Federal Register / Vol. 82, No. 210 / Wednesday, November 1, 2017 / Notices 50697 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3010, and 39 

CFR part 3020, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3015, and 

39 CFR part 3020, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: CP2018–34; Filing 

Title: Notice of the United States Postal 

Service of Filing a Functionally 

Equivalent Global Plus 1D Negotiated 

Service Agreement and Application for 

Non-Public Treatment of Materials Filed 

Under Seal; Filing Acceptance Date: 

October 26, 2017; Filing Authority: 39 

CFR 3015.5; Public Representative: 

Kenneth R. Moeller; Comments Due: 

November 3, 2017. 

2. Docket No(s).: CP2018–35; Filing 

Title: Notice of United States Postal 

Service of Filing a Functionally 

Equivalent Global Expedited Package 

Services 7 Negotiated Service 

Agreement and Application for NonPublic Treatment of Materials Filed 

Under Seal; Filing Acceptance Date: 

October 26, 2017; Filing Authority: 39 

CFR 3015.5; Public Representative: 

Kenneth R. Moeller; Comments Due: 

November 3, 2017. 

This notice will be published in the 

Federal Register. 

Stacy L. Ruble, 

Secretary. 

[FR Doc. 2017–23758 Filed 10–31–17; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81963; File No. SR– 

BatsEDGX–2017–41] 

Self-Regulatory Organizations; Bats 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Reflect in 

the Exchange’s Governing Documents, 

Rulebook and Fees Schedules, a NonSubstantive Corporate Branding 

Change, Including Changes to the 

Company’s Name, the Intermediate’s 

Name, and the Exchange’s Name 

October 26, 2017. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on October 

16, 2017, Bats EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 file a proposed rule 

change with respect to amendments of 

the Second Amended and Restated 

Certificate of Incorporation (the 

‘‘Company’s Certificate’’) and Third 

Amended and Restated Bylaws (the 

’’Company’s Bylaws’’) of its parent 

corporation, CBOE Holdings, Inc. 

(‘‘CBOE Holdings’’ or the ‘‘Company’’) 

to change the name of the Company to 

Cboe Global Markets, Inc. With respect 

to CBOE V, LLC, an intermediate 

Holding Company of the Exchange (the 

‘‘Intermediate’’), the Exchange proposes 

to amend the Certificate of Formation 

and Limited Liability Company 

Operating Agreement of CBOE V, LLC 

(the ‘‘Operating Agreement’’), in 

connection with a related name change 

for the Intermediate. The Exchange also 

proposes to amend its Second Amended 

and Restated Certificate of Incorporation 

(the ‘‘Exchange Certificate’’), Seventh 

Amended and Restated Bylaws of Bats 

EDGX Exchange, Inc. (the ‘‘Exchange 

Bylaws’’), rulebook and fees schedules 

(collectively ‘‘operative documents’’) in 

connection with the name change of its 

parent Company, Intermediate, and the 

Exchange. 

The text of the proposed rule change 

is also available on the Exchange’s Web 

site (http://www.cboe.com/AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Background 

The purpose of this filing is to reflect 

in the Exchange’s governing documents 

(and the governing documents of its 

parent company, CBOE Holdings) and 

the Exchange’s rulebook and fees 

schedules, a non-substantive corporate 

branding change, including changes to 

the Company’s name, the Intermediate’s 

name, and the Exchange’s name. 

Particularly, references to Company’s, 

Intermediate’s and Exchange’s names 

will be deleted and revised to state the 

new names, as described more fully 

below. No other substantive changes are 

being proposed in this filing. The 

Exchange represents that these changes 

are concerned solely with the 

administration of the Exchange and do 

not affect the meaning, administration, 

or enforcement of any rules of the 

Exchange or the rights, obligations, or 

privileges of Exchange members or their 

associated persons is any way. 

Accordingly, this filing is being 

submitted under Rule 19b–4(f)(3). In 

lieu of providing a copy of the marked 

name changes, the Exchange represents 

that it will make the necessary nonsubstantive revisions described below to 

the Exchange’s corporate governance 

documents, rulebook, and fees 

schedules, and post updated versions of 

each on the Exchange’s Web site 

pursuant to Rule 19b–4(m)(2). 


sradovich on DSK3GMQ082PROD with NOTICES
50698 Federal Register / Vol. 82, No. 210 / Wednesday, November 1, 2017 / Notices 

3See Section 242(b) of the General Corporation 

Law of the State of Delaware. 

