DFA Investment Dimensions Group Inc., et al.; Notice of Application, 60094-60096 [2011-24920]
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60094
Federal Register / Vol. 76, No. 188 / Wednesday, September 28, 2011 / Notices
sroberts on DSK5SPTVN1PROD with NOTICES
families and 52,000 individuals
(approximately 7.2 and 10.0 percent,
respectively) residing within a 10-mile
radius of the University of Utah TRIGA
reactor was identified as living below
the Federal poverty threshold in 1999.
According to 2009 American
Community Survey 1-Year Estimates,
the median household income for Utah
was $55,117, while 11.5 percent of the
state population and 7.8 percent of
families were determined to be living
below the Federal poverty threshold.
The 1999 Federal poverty threshold was
$17,029 for a family of four. Salt Lake
County had a higher median household
income average ($57,006) and slightly
lower percentages (10.3 percent) of
individuals and families (6.9 percent)
living below the poverty level.
Impact Analysis—Potential impacts to
minority and low-income populations
would mostly consist of radiological
effects, however radiation doses from
continued operations associated with
the license renewal are expected to
continue at current levels, and would be
well below regulatory limits.
Based on this information and the
analysis of human health and
environmental impacts presented in this
environmental assessment, the proposed
relicensing would not have
disproportionately high and adverse
human health and environmental effects
on minority and low-income
populations residing in the vicinity of
the UUTR.
Environmental Impacts of the
Alternatives to the Proposed Action
As an alternative to license renewal,
the NRC staff considered denial of the
proposed action. If the NRC denied the
request for license renewal, reactor
operations would end and
decommissioning would be required.
The NRC staff notes that, even with a
renewed license, the UUTR will
eventually require decommissioning, at
which time the environmental effects of
decommissioning will occur.
Decommissioning will be conducted in
accordance with an NRC-approved
decommissioning plan which will
require a separate environmental review
under 10 CFR 51.21. Cessation of
facility operations would reduce or
eliminate radioactive effluents and
emissions. However, as previously
discussed in this environmental
assessment, radioactive effluents
resulting from facility operations
constitute only a small fraction of the
applicable regulatory limits. Therefore,
the environmental impacts of license
renewal and denial of the application
for license renewal are similar. In
addition, denial of the request for
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license renewal would cease the
benefits of teaching, research, and
services provided by UUTR.
Alternative Use of Resources
The proposed action does not involve
the use of any different resources or
significant quantities of resources
beyond those previously considered in
the issuance of Amendment No. 8 to
Facility Operating License No. R–126
for the University of Utah’s Nuclear
Reactor dated April 4, 2005, which
increased the possession limit for
special nuclear materials.
Agencies and Persons Consulted
The NRC staff provided a draft of this
environmental assessment to the State
of Utah Division of Radiation Control
for review on July 5, 2011. The Utah
Division of Radiation Control responded
with three comments on August 18,
2011. The first comment identified a
typographical error, which was easily
corrected by the NRC staff. The second
comment questioned the periodicity of
the personnel dose tracking, and the
third comment questioned the use of a
50-mile radius, rather than a 10-mile
radius, for the area evaluated in the
environmental justice review. The NRC
staff responded to the second comment
with an explanation that the personnel
dose was tracked on a monthly, not
annual basis. As previously discussed,
the NRC staff responded to the third
comment by providing an additional
analysis for the environmental justice
review using a 10-mile radius. The State
of Utah Division of Radiation Control
acknowledged the NRC staff response
with an electronic mail message dated
August 22, 2011 (ADAMS Accession
ML112350572). The comments were
accepted by the NRC staff and
incorporated into the environmental
assessment.
In a letter to the Utah State Historic
Preservation Office dated March 15,
2010 (ADAMS Accession No.
ML100740648), the NRC staff described
the proposed activity and requested
concurrence with the NRC staff’s
conclusion that no historic properties
would be affected. On March 23, 2010,
the Utah State Historic Preservation
Office responded by letter (ADAMS
Accession No. ML100900420) and
concurred with the NRC staff’s
conclusion that no historical properties
would be affected by the proposed
action.
Finding of No Significant Impact
On the basis of the environmental
assessment, the NRC concludes that the
proposed action will not have a
significant effect on the quality of the
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human environment. Accordingly, the
NRC has determined not to prepare an
environmental impact statement for the
proposed action.
Dated at Rockville, Maryland, this 21st day
of September, 2011.
For the Nuclear Regulatory Commission.
