JPMorgan Trust I, et al.; Notice of Application, 12782-12783 [E8-4616]

Download as PDF 12782 Federal Register / Vol. 73, No. 47 / Monday, March 10, 2008 / Notices The proposed amendment would have revised Technical Specification (TS) 5.5.9, ‘‘Steam Generator (SG) Tube Surveillance Program,’’ to exclude portions of the steam generator tube below the top of the tubesheet from periodic tube inspections based on the application of structural analysis and leak rate evaluation results to re-define the primary-to-secondary pressure boundary. In addition, there were also proposed changes to add new reporting requirements to TS 5.6.10, ‘‘Steam Generator Tube Inspection Report.’’ The Commission had previously issued a Notice of Consideration of Issuance of Amendment, on the above proposed amendment application, that was published in the Federal Register on April 11, 2006 (71 FR 18377). However, by letter dated February 14, 2008, the licensee withdrew the proposed amendment. For further details with respect to this action, see the application for amendment dated February 21, 2006, with supplemental letters dated May 3 and September 27, 2007, and January 25, 2008, and the licensee’s letter dated February 14, 2008, which withdrew the application for license amendment. Documents may be examined, and/or copied for a fee, at the NRC’s Public Document Room (PDR), located at One White Flint North, Public File Area O1 F21, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records will be accessible electronically from the Agencywide Documents Access and Management Systems (ADAMS) Public Electronic Reading Room on the Internet at the NRC Web site, https://www.nrc.gov/readingrm.html. Persons who do not have access to ADAMS or who encounter problems in accessing the documents located in ADAMS should contact the NRC PDR Reference staff by telephone at 1–800–397–4209, or 301–415–4737 or by e-mail to pdr@nrc.gov. pwalker on PROD1PC71 with NOTICES Dated at Rockville, Maryland, this 28th day of February 2008. For the Nuclear Regulatory Commission. Balwant K. Singal, Senior Project Manager, Plant Licensing Branch IV, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E8–4687 Filed 3–7–08; 8:45 am] BILLING CODE 7590–01–P VerDate Aug<31>2005 16:39 Mar 07, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 28183; 812–13418] JPMorgan Trust I, et al.; Notice of Application March 4, 2008. 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 rule 12d1–2(a) under the Act. AGENCY: Summary of Application: Applicants request an order to permit funds of funds relying on rule 12d1–2 under the Act to invest in certain financial instruments. Applicants: JPMorgan Trust I, JPMorgan Trust II, JPMorgan Insurance Trust, J. P Morgan Mutual Fund Group, J. P Morgan Mutual Fund Investment Trust, J. P Morgan Fleming Mutual Fund Group, Inc., Undiscovered Managers Funds, JPMorgan Institutional Trust, J. P Morgan Series Trust II (collectively, the ‘‘Trusts’’), J. P Morgan Investment Management, Inc. (‘‘JPMIM’’)), JPMorgan Investment Advisors, Inc. (‘‘JPMIA’’), Security Capital Research & Management Incorporated (‘‘Security Capital,’’ collectively with JPMIM and JPMIA, the ‘‘Advisors’’), and JPMorgan Distribution Services, Inc. (the ‘‘Distributor’’). Filing Dates: The application was filed on August 9, 2007, and amended on November 21, 2007 and January 30, 2008. Applicants have agreed to file an amendment during the notice period, the substance of which is reflected in this notice. Hearing or Notification of Hearing: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on March 31, 2008 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: Secretary, Commission, 100 F Street, NE., Washington, DC 20549– 1520; Applicants, c/o Jessica K. Ditullio, PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 JPMorgan Funds, 1111 Polaris Parkway, Columbus, Ohio 43271. FOR FURTHER INFORMATION CONTACT: Lewis Reich, Senior Counsel, at (202) 551–6919, or Nadya B. Roytblat, Assistant Director, at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). The following is a summary of the application. The complete application may be obtained for a fee at the Commission’s Public Reference Branch, 100 F Street, NE., Washington, DC 20549–0104 (telephone (202) 551–8090). SUPPLEMENTARY INFORMATION: Applicants’ Representations 1. Each Trust is organized as a Delaware statutory trust, a Maryland corporation or a Massachusetts business trust and is registered under the Act as an open-end management investment company. The Trusts offer separate series (‘‘Funds of Funds’’) that may invest in other registered open-end management investment companies in reliance on section 12(d)(1)(G) of the Act and rule 12d1–2 under the Act (‘‘Underlying Funds’’ and together with the Funds of Funds, ‘‘Funds’’).1 Applicants propose that the Funds of Funds be permitted to invest in financial instruments that may not be considered securities within the meaning of section 2(a)(36) of the Act (‘‘Other Investments’’) and are consistent with the investment objective of a Funds of Funds.2 2. The Advisors are Delaware or Ohio corporations that are indirect, whollyowned subsidiaries of JPMorgan Chase & Co., a Delaware bank holding company holding company. The Advisors are registered as investment advisers under the Investment Advisers Act of 1940 and serve as investment adviser to the Funds. The Distributor, a Delaware corporation and a direct, wholly-owned subsidiary of JPMorgan Chase & Co., is registered as a brokerdealer under the Securities Exchange Act of 1934 Act (‘‘Exchange Act’’) and serves as the distributor for the Funds. Applicants Legal Analysis 1. Section 12(d)(1)(A) of the Act provides that no registered investment 1 Applicants request that the relief apply to all existing and future series of the Trusts and any other registered open-end management investment companies and their series that are in the same group of investment companies, as defined in section 12(d)(1)(G) of the Act, as the Trusts. All Funds that currently intend to rely on the order have been named as applicants. Any other existing or future entity that relies on the order in the future will do so only in accordance with the terms and conditions in the application. E:\FR\FM\10MRN1.SGM 10MRN1 pwalker on PROD1PC71 with NOTICES Federal Register / Vol. 73, No. 47 / Monday, March 10, 2008 / Notices company (‘‘acquiring company’’) may acquire securities of another investment company (‘‘acquired company’’) if such securities represent more than 3% of the acquired company’s outstanding voting stock or more than 5% of the acquiring company’s total assets, or if such securities, together with the securities of other investment companies, represent more than 10% of the acquiring company’s total assets. Section 12(d)(1)(B) of the Act provides that no registered open-end investment company may sell its securities to another investment company if the sale will cause the acquiring company to own more than 3% of the acquired company’s voting stock, or cause more than 10% of the acquired company’s voting stock to be owned by investment companies. 