4The Exchange notes that the current signature 

block of the Certificate of Formation references 

‘‘CBOE Holdings, Inc.’’ instead of ‘‘CBOE V, LLC’’. 

The Exchange proposes to correct that reference and 

refer to ‘‘CBOE V, LLC’’, which as noted, will be 

changed to ‘‘Cboe Bats, LLC’’ at a later date. 

The Company’s Name Change 

In connection with the corporate 

name change of its parent company, the 

Exchange is proposing to amend the 

Company’s Certificate and Bylaws. 

Specifically, the Company is changing 

its name from ‘‘CBOE Holdings, Inc.’’ to 

‘‘Cboe Global Markets, Inc.’’. 

(a) Company’s Certificate 

The Exchange proposes to (i) delete 

the following language from Paragraph 

(1) of the introductory paragraph: ‘‘The 

name of the Corporation is CBOE 

Holdings, Inc.’’ and (ii) amend Article 

First of the Company’s Certificate to 

reflect the new name, ‘‘Cboe Global 

Markets, Inc.’’ The Exchange also 

proposes to add clarifying language and 

cite to the applicable provisions of the 

General Corporation Law of the State of 

Delaware in connection with the 

proposed name change. The Exchange 

notes that it is not amending the 

Company’s name in the title or signature 

line as the name changes will not be 

effective until the Company, as 

currently named, files the proposed 

changes in Delaware. Thereafter, the 

Exchange will amend the Certificate to 

reflect the new name in the title and 

signature line. The Exchange also notes 

that although the name of ‘‘Chicago 

Board Options Exchange, Incorporated’’ 

is changing to ‘‘Cboe Exchange Inc.’’, it 

is not amending the name of Chicago 

Board Options Exchange, Incorporated 

(‘‘CBOE’’) referenced in Article 

Fifth(a)(iii) at this time. Particularly, the 

Exchange notes that unlike the 

exception applicable to proposed 

changes to the Company’s name,3 a vote 

of stockholders is required to adopt an 

amendment to the reference of CBOE’s 

name. As such, the Exchange will 

submit a rule filing to amend the 

Certificate to reflect the new CBOE 

name at such time it is ready to obtain 

stockholder approval. 

(b) Company’s Bylaws 

With respect to the Company’s 

Bylaws, references to ‘‘CBOE Holdings, 

Inc.’’ will be deleted and revised to state 

‘‘Cboe Global Markets, Inc.’’ The 

Exchange also proposes to eliminate the 

reference to ‘‘Chicago Board Options 

Exchange, Incorporated’’ in Article 10, 

Section 10.2. Particularly, Section 10.2 

provides that ‘‘for so long as the 

Corporation shall control, directly or 

indirectly, any national securities 

exchange, including, but not limited to 

Chicago Board Options Exchange, 

Incorporated (a ‘‘Regulated Securities 

Exchange Subsidiary’’), before any 

amendment, alteration or repeal of any 

provision of the Bylaws shall be 

effective, such amendment, alteration or 

repeal shall be submitted to the board of 

directors of each Regulated Securities 

Exchange Subsidiary, and if such 

amendment, alteration or repeal must be 

filed with or filed with and approved by 

the Securities and Exchange 

Commission, then such amendment, 

alteration or repeal shall not become 

effective until filed with or filed with 

and approved by the Securities and 

Exchange Commission, as the case may 

be.’’ As the Company currently controls 

a number of Regulated Securities 

Exchange Subsidiaries, it does not 

believe it is necessary to explicitly 

reference only Chicago Board Options 

Exchange, Incorporated and therefore 

proposes to delete the following 

language: ‘‘including, but not limited to 

Chicago Board Options Exchange, 

Incorporated’’. 

The Intermediate’s Name Change 

For purposes of consistency, certain 

of the Parent’s subsidiaries have also 

undertaken to change their legal names. 

As a result, the Exchange also proposes 

to change the name of the Intermediate 

from ‘‘CBOE V, LLC’’ to ‘‘Cboe Bats, 

LLC.’’ 