Patricia A. Silva,
Acting Chief, Research and Test Reactors
Licensing Branch, Division of Policy and
Rulemaking, Office of Nuclear Reactor
Regulation.
[FR Doc. 2011–24939 Filed 9–27–11; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
29820; File No. 812–13943]
DFA Investment Dimensions Group
Inc., et al.; Notice of Application
September 22, 2011.
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
open-end management investment
companies relying on rule 12d1–2 under
the Act to invest in certain financial
instruments.
Applicants: DFA Investment
Dimensions Group Inc. (‘‘DFAIDG’’),
Dimensional Emerging Markets Value
Fund (‘‘DEM’’), Dimensional Investment
Group Inc. (‘‘DIG’’), The DFA
Investment Trust Company (‘‘DFAITC,’’
and together with DFAIDG, DEM, and
DIG, the ‘‘Funds’’ and each a ‘‘Fund’’),
Dimensional Fund Advisors LP
(‘‘Dimensional’’), and DFA Securities
LLC (‘‘DFA Securities’’).
DATES: Filing Dates: The application was
filed on August 19, 2011.
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 17, 2011, 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
SUMMARY:
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Federal Register / Vol. 76, No. 188 / Wednesday, September 28, 2011 / Notices
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, Securities and
Exchange Commission, 100 F Street,
NE., Washington, DC 20549–1090;
Applicants, 6300 Bee Cave Road,
Building One, Austin, TX 78746.
FOR FURTHER INFORMATION CONTACT:
Christine Y. Greenlees, Senior Counsel,
at (202) 551–6879, or Mary Kay Frech,
Branch Chief, 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 via the Commission’s
Web site by searching for the file
number, or an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
sroberts on DSK5SPTVN1PROD with NOTICES
SUPPLEMENTARY INFORMATION:
Applicants’ Representations
1. Each of DFAIDG and DIG is
organized as a Maryland corporation,
and each of DFAITC and DEM is
organized as a Delaware statutory trust.
The Funds are registered under the Act
as open-end management investment
companies. Dimensional, a Delaware
limited partnership, is an investment
adviser registered under the Investment
Advisers Act of 1940, as amended (the
‘‘Advisers Act’’) and currently serves as
investment adviser to each existing
Applicant Series (as defined below).
DFA Securities, a Delaware corporation,
is registered as a broker-dealer under the
Securities Exchange Act of 1934, as
amended (the ‘‘Exchange Act’’), and
serves as the distributor for the
Applicant Series that are series of the
Funds.
2. Applicants request the exemption
to the extent necessary to permit any
existing or future series of the Funds
and any other existing or future
registered open-end investment
company or series thereof that (i) is
advised by Dimensional or any person
now or in the future controlling,
controlled by or under common control
with Dimensional (any such adviser or
Dimensional, an ‘‘Adviser’’) 1; (ii)
invests in other registered open-end
investment companies (‘‘Underlying
Funds’’) in reliance on section
12(d)(1)(G) of the Act; and (iii) 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
(each an ‘‘Applicant Series’’), to also
1 Any other Adviser will also be registered under
the Advisers Act.
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invest, to the extent consistent with its
investment objectives, 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’’).2
Applicants also request that the order
exempt any entity controlling,
controlled by or under common control
with DFA Securities that now or in the
future acts as principal underwriter
with respect to the transactions
described in the application.
3. Consistent with its fiduciary
obligations under the Act, each
Applicant Series’ board of directors/
trustees will review the advisory fees
charged by the Applicant Series’
Adviser to ensure that the fees 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 Series 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 and companies controlled by
them.
2. Section 12(d)(1)(G) of the Act
provides, in part, that section 12(d)(1)
will not apply to securities of an
acquired company purchased by an
acquiring company if: (i) The acquired
company and acquiring 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
2 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 requested order will do so only in
accordance with the terms and condition in the
application.
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60095
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 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: (i)
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; (ii)
securities (other than securities issued
by an investment company); and (iii)
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 Applicant
Series will comply with rule 12d1–2
under the Act, but for the fact that the
Applicant Series 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 Series to invest in Other
Investments while investing in
Underlying Funds. Applicants assert
that permitting the Applicant Series 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:
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60096
Federal Register / Vol. 76, No. 188 / Wednesday, September 28, 2011 / Notices
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 Series
from investing in Other Investments as
described in the application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–24920 Filed 9–27–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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: 38 Fountain Square
Plaza, MD 1090D2, Cincinnati, OH
45202.
