competition or capital formation. We request comment on what effect
this proposed amendment would have on competition, efficiency, and
capital formation.
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    \412\ Proposed rule 2a-7(c)(1).
---------------------------------------------------------------------------

B. Rule 17a-9

    The Commission is proposing to amend rule 17a-9 to expand the
circumstances under which affiliated persons can purchase money market
fund securities. Under the proposed amendments, a money market fund
could sell a portfolio security that has defaulted (other than an
immaterial default unrelated to the financial condition of the issuer)
to an affiliated person for the greater of the security's amortized
cost value or market value (plus accrued and unpaid interest), even
though the security continued to be an

eligible security.\413\ In addition, the proposed amendment would
permit affiliated persons, for any reason, to purchase other portfolio
securities from an affiliated money market fund on the same terms
provided that such person is required to promptly remit to the fund any
profit it realizes from the later sale of the security.\414\ These
amendments would increase the efficiency of both the Commission and
money market funds by allowing affiliated persons to purchase portfolio
securities from money market funds under distress without having to
seek no-action assurances from Commission staff. We do not believe that
the proposed amendments will have any material impact on competition or
capital formation. We request comment on our analysis. What effect
would the proposed amendment to rule 17a-9 have on efficiency,
competition and capital formation?
---------------------------------------------------------------------------

    \413\ See proposed rule 17a-9(a).
    \414\ See proposed rule 17a-9(b).
---------------------------------------------------------------------------

C. Rule 22e-3

    Proposed rule 22e-3 would permit money market funds that break the
buck to suspend redemptions and postpone the payment of proceeds
pending board-approved liquidation proceedings. We anticipate that the
rule would promote efficiency in the financial markets by facilitating
orderly disposal of assets during liquidation. To the extent that
investors choose money market funds over alternative investments
because the proposed rule would provide reassurance as to the
protection of their assets in the event the fund breaks the buck and
minimize disruption in the financial markets, the rule also may promote
capital formation. If, however, the possibility that redemptions can be
suspended during a liquidation makes money market funds less appealing
to investors, the rule may have a negative effect on capital formation.
The proposed rule also could help make investors more confident that
they would be able to receive the proceeds from their investment in the
event of a liquidation of the fund. We do not believe that the proposed
rule would have an adverse effect on competition. We request comment on
what effect the proposed rule would have on competition, efficiency,
and capital formation.

D. Rule 30b1-6 and Form N-MFP: Monthly Reporting of Portfolio Holdings

    Proposed new rule 30b1-6 and Form N-MFP would mandate the monthly
electronic filing of each money market fund's portfolio holdings
information in XML-tagged format. As discussed above, we believe the
new reporting requirement would improve the efficiency and
effectiveness of the Commission's oversight of money market funds. The
availability, and usability, of this data would also promote efficiency
for other third-parties that may be interested in collecting and
analyzing money market funds' portfolio holdings information. Money
market funds currently are often required to provide this information
to various third parties in different formats. To the extent that the
proposal may encourage a standardized format for disclosure or
transmission of portfolio holdings information, the proposal may
promote efficiency for money market funds. We do not believe that the
proposed rule would have an adverse effect on competition or capital
formation. We request comment on what effect the proposed rule would
have on competition, efficiency, and capital formation.

VII. Regulatory Flexibility Act Certification

    Section 3(a) of the Regulatory Flexibility Act of 1980 \415\
(``RFA'') requires the Commission to undertake an initial regulatory
flexibility analysis (``IRFA'') of the proposed rule amendments on
small entities unless the Commission certifies that the rule, if
adopted, would not have a significant economic impact on a substantial
number of small entities.\416\ Pursuant to 5 U.S.C. section 605(b), the
Commission hereby certifies that the proposed amendments to rules 2a-7,
17a-9, and 30b1-5, and proposed rules 30b1-6 and 22e-3 under the
Investment Company Act, would not, if adopted, have a significant
economic impact on a substantial number of small entities.
---------------------------------------------------------------------------

    \415\ 5 U.S.C. 603(a).
    \416\ 5 U.S.C. 605(b).
---------------------------------------------------------------------------

    The proposal would amend rule 2a-7 under the Investment Company Act
to:
    (i) Limit money market fund investments to first tier securities
(i.e., securities that received the highest short-term ratings
categories from the requisite NRSROs or unrated securities that the
board of directors (or its delegate) determines are of comparable
quality);
    (ii) Limit money market funds to acquiring long-term securities
that have received long-term ratings in the highest two ratings
categories from the requisite NRSROs;
    (iii) Reduce the maximum weighted average maturity of money market
funds' portfolio securities from 90 to 60 days;
    (iv) Require money market funds to maintain a maximum weighted
average life to maturity of portfolio securities of no more than 120
days;
    (v) Eliminate a provision of the rule that permits a fund that
relies exclusively on the penny-rounding method of pricing to acquire
Government securities with remaining maturities of up to 762 days,
rather than the 397-day limit otherwise provided by the rule;
    (vi) Prohibit money market funds from acquiring securities unless,
at the time acquired, they are liquid, i.e., can be sold or disposed of
in the ordinary course of business within seven days at approximately
the value ascribed to it by the money market fund;
    (vii) Require that immediately after the acquisition of a security,
a taxable ``retail fund'' hold no less than 5 percent of its total
assets in cash, U.S. Treasury securities, or other securities
(including repurchase agreements) that mature, or are subject to a
demand feature exercisable in one business day, and (ii) an
``institutional fund'' hold no less than 10 percent of those
instruments;
    (viii) Require that immediately after the acquisition of a security
(i) a ``retail fund'' holds no less than 15 percent of its total assets
in cash, U.S. Treasury securities, or other securities (including
repurchase agreements) that are convertible to cash within five
business days, and (ii) an ``institutional fund'' holds no less than 30
percent of those instruments;
    (ix) Require that a money market fund at all times hold cash, U.S.
Treasury securities, or securities readily convertible to cash on a
daily or weekly basis sufficient to meet reasonably foreseeable
redemptions in light of its obligations under section 22(e) of the Act
and any commitments the fund has made to shareholders;
    (x) Require the board of directors of each money market fund to
adopt procedures providing for periodic stress testing of the money
market fund's ability to maintain a stable net asset value per share
based on certain hypothetical events, a report of the testing results
to the board, and an assessment by the fund's adviser of the fund's
ability to withstand the events that are reasonably likely to occur
within the following year;
    (xi) Limit money market funds to investing in repurchase agreements
collateralized by cash items or Government securities in order to
obtain special treatment under the diversification provisions of rule
2a-7;
    (xii) Require that the money market fund's board of directors or
its delegate evaluate the creditworthiness of the

counterparty, regardless of whether the repurchase agreement is
collateralized fully;
    (xiii) Require money market funds to post monthly portfolio
information on their Web sites; and
    (xiv) Require that a money market fund's board determine, on an
annual basis, that the fund (or its transfer agent) has the capacity to
redeem and sell securities at prices that do not correspond to the
fund's stable net asset value.
    We also are proposing to amend rule 17a-9 to permit a money market
fund to sell a portfolio security that has defaulted (other than an
immaterial default unrelated to the financial condition of the issuer)
to an affiliated person for the greater of the security's amortized
cost value or market value (plus accrued and unpaid interest), even
though the security continues to be an eligible security. In addition,
we are proposing to permit an affiliated person, for any reason, to
purchase any other portfolio security (e.g., an eligible security that
has not defaulted) from an affiliated money market fund for cash at the
greater of the security's amortized cost value or market value,
provided that such person promptly remits to the fund any profit it
realizes from the later sale of the security. Under the proposal, a
money market fund whose portfolio securities are purchased in reliance
on rule 17a-9 would be required to provide notice of the transaction to
the Commission by e-mail.
    We are also proposing to amend rule 30b1-5 to exempt money market
funds from the requirement to file their schedules of investments
pursuant to Item 1 of Form N-Q, a quarterly schedule of portfolio
holdings of management investment companies. The proposed amendment is
intended to avoid unnecessarily duplicative disclosure obligations.
    Finally, we are proposing two new rules. Proposed rule 22e-3 would
exempt money market funds from section 22(e) to permit them to suspend
redemptions in order to facilitate an orderly liquidation of fund
assets. Rule 30b1-6 would mandate the monthly electronic filing in XML-
tagged format of valuation and other information about the risk
characteristics of the money market fund and each security in its
portfolio.
    Based on information in filings submitted to the Commission, we
believe that there are no money market funds that are small
entities.\417\ For this reason, the Commission believes the proposed
amendments to rules 2a-7, 17a-9, and 30b1-5, and proposed rules 22e-3
and 30b1-6 under the Investment Company Act would not, if adopted, have
a significant economic impact on a substantial number of small
entities.
---------------------------------------------------------------------------

    \417\ Under rule 0-10 under the Investment Company Act, an
investment company is considered a small entity if it, together with
other investment companies in the same group of related investment
companies, has net assets of $50 million or less as of the end of
its most recent fiscal year.
---------------------------------------------------------------------------

    We encourage written comments regarding this certification. The
Commission solicits comment as to whether the proposed amendments to
rules 2a-7, 17a-9, and 30b1-5, and proposed rules 22e-3 and 30b1-6
could have an effect on small entities that has not been considered. We
request that commenters describe the nature of any impact on small
entities and provide empirical data to support the extent of such
impact.

