Document ID: SEC-2013-1169-0001
Agency: sec
Document Type: Notice
Title: Applications: ING Investments, LLC, et al.
Posted Date: 2013-06-28T04:00Z

[Federal Register Volume 78, Number 125 (Friday, June 28, 2013)]
[Notices]
[Pages 39023-39027]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15506]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 30566; File No. 812-14111]

ING Investments, LLC, et al.; Notice of Application

June 24, 2013.
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

[[Page 39024]]

18f-2 under the Act, as well as from certain disclosure requirements.

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    Summary of Application: Applicants request an order that would 
amend and supersede a prior order (the ``Non-Affiliated Sub-Adviser 
Order'') \1\ that permits them to enter into and materially amend 
subadvisory agreements for certain multi-managed funds with non-
affiliated sub-advisers without shareholder approval and grants relief 
from certain disclosure requirements. The requested order would permit 
applicants to enter into, and amend, such agreements with Wholly-Owned 
Sub-Advisers (as defined below) and non-affiliated sub-advisers without 
shareholder approval.
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    \1\ Portfolio Partners, Inc., et al., Investment Company Act 
Release Nos. 25558 (Apr. 30, 2002) (notice) and 25592 (May 24, 2002) 
(order).
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    Applicants: ING Balanced Portfolio, Inc., ING Equity Trust, ING 
Funds Trust, ING Intermediate Bond Portfolio, ING Investors Trust, ING 
Mayflower Trust, ING Money Market Portfolio, ING Mutual Funds, ING 
Partners, Inc., ING Separate Portfolios Trust, ING Series Fund, Inc., 
ING Strategic Allocation Portfolios, Inc., ING Variable Funds, ING 
Variable Insurance Trust, ING Variable Portfolios Inc., and ING 
Variable Products Trust (each an ``ING Investment Company'' and 
collectively, the ``ING Investment Companies''), and Directed Services 
LLC (``DSL''), ING Investments, LLC (``IIL''), and ING Investment 
Management Co. LLC (``IIM'').
    Filing Dates: The application was filed on January 11, 2013, and 
amended on April 15, 2013, and June 21, 2013.
    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 19, 2013, and should be accompanied by proof of 
service on applicants, in the form of an affidavit or, for lawyers, a 
certificate of service. Hearing requests should state the nature of the 
writer's interest, the reason for the request, and the issues 
contested. Persons who wish to be notified of a hearing may request 
notification by writing to the Commission's Secretary.

ADDRESSES: Elizabeth M. Murphy, Secretary, U.S. Securities and Exchange 
Commission, 100 F Street NE., Washington, DC 20549-1090. Applicants, c/
o Huey P. Falgout, Jr., Chief Counsel, ING Funds, 7337 East Doubletree 
Ranch Road, Suite 100, Scottsdale, AZ 85255.

FOR FURTHER INFORMATION CONTACT: Laura L. Solomon, Senior Attorney, at 
(202) 551-6915, or Daniele Marchesani, Branch Chief, at (202) 551-6821 
(Division of Investment Management, Exemptive Applications 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 http://www.sec.gov/search/search.htm or 
by calling (202) 551-8090.

