Morgan Stanley Series Funds, et al.; Notice of Application, 56619-56620 [E8-22749]
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Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
Applications for Low-Level
Radioactive Waste Import and
Export Licenses (Tentative).
1 p.m. Discussion of Security Issues
(Closed—Ex. 1 and 3).
Week of October 13, 2008—Tentative
There are no meetings scheduled for
the week of October 13, 2008.
Week of October 20, 2008—Tentative
Wednesday, October 22, 2008
9:30 a.m. Briefing on New Reactor
Issues—Construction Readiness,
Part 1 (Public Meeting) (Contact:
Roger Rihm, 301 415–7807).
1:30 p.m. Briefing on New Reactor
Issues—Construction Readiness,
Part 2 (Public Meeting) (Contact:
Roger Rihm, 301 415–7807).
Both parts of this meeting will be
Webcast live at the Web address—
https://www.nrc.gov.
requests for reasonable accommodation
will be made on a case-by-case basis.
This notice is distributed by mail to
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to be added to the distribution, please
contact the Office of the Secretary,
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In addition, distribution of this meeting
notice over the Internet system is
available. If you are interested in
receiving this Commission meeting
schedule electronically, please send an
electronic message to
darlene.wright@nrc.gov.
Dated: September 24, 2008.
R. Michelle Schroll,
Office of the Secretary.
[FR Doc. E8–22906 Filed 9–25–08; 11:15 am]
BILLING CODE 7590–01–P
Week of October 27, 2008—Tentative
SECURITIES AND EXCHANGE
COMMISSION
There are no meetings scheduled for
the week of October 27, 2008.
[Investment Company Act Release No.
28388; 812–13529]
Week of November 3, 2008—Tentative
Morgan Stanley Series Funds, et al.;
Notice of Application
Thursday, November 6, 2008
1:30 p.m. Briefing on NRC International
Activities (Public Meeting)
(Contact: Karen Henderson, 301
415–0202).
This meeting will be Webcast live at
the Web address—https://www.nrc.gov.
mstockstill on PROD1PC66 with NOTICES
Friday, November 7, 2008
2 p.m. Meeting with Advisory
Committee on Reactor Safeguards
(Public Meeting) (Contact: Tanny
Santos, 301 415–7270).
This meeting will be Webcast live at
the Web address—https://www.nrc.gov.
* The schedule for Commission
meetings is subject to change on short
notice. To verify the status of meetings,
call (recording)—(301) 415–1292.
Contact person for more information:
Michelle Schroll, (301) 415–1662.
The NRC Commission Meeting
Schedule can be found on the Internet
at: https://www.nrc.gov/about-nrc/policymaking/schedule.html.
The NRC provides reasonable
accommodation to individuals with
disabilities where appropriate. If you
need a reasonable accommodation to
participate in these public meetings, or
need this meeting notice or the
transcript or other information from the
public meetings in another format (e.g.,
braille, large print), please notify the
NRC’s Disability Program Coordinator,
Rohn Brown, at 301–492–2279, TDD:
301–415–2100, or by e-mail at
rohn.brown@nrc.gov. Determinations on
VerDate Aug<31>2005
16:48 Sep 26, 2008
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September 23, 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:
Applicants
request an order to permit funds of
funds relying on rule 12d1–2 under the
Act to invest in certain financial
instruments.
APPLICANTS: Morgan Stanley Series
Fund (the ‘‘Trust’’), Morgan Stanley
Investment Advisors, Inc. (the
‘‘Adviser’’), Morgan Stanley Investment
Management Ltd. (the ‘‘Sub-Adviser’’)
and Morgan Stanley Distributors Inc.
(the ‘‘Distributor’’).
FILING DATE: The application was filed
on May 18, 2008 and amended on
September 19, 2008.
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 October 20, 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
SUMMARY OF APPLICATION:
PO 00000
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56619
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, U.S. Securities
and Exchange Commission, 100 F
Street, NE., Washington, DC 20549–
1090; Applicants, 522 Fifth Avenue,
New York, NY 10036.
FOR FURTHER INFORMATION CONTACT:
Lewis Reich, Senior Counsel, at (202)
551–6919, or Janet M. Grossnickle,
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 Room,
100 F Street, NE., Washington, DC
20549–1520 (telephone (202) 551–5850).
Applicants’ Representations
1. The Trust is organized as a
Massachusetts business trust and is
registered as an open-end management
investment company under the Act.
Applicants request the exemption to the
extent necessary to permit any existing
or future registered open-end
management investment companies and
their series advised by the Adviser or
any entity controlling, controlled by, or
under common control with, the
Adviser that operate as ‘‘funds of funds’’
(the ‘‘Applicant Funds’’) and invest in
other registered investment companies
in reliance on section 12(d)(1)(G) of the
Act and which is also eligible to invest
in securities (as defined in section
2(a)(36) of the Act) in reliance on rule
12d1–2 under the Act (together with the
Trust and its series, the ‘‘Applicant
Funds’’), to also invest, to the extent
consistent with its investment objective,
policies, strategies and limitations, in
financial instruments that may not be
securities within the meaning of section
2(a)(36) of the Act (‘‘Other
Investments’’).1
2. The Adviser and Sub-Adviser are
both wholly-owned subsidiaries of
Morgan Stanley registered as investment
advisers under the Investment Advisers
Act of 1940 (the ‘‘Advisers Act’’). The
Adviser is the investment adviser for
each series of the Trust. The SubAdviser serves as investment sub1 Every existing entity that currently intends to
rely on the requested order is named as an
applicant. Any 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.