2. Section 12(d)(1)(G) of the Act provides that section 12(d)(1) will not apply to securities of an acquired company purchased by an acquiring company if: (i) The acquiring company and acquired company are part of the same group of investment companies; (ii) the acquiring company holds only securities of acquired companies that are part of the same group of investment companies, government securities, and short-term paper; (iii) the aggregate sales loads and distribution-related fees of the acquiring company and the acquired company are not excessive under rules adopted pursuant to section 22(b) or section 22(c) of the Act by a securities association registered under section 15A of the Exchange Act or by the Commission; and (iv) the acquired company has a policy that prohibits it from acquiring securities of registered open-end management investment companies or registered unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the Act. 3. Rule 12d1–2 under the Act permits a registered open-end investment company or a registered unit investment trust that relies on section 12(d)(1)(G) of the Act to acquire, in addition to securities issued by another registered investment company in the same group of investment companies, government securities, and short-term paper: (1) Securities issued by an investment company that is not in the same group of investment companies, when the acquisition is in reliance on section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (2) securities (other than securities issued by an investment company); and (3) securities issued by a money market fund, when the investment is in reliance on rule 12d1–1 under the Act. For the purposes of rule 12d1–2, ‘‘securities’’ means any security as defined in section 2(a)(36) of the Act. VerDate Aug<31>2005 16:39 Mar 07, 2008 Jkt 214001 4. Section 6(c) of the Act provides that the Commission may exempt any person, security, or transaction from any provisions of the Act, or from any rule under the Act, 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 policies and provisions of the Act. 5. Applicants state that the proposed arrangement would comply with the provisions of rule 12d1–2 under the Act, but for the fact that the Funds of Funds may invest a portion of their assets in Other Investments. Applicants request an order under section 6(c) of the Act for an exemption from rule 12d1–2(a) to allow the Funds of Funds to invest in Other Investments. Applicants assert that permitting the Funds of Funds to invest in Other Investments as described in the application would not raise any of the concerns that the requirements of section 12(d)(1) were designed to address. Applicants’ Conditions Applicants agree that the order granting the requested relief will be subject to the following conditions: 1. Before approving any advisory contract under section 15 of the Act, the board of trustees of a Fund of Funds, including a majority of the trustees who are not interested persons, as defined in section 2(a)(19) of the Act, will find that the advisory fees, if any, charged under the contract are based on services provided that are in addition to, rather than duplicative of, services provided pursuant to any Underlying Fund’s advisory contract or the advisory contract of any other investment company in which the Funds of Funds may invest. Such a finding, and the basis upon which it was made, will be recorded fully in the minute books of the Fund of Funds. 2. Each Fund of Funds will comply with all provisions of rule 12d1–2 under the Act, except for paragraph (a)(2), to the extent that it restricts any Fund of Funds from investing in Other Investments as described in the application. For the Commission, by the Division of Investment Management, under delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–4616 Filed 3–7–08; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 12783 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57425; File No. SR–ISE– 2008–19] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Quarterly Options Series Pilot Program To Permit the Listing of Additional Series March 4, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 3, 2008, the International Securities Exchange, LLC (‘‘Exchange’’ or ‘‘ISE’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Exchange has designated this proposal as non-controversial under Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. 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 ISE proposes to amend Supplementary Material .03 to Rule 504, Quarterly Options Series Pilot Program, to permit the Exchange to list strike prices for Quarterly Options Series (‘‘QOS’’) in exchange traded fund (‘‘ETF’’) options that fall within a percentage range (30%) above and below the price of the underlying ETF. Additionally, upon demonstrated customer interest, the Exchange also will be permitted to open additional strike prices of QOS in ETF options that are more than 30% above or below the current price of the ETF. Market Makers trading for their own account will not be considered when determining customer interest under this provision. In addition to the initial listed series, the Exchange may list up to sixty (60) additional series per expiration month for each QOS in ETF options. Further, the proposal includes a delisting program to be undertaken by the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 2 17 E:\FR\FM\10MRN1.SGM 10MRN1