Applicants' Representations

    1. Each ING Investment Company is organized as a Massachusetts 
business trust, a Delaware statutory trust, or a Maryland corporation 
and is registered with the Commission as an open-end management 
investment company under the Act. Each ING Investment Company may offer 
one or more series of shares (each a ``Series'' and collectively, 
``Series'') with its own distinct investment objectives, policies and 
restrictions.\2\ Each Series has, or will have, as its investment 
adviser, Directed Services LLC (``DSL''), ING Investments, LLC 
(``IIL'') or ING Investment Management Co. LLC (``IIM''), or another 
investment adviser controlling, controlled by or under common control 
with IIL, DSL, or IIM or their successors (each, an ``Adviser'' and, 
collectively with the Series and the ING Investment Companies, the 
``Applicants'').\3\ The Advisers are each an indirect, wholly-owned 
subsidiary of ING U.S. Inc., which in turn, is a wholly owned 
subsidiary of ING Groep N.V. (``ING Groep''). ING Groep is a global 
financial institution of Dutch origin offering banking, investments, 
life insurance and retirement services.\4\
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    \2\ The term ``Series'' also includes the ING Investment 
Companies listed above that do not offer multiple series.
    \3\ Each Adviser is or will be registered with the Commission as 
an investment adviser under the Investment Advisers Act of 1940, as 
amended (``Advisers Act''). 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.
    \4\ Applicants request that the relief apply to the Applicants, 
as well as to any future Series and any other existing or future 
registered open-end management investment company or series thereof 
that is advised by an Adviser, uses the multi-manager structure 
described in the application, and complies with the terms and 
conditions of the application (``Sub-Advised Series''). All 
registered open-end investment companies that currently intend to 
rely on the requested order are named as Applicants. All Series that 
currently are, or that currently intend to be, Sub-Advised Series 
are identified in the application. Any entity that relies on the 
requested order will do so only in accordance with the terms and 
conditions contained the application. The requested relief will not 
extend to any sub-adviser, other than a Wholly-Owned Sub-Adviser (as 
defined below), who is an affiliated person, as defined in section 
2(a)(3) of the Act, of the Sub-Advised Series, or of the Adviser, 
other than by reason of serving as a sub-adviser to one or more of 
the Sub-Advised Series (``Affiliated Sub-Adviser'').
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    2. An Adviser serves as the investment adviser to each Series that 
it manages pursuant to an investment advisory agreement with the 
applicable ING Investment Company (``Investment Management 
Agreement''). The Investment Management Agreement for each existing 
Series was approved by the board of trustees/directors of the 
applicable ING Investment Company (the ``Board''), including a majority 
of the members of the Board who are not ``interested persons'', as 
defined in section 2(a)(19) of the Act, of the Series or the Adviser 
(``Independent Board Members'') and by the shareholders of that Series 
as required by sections 15(a) and 15(c) of the Act and rule 18f-2 
thereunder. The terms of these Investment Management Agreements comply 
with section 15(a) of the Act. Each Investment Management Agreement 
will comply with section 15(a) of the Act and will be similarly 
approved.
    3. Under the terms of each Investment Management Agreement, the 
relevant Adviser, subject to the supervision of the Board, provides 
continuous investment management of the assets of the relevant Series. 
The Adviser periodically reviews a Series' investment policies and 
strategies and based on the need of a particular Series may recommend 
changes to the investment policies and strategies of the Series for 
consideration by the Board. For its services to each Series under the 
applicable Investment Management Agreement, the Adviser receives an 
investment management fee from that Series based on the average net 
assets of that Series. Certain Series of IIT operate under a 
``unified'' fee arrangement as further described in the application. 
The terms of each Investment Management Agreement permit the Adviser, 
subject to the approval of the Board, including a majority of the 
Independent Board Members, and the shareholders of the applicable Sub-
Advised Series (if required), to delegate portfolio management 
responsibilities of all or a portion of the assets of a Sub-Advised 
Series to one or more Sub-Advisers.\5\
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    \5\ As used herein, a ``Sub-Adviser'' is (1) an indirect or 
direct ``wholly-owned subsidiary'' (as such term is defined in the 
Act) of the Adviser for that Series, or (2) a sister company of the 
Adviser 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 Adviser (each 
of (1) and (2) a ``Wholly-Owned Sub-Adviser'' and collectively, the 
``Wholly-Owned Sub-Advisers''), or (3) not an ``affiliated person'' 
(as such term is defined in section 2(a)(3) of the Act) of the 
Series, the applicable ING Investment Company, or an Adviser, except 
to the extent that an affiliation arises solely because the Sub-
Adviser serves as a Sub-Adviser to a Series (each a ``Non-Affiliated 
Sub-Adviser'').