VIII. Statutory Authority

    The Commission is proposing amendments to rule 2a-7 under the
exemptive and rulemaking authority set forth in sections 6(c), 8(b),
22(c), and 38(a) of the Investment Company Act of 1940 [15 U.S.C. 80a-
6(c), 80a-8(b), 80a-22(c), 80a-37(a)]. The Commission is proposing
amendments to rule 17a-9 pursuant to the authority set forth in
sections 6(c) and 38(a) of the Investment Company Act [15 U.S.C. 80a-
6(c), 80a-37(a)]. The Commission is proposing rule 22e-3 pursuant to
the authority set forth in sections 6(c), 22(e) and 38(a) of the
Investment Company Act [15 U.S.C. 80a-6(c), 80a-22(e), and 80a-37(a)].
The Commission is proposing amendments to rule 30b1-5 and new rule
30b1-6 and Form N-MFP pursuant to authority set forth in Sections 8(b),
30(b), 31(a), and 38(a) of the Investment Company Act [15 U.S.C. 80a-
8(b), 80a-29(b), 80a-30(a), and 80a-37(a)].

List of Subjects in 17 CFR Parts 270 and 274

    Investment companies, Reporting and recordkeeping requirements,
Securities.

Text of Proposed Rules and Form

    For reasons set out in the preamble, Title 17, Chapter II of the
Code of Federal Regulations is proposed to be amended as follows:

PART 270--RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940

    1. The authority citation for part 270 continues to read, in part,
as follows:

    Authority:  15 U.S.C. 80a-1 et seq., 80a-34(d), 80a-37, and 80a-
39, unless otherwise noted.
* * * * *
    2. Section 270.2a-7 is revised to read as follows:

Sec.  270.2a-7  Money market funds.

    (a) Definitions. (1) Acquisition (or Acquire) means any purchase or
subsequent rollover (but does not include the failure to exercise a
Demand Feature).
    (2) Amortized Cost Method of valuation means the method of
calculating an investment company's net asset value whereby portfolio
securities are valued at the fund's Acquisition cost as adjusted for
amortization of premium or accretion of discount rather than at their
value based on current market factors.
    (3) Asset Backed Security means a fixed income security (other than
a Government security) issued by a Special Purpose Entity (as defined
in this paragraph), substantially all of the assets which consist of
Qualifying Assets (as defined in this paragraph). Special Purpose
Entity means a trust, corporation, partnership or other entity
organized for the sole purpose of issuing securities that entitle their
holders to receive payments that depend primarily on the cash flow from
Qualifying Assets, but does not include a registered investment
company. Qualifying Assets means financial assets, either fixed or
revolving, that by their terms convert into cash within a finite time
period, plus any rights or other assets designed to assure the
servicing or timely distribution of proceeds to security holders.
    (4) Business Day means any day, other than Saturday, Sunday, or any
customary business holiday.
    (5) Collateralized Fully means ``Collateralized Fully'' as defined
in Sec.  270.5b-3(c)(1) except that Sec.  270.5b-3(c)(1)(iv)(C) and (D)
shall not apply.
    (6) Conditional Demand Feature means a Demand Feature that is not
an Unconditional Demand Feature. A Conditional Demand Feature is not a
Guarantee.
    (7) Conduit Security means a security issued by a Municipal Issuer
(as defined in this paragraph) involving an arrangement or agreement
entered into, directly or indirectly, with a person other than a
Municipal Issuer, which arrangement or agreement provides for or
secures repayment of the security. Municipal Issuer means a state or
territory of the United States (including the District of Columbia), or
any political subdivision or public instrumentality of a state or
territory of the United States. A Conduit Security does not include a
security that is:
    (i) Fully and unconditionally guaranteed by a Municipal Issuer;

    (ii) Payable from the general revenues of the Municipal Issuer or
other Municipal Issuers (other than those revenues derived from an
agreement or arrangement with a person who is not a Municipal Issuer
that provides for or secures repayment of the security issued by the
Municipal Issuer);
    (iii) Related to a project owned and operated by a Municipal
Issuer; or
    (iv) Related to a facility leased to and under the control of an
industrial or commercial enterprise that is part of a public project
which, as a whole, is owned and under the control of a Municipal
Issuer.
    (8) Daily Liquid Assets means:
    (i) Cash;
    (ii) Direct obligations of the U.S. Government; or
    (iii) Securities that will mature or are subject to a Demand
Feature that is exercisable and payable within one Business Day.
    (9) Demand Feature means:
    (i) A feature permitting the holder of a security to sell the
security at an exercise price equal to the approximate amortized cost
of the security plus accrued interest, if any, at the time of exercise.
A Demand Feature must be exercisable either:
    (A) At any time on no more than 30 calendar days' notice;
    (B) At specified intervals not exceeding 397 calendar days and upon
no more than 30 calendar days' notice; or
    (ii) A feature permitting the holder of an Asset Backed Security
unconditionally to receive principal and interest within 397 calendar
days of making demand.
    (10) Demand Feature Issued By A Non-Controlled Person means a
Demand Feature issued by:
    (i) A person that, directly or indirectly, does not control, and is
not controlled by or under common control with the issuer of the
security subject to the Demand Feature (control means ``control'' as
defined in section 2(a)(9) of the Act (15 U.S.C. 80a-2(a)(9)); or
    (ii) A sponsor of a Special Purpose Entity with respect to an Asset
Backed Security.
    (11) Eligible Security means:
    (i) A security issued by a registered investment company that is a
money market fund;
    (ii) A Government Security;
    (iii) A Rated Security with a remaining maturity of 397 calendar
days or less that has received a rating from the Requisite NRSROs in
the highest short-term rating category (within which there may be sub-
categories or gradations indicating relative standing); or
    (iv) An Unrated Security that is of comparable quality to a
security meeting the requirements for a Rated Security in paragraph
(a)(11)(iii) of this section, as determined by the money market fund's
board of directors; provided, however, that:
    (A) A security that at the time of issuance had a remaining
maturity of more than 397 calendar days but that has a remaining
maturity of 397 calendar days or less and that is an Unrated Security
is not an Eligible Security if the security has received a long-term
rating from any NRSRO that is not within the NRSRO's two highest long-
term ratings categories (within which there may be sub-categories or
gradations indicating relative standing), unless the security has
received a long-term rating from the Requisite NRSROs in one of the two
highest rating categories;
    (B) An Asset Backed Security (other than an Asset Backed Security
substantially all of whose Qualifying Assets consist of obligations of
one or more Municipal Issuers, as that term is defined in paragraph
(a)(7) of this section) shall not be an Eligible Security unless it has
received a rating from an NRSRO.
    (v) In addition, in the case of a security that is subject to a
Demand Feature or Guarantee:
    (A) The Guarantee has received a rating from an NRSRO or the
Guarantee is issued by a guarantor that has received a rating from an
NRSRO with respect to a class of debt obligations (or any debt
obligation within that class) that is comparable in priority and
security to the Guarantee, unless:
    (1) The Guarantee is issued by a person that, directly or
indirectly, controls, is controlled by or is under common control with
the issuer of the security subject to the Guarantee (other than a
sponsor of a Special Purpose Entity with respect to an Asset Backed
Security);
    (2) The security subject to the Guarantee is a repurchase agreement
that is Collateralized Fully; or
    (3) The Guarantee is itself a Government Security; and
    (B) The issuer of the Demand Feature or Guarantee, or another
institution, has undertaken promptly to notify the holder of the
security in the event the Demand Feature or Guarantee is substituted
with another Demand Feature or Guarantee (if such substitution is
permissible under the terms of the Demand Feature or Guarantee).
    (12) Event of Insolvency means ``Event of Insolvency'' as defined
in Sec.  270.5b-3(c)(2).
    (13) Floating Rate Security means a security the terms of which
provide for the adjustment of its interest rate whenever a specified
interest rate changes and that, at any time until the final maturity of
the instrument or the period remaining until the principal amount can
be recovered through demand, can reasonably be expected to have a
market value that approximates its amortized cost.
    (14) Government Security means any ``Government security'' as
defined in section 2(a)(16) of the Act (15 U.S.C. 80a-2(a)(16)).
    (15) Guarantee means an unconditional obligation of a person other
than the issuer of the security to undertake to pay, upon presentment
by the holder of the Guarantee (if required), the principal amount of
the underlying security plus accrued interest when due or upon default,
or, in the case of an Unconditional Demand Feature, an obligation that
entitles the holder to receive upon exercise the approximate amortized
cost of the underlying security or securities, plus accrued interest,
if any. A Guarantee includes a letter of credit, financial guaranty
(bond) insurance, and an Unconditional Demand Feature (other than an
Unconditional Demand Feature provided by the issuer of the security).
    (16) Guarantee Issued By A Non-Controlled Person means a Guarantee
issued by:
    (i) A person that, directly or indirectly, does not control, and is
not controlled by or under common control with the issuer of the
security subject to the Guarantee (control means ``control'' as defined
in section 2(a)(9) of the Act (15 U.S.C. 80a-2(a)(9)); or
    (ii) A sponsor of a Special Purpose Entity with respect to an Asset
Backed Security.
    (17) Institutional Fund means a money market fund whose board of
directors determines, no less frequently than once each calendar year,
is intended to be offered primarily to institutional investors or has
the characteristics of such a fund, based on the:
    (i) Nature of the record owners of the fund's shares;
    (ii) Minimum initial investment requirements; and
    (iii) Historical cash flows that have resulted or expected cash
flows that would result from purchases and redemptions.
    (18) Liquid Security means a security that can be sold or disposed
of in the ordinary course of business within seven calendar days at
approximately its amortized cost.