(a) Certificate of Formation 

As it relates to the Certificate of 

Formation of CBOE V, LLC, references 

to ‘‘CBOE V, LLC’’ will be deleted and 

revised to state its new name ‘‘Cboe 

Bats, LLC’’. The Exchange also proposes 

to add clarifying and conforming 

language in order to conform to, as well 

as cite to, the applicable provisions of 

the General Corporation Law of the 

State of Delaware in connection with 

the proposed name change. The 

Exchange notes to conform with the 

revised language in the introductory 

paragraph, it also proposes to amend 

references to ‘‘LLC’’ to ‘‘limited liability 

company’’. The Exchange also notes that 

it is not amending the Intermediate’s 

name in the title or signature line as the 

name changes will not be effective until 

the Intermediate, as currently named, 

files the proposed changes in Delaware.4

Thereafter, the Exchange will amend the 

Certificate of Formation to reflect the 

new name in the title and signature line. 

(b) Operating Agreement 

As it relates to the Operating 

Agreement of the Intermediate, 

references to ‘‘CBOE V, LLC’’ will be 

deleted and revised to state its new 

name ‘‘Cboe Bats, LLC’’ and references 

to ‘‘CBOE Holdings, Inc.’’ will be 

deleted and revised to state ‘‘Cboe 

Global Markets, Inc.’’. The Exchange 

also proposes to add clarifying and 

conforming language in connection with 

the proposed name change, including 

new Section 12.5 (‘‘Effect of 

Amendment’’), which provides that the 

‘‘Agreement amends, restates and 

supersedes the Original Agreement in 

all respects. From and after the date 

hereof, this Agreement shall be the 

limited liability company operating 

agreement of the Company for all 

purposes.’’ 

The Exchange’s Name Change 

For purposes of consistency, certain 

of the Parent’s subsidiaries have also 

undertaken to change their legal names. 

As a result, the Exchange also proposes 

to change its name from ‘‘Bats EDGX 

Exchange, Inc.’’ to ‘‘Cboe EDGX 

Exchange, Inc.’’ throughout its rules, 

fees schedules and corporate 

documents. Additionally, the Exchange 

notes that its affiliated exchanges Bats 

BYX Exchange, Inc., Bats BZX 

Exchange, Inc., Bats EDGA Exchange, 

Inc., Chicago Board Options Exchange, 

Incorporated, C2 Options Exchange, 

Incorporated, and CBOE Futures 

Exchange, LLC (collectively the 

‘‘affiliates’’) have also proposed name 

changes to Cboe BYX Exchange, Inc., 

Cboe BZX Exchange, Inc., Cboe EDGA 

Exchange, Inc., Cboe Exchange, Inc., 

Cboe C2 Exchange, Inc. and Cboe 

Futures Exchange, LLC, respectively. 

Lastly, the Exchange is changing the 

name of ‘‘Bats Trading, Inc.’’ to ‘‘Cboe 

Trading, Inc.’’ 

Therefore, the Exchange proposes to 

amend its: (i) Second Amended and 

Restated Certificate of Incorporation of 

Bats EDGX Exchange, Inc., (ii) Seventh 

Amended and Restated Bylaws of Bats 

EDGX Exchange, Inc., (iii) Rulebook, (iv) 

Fee Schedule for EDGX Equities and (v) 

Fee Schedule for EDGX Options 

(collectively, the ‘‘Operative 

Documents’’) to reflect the name 

changes. 

(a) Exchange’s Certificate 

The Exchange proposes to (i) delete 

the following language from the 

introductory paragraph: ‘‘The name of 

the Corporation is Bats EDGX Exchange, 

Inc.’’ and (ii) amend Article First of the 

Exchange’s Certificate to reflect the new 

name, ‘‘Cboe EDGX Exchange, Inc.’’. 

The Exchange also proposes to add 

clarifying language and cite to the 

applicable provisions of the General 

Corporation Law of the State of 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 210 / Wednesday, November 1, 2017 / Notices 50699 

5The Exchange notes that the EDGX rules refer 

to ‘‘C2 Options Exchange, Incorporated’’ and 

‘‘Chicago Board Options Exchange, Incorporated’’ 

as ‘‘C2 Options Exchange, Inc.’’ and ‘‘Chicago Board 

Options Exchange’’ in Rules 2.3, 18.7, 18.9, 28.3, 

29.5, and 29.7. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(3). 

Delaware in connection with the 

proposed name change. The Exchange 

notes that it is not amending the 

Exchange’s name in the title or signature 

line as the name changes will not be 

effective until the Exchange, as 

currently named, files the proposed 

changes in Delaware. Thereafter, the 

Exchange will amend the Certificate to 

reflect the new name in the title and 

signature line. 