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[[Page 39025]]

    4. Applicants request an order to permit an Adviser, subject to the 
approval of the Board, including a majority of the Independent Board 
Members, to, without obtaining shareholder approval: (i) Select Sub-
Advisers to manage all or a portion of the assets of a Series and enter 
into Sub-Advisory Agreements (as defined below) with the Sub-Advisers, 
and (ii) materially amend Sub-Advisory Agreements with the Sub-
Advisers.\6\
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    \6\ Shareholder approval will continue to be required for any 
other sub-adviser change (not otherwise permitted by rule or other 
action of the Commission or staff) and material amendments to an 
existing sub-advisory agreement with any sub-adviser other than a 
Non-Affiliated Sub-Adviser or a Wholly-Owned Sub-Adviser (all such 
changes referred to as ``Ineligible Affiliated Sub-Adviser 
Changes'').
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    5. Pursuant to each Investment Management Agreement, the Adviser 
has overall responsibility for the management and investment of the 
assets of each Sub-Advised Series; these responsibilities include 
recommending the removal or replacement of Sub-Advisers, determining 
the portion of that Sub-Advised Series' assets to be managed by any 
given Sub-Adviser and reallocating those assets as necessary from time 
to time. In accordance with each Investment Management Agreement, the 
Adviser will supervise each Sub-Adviser in its performance of its 
duties with a view to preventing violations of the federal securities 
laws.
    6. The Advisers have entered into sub-advisory agreements with Sub-
Advisers (``Sub-Advisory Agreements'') to provide investment management 
services to the Subadvised Series.\7\ The terms of each Sub-Advisory 
Agreement comply fully with the requirements of section 15(a) of the 
Act and were approved by the applicable Board, including a majority of 
the Independent Board Members, and, to the extent that the Non-
Affiliated Sub-Adviser Order did not apply (or was not relied upon), 
the shareholders of the Sub-Advised Series in accordance with sections 
15(a) and 15(c) of the Act and rule 18f-2 thereunder. The Sub-Advisers, 
subject to the supervision of the Advisers and oversight of the Board, 
determine the securities and other instruments to be purchased or sold 
or entered into by a Sub-Advised Series and place orders with brokers 
or dealers that they select. Each Adviser will compensate each Sub-
Adviser out of the fee paid to the Adviser under the relevant 
Investment Management Agreement.
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    \7\ If the name of any Sub-Advised Series contains the name of a 
Sub-Adviser, the name of the Adviser that serves as the primary 
adviser to the Sub-Advised Series, or a trademark or trade name that 
is owned by or publicly used to identity that Adviser, will precede 
the name of the Sub-Adviser.
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    7. Sub-Advised Series will inform shareholders of the hiring of a 
new Sub-Adviser pursuant to the following procedures (``Modified Notice 
and Access Procedures''): (a) Within 90 days after a new Sub-Adviser is 
hired for any Sub-Advised Series, that Sub-Advised Series will send its 
shareholders \8\ either a Multi-Manager Notice or a Multi-Manager 
Notice and Multi-Manager Information Statement; \9\ and (b) the Sub-
Advised Series will make the Multi-Manager Information Statement 
available on the Web site identified in the Multi-Manager Notice no 
later than when the Multi-Manager Notice (or Multi-Manager Notice and 
Multi-Manager Information Statement) is first sent to shareholders, and 
will maintain it on that Web site for at least 90 days. In the 
circumstances described in the application, a proxy solicitation to 
approve the appointment of new Sub-Advisers provides no more meaningful 
information to shareholders than the proposed Multi-Manager Information 
Statement. Applicants state that each Board would comply with the 
requirements of sections 15(a) and 15(c) of the Act before entering 
into or amending Sub-Advisory Agreements.
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    \8\ The term ``shareholders'' as used in the application 
includes variable contract holders, insurance companies, plan 
participants, or plan trustees entitled to give voting instructions 
with respect to a fund.
    \9\ A ``Multi-Manager Notice'' will be modeled on a Notice of 
Internet Availability as defined in rule 14a-16 under the Securities 
Exchange Act of 1934 (``Exchange Act''), and specifically will, 
among other things: (a) Summarize the relevant information regarding 
the new Sub-Adviser; (b) inform shareholders that the Multi-Manager 
Information Statement is available on a Web site; (c) provide the 
Web site address; (d) state the time period during which the Multi-
Manager Information Statement will remain available on that Web 
site; (e) provide instructions for accessing and printing the Multi-
Manager Information Statement; and (f) instruct the shareholder that 
a paper or email copy of the Multi-Manager Information Statement may 
be obtained, without charge, by contacting the Sub-Advised Series.
    A ``Multi-Manager Information Statement'' will meet the 
requirements of Regulation 14C, Schedule 14C and Item 22 of Schedule 
14A under the Exchange Act for an information statement, except as 
modified by the order to permit Aggregate Fee Disclosure, as defined 
below. Multi-Manager Information Statements will be filed with the 
Commission via the EDGAR system.
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    8. Applicants also request an order exempting the Sub-Advised 
Series from certain disclosure obligations that may require the 
Applicants to disclose fees paid by the Adviser to each Sub-Adviser. 
Applicants seek relief to permit each Sub-Advised Series to disclose 
(as a dollar amount and a percentage of the Sub-Advised Series' net 
assets): (a) The aggregate fees paid to the Adviser and any Wholly-
Owned Sub-Adviser; (b) the aggregate fees paid to Non-Affiliated Sub-
Advisers; and (c) the fee paid to each Affiliated Sub-Adviser 
(collectively, the ``Aggregate Fee Disclosure'').