    (19) NRSRO means any nationally recognized statistical rating
organization, as that term is defined in section 3(a)(62) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(62)), that is not an
``affiliated person,'' as defined in section 2(a)(3)(C) of the Act (15
U.S.C. 80a-2(a)(3)(C)), of the issuer of, or any insurer or provider of
credit support for, the security.
    (20) Penny-Rounding Method of pricing means the method of computing
an investment company's price per share for purposes of distribution,
redemption and repurchase whereby the current net asset value per share
is rounded to the nearest one percent.
    (21) Rated Security means a security that meets the requirements of
paragraphs (a)(21)(i) or (ii) of this section, in each case subject to
paragraph (a)(21)(iii) of this section:
    (i) The security has received a short-term rating from an NRSRO, or
has been issued by an issuer that has received a short-term rating from
an NRSRO with respect to a class of debt obligations (or any debt
obligation within that class) that is comparable in priority and
security with the security; or
    (ii) The security is subject to a Guarantee that has received a
short-term rating from an NRSRO, or a Guarantee issued by a guarantor
that has received a short-term rating from an NRSRO with respect to a
class of debt obligations (or any debt obligation within that class)
that is comparable in priority and security with the Guarantee; but
    (iii) A security is not a Rated Security if it is subject to an
external credit support agreement (including an arrangement by which
the security has become a Refunded Security) that was not in effect
when the security was assigned its rating, unless the security has
received a short-term rating reflecting the existence of the credit
support agreement as provided in paragraph (a)(21)(i) of this section,
or the credit support agreement with respect to the security has
received a short-term rating as provided in paragraph (a)(21)(ii) of
this section.
    (22) Refunded Security means ``Refunded Security'' as defined in
Sec.  270.5b-3(c)(4).
    (23) Requisite NRSROs means:
    (i) Any two NRSROs that have issued a rating with respect to a
security or class of debt obligations of an issuer; or
    (ii) If only one NRSRO has issued a rating with respect to such
security or class of debt obligations of an issuer at the time the fund
acquires the security, that NRSRO.
    (24) Retail Fund means any money market fund that the board of
directors has not determined within the calendar year is an
Institutional Fund under paragraph (c)(5)(v) of this section.
    (25) Single State Fund means a Tax Exempt Fund that holds itself
out as seeking to maximize the amount of its distributed income that is
exempt from the income taxes or other taxes on investments of a
particular state and, where applicable, subdivisions thereof.
    (26) Tax Exempt Fund means any money market fund that holds itself
out as distributing income exempt from regular federal income tax.
    (27) Total Assets means, with respect to a money market fund using
the Amortized Cost Method, the total amortized cost of its assets and,
with respect to any other money market fund, the total market-based
value of its assets.
    (28) Unconditional Demand Feature means a Demand Feature that by
its terms would be readily exercisable in the event of a default in
payment of principal or interest on the underlying security or
securities.
    (29) United States Dollar-Denominated means, with reference to a
security, that all principal and interest payments on such security are
payable to security holders in United States dollars under all
circumstances and that the interest rate of, the principal amount to be
repaid, and the timing of payments related to such security do not vary
or float with the value of a foreign currency, the rate of interest
payable on foreign currency borrowings, or with any other interest rate
or index expressed in a currency other than United States dollars.
    (30) Unrated Security means a security that is not a Rated
Security.
    (31) Variable Rate Security means a security the terms of which
provide for the adjustment of its interest rate on set dates (such as
the last day of a month or calendar quarter) and that, upon each
adjustment until the final maturity of the instrument or the period
remaining until the principal amount can be recovered through demand,
can reasonably be expected to have a market value that approximates its
amortized cost.
    (32) Weekly Liquid Assets means:
    (i) Cash;
    (ii) Direct obligations of the U.S. Government; or
    (iii) Securities that will mature or are subject to a Demand
Feature that is exercisable and payable within five Business Days.
    (b) Holding Out and Use of Names and Titles. (1) It shall be an
untrue statement of material fact within the meaning of section 34(b)
of the Act (15 U.S.C. 80a-33(b)) for a registered investment company,
in any registration statement, application, report, account, record, or
other document filed or transmitted pursuant to the Act, including any
advertisement, pamphlet, circular, form letter, or other sales
literature addressed to or intended for distribution to prospective
investors that is required to be filed with the Commission by section
24(b) of the Act (15 U.S.C. 80a-24(b)), to hold itself out to investors
as a money market fund or the equivalent of a money market fund, unless
such registered investment company meets the conditions of paragraphs
(c)(2), (c)(3), (c)(4) and (c)(5) of this section.
    (2) It shall constitute the use of a materially deceptive or
misleading name or title within the meaning of section 35(d) of the Act
(15 U.S.C. 80a-34(d)) for a registered investment company to adopt the
term ``money market'' as part of its name or title or the name or title
of any redeemable securities of which it is the issuer, or to adopt a
name that suggests that it is a money market fund or the equivalent of
a money market fund, unless such registered investment company meets
the conditions of paragraphs (c)(2), (c)(3), (c)(4), and (c)(5) of this
section.
    (3) For purposes of this paragraph, a name that suggests that a
registered investment company is a money market fund or the equivalent
thereof shall include one that uses such terms as ``cash,'' ``liquid,''
``money,'' ``ready assets'' or similar terms.
    (c) Share Price Calculations. The current price per share, for
purposes of distribution, redemption and repurchase, of any redeemable
security issued by any registered investment company (``money market
fund'' or ``fund''), notwithstanding the requirements of section
2(a)(41) of the Act (15 U.S.C. 80a-2(a)(41)) and of Sec. Sec.  270.2a-4
and 270.22c-1 thereunder, may be computed by use of the Amortized Cost
Method or the Penny-Rounding Method; provided, however, that:
    (1) Board Findings. The board of directors of the money market fund
shall determine, in good faith, that it is in the best interests of the
fund and its shareholders to maintain a stable net asset value per
share or stable price per share, by virtue of either the Amortized Cost
Method or the Penny-Rounding Method, and that the money market fund
will continue to use such method only so long as the board of directors
believes that it fairly reflects the market-based net asset value per
share. The board shall annually determine in good faith that the fund
(or its transfer agent) has the capacity to redeem and sell securities
issued by the fund at a price