FOR FURTHER INFORMATION CONTACT:
Fifth Third Funds, et al.; Notice of
Application
Courtney S. Thornton, Senior Counsel,
at (202) 551–6812, or Mary Kay Frech,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
September 22, 2011.
SUPPLEMENTARY INFORMATION:
[Investment Company Act Release No.
29819; File No. 812–13893]
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 12(d)(1)(J) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
12(d)(1)(A) and (B) of the Act, under
sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and (2)
of the Act, and under section 6(c) of the
Act for an exemption from rule 12d1–
2(a) under the Act.
sroberts on DSK5SPTVN1PROD with NOTICES
AGENCY:
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 https://
www.sec.gov/search/search.htm, or by
calling (202) 551–8090.
Applicants’ Representations
1. The Trust is an open-end
management investment company
registered under the Act and organized
SUMMARY: Summary of the Application:
as a Massachusetts business trust. The
The requested order would (a) permit
Trust currently offers shares of 24 series
certain registered open-end management (‘‘Funds’’), which each pursue different
investment companies that operate as
investment objectives and principal
‘‘funds of funds’’ to acquire shares of
investment strategies.1 Five of the
certain registered open-end management Funds currently pursue their investment
investment companies and unit
objectives by investing in other Funds
investment trusts (‘‘UITs’’) that are
in reliance on section 12(d)(1)(G) of the
within and outside the same group of
Act.
investment companies as the acquiring
2. The Adviser, an Ohio corporation,
investment companies, and (b) permit
is registered as an investment adviser
funds of funds relying on rule 12d1–2
under the Investment Advisers Act of
under the Act to invest in certain
1940 (‘‘Advisers Act’’) and serves as
financial instruments.
investment adviser to each of the Funds.
APPLICANTS: Fifth Third Funds (‘‘Trust’’) The Adviser is an indirect whollyand Fifth Third Asset Management, Inc. owned subsidiary of Fifth Third
Bancorp. The Adviser employs Fort
(‘‘Adviser’’).
DATES: Filing Dates: The application was Washington Investment Advisers, Inc.
filed on April 15, 2011 and amended on (‘‘Fort Washington’’) as subadviser (a
‘‘Subadviser’’) to manage the Fifth Third
August 11, 2011.
High Yield Bond Fund. Fort Washington
HEARING OR NOTIFICATION OF HEARING:
is registered as an investment adviser
An order granting the application will
be issued unless the Commission orders under the Advisers Act.
a hearing. Interested persons may
1 Applicants request that the relief apply to each
request a hearing by writing to the
existing and future Fund and to each existing and
Commission’s Secretary and serving
future registered open-end management investment
company or series thereof that is advised by the
applicants with a copy of the request,
Adviser or any entity controlling, controlled by or
personally or by mail. Hearing requests
under common control with the Adviser and which
should be received by the Commission
is part of the same group of investment companies
by 5:30 p.m. on October 17, 2011, and
(as defined in section 12(d)(1)(G)(ii)) as the Trust
(included in the term ‘‘Funds’’).
should be accompanied by proof of
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3. Applicants request an order to
permit (a) a Fund that operates as a
‘‘fund of funds’’ (each a ‘‘Fund of
Funds’’) to acquire shares of (i)
registered open-end management
investment companies that are not part
of the same ‘‘group of investment
companies,’’ within the meaning of
section 12(d)(1)(G)(ii) of the Act, as the
Fund of Funds (‘‘Unaffiliated
Investment Companies’’) and UITs that
are not part of the same group of
investment companies as the Fund of
Funds (‘‘Unaffiliated Trusts,’’ together
with the Unaffiliated Investment
Companies, ‘‘Unaffiliated Funds’’),2 or
(ii) registered open-end management
companies or UITs that are part of the
same group of investment companies as
the Fund of Funds (collectively,
‘‘Affiliated Funds,’’ together with the
Unaffiliated Funds, ‘‘Underlying
Funds’’) and (b) each Underlying Fund,
any principal underwriter for the
Underlying Fund, and any broker or
dealer (‘‘Broker’’) registered under the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) to sell shares of the
Underlying Fund to the Fund of Funds.3
Applicants also request an order under
sections 6(c) and 17(b) of the Act to
exempt applicants from section 17(a) to
the extent necessary to permit
Underlying Funds to sell their shares to
Funds of Funds and redeem their shares
from Funds of Funds.
4. Applicants also request an
exemption under section 6(c) from rule
12d1–2 under the Act to permit any
existing or future Fund of Funds that
relies on section 12(d)(1)(G) of the Act
(‘‘Same Group Fund of Funds’’) and that
otherwise complies with rule 12d1–2 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’’).