(b) Exchange’s Bylaws 

For the Exchange’s Bylaws, all 

references to ‘‘Bats EDGX Exchange, 

Inc.’’ will be deleted and revised to state 

‘‘Cboe EDGX Exchange, Inc.’’. 

(c) Exchange’s Rulebook 

For the Rules of Bats EDGX Exchange, 

Inc., all references to ‘‘Bats EDGX 

Exchange, Inc.’’ will be deleted and 

revised to state ‘‘Cboe EDGX Exchange, 

Inc.’’. Additionally, the Exchange’s 

affiliates are also filing similar rule 

filings to change their names, as noted 

above. As such, all references to ‘‘Bats 

BYX Exchange, Inc.’’, ‘‘Bats EDGA 

Exchange, Inc.’’, ‘‘Bats BZX Exchange, 

Inc.’’, ‘‘C2 Options Exchange, 

Incorporated’’, ‘‘Chicago Board Options 

Exchange, Incorporated’’ 5 and ‘‘CBOE 

Futures Exchange, LLC’’ in the EDGX’s 

rules will likewise be deleted and 

revised to state ‘‘Cboe BYX Exchange, 

Inc.’’, Cboe EDGA Exchange, Inc.’’, 

‘‘Cboe BZX Exchange, Inc.’’, ‘‘Cboe C2 

Exchange, Inc.’’, ‘‘Cboe Exchange, Inc.’’ 

and ‘‘Cboe Futures Exchange, LLC’’, 

respectively. The Exchange notes that 

references to ‘‘CBOE’’ will be deleted 

and revised to state ‘‘Cboe Options’’. 

The Exchange notes that references to 

‘‘Bats Exchange’’ will be deleted and 

revised to state ‘‘Cboe Bats Exchange’’. 

Additionally, all references to ‘‘CBOE 

Holdings, Inc.’’ will be deleted and 

revised to state ‘‘Cboe Global Markets, 

Inc.’’. 

The Exchange will also delete 

references to ‘‘Bats Trading, Inc.’’ and 

‘‘Bats Trading’’ and replace it with 

references to ‘‘Cboe Trading, Inc.’’ and 

‘‘Cboe Trading’’, respectively. 

References to ‘‘Bats One’’ will be 

deleted and revised to state ‘‘Cboe One’’, 

all references to ‘‘Bats Connect’’ will be 

deleted and revised to state ‘‘Cboe 

Connect’’, and all references to ‘‘CBOE 

Livevol, LLC’’ will be deleted and 

revised to state ‘‘Cboe Livevol, LLC’’. 

(d) Exchange’s Fees Schedule 

For the EDGX Equities Fee Schedule, 

any reference to ‘‘Bats EDGX Exchange’’ 

will be deleted and revised to state 

‘‘Cboe EDGX Exchange’’. Additionally, 

all references to ‘‘Bats One’’ will be 

deleted and revised to state ‘‘Cboe One’’ 

and all references to ‘‘Bats Connect’’ 

will be deleted and revised to state 

‘‘Cboe Connect’’. 

(e) EDGX Options Fee Schedule 

For the EDGX Options Fee Schedule, 

all references to ‘‘Bats EDGX Options 

Exchange’’ will be deleted and revised 

to state ‘‘Cboe EDGX Options Exchange’’ 

and all references to ‘‘CBOE’’ will be 

deleted and revised to state ‘‘Cboe 

Options’’. Lastly, all references to ‘‘Bats 

Connect’’ will be deleted and revised to 

state ‘‘Cboe Connect’’. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.6 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 7 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

In particular, the proposed change is 

a non-substantive change and does not 

impact the governance, ownership or 

operations of the Exchange. The 

Exchange believes that by ensuring that 

its parent company’s governance 

documents and the Exchange’s 

operative documents accurately reflect 

the new legal names, the proposed rule 

change would reduce potential investor 

or market participant confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not intended to 

address competitive issues but rather is 

concerned solely with updating the 

Company’s and Exchange’s governance 

and operative documents to reflect the 

abovementioned name changes. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A) of the 

Act 8 and Rule 19b–4(f)(3) thereunder,9

the Exchange has designated this 

proposal as one that is concerned solely 

with the administration of the selfregulatory organization, and therefore 

has become effective. 