Applicants' Legal Analysis

    1. Section 15(a) of the Act states, in part, that it is unlawful 
for any person to act as an investment adviser to a registered 
investment company ``except pursuant to a written contract, which 
contract, whether with such registered company or with an investment 
adviser of such registered company, has been approved by the vote of a 
majority of the outstanding voting securities of such registered 
company.'' Rule 18f-2 under the Act states that any ``matter required 
to be submitted . . . to the holders of the outstanding voting 
securities of a series company shall not be deemed to have been 
effectively acted upon unless approved by the holders of a majority of 
the outstanding voting securities of each class or series of stock 
affected by such matter.'' Further, rule 18(f)-2(c)(1) under the Act 
provides that a vote to approve an investment advisory contract 
required by section 15(a) of the Act ``shall be deemed to be 
effectively acted upon with respect to any class or series of 
securities of such [registered investment] company if a majority of the 
outstanding voting securities of such class or series vote for the 
approval of such matter.''
    2. Form N-1A is the registration statement used by open-end 
investment companies. Item 19(a)(3) of Form N-1A requires a registered 
investment company to disclose in its statement of additional 
information the method of computing the ``advisory fee payable'' by the 
investment company, including the total dollar amounts that the 
investment company ``paid to the adviser (aggregated with amounts paid 
to affiliated advisers, if any), and any advisers who are not 
affiliated persons of the adviser, under the investment advisory 
contract for the last three fiscal years.''
    3. Rule 20a-1 under the Act requires proxies solicited with respect 
to a registered investment company to