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56620
Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
adviser to certain series of the Trust.
The Distributor is a wholly-owned
subsidiary of Morgan Stanley and a
registered broker-dealer under the
Securities Exchange Act of 1934. The
Distributor provides marketing and
distribution services to the Trust.
3. Consistent with its fiduciary
obligations under the Act, each
Applicant Fund’s board of trustees or
directors will review the advisory fees
charged by the Applicant Fund’s
investment adviser to ensure that they
are based on services provided that are
in addition to, rather than duplicative
of, services provided pursuant to the
advisory agreement of any investment
company in which the Applicant Fund
may invest.
mstockstill on PROD1PC66 with NOTICES
Applicants’ Legal Analysis
1. Section 12(d)(1)(A) of the Act
provides that no registered investment
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
VerDate Aug<31>2005
16:48 Sep 26, 2008
Jkt 214001
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
provision 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 Applicant 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 Applicant Funds to invest in
Other Investments. Applicants assert
that permitting the Applicant 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’ Condition
Applicants agree that any order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Applicant Fund 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,
Acting Secretary.
[FR Doc. E8–22749 Filed 9–26–08; 8:45 am]
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58615; File No. SR–CBOE–
2008–95]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend CBOE Rules
Relating to Appointment Costs
September 22, 2008.
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
September 16, 2008, the Chicago Board
Options Exchange, Incorporated (the
‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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 proposes to make
technical changes to the tables setting
forth the appointment costs for option
classes in CBOE’s rules. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.cboe.org/Legal), at the Exchange’s
Office of the Secretary and at the
Commission.
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
self-regulatory organization 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 those 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 parts of such
statements.
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
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]]>Agencies
[Federal Register Volume 73, Number 189 (Monday, September 29, 2008)]
[Notices]
[Pages 56619-56620]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22749]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 28388; 812-13529]
Morgan Stanley Series Funds, et al.; Notice of Application
September 23, 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: Morgan Stanley Series Fund (the ``Trust''), Morgan Stanley
Investment Advisors, Inc. (the ``Adviser''), Morgan Stanley Investment
Management Ltd. (the ``Sub-Adviser'') and Morgan Stanley Distributors
Inc. (the ``Distributor'').
Filing Date: The application was filed on May 18, 2008 and amended on
September 19, 2008.
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 October 20, 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, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090; Applicants, 522 Fifth Avenue,
New York, NY 10036.
FOR FURTHER INFORMATION CONTACT: Lewis Reich, Senior Counsel, at (202)
551-6919, or Janet M. Grossnickle, 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 Room, 100 F Street, NE., Washington, DC
20549-1520 (telephone (202) 551-5850).
Applicants' Representations
1. The Trust is organized as a Massachusetts business trust and is
registered as an open-end management investment company under the Act.
Applicants request the exemption to the extent necessary to permit any
existing or future registered open-end management investment companies
and their series advised by the Adviser or any entity controlling,
controlled by, or under common control with, the Adviser that operate
as ``funds of funds'' (the ``Applicant Funds'') and invest in other
registered investment companies in reliance on section 12(d)(1)(G) of
the Act and which is also eligible to invest in securities (as defined
in section 2(a)(36) of the Act) in reliance on rule 12d1-2 under the
Act (together with the Trust and its series, the ``Applicant Funds''),
to also invest, to the extent consistent with its investment objective,
policies, strategies and limitations, in financial instruments that may
not be securities within the meaning of section 2(a)(36) of the Act
(``Other Investments'').\1\
---------------------------------------------------------------------------
\1\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any 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 Adviser and Sub-Adviser are both wholly-owned subsidiaries
of Morgan Stanley registered as investment advisers under the
Investment Advisers Act of 1940 (the ``Advisers Act''). The Adviser is
the investment adviser for each series of the Trust. The Sub-Adviser
serves as investment sub-
[[Page 56620]]
adviser to certain series of the Trust. The Distributor is a wholly-
owned subsidiary of Morgan Stanley and a registered broker-dealer under
the Securities Exchange Act of 1934. The Distributor provides marketing
and distribution services to the Trust.
3. Consistent with its fiduciary obligations under the Act, each
Applicant Fund's board of trustees or directors will review the
advisory fees charged by the Applicant Fund's investment adviser to
ensure that they are based on services provided that are in addition
to, rather than duplicative of, services provided pursuant to the
advisory agreement of any investment company in which the Applicant
Fund may invest.
Applicants' Legal Analysis
1. Section 12(d)(1)(A) of the Act provides that no registered
investment 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 provision 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
Applicant 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 Applicant Funds to
invest in Other Investments. Applicants assert that permitting the
Applicant 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' Condition
Applicants agree that any order granting the requested relief will
be subject to the following condition:
Applicants will comply with all provisions of rule 12d1-2 under the
Act, except for paragraph (a)(2) to the extent that it restricts any
Applicant Fund 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,
Acting Secretary.
[FR Doc. E8-22749 Filed 9-26-08; 8:45 am]
BILLING CODE 8010-01-P