Agencies

[Federal Register Volume 73, Number 47 (Monday, March 10, 2008)]
[Notices]
[Pages 12782-12783]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4616]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28183; 812-13418]


JPMorgan Trust I, et al.; Notice of Application

March 4, 2008.
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 rule 12d1-2(a) 
under the Act.

-----------------------------------------------------------------------

    Summary of Application: Applicants request an order to permit funds 
of funds relying on rule 12d1-2 under the Act to invest in certain 
financial instruments.
    Applicants: JPMorgan Trust I, JPMorgan Trust II, JPMorgan Insurance 
Trust, J. P Morgan Mutual Fund Group, J. P Morgan Mutual Fund 
Investment Trust, J. P Morgan Fleming Mutual Fund Group, Inc., 
Undiscovered Managers Funds, JPMorgan Institutional Trust, J. P Morgan 
Series Trust II (collectively, the ``Trusts''), J. P Morgan Investment 
Management, Inc. (``JPMIM'')), JPMorgan Investment Advisors, Inc. 
(``JPMIA''), Security Capital Research & Management Incorporated 
(``Security Capital,'' collectively with JPMIM and JPMIA, the 
``Advisors''), and JPMorgan Distribution Services, Inc. (the 
``Distributor'').
    Filing Dates: The application was filed on August 9, 2007, and 
amended on November 21, 2007 and January 30, 2008. Applicants have 
agreed to file an amendment during the notice period, the substance of 
which is reflected in this notice.
    Hearing or Notification of Hearing: An order granting the 
application will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing by writing to the Commission's 
Secretary and serving applicants with a copy of the request, personally 
or by mail. Hearing requests should be received by the Commission by 
5:30 p.m. on March 31, 2008 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: Secretary, Commission, 100 F Street, NE., Washington, DC 
20549-1520; Applicants, c/o Jessica K. Ditullio, JPMorgan Funds, 1111 
Polaris Parkway, Columbus, Ohio 43271.

FOR FURTHER INFORMATION CONTACT: Lewis Reich, Senior Counsel, at (202) 
551-6919, or Nadya B. Roytblat, Assistant Director, at (202) 551-6821 
(Division of Investment Management, Office of Investment Company 
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee at the 
Commission's Public Reference Branch, 100 F Street, NE., Washington, DC 
20549-0104 (telephone (202) 551-8090).

Applicants' Representations

    1. Each Trust is organized as a Delaware statutory trust, a 
Maryland corporation or a Massachusetts business trust and is 
registered under the Act as an open-end management investment company. 
The Trusts offer separate series (``Funds of Funds'') that may invest 
in other registered open-end management investment companies in 
reliance on section 12(d)(1)(G) of the Act and rule 12d1-2 under the 
Act (``Underlying Funds'' and together with the Funds of Funds, 
``Funds'').\1\ Applicants propose that the Funds of Funds be permitted 
to invest in financial instruments that may not be considered 
securities within the meaning of section 2(a)(36) of the Act (``Other 
Investments'') and are consistent with the investment objective of a 
Funds of Funds.\2\
---------------------------------------------------------------------------