5. Consistent with its fiduciary
obligations under the Act, the board of
directors or trustees (‘‘Board’’) of each
Same Group Fund of Funds will review
the advisory fees charged by the Same
Group Fund of 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
2 Certain of the Unaffiliated Funds may be
registered under the Act as either UITs or open-end
management investment companies and have
received exemptive relief to permit their shares to
be listed and traded on a national securities
exchange at negotiated prices (‘‘ETFs’’).
3 All entities that currently intend to rely on the
requested order are named as applicants. Any other
entity that relies on the order in the future will
comply with the terms and conditions of the
application.
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]]>Agencies
[Federal Register Volume 76, Number 188 (Wednesday, September 28, 2011)]
[Notices]
[Pages 60094-60096]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-24920]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 29820; File No. 812-13943]
DFA Investment Dimensions Group Inc., et al.; Notice of
Application
September 22, 2011.
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: Summary of Application: Applicants request an order to permit
open-end management investment companies relying on rule 12d1-2 under
the Act to invest in certain financial instruments.
Applicants: DFA Investment Dimensions Group Inc. (``DFAIDG''),
Dimensional Emerging Markets Value Fund (``DEM''), Dimensional
Investment Group Inc. (``DIG''), The DFA Investment Trust Company
(``DFAITC,'' and together with DFAIDG, DEM, and DIG, the ``Funds'' and
each a ``Fund''), Dimensional Fund Advisors LP (``Dimensional''), and
DFA Securities LLC (``DFA Securities'').
DATES: Filing Dates: The application was filed on August 19, 2011.
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 17, 2011, 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
[[Page 60095]]
notified of a hearing may request notification by writing to the
Commission's Secretary.
ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants, 6300 Bee Cave Road,
Building One, Austin, TX 78746.
FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at (202) 551-6879, or Mary Kay Frech, Branch Chief, 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 via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at https://www.sec.gov/search/search.htm or
by calling (202) 551-8090.
Applicants' Representations
1. Each of DFAIDG and DIG is organized as a Maryland corporation,
and each of DFAITC and DEM is organized as a Delaware statutory trust.
The Funds are registered under the Act as open-end management
investment companies. Dimensional, a Delaware limited partnership, is
an investment adviser registered under the Investment Advisers Act of
1940, as amended (the ``Advisers Act'') and currently serves as
investment adviser to each existing Applicant Series (as defined
below). DFA Securities, a Delaware corporation, is registered as a
broker-dealer under the Securities Exchange Act of 1934, as amended
(the ``Exchange Act''), and serves as the distributor for the Applicant
Series that are series of the Funds.
2. Applicants request the exemption to the extent necessary to
permit any existing or future series of the Funds and any other
existing or future registered open-end investment company or series
thereof that (i) is advised by Dimensional or any person now or in the
future controlling, controlled by or under common control with
Dimensional (any such adviser or Dimensional, an ``Adviser'') \1\; (ii)
invests in other registered open-end investment companies (``Underlying
Funds'') in reliance on section 12(d)(1)(G) of the Act; and (iii) 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 (each an
``Applicant Series''), to also invest, to the extent consistent with
its investment objectives, 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'').\2\ Applicants also
request that the order exempt any entity controlling, controlled by or
under common control with DFA Securities that now or in the future acts
as principal underwriter with respect to the transactions described in
the application.
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\1\ Any other Adviser will also be registered under the Advisers
Act.
\2\ 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 requested order will do so only in
accordance with the terms and condition in the application.
---------------------------------------------------------------------------
3. Consistent with its fiduciary obligations under the Act, each
Applicant Series' board of directors/trustees will review the advisory
fees charged by the Applicant Series' Adviser to ensure that the fees
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 Series 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 and companies controlled by them.
2. Section 12(d)(1)(G) of the Act provides, in part, that section
12(d)(1) will not apply to securities of an acquired company purchased
by an acquiring company if: (i) The acquired company and acquiring
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 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: (i)
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; (ii) securities (other
than securities issued by an investment company); and (iii) 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 Applicant Series will comply with rule
12d1-2 under the Act, but for the fact that the Applicant Series 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 Series to invest in Other
Investments while investing in Underlying Funds. Applicants assert that
permitting the Applicant Series 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:
[[Page 60096]]
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 Series from investing in Other Investments as described in
the application.
For the Commission, by the Division of Investment Management,
under delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-24920 Filed 9-27-11; 8:45 am]
BILLING CODE 8011-01-P