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comply with Schedule 14A under the Exchange Act. Items 22(c)(1)(ii), 
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, taken together, 
require a proxy statement for a shareholder meeting at which the 
advisory contract will be voted upon to include the ``rate of 
compensation of the investment adviser,'' the ``aggregate amount of the 
investment adviser's fee,'' a description of the ``terms of the 
contract to be acted upon,'' and, if a change in the advisory fee is 
proposed, the existing and proposed fees and the difference between the 
two fees.
    4. Regulation S-X sets forth the requirements for financial 
statements required to be included as part of a registered investment 
company's registration statement and shareholder reports filed with the 
Commission. Sections 6-07(2)(a), (b), and (c) of Regulation S-X require 
a registered investment company to include in its financial statement 
information about the investment advisory fees.
    5. Section 6(c) of the Act provides that the Commission by order 
upon application may conditionally or unconditionally exempt any 
person, security, or transaction or any class or classes of persons, 
securities, or transactions from any provisions of the Act, or from any 
rule thereunder, if such exemption is necessary or appropriate in the 
public interest and consistent with the protection of investors and the 
purposes fairly intended by the policy and provisions of the Act. 
Applicants state that their requested relief meets this standard for 
the reasons discussed below.
    6. Applicants assert that the shareholders expect the Advisers, 
subject to review and approval of the Board, to select Sub-Advisers who 
the Advisers believe can achieve the Sub-Advised Series' investment 
objectives. Applicants assert that, from the perspective of the 
shareholder, the role of the Sub-Advisers is substantially equivalent 
to the role of the individual portfolio managers employed by an 
investment adviser to a traditional investment company. Applicants 
believe that permitting the Adviser to perform the duties for which the 
shareholders of the Sub-Advised Series are paying the Adviser--the 
selection, supervision and evaluation of the Sub-Advisers, including 
Wholly-Owned Sub-Advisers--without incurring unnecessary delays or 
expenses is appropriate in the interest of the Sub-Advised Series' 
shareholders and will allow such Sub-Advised Series to operate more 
efficiently. Applicants state that each Investment Management Agreement 
will continue to be fully subject to section 15(a) of the Act and rule 
18f-2 under the Act and approved by the Board, including a majority of 
the Independent Board Members, in the manner required by sections 15(a) 
and 15(c) of the Act. Applicants are not seeking an exemption with 
respect to the Investment Management Agreements.
    7. Applicants assert that disclosure of the individual fees that 
the Adviser would pay to the Sub-Advisers that operate under the multi-
manager structure described in the application would not serve any 
meaningful purpose. Applicants contend that the primary reasons for 
requiring disclosure of individual fees paid to Sub-Advisers are to 
inform shareholders of expenses to be charged by a particular Sub-
Advised Series and to enable shareholders to compare the fees to those 
of other comparable investment companies. Applicants believe that the 
requested relief satisfies these objectives because the advisory fee 
paid to the Adviser will be fully disclosed and, therefore, 
shareholders will know what the Sub-Advised Series' fees and expenses 
are and will be able to compare the advisory fees a Sub-Advised Series 
is charged to those of other investment companies. Applicants assert 
that the requested disclosure relief would benefit shareholders of the 
Sub-Advised Series because it would improve the Adviser's ability to 
negotiate the fees paid to Sub-Advisers. Applicants state that the 
Adviser may be able to negotiate rates that are below a Sub-Adviser's 
``posted'' amounts if the Adviser is not required to disclose the Sub-
Advisers' fees to the public. Applicants submit that the relief 
requested to use Aggregate Fee Disclosure will encourage Sub-Advisers 
to negotiate lower subadvisory fees with the Adviser if the lower fees 
are not required to be made public.
    8. For the reasons discussed above, Applicants submit that the 
requested relief meets the standards for relief under section 6(c) of 
the Act. Applicants state that the operation of the Sub-Advised Series 
in the manner described in the application must be approved by 
shareholders of a Sub-Advised Series before that Sub-Advised Series may 
rely on the requested relief. In addition, Applicants state that the 
proposed conditions to the requested relief are designed to address any 
potential conflicts of interest, including any posed by the use of 
Wholly-Owned Sub-Advisers, and provide that shareholders are informed 
when new Sub-Advisers are hired. Applicants assert that conditions 6, 
7, 10 and 11 are designed to provide the Board with sufficient 
independence and the resources and information it needs to monitor and 
address any conflicts of interest with affiliated person of the 
Adviser, including Wholly-Owned Sub-Advisers. Applicants state that, 
accordingly, they believe the requested relief is necessary or 
appropriate in the public interest and consistent with the protection 
of investors and the purposes fairly intended by the policy and 
provisions of the Act.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will 
be subject to the following conditions: \10\
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    \10\ Applicants will only comply with conditions 8 and 12 if 
they rely on the relief that would allow them to provide Aggregate 
Fee Disclosure.
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    1. Before a Sub-Advised Series may rely on the order requested in 
the application, the operation of the Sub-Advised Series in the manner 
described in the application, including the hiring of Wholly-Owned Sub-
Advisers, will be, or has been, approved by a majority of the Sub-
Advised Series' outstanding voting securities (or if the Sub-Advised 
Series serves as a funding medium for any sub-account of a registered 
separate account, pursuant to voting instructions provided by the 
unitholders of the sub-account), as defined in the Act, which in the 
case of a new Sub-Advised Series whose public shareholders (or variable 
contract owners through a registered separate account) purchase shares 
on the basis of a prospectus containing the disclosure contemplated by 
condition 2 below, by the sole initial shareholder before offering the 
Sub-Advised Series' shares to the public (or the variable contract 
owners through a separate account).
    2. The prospectus for each Sub-Advised Series, will disclose the 
existence, substance, and effect of any order granted pursuant to the 
application. Each Sub-Advised Series will hold itself out to the public 
as employing the multi-manager structure described in the application. 
A Sub-Advised Series' prospectus will prominently disclose that the 
Adviser has the ultimate responsibility, subject to oversight by the 
Board, to oversee the Sub-Advisers and recommend their hiring, 
termination and replacement.
    3. The Adviser will provide general management services to a Sub-
Advised Series, including overall supervisory responsibility for the 
general management and investment of the Sub-Advised Series' assets. 
Subject to review and approval of the Board, the Advisor will (a) set a 
Sub-Advised Series' overall investment strategies, (b) evaluate,