based on the current net asset value per share pursuant to Sec.
270.22c-1. Such capacity shall include the ability to redeem and sell
securities at prices that do not correspond to a stable net asset value
or price per share.
    (2) Portfolio Maturity. The money market fund shall maintain a
dollar-weighted average portfolio maturity appropriate to its objective
of maintaining a stable net asset value per share or price per share;
provided, however, that the money market fund will not:
    (i) Acquire any instrument with a remaining maturity of greater
than 397 calendar days;
    (ii) Maintain a dollar-weighted average portfolio maturity that
exceeds 60 calendar days; or
    (iii) Maintain a dollar-weighted average portfolio maturity that
exceeds 120 calendar days, determined without reference to the
exceptions in paragraph (d) of this section regarding interest rate
readjustments.
    (3) Portfolio Quality. (i) General. The money market fund shall
limit its portfolio investments to those United States Dollar-
Denominated securities that the fund's board of directors determines
present minimal credit risks (which determination must be based on
factors pertaining to credit quality in addition to any rating assigned
to such securities by an NRSRO) and that are at the time of Acquisition
Eligible Securities.
    (ii) Securities Subject to Guarantees. A security that is subject
to a Guarantee may be determined to be an Eligible Security based
solely on whether the Guarantee is an Eligible Security.
    (iii) Securities Subject to Conditional Demand Features. A security
that is subject to a Conditional Demand Feature (``Underlying
Security'') may be determined to be an Eligible Security only if:
    (A) The Conditional Demand Feature is an Eligible Security;
    (B) At the time of the Acquisition of the Underlying Security, the
money market fund's board of directors has determined that there is
minimal risk that the circumstances that would result in the
Conditional Demand Feature not being exercisable will occur; and
    (1) The conditions limiting exercise either can be monitored
readily by the fund, or relate to the taxability, under federal, state
or local law, of the interest payments on the security; or
    (2) The terms of the Conditional Demand Feature require that the
fund will receive notice of the occurrence of the condition and the
opportunity to exercise the Demand Feature in accordance with its
terms; and
    (C) The Underlying Security or any Guarantee of such security (or
the debt securities of the issuer of the Underlying Security or
Guarantee that are comparable in priority and security with the
Underlying Security or Guarantee) has received either a short-term
rating or a long-term rating, as the case may be, from the Requisite
NRSROs within the NRSROs' highest short-term or long-term rating
categories (within which there may be sub-categories or gradations
indicating relative standing) or, if unrated, is determined to be of
comparable quality by the money market fund's board of directors to a
security that has received a rating from the Requisite NRSROs within
the NRSROs' highest short-term or long-term rating categories, as the
case may be.
    (4) Portfolio Diversification. (i) Issuer Diversification. The
money market fund shall be diversified with respect to issuers of
securities Acquired by the fund as provided in paragraphs (c)(4)(i) and
(c)(4)(ii) of this section, other than with respect to Government
Securities and securities subject to a Guarantee Issued By A Non-
Controlled Person.
    (A) Taxable and National Funds. Immediately after the Acquisition
of any security, a money market fund other than a Single State Fund
shall not have invested more than five percent of its Total Assets in
securities issued by the issuer of the security; provided, however,
that such a fund may invest up to twenty-five percent of its Total
Assets in the securities of a single issuer for a period of up to three
Business Days after the Acquisition thereof; Provided, further, that
the fund may not invest in the securities of more than one issuer in
accordance with the foregoing proviso in this paragraph at any time.
    (B) Single State Funds. With respect to seventy-five percent of its
Total Assets, immediately after the Acquisition of any security, a
Single State Fund shall not have invested more than five percent of its
Total Assets in securities issued by the issuer of the security.
    (ii) Issuer Diversification Calculations. For purposes of making
calculations under paragraph (c)(4)(i) of this section:
    (A) Repurchase Agreements. The Acquisition of a repurchase
agreement may be deemed to be an Acquisition of the underlying
securities, provided the obligation of the seller to repurchase the
securities from the money market fund is Collateralized Fully and the
fund's board of directors has evaluated the seller's creditworthiness.
    (B) Refunded Securities. The Acquisition of a Refunded Security
shall be deemed to be an Acquisition of the escrowed Government
Securities.
    (C) Conduit Securities. A Conduit Security shall be deemed to be
issued by the person (other than the Municipal Issuer) ultimately
responsible for payments of interest and principal on the security.
    (D) Asset Backed Securities. (1) General. An Asset Backed Security
Acquired by a fund (``Primary ABS'') shall be deemed to be issued by
the Special Purpose Entity that issued the Asset Backed Security;
provided, however:
    (i) Holdings of Primary ABS. Any person whose obligations
constitute ten percent or more of the principal amount of the
Qualifying Assets of the Primary ABS (``Ten Percent Obligor'') shall be
deemed to be an issuer of the portion of the Primary ABS such
obligations represent; and
    (ii) Holdings of Secondary ABS. If a Ten Percent Obligor of a
Primary ABS is itself a Special Purpose Entity issuing Asset Backed
Securities (``Secondary ABS''), any Ten Percent Obligor of such
Secondary ABS also shall be deemed to be an issuer of the portion of
the Primary ABS that such Ten Percent Obligor represents.
    (2) Restricted Special Purpose Entities. A Ten Percent Obligor with
respect to a Primary or Secondary ABS shall not be deemed to have
issued any portion of the assets of a Primary ABS as provided in
paragraph (c)(4)(ii)(D)(1) of this section if that Ten Percent Obligor
is itself a Special Purpose Entity issuing Asset Backed Securities
(``Restricted Special Purpose Entity''), and the securities that it
issues (other than securities issued to a company that controls, or is
controlled by or under common control with, the Restricted Special
Purpose Entity and which is not itself a Special Purpose Entity issuing
Asset Backed Securities) are held by only one other Special Purpose
Entity.
    (3) Demand Features and Guarantees. In the case of a Ten Percent
Obligor deemed to be an issuer, the fund shall satisfy the
diversification requirements of paragraph (c)(4)(iii) of this section
with respect to any Demand Feature or Guarantee to which the Ten
Percent Obligor's obligations are subject.
    (E) Shares of Other Money Market Funds. A money market fund that
Acquires shares issued by another money market fund in an amount that
would otherwise be prohibited by paragraph (c)(4)(i) of this section
shall nonetheless be deemed in compliance with this section if the
board of directors of the Acquiring money market fund reasonably
believes that the fund