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 will institute proceedings 

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– 

BatsEDGX–2017–41on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–BatsEDGX–2017–41. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 


sradovich on DSK3GMQ082PROD with NOTICES
50700 Federal Register / Vol. 82, No. 210 / Wednesday, November 1, 2017 / Notices 

10 17 CFR 200.30–3(a)(12). 

1A successor in interest is limited to an entity 

that results from a reorganization into another 

jurisdiction or a change in the type of business 

organization. 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (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 Web site 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-BatsEDGX–2017–41 and 

should be submitted on or before 

November 22, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23739 Filed 10–31–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32884; 812–14683] 

The Relative Value Fund et al. 

October 26, 2017. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘Act’’) for an exemption from 

sections 18(a)(2), 18(c) and 18(i) of the 

Act, under sections 6(c) and 23(c) of the 

Act for an exemption from rule 23c–3 

under the Act, and for an order pursuant 

to section 17(d) of the Act and rule 17d– 

1 under the Act. 

SUMMARY: Applicants request an order to 

permit certain registered closed-end 

management investment companies to 

issue multiple classes of shares and to 

impose asset-based distribution and/or 

service fees, early withdrawal charges 

(‘‘EWCs’’) and early repurchase fees. 

APPLICANTS: The Relative Value Fund 

and the Infinity Core Alternative Fund 

(the ‘‘Initial Funds’’) and Vivaldi Asset 

Management, LLC (the ‘‘Adviser’’). 

DATES: The application was filed on 

August 8, 2016 and amended on March 

8, 2017 and June 30, 2017. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the requested relief 

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 

November 20, 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: Vivaldi Asset Management, 

LLC, 225 W. Wacker Drive, Suite 2100, 

Chicago IL 60606; The Relative Value 

Fund and the Infinity Core Alternative 

Fund c/o UMB Fund Services, Inc., 235 

West Galena Street, Milwaukee, WI 

53212. 

FOR FURTHER INFORMATION CONTACT: 

Rachel Loko, Senior Counsel 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 

Web site by searching for the file 

number, or for an applicant using the 

Company name box, at http://

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

calling (202) 551–8090. 

Applicants’ Representations 

1. The Relative Value Fund is a 

Delaware statutory trust that is 

registered under the Act as a nondiversified, closed-end management 

investment company. The Relative 

Value Fund’s investment objective is 

long-term capital appreciation. The 

Relative Value Fund seeks to achieve its 

investment objective by generating 

attractive long-term returns with low 

sensitivity to traditional equity and 

fixed income indices through a ‘‘multimanager’’ approach implementing 

strategies including without limitation, 

global macro, opportunistic equity anf 

fixed income, systematic and arbitrage 

strategies that invest in different asset 

classes, securities and derivatives 

instruments. The Infinity Core 

Alternative Fund is a Maryland 

statutory trust that is registered under 

the Act as a non-diversified, 

continuously offered closed-end 

management investment company. The 

Infinity Core Alternative Fund’s 

investment objective is long-term capital 

growth. The Infinity Core Alternative 

Fund seeks to achieve its investment 

objective by operating as a ‘‘fund of 

funds’’ that invests primarily in general 

or limited partnerships, funds, 

corporations, trusts or other investment 

vehicles based primarily in the United 

States that invest or trade in a wide 

range of securities, and, to a lesser 

extent, other property and currency 

interests. The Infinity Core Alternative 

Fund may also make investments meant 

to hedge exposures deemed too risky or 

to invest in strategies not employed by 

investment funds or to hedge a position 

in an investment fund that is locked-up 

or difficult to sell. 

2. The Adviser, a Delaware limited 

liability company, is registered as an 

investment adviser under the 

Investment Advisers Act of 1940, as 

amended. The Adviser serves as 

investment adviser to the Initial Funds. 

3. The applicants seek an order to 

permit the Initial Funds to issue 

multiple classes of shares and to impose 

asset-based distribution and/or service 

fees and EWCs. 

4. Applicants request that the order 

also apply to any continuously offered 

registered closed-end management 

investment company that may be 

organized in the future for which the 

Adviser, or any entity controlling, 

controlled by, or under common control 

with the Adviser, or any successor in 

interest to any such entity,1 acts as 

investment adviser and which operates 

as an interval fund pursuant to rule 

23c–3 under the Act or provides 

periodic liquidity with respect to its 

shares pursuant to rule 13e–4 under the 


sradovich on DSK3GMQ082PROD with NOTICES