas (202) 267–7023, Office of 

Rulemaking, Federal Aviation 

Administration, 800 Independence 

Avenue SW, Washington, DC 20591. 

This notice is published pursuant to 

14 CFR 11.85. 

Issued in Washington, DC, on December 

27, 2017. 

Dale Bouffiou, 

Deputy Executive Director, Office of 

Rulemaking. 

Petition for Exemption 

Docket No.: FAA–2017–0964. 

Petitioner: Sierra Pacific Airlines. Inc. 

Section(s) of 14 CFR Affected: 

121.1117. 

Description of Relief Sought: Sierra 

Pacific Airlines, Inc. seeks an exemption 

from § 121.1117 to the extent necessary 

to allow it to operate its one (1) Boeing 

737–200 aircraft (Reg. No. N703S) and 

its two (2) Boeing 737–500 aircraft (Reg. 

Nos. N708S and N709S) in revenue 

service after December 26, 2017, even 

though such aircraft have not been 

retrofitted in compliance with the 

flammability reduction means 

requirement in § 121.1117. 

[FR Doc. 2017–28303 Filed 12–29–17; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Motor Carrier Safety 

Administration 

[Docket No. FMCSA–2017–0340] 

Hours of Service of Drivers: 

Application for Exemption; Cudd 

Energy Services 

AGENCY: Federal Motor Carrier Safety 

Administration (FMCSA), DOT. 

ACTION: Notice of application for 

exemption; request for comments. 

SUMMARY: FMCSA announces that it has 

received an application from Cudd 

Energy Services (CES) (incorporated as 

Cudd Pressure Control Inc., and Cudd 

Pumping Services Inc.) requesting an 

exemption from the electronic logging 

device (ELD) requirements for their 

specially trained drivers of specially 

constructed commercial motor vehicles 

(CMVs) used in oilfield operations. The 

exemption would allow drivers of these 

infrequently-driven CMVs to complete 

paper records of duty status (RODS) 

instead of using an ELD device. These 

drivers are prohibited by regulation 

from using the short-haul exceptions to 

the hours-of-service (HOS) rules. CES 

believes that the exemption would not 

have any adverse impacts on 

operational safety because drivers 

would remain subject to the HOS 

regulations as well as the requirements 

to maintain paper RODS. FMCSA 

requests public comment on CES’ 

application for exemption. 

DATES: Comments must be received on 

or before February 1, 2018. 


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