    \1\ Applicants request that the relief apply to all existing and 
future series of the Trusts and any other registered open-end 
management investment companies and their series that are in the 
same group of investment companies, as defined in section 
12(d)(1)(G) of the Act, as the Trusts. All Funds that currently 
intend to rely on the order have been named as applicants. Any other 
existing or future entity that relies on the order in the future 
will do so only in accordance with the terms and conditions in the 
application.
---------------------------------------------------------------------------

    2. The Advisors are Delaware or Ohio corporations that are 
indirect, wholly-owned subsidiaries of JPMorgan Chase & Co., a Delaware 
bank holding company holding company. The Advisors are registered as 
investment advisers under the Investment Advisers Act of 1940 and serve 
as investment adviser to the Funds. The Distributor, a Delaware 
corporation and a direct, wholly-owned subsidiary of JPMorgan Chase & 
Co., is registered as a broker-dealer under the Securities Exchange Act 
of 1934 Act (``Exchange Act'') and serves as the distributor for the 
Funds.

Applicants Legal Analysis

    1. Section 12(d)(1)(A) of the Act provides that no registered 
investment

[[Page 12783]]

company (``acquiring company'') may acquire securities of another 
investment company (``acquired company'') if such securities represent 
more than 3% of the acquired company's outstanding voting stock or more 
than 5% of the acquiring company's total assets, or if such securities, 
together with the securities of other investment companies, represent 
more than 10% of the acquiring company's total assets. Section 
12(d)(1)(B) of the Act provides that no registered open-end investment 
company may sell its securities to another investment company if the 
sale will cause the acquiring company to own more than 3% of the 
acquired company's voting stock, or cause more than 10% of the acquired 
company's voting stock to be owned by investment companies.
    2. Section 12(d)(1)(G) of the Act provides that section 12(d)(1) 
will not apply to securities of an acquired company purchased by an 
acquiring company if: (i) The acquiring company and acquired company 
are part of the same group of investment companies; (ii) the acquiring 
company holds only securities of acquired companies that are part of 
the same group of investment companies, government securities, and 
short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not 
excessive under rules adopted pursuant to section 22(b) or section 
22(c) of the Act by a securities association registered under section 
15A of the Exchange Act or by the Commission; and (iv) the acquired 
company has a policy that prohibits it from acquiring securities of 
registered open-end management investment companies or registered unit 
investment trusts in reliance on section 12(d)(1)(F) or (G) of the Act.
    3. Rule 12d1-2 under the Act permits a registered open-end 
investment company or a registered unit investment trust that relies on 
section 12(d)(1)(G) of the Act to acquire, in addition to securities 
issued by another registered investment company in the same group of 
investment companies, government securities, and short-term paper: (1) 
Securities issued by an investment company that is not in the same 
group of investment companies, when the acquisition is in reliance on 
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (2) securities (other 
than securities issued by an investment company); and (3) securities 
issued by a money market fund, when the investment is in reliance on 
rule 12d1-1 under the Act. For the purposes of rule 12d1-2, 
``securities'' means any security as defined in section 2(a)(36) of the 
Act.
    4. Section 6(c) of the Act provides that the Commission may exempt 
any person, security, or transaction from any provisions of the Act, or 
from any rule under the Act, 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 policies and 
provisions of the Act.
    5. Applicants state that the proposed arrangement would comply with 
the provisions of rule 12d1-2 under the Act, but for the fact that the 
Funds of Funds may invest a portion of their assets in Other 
Investments. Applicants request an order under section 6(c) of the Act 
for an exemption from rule 12d1-2(a) to allow the Funds of Funds to 
invest in Other Investments. Applicants assert that permitting the 
Funds of Funds to invest in Other Investments as described in the 
application would not raise any of the concerns that the requirements 
of section 12(d)(1) were designed to address.

Applicants' Conditions

    Applicants agree that the order granting the requested relief will 
be subject to the following conditions:
    1. Before approving any advisory contract under section 15 of the 
Act, the board of trustees of a Fund of Funds, including a majority of 
the trustees who are not interested persons, as defined in section 
2(a)(19) of the Act, will find that the advisory fees, if any, charged 
under the contract are based on services provided that are in addition 
to, rather than duplicative of, services provided pursuant to any 
Underlying Fund's advisory contract or the advisory contract of any 
other investment company in which the Funds of Funds may invest. Such a 
finding, and the basis upon which it was made, will be recorded fully 
in the minute books of the Fund of Funds.
    2. Each Fund of Funds will comply with all provisions of rule 12d1-
2 under the Act, except for paragraph (a)(2), to the extent that it 
restricts any Fund of Funds from investing in Other Investments as 
described in the application.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-4616 Filed 3-7-08; 8:45 am]
BILLING CODE 8011-01-P
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