in which it has invested is in compliance with this section.
    (iii) Diversification Rules for Demand Features and Guarantees. The
money market fund shall be diversified with respect to Demand Features
and Guarantees Acquired by the fund as provided in paragraphs
(c)(4)(iii) and (c)(4)(iv) of this section, other than with respect to
a Demand Feature issued by the same institution that issued the
underlying security, or with respect to a Guarantee or Demand Feature
that is itself a Government Security.
    (A) General. Immediately after the Acquisition of any Demand
Feature or Guarantee or security subject to a Demand Feature or
Guarantee, a money market fund, with respect to seventy-five percent of
its Total Assets, shall not have invested more than ten percent of its
Total Assets in securities issued by or subject to Demand Features or
Guarantees from the institution that issued the Demand Feature or
Guarantee, subject to paragraph (c)(4)(iii)(B) of this section.
    (B) Demand Features or Guarantees Issued by Non-Controlled Persons.
Immediately after the Acquisition of any security subject to a Demand
Feature or Guarantee, a money market fund shall not have invested more
than ten percent of its Total Assets in securities issued by, or
subject to Demand Features or Guarantees from the institution that
issued the Demand Feature or Guarantee, unless, with respect to any
security subject to Demand Features or Guarantees from that institution
(other than securities issued by such institution), the Demand Feature
or Guarantee is a Demand Feature or Guarantee Issued By A Non-
Controlled Person.
    (iv) Demand Feature and Guarantee Diversification Calculations. (A)
Fractional Demand Features or Guarantees. In the case of a security
subject to a Demand Feature or Guarantee from an institution by which
the institution guarantees a specified portion of the value of the
security, the institution shall be deemed to guarantee the specified
portion thereof.
    (B) Layered Demand Features or Guarantees. In the case of a
security subject to Demand Features or Guarantees from multiple
institutions that have not limited the extent of their obligations as
described in paragraph (c)(4)(iv)(A) of this section, each institution
shall be deemed to have provided the Demand Feature or Guarantee with
respect to the entire principal amount of the security.
    (v) Diversification Safe Harbor. A money market fund that satisfies
the applicable diversification requirements of paragraphs (c)(4) and
(c)(6) of this section shall be deemed to have satisfied the
diversification requirements of section 5(b)(1) of the Act (15 U.S.C.
80a-5(b)(1)) and the rules adopted thereunder.
    (5) Portfolio Liquidity. (i) Liquid Securities. The money market
fund shall limit its portfolio investments to cash and securities that
at the time of Acquisition are Liquid Securities.
    (ii) General Liquidity Requirement. The money market fund shall
hold Daily Liquid Assets and Weekly Liquid Assets sufficient to meet
reasonably foreseeable shareholder redemptions in light of the fund's
obligations under section 22(e) of the Act (15 U.S.C. 80a-22(e)) and
any commitments the fund has made to shareholders.
    (iii) Minimum Daily Liquidity Requirement. A money market fund
shall not Acquire any security other than a Daily Liquid Asset if,
immediately after the Acquisition, a Retail Fund would have invested
less than five percent of its Total Assets, and an Institutional Fund
would have invested less than ten percent of its Total Assets, in Daily
Liquid Assets. This provision shall not apply to Tax Exempt Funds.
    (iv) Minimum Weekly Liquidity Requirement. A money market fund
shall not Acquire any security if, immediately after the Acquisition, a
Retail Fund would have invested less than fifteen percent of its Total
Assets, and an Institutional Fund would have invested less than thirty
percent of its Total Assets, in Weekly Liquid Assets.
    (v) Annual Board Determination. The board of directors of each
money market fund shall determine no less than once each calendar year
whether the fund is an Institutional Fund for purposes of meeting the
minimum liquidity requirements set forth in paragraphs (c)(5)(iii) and
(iv) of this section.
    (6) Demand Features and Guarantees Not Relied Upon. If the fund's
board of directors has determined that the fund is not relying on a
Demand Feature or Guarantee to determine the quality (pursuant to
paragraph (c)(3) of this section), or maturity (pursuant to paragraph
(d) of this section), or liquidity of a portfolio security, and
maintains a record of this determination (pursuant to paragraphs
(c)(10)(ii) and (c)(11)(vi) of this section), then the fund may
disregard such Demand Feature or Guarantee for all purposes of this
section.
    (7) Downgrades, Defaults and Other Events. (i) Downgrades. (A)
General. In the event that the money market fund's investment adviser
(or any person to whom the fund's board of directors has delegated
portfolio management responsibilities) becomes aware that any Unrated
Security held by the money market fund has, since the security was
Acquired by the fund, been given a rating by any NRSRO below the
NRSRO's highest short-term rating category, the board of directors of
the money market fund shall reassess promptly whether such security
continues to present minimal credit risks and shall cause the fund to
take such action as the board of directors determines is in the best
interests of the money market fund and its shareholders.
    (B) The reassessment required by paragraph (c)(7)(i)(A) of this
section shall not be required if the fund disposes of the security (or
it matures) within five Business Days.
    (ii) Defaults and Other Events. Upon the occurrence of any of the
events specified in paragraphs (c)(7)(ii)(A) through (D) of this
section with respect to a portfolio security, the money market fund
shall dispose of such security as soon as practicable consistent with
achieving an orderly disposition of the security, by sale, exercise of
any Demand Feature or otherwise, absent a finding by the board of
directors that disposal of the portfolio security would not be in the
best interests of the money market fund (which determination may take
into account, among other factors, market conditions that could affect
the orderly disposition of the portfolio security):
    (A) The default with respect to a portfolio security (other than an
immaterial default unrelated to the financial condition of the issuer);
    (B) A portfolio security ceases to be an Eligible Security;
    (C) A portfolio security has been determined to no longer present
minimal credit risks; or
    (D) An Event of Insolvency occurs with respect to the issuer of a
portfolio security or the provider of any Demand Feature or Guarantee.
    (iii) Notice to the Commission. The money market fund shall
promptly notify the Commission by electronic mail directed to the
Director of Investment Management or the Director's designee, of any:
    (A) Default with respect to one or more portfolio securities (other
than an immaterial default unrelated to the financial condition of the
issuer) or an Event of Insolvency with respect to the issuer of the
security or any Demand Feature or Guarantee to which it is subject,
where immediately before default the securities (or the securities
subject to the Demand Feature or Guarantee) accounted for \1/2\ of 1
percent

or more of a money market fund's Total Assets, the money market fund
shall promptly notify the Commission of such fact and the actions the
money market fund intends to take in response to such situation; or
    (B) Purchase of a security from the fund by an affiliated person in
reliance on Sec.  270.17a-9 of this section, and the reasons for such
purchase.
    (iv) Defaults for Purposes of Paragraphs (c)(7)(ii) and (iii). For
purposes of paragraphs (c)(7)(ii) and (iii) of this section, an
instrument subject to a Demand Feature or Guarantee shall not be deemed
to be in default (and an Event of Insolvency with respect to the
security shall not be deemed to have occurred) if:
    (A) In the case of an instrument subject to a Demand Feature, the
Demand Feature has been exercised and the fund has recovered either the
principal amount or the amortized cost of the instrument, plus accrued
interest; or
    (B) The provider of the Guarantee is continuing, without protest,
to make payments as due on the instrument.
    (8) Required Procedures: Amortized Cost Method. In the case of a
money market fund using the Amortized Cost Method:
    (i) General. In supervising the money market fund's operations and
delegating special responsibilities involving portfolio management to
the money market fund's investment adviser, the money market fund's
board of directors, as a particular responsibility within the overall
duty of care owed to its shareholders, shall establish written
procedures reasonably designed, taking into account current market
conditions and the money market fund's investment objectives, to
stabilize the money market fund's net asset value per share, as
computed for the purpose of distribution, redemption and repurchase, at
a single value.
    (ii) Specific Procedures. Included within the procedures adopted by
the board of directors shall be the following:
    (A) Shadow Pricing. Written procedures shall provide:
    (1) That the extent of deviation, if any, of the current net asset
value per share calculated using available market quotations (or an
appropriate substitute that reflects current market conditions) from
the money market fund's amortized cost price per share, shall be
calculated at such intervals as the board of directors determines
appropriate and reasonable in light of current market conditions;
    (2) For the periodic review by the board of directors of the amount
of the deviation as well as the methods used to calculate the
deviation; and
    (3) For the maintenance of records of the determination of
deviation and the board's review thereof.
    (B) Prompt Consideration of Deviation. In the event such deviation
from the money market fund's amortized cost price per share exceeds \1/
2\ of 1 percent, the board of directors shall promptly consider what
action, if any, should be initiated by the board of directors.
    (C) Material Dilution or Unfair Results. Where the board of
directors believes the extent of any deviation from the money market
fund's amortized cost price per share may result in material dilution
or other unfair results to investors or existing shareholders, it shall
cause the fund to take such action as it deems appropriate to eliminate
or reduce to the extent reasonably practicable such dilution or unfair
results.
    (D) Stress Testing. Written procedures shall provide for:
    (1) The periodic testing, at such intervals as the board of
directors determines appropriate and reasonable in light of current
market conditions, of the money market fund's ability to maintain a
stable net asset value per share based upon specified hypothetical
events, that include, but are not limited to, a change in short-term
interest rates, an increase in shareholder redemptions, a downgrade of
or default on portfolio securities, and the widening or narrowing of
spreads between yields on an appropriate benchmark the fund has
selected for overnight interest rates and commercial paper and other
types of securities held by the fund;
    (2) A report on the results of such testing to be provided to the
board of directors at its next regularly scheduled meeting, which
report shall include the date(s) on which the testing was performed and
the magnitude of each hypothetical event that would cause the deviation
of the money market fund's net asset value calculated using available
market quotations (or appropriate substitutes which reflect current
market conditions) from its net asset value per share calculated using
amortized cost to exceed \1/2\ of 1 percent; and
    (3) An assessment by the fund's adviser of the fund's ability to
withstand the events (and concurrent occurrences of those events) that
are reasonably likely to occur within the following year.
    (9) Required Procedures: Penny-Rounding Method. In the case of a
money market fund using the Penny-Rounding Method, in supervising the
money market fund's operations and delegating special responsibilities
involving portfolio management to the money market fund's investment
adviser, the money market fund's board of directors undertakes, as a
particular responsibility within the overall duty of care owed to its
shareholders, to assure to the extent reasonably practicable, taking
into account current market conditions affecting the money market
fund's investment objectives, that the money market fund's price per
share as computed for the purpose of distribution, redemption and
repurchase, rounded to the nearest one percent, will not deviate from
the single price established by the board of directors.
    (10) Specific Procedures: Amortized Cost and Penny-Rounding
Methods. Included within the procedures adopted by the board of
directors for money market funds using either the Amortized Cost or
Penny-Rounding Methods shall be the following:
    (i) Securities for Which Maturity Is Determined by Reference to
Demand Features. In the case of a security for which maturity is
determined by reference to a Demand Feature, written procedures shall
require ongoing review of the security's continued minimal credit
risks, and that review must be based on, among other things, financial
data for the most recent fiscal year of the issuer of the Demand
Feature and, in the case of a security subject to a Conditional Demand
Feature, the issuer of the security whose financial condition must be
monitored under paragraph (c)(3)(iv) of this section, whether such data
is publicly available or provided under the terms of the security's
governing documentation.
    (ii) Securities Subject to Demand Features or Guarantees. In the
case of a security subject to one or more Demand Features or Guarantees
that the fund's board of directors has determined that the fund is not
relying on to determine the quality (pursuant to paragraph (c)(3) of
this section), maturity (pursuant to paragraph (d) of this section) or
liquidity of the security subject to the Demand Feature or Guarantee,
written procedures shall require periodic evaluation of such
determination.
    (iii) Adjustable Rate Securities Without Demand Features. In the
case of a Variable Rate or Floating Rate Security that is not subject
to a Demand Feature and for which maturity is determined pursuant to
paragraphs (d)(1), (d)(2) or (d)(4) of this section, written procedures
shall require periodic review of whether the interest rate formula,
upon readjustment of its interest rate, can reasonably be expected to
cause the