[[Page 39027]]

select, and recommend Sub-Advisers to manage all or a portion of a Sub-
Advised Series' assets, and (c) implement procedures reasonably 
designed to ensure that Sub-Advisers comply with a Sub-Advised Series' 
investment objective, policies and restrictions. Subject to review by 
the Board, the Adviser will (a) when appropriate, allocate and 
reallocate a Sub-Advised Series' assets among multiple Sub-Advisers; 
and (b) monitor and evaluate the performance of Sub-Advisers.
    4. A Sub-Advised Series will not make any Ineligible Sub-Adviser 
Changes without the approval of the shareholders of the applicable Sub-
Advised Series.
    5. A Sub-Advised Series will inform shareholders (or, if the Sub-
Advised Series serves as a funding medium for any sub-account of a 
registered separate account, the Adviser will inform the unitholders of 
the sub-account) of the hiring of a new Sub-Adviser within 90 days 
after the hiring of the new Sub-Adviser pursuant to the Modified Notice 
and Access Procedures.
    6. At all times, at least a majority of the Board will be 
Independent Board Members, and the selection and nomination of new or 
additional Independent Board Members will be placed within the 
discretion of the then-existing Independent Board Members.
    7. Independent Legal Counsel, as defined in rule 0-1(a)(6) under 
the Act, will be engaged to represent the Independent Board Members. 
The selection of such counsel will be within the discretion of the 
then-existing Independent Board Members.
    8. The Adviser will provide the Board, no less frequently than 
quarterly, with information about the profitability of the Adviser on a 
per Sub-Advised Series basis. The information will reflect the impact 
on profitability of the hiring or termination of any sub-adviser during 
the applicable quarter.
    9. Whenever a sub-adviser is hired or terminated, the Adviser will 
provide the Board with information showing the expected impact on the 
profitability of the Adviser.
    10. Whenever a sub-adviser change is proposed for a Sub-Advised 
Series with an Affiliated Sub-Adviser or a Wholly-Owned Sub-Adviser, 
the Board, including a majority of the Independent Board Members, will 
make a separate finding, reflected in the Board minutes, that such 
change is in the best interests of the Sub-Advised Series and its 
shareholders and does not involve a conflict of interest from which the 
Adviser or the Affiliated Sub-Adviser or Wholly-Owned Sub-Adviser 
derives an inappropriate advantage.
    11. No Board member or officer of a Sub-Advised Series, or director 
or officer of the Adviser, will own directly or indirectly (other than 
through a pooled investment vehicle that is not controlled by such 
person), any interest in a Sub-Adviser, except: (1) For ownership of 
interests in the Adviser or any entity, except a Wholly-Owned Sub-
Adviser, that controls, is controlled by, or is under common control 
with the Adviser; or (2) for the ownership of less than 1% of the 
outstanding securities of any class of equity or debt of a publicly-
traded company that is either a Sub-Adviser or an entity that controls, 
is controlled by, or is under common control with a Sub-Adviser.
    12. Each Sub-Advised Series will disclose the Aggregate Fee 
Disclosure in its registration statement.
    13. In the event the Commission adopts a rule under the Act 
providing substantially similar relief to that requested in the 
application, the requested order will expire on the effective date of 
that rule.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-15506 Filed 6-27-13; 8:45 am]
BILLING CODE 8011-01-P