security to have a market value that approximates its amortized cost
value.
    (iv) Asset Backed Securities. In the case of an Asset Backed
Security, written procedures shall require the fund to periodically
determine the number of Ten Percent Obligors (as that term is used in
paragraph (c)(4)(ii)(D) of this section) deemed to be the issuers of
all or a portion of the Asset Backed Security for purposes of paragraph
(c)(4)(ii)(D) of this section; Provided, however, written procedures
need not require periodic determinations with respect to any Asset
Backed Security that a fund's board of directors has determined, at the
time of Acquisition, will not have, or is unlikely to have, Ten Percent
Obligors that are deemed to be issuers of all or a portion of that
Asset Backed Security for purposes of paragraph (c)(4)(ii)(D) of this
section, and maintains a record of this determination.
    (11) Record Keeping and Reporting. (i) Written Procedures. For a
period of not less than six years following the replacement of such
procedures with new procedures (the first two years in an easily
accessible place), a written copy of the procedures (and any
modifications thereto) described in paragraphs (c)(7) through (c)(10)
and (e) of this section shall be maintained and preserved.
    (ii) Board Considerations and Actions. For a period of not less
than six years (the first two years in an easily accessible place) a
written record shall be maintained and preserved of the board of
directors' considerations and actions taken in connection with the
discharge of its responsibilities, as set forth in this section, to be
included in the minutes of the board of directors' meetings.
    (iii) Credit Risk Analysis. For a period of not less than three
years from the date that the credit risks of a portfolio security were
most recently reviewed, a written record of the determination that a
portfolio security presents minimal credit risks and the NRSRO ratings
(if any) used to determine the status of the security as an Eligible
Security shall be maintained and preserved in an easily accessible
place.
    (iv) Determinations With Respect to Adjustable Rate Securities. For
a period of not less than three years from the date when the
determination was most recently made, a written record shall be
preserved and maintained, in an easily accessible place, of the
determination required by paragraph (c)(10)(iii) of this section (that
a Variable Rate or Floating Rate Security that is not subject to a
Demand Feature and for which maturity is determined pursuant to
paragraphs (d)(1), (d)(2) or (d)(4) of this section can reasonably be
expected, upon readjustment of its interest rate at all times during
the life of the instrument, to have a market value that approximates
its amortized cost).
    (v) Determinations with Respect to Asset Backed Securities. For a
period of not less than three years from the date when the
determination was most recently made, a written record shall be
preserved and maintained, in an easily accessible place, of the
determinations required by paragraph (c)(10)(iv) of this section (the
number of Ten Percent Obligors (as that term is used in paragraph
(c)(4)(ii)(D) of this section) deemed to be the issuers of all or a
portion of the Asset Backed Security for purposes of paragraph
(c)(4)(ii)(D) of this section). The written record shall include:
    (A) The identities of the Ten Percent Obligors (as that term is
used in paragraph (c)(4)(ii)(D) of this section), the percentage of the
Qualifying Assets constituted by the securities of each Ten Percent
Obligor and the percentage of the fund's Total Assets that are invested
in securities of each Ten Percent Obligor; and
    (B) Any determination that an Asset Backed Security will not have,
or is unlikely to have, Ten Percent Obligors deemed to be issuers of
all or a portion of that Asset Backed Security for purposes of
paragraph (c)(4)(ii)(D) of this section.
    (vi) Evaluations With Respect to Securities Subject to Demand
Features or Guarantees. For a period of not less than three years from
the date when the evaluation was most recently made, a written record
shall be preserved and maintained, in an easily accessible place, of
the evaluation required by paragraph (c)(10)(ii) (regarding securities
subject to one or more Demand Features or Guarantees) of this section.
    (vii) Reports and Assessments with Respect to Stress Testing. For a
period of not less than six years (the first two years in an easily
accessible place), a written copy of the report required under
paragraph (c)(8)(ii)(D)(2) of this section and a written record of the
assessment required under paragraph (c)(8)(ii)(D)(3) of this section
shall be maintained and preserved.
    (viii) Inspection of Records. The documents preserved pursuant to
this paragraph (c)(11) shall be subject to inspection by the Commission
in accordance with section 31(b) of the Act (15 U.S.C. 80a-30(b)) as if
such documents were records required to be maintained pursuant to rules
adopted under section 31(a) of the Act (15 U.S.C. 80a-30(a)). If any
action was taken under paragraphs (c)(7)(ii) (with respect to defaulted
securities and events of insolvency) or (c)(8)(ii) (with respect to a
deviation from the fund's share price of more than \1/2\ of 1 percent)
of this section, the money market fund will file an exhibit to the Form
N-SAR (17 CFR 274.101) filed for the period in which the action was
taken describing with specificity the nature and circumstances of such
action. The money market fund will report in an exhibit to such Form
any securities it holds on the final day of the reporting period that
are not Eligible Securities.
    (12) Public Disclosure of Valuations. The money market fund shall
post on its Web site, for a period of not less than twelve months,
beginning no later than the second business day of the month, the
fund's schedule of investments, as prescribed by rules 12-12 through
12-14 of Regulation S-X [17 CFR 210.12.-12 through 210.12-14], as of
the last business day of the prior month.
    (d) Maturity of Portfolio Securities. For purposes of this section,
the maturity of a portfolio security shall be deemed to be the period
remaining (calculated from the trade date or such other date on which
the fund's interest in the security is subject to market action) until
the date on which, in accordance with the terms of the security, the
principal amount must unconditionally be paid, or in the case of a
security called for redemption, the date on which the redemption
payment must be made, except as provided in paragraphs (d)(1) through
(d)(8) of this section:
    (1) Adjustable Rate Government Securities. A Government Security
that is a Variable Rate Security where the variable rate of interest is
readjusted no less frequently than every 397 calendar days shall be
deemed to have a maturity equal to the period remaining until the next
readjustment of the interest rate. A Government Security that is a
Floating Rate Security shall be deemed to have a remaining maturity of
one day.
    (2) Short-Term Variable Rate Securities. A Variable Rate Security,
the principal amount of which, in accordance with the terms of the
security, must unconditionally be paid in 397 calendar days or less
shall be deemed to have a maturity equal to the earlier of the period
remaining until the next readjustment of the interest rate or the
period remaining until the principal amount can be recovered through
demand.
    (3) Long-Term Variable Rate Securities. A Variable Rate Security,
the principal amount of which is scheduled to be paid in more than 397
calendar

days, that is subject to a Demand Feature, shall be deemed to have a
maturity equal to the longer of the period remaining until the next
readjustment of the interest rate or the period remaining until the
principal amount can be recovered through demand.
    (4) Short-Term Floating Rate Securities. A Floating Rate Security,
the principal amount of which, in accordance with the terms of the
security, must unconditionally be paid in 397 calendar days or less
shall be deemed to have a maturity of one day.
    (5) Long-Term Floating Rate Securities. A Floating Rate Security,
the principal amount of which is scheduled to be paid in more than 397
calendar days, that is subject to a Demand Feature, shall be deemed to
have a maturity equal to the period remaining until the principal
amount can be recovered through demand.
    (6) Repurchase Agreements. A repurchase agreement shall be deemed
to have a maturity equal to the period remaining until the date on
which the repurchase of the underlying securities is scheduled to
occur, or, where the agreement is subject to demand, the notice period
applicable to a demand for the repurchase of the securities.
    (7) Portfolio Lending Agreements. A portfolio lending agreement
shall be treated as having a maturity equal to the period remaining
until the date on which the loaned securities are scheduled to be
returned, or where the agreement is subject to demand, the notice
period applicable to a demand for the return of the loaned securities.
    (8) Money Market Fund Securities. An investment in a money market
fund shall be treated as having a maturity equal to the period of time
within which the Acquired money market fund is required to make payment
upon redemption, unless the Acquired money market fund has agreed in
writing to provide redemption proceeds to the investing money market
fund within a shorter time period, in which case the maturity of such
investment shall be deemed to be the shorter period.
    (e) Delegation. The money market fund's board of directors may
delegate to the fund's investment adviser or officers the
responsibility to make any determination required to be made by the
board of directors under this section (other than the determinations
required by paragraphs (c)(1) (board findings); (c)(7)(ii) (defaults
and other events); (c)(8)(i) (general required procedures: Amortized
Cost Method); (c)(8)(ii)(A) (shadow pricing), (B) (prompt consideration
of deviation), and (C) (material dilution or unfair results); and
(c)(9) (required procedures: Penny-Rounding Method) of this section)
provided:
    (1) Written Guidelines. The Board shall establish and periodically
review written guidelines (including guidelines for determining whether
securities present minimal credit risks as required in paragraph (c)(3)
of this section) and procedures under which the delegate makes such
determinations:
    (2) Oversight. The Board shall take any measures reasonably
necessary (through periodic reviews of fund investments and the
delegate's procedures in connection with investment decisions and
prompt review of the adviser's actions in the event of the default of a
security or Event of Insolvency with respect to the issuer of the
security or any Guarantee to which it is subject that requires
notification of the Commission under paragraph (c)(7)(iii) of this
section) to assure that the guidelines and procedures are being
followed.
    3. Section 270.17a-9 is revised to read as follows:

Sec.  270.17a-9  Purchase of certain securities from a money market
fund by an affiliate, or an affiliate of an affiliate.

    The purchase of a security from the portfolio of an open-end
investment company holding itself out as a money market fund by any
affiliated person or promoter of or principal underwriter for the money
market fund or any affiliated person of such person shall be exempt
from Section 17(a) of the Act (15 U.S.C. 80a-17(a)); provided that:
    (a) In the case of a portfolio security that has ceased to be an
Eligible Security (as defined in Sec.  270.2a-7 (a)(11), or has
defaulted (other than an immaterial default unrelated to the financial
condition of the issuer):
    (1) The purchase price is paid in cash; and
    (2) The purchase price is equal to the greater of the amortized
cost of the security or its market price (in each case, including
accrued interest).
    (b) In the case of any other portfolio security:
    (1) The purchase price meets the requirements of paragraphs (a)(1)
and (2) of this section; and
    (2) In the event that the purchaser thereafter sells the security
for a higher price than the purchase price paid to the money market
fund, the purchaser shall promptly pay to the fund the amount by which
the subsequent sale price exceeds the purchase price paid to the fund.
    4. Section 270.22e-3 is added to read as follows:

Sec.  270.22e-3  Exemption for liquidation of money market funds.

    (a) A registered open-end management investment company or series
thereof (``fund'') that is regulated as a money market fund under Sec.
270.2a-7 is exempt from the requirements of section 22(e) of the Act
(15 U.S.C. 80a-22(e)) if:
    (1) The fund's current price per share calculated pursuant to Sec.
270.2a-7(c) is less than the fund's stable net asset value or price per
share;
    (2) The fund's board of directors, including a majority of
directors who are not interested persons of the fund, has approved the
liquidation of the fund; and
    (3) The fund, prior to suspending redemptions, notifies the
Commission of its decision to liquidate and suspend redemptions, by
electronic mail directed to the attention of the Director of the
Division of Investment Management or his designee.
    (b) Any fund that owns, pursuant to section 12(d)(1)(E) of the Act
(15 U.S.C. 80a-12(d)(1)(E)), shares of a money market fund that has
suspended redemptions of shares pursuant to paragraph (a) of this
section also is exempt from the requirements of section 22(e) of the
Act. A fund relying on the exemption provided in this paragraph must
promptly notify the Commission that it has suspended redemptions in
reliance on this section. Notification under this paragraph shall be
made by electronic mail directed to the attention of the Director of
the Division of Investment Management or his designee.
    (c) For the protection of fund shareholders, the Commission may
issue an order to rescind or modify the exemption provided by this
section as to that fund, after appropriate notice and opportunity for
hearing in accordance with section 40 of the Act (15 U.S.C. 80a-39).
    5. Section 270.30b1-5 is revised to read as follows:

Sec.  270.30b1-5  Quarterly report.

    Every registered management investment company, other than a small
business investment company registered on Form N-5 (Sec. Sec.  239.24
and 274.5 of this chapter), shall file a quarterly report on Form N-Q
(Sec. Sec.  249.332 and 274.130 of this chapter) not more than 60 days
after the close of the first and third quarters of each fiscal year. A
registered management investment company that has filed a registration
statement with the Commission registering its securities for the first
time under the Securities Act of 1933 is relieved of this reporting
obligation with respect to any reporting

period or portion thereof prior to the date on which that registration
statement becomes effective or is withdrawn. A registered management
investment company regulated as a money market fund under Sec.  270.2a-
7 is relieved of the reporting obligation required pursuant to Item 1
of Form N-Q.
    6. Section 270.30b1-6 is added to read as follows:

Sec.  270.30b1-6  Monthly report for money market funds.

    Every registered open-end management investment company, or series
thereof, that is regulated as a money market fund under Sec.  270.2a-7
must file with the Commission a monthly report of portfolio holdings on
Form N-MFP no later than the second business day of each month.

PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

    7. The authority citation for Part 274 continues to read in part as
follows:

    Authority:  15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78o(d), 80a-8, 80a-24, 80a-26, and 80a-29, unless otherwise
noted.

    8. Section 274.201 and Form N-MFP are added to read as follows:

Sec.  274.201  Form N-MFP, Portfolio Holdings of Money Market Funds.

    This form shall be used by registered management investment
companies that are regulated as money market funds under Sec.  270.2a-7
of this chapter to file reports pursuant to Sec.  270.30b1-6 of this
chapter not later than two business days after the end of each month.

    Note:  The text of Form N-MFP will not appear in the Code of
Federal Regulations.

Form N-MFP--Monthly Schedule of Portfolio Holdings of Money Market
Funds

    Form N-MFP is to be used by open-end management investment
companies, or series thereof, that are regulated as money market funds
under Sec.  270.2a-7 (``money market funds''), to file reports with the
Commission, not later than the second business day of each month,
pursuant to rule 30b1-6 under the Investment Company Act of 1940 (17
CFR 270.30b1-6). The Commission may use the information provided on
Form N-MFP in its regulatory, disclosure review, inspection, and
policymaking roles.

General Instructions

A. Rule as to Use of Form N-MFP

    Form N-MFP is the public reporting form that is to be used for
monthly reports of money market funds under section 30(b) of the
Investment Company Act of 1940 (the ``Act'') and rule 30b1-6 of the Act
(17 CFR 270.30b1-6). Form N-MFP must be filed no later than the second
business day of each month, and will contain certain information about
the money market fund and its portfolio holdings as of the last
business day of the preceding month.

B. Application of General Rules and Regulations

    The General Rules and Regulations under the Act contain certain
general requirements that are applicable to reporting on any form under
the Act. These general requirements should be carefully read and
observed in the preparation and filing of reports on this form, except
that any provision in the form or in these instructions shall be
controlling.

C. Filing of Form N-MFP

    A money market fund must file Form N-MFP no later than the second
business day of each month, in accordance with rule 232.13 of
Regulation S-T. Form N-MFP must be filed electronically using the
Commission's EDGAR system.

D. Paperwork Reduction Act Information

    A registrant is not required to respond to the collection of
information contained in Form N-MFP unless the Form displays a
currently valid Office of Management and Budget (``OMB'') control
number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing
the burden to the Secretary, Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. The OMB has reviewed this
collection of information under the clearance requirements of 44 U.S.C.
3507.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-MFP--MONTHLY SCHEDULE OF PORTFOLIO HOLDINGS OF MONEY MARKET
FUNDS
Date of Filing:
Report for [Month, Day, Year]
Name and Address of Fund or Portfolio Filing This Report:
CIK Number:
SEC File Number:
EDGAR Series Identifier:
Number of share classes offered:
Check here if Amendment [ ]
    Amendment Number:
Is this an Initial Filing? [Y/N]
Is this a Final Filing? [Y/N]
Is the fund liquidating? [Y/N]
Is the fund merging with another fund? [Y/N]
If so, please identify the other fund by name, SEC File Number, and
EDGAR Series Identifier.
Is the fund being acquired by another fund? [Y/N]
If so, please identify the acquiring fund by name, SEC File Number, and
EDGAR Series Identifier.

Part I: Information about the Fund

Item 1. Name of Investment Adviser.
    a. SEC file number of Investment Adviser.
Item 2. Name of Sub-Adviser. If a fund has multiple sub-advisers,
disclose the name of all sub-advisers to the fund.
    a. SEC file number of Sub-Adviser. Disclose the SEC file number of
each sub-adviser to the fund.
Item 3. Independent Auditor.
Item 4. Administrator.
Item 5. Transfer Agent.
    a. SEC file number of Transfer Agent.
Item 6. Minimum initial investment.
Item 7. Is this a feeder fund? [Y/N]
    a. If this is a feeder fund, identify the master fund.
    b. SEC File Number of the master fund.
Item 8. Is this a master fund? [Y/N]
    a. If this is a master fund, identify all feeder funds.
    b. SEC File Number of each feeder fund.
Item 9. Is this portfolio primarily used to invest cash collateral? [Y/
N]
Item 10. Is this portfolio primarily used to fund variable accounts?
[Y/N]
Item 11. Category. Indicate whether the money market fund is a
Treasury, Government/Agency, Prime, Tax-Free National, or Tax-Free
State Fund.
Item 12. Total value of the portfolio at cost, to the nearest hundredth
of a cent.
Item 13. Net value of other assets and liabilities, to the nearest
hundredth of a cent.
Item 14. Net asset value per share for purposes of distributions,
redemptions, and repurchase, to the nearest hundredth of a cent.
Item 15. Net shareholder flow activity for the month ended
(subscriptions less redemptions).
Item 16. Dollar weighted average maturity. Calculate the dollar

weighted average maturity of portfolio securities, based on the time
remaining until the next interest rate re-set.
Item 17. Dollar weighted average life maturity. Calculate the dollar
weighted average maturity of portfolio securities based on final legal
maturity or demand feature.
Item 18. 7-day gross yield. Based on the 7 days ended on the last day
of the prior month, calculate the Fund's yield by determining the net
change, exclusive of capital changes and income other than investment
income, in the value of a hypothetical pre-existing account having a
balance of one share at the beginning of the period and dividing the
difference by the value of the account at the beginning of the base
period to obtain the base period return, and then multiplying the base
period return by (365/7) with the resulting yield figure carried to at
least the nearest hundredth of one percent. The 7-day gross yield
should not reflect a deduction of shareholders fees and fund operating
expenses.

Part 2: Schedule of Portfolio Securities. For each security held by the
money market fund, please disclose the following:

Item 19. The name of the issuer.
Item 20. CIK number of the issuer.
Item 21. The title of the issue.
Item 22. The CUSIP.
Item 23. Other unique identifier (if the instrument does not have a
CUSIP).
Item 24. The category of investment. Please indicate the category that
most closely identifies the instrument from among the following:
Treasury Debt; Government Agency Debt; Variable Rate Demand Notes;
Other Municipal Debt; Financial Company Commercial Paper; Asset Backed
Commercial Paper; Certificate of Deposit; Structured Investment Vehicle
Notes; Other Notes; Treasury Repurchase Agreements; Government Agency
Repurchase Agreements; Other Repurchase Agreements; Insurance Company
Funding Agreements; Investment Company; Other Instrument.
Item 25. Rating. Please indicate whether the security is a 1st tier
security, unrated, or no longer eligible.
Item 26. Requisite NRSROs.
    a. Identify each Requisite NRSRO.
    b. For each Requisite NRSRO, disclose the credit rating given by
the Requisite NRSRO.
Item 27. The maturity date as determined under rule 2a-7. Disclose the
maturity date, taking into account the maturity shortening provisions
of rule 2a-7.
Item 28. The final legal maturity date.
Item 29. Is the maturity date extendable? [Y/N]
Item 30. Does the security have a credit enhancement? [Y/N]
Item 31. For each credit enhancement, disclose:
    a. The type of credit enhancement.
    b. The identity of the credit enhancement provider.
    c. The credit rating of the credit enhancement provider.
Item 32. Does the security have an insurance guarantee? [Y/N]
Item 33. For each insurance guarantee provider, disclose:
    a. The identity of the insurance guarantee provider.
    b. The credit rating of the insurance guarantee provider.
Item 34. Does the security have a liquidity provider? [Y/N]
Item 35. For each liquidity provider, disclose:
    a. The identity of the liquidity provider.
    b. The credit rating of the liquidity provider.
Item 36. The principal amount of the security.
Item 37. The current amortized cost, to the nearest hundredth of a
cent.
Item 38. Is this a Level 1, Level 2, or Level 3 security, or Other?
Please explain how the security was valued. Level 1 securities are
valued based on quoted prices in active markets for identical
securities. Level 2 securities are valued based on other significant
observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risks, etc.). Level 3
securities are valued based on significant unobservable inputs
(including the fund's own assumptions in determining the fair value of
investments). See Statement of Financial Accounting Standards Board No.
157, ``Fair Value Measurement.''
Item 39. The percentage of the money market fund's gross assets
invested in the security, to the nearest hundredth of one percent.
Item 40. Explanatory notes. Please disclose any other information that
may be material to other disclosure in the Form.

    Dated: June 30, 2009.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-15906 Filed 7-7-09; 8:45 am]

BILLING CODE 8010-01-P


Agenda for the May 25. 2006 Call with STAPPA/ALAPCO on the SAFETEA-LU

Conformity Rulemaking

Introductions

Opportunity for questions on the February 14, 2006 interim SAFETEA-LU
conformity guidance

How EPA is planning to address:

Conformity Redeterminations

Frequency

Lapse Grace Period

Conformity SIPs

Horizons

TCM Substitution

Feedback on our plans

General Plans for the Rulemaking

Major Topics of  Discussion During the May 25, 2006 Call with
STAPPA/ALAPCO and Its Members on the SAFETEA-LU Conformity Rulemaking

Participants: EPA, STAPPA/ALAPCO, Maine, Massachusetts, Connecticut,
Rhode Island, New York, New Jersey, West Virginia, Virginia, North
Carolina, Kentucky, Mecklenberg County, Louisville, South Carolina,
Illinois, Dayton, Texas, Missouri, Colorado, Montana, Nevada, San Diego,
South Coast, San Joaquin, Valley, Clark County, Oregon and Alaska

Major Topics of Discussion:

Overview of the transportation conformity-related Clean Air Act
amendments made by SAFETEA-LU

General plans and timeline for the SAFETEA-LU conformity rulemaking

Questions asked by the participants:

Could the rule be written to require more of a dialogue on elections to
shorten the conformity timeframe?

What types of projects can go forward during a conformity lapse?

Is an MOU required as part of a conformity SIP to implement 40 CFR
93.105, 93.122(a)(4)(ii) and 93.125(c)?

Could a state include more stringent timeframe provisions in its
conformity SIP?

If an area has an approved conformity SIP with the pre-existing
conformity timeframe requirement, does that approved provision continue
to apply?

When are conformity SIPs due?

If we incorporate the federal conformity rule by reference, do we have
to wait until the rule is revised to submit a revised conformity SIP?

Do all TCM substitution requirements have to met in order to make a
substitution?

Will there be another round of stakeholder calls?

General comments:

Air agencies should have a larger role in the conformity process.

Main areas of interest are consultation, conformity SIPs and the
possibility of more stringent conformity SIPs.


[Federal Register Volume 82, Number 130 (Monday, July 10, 2017)]
[Notices]
[Pages 31766-31768]
[FR Doc No: 2017-14330]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-2253-014; ER10-3319 018.
    Applicants: Astoria Energy LLC, Astoria Energy II LLC.
    Description: Joint MBR Triennial of Astoria Energy LLC, et al.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5261.
    Comments Due: 5 p.m. ET 8/28/17.

    Docket Numbers: ER10-2480-010.
    Applicants: Berkshire Power Company, LLC.
    Description: Triennial MBR Filing of Berkshire Power Company, LLC.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5271.
    Comments Due: 5 p.m. ET 8/28/17.

    Docket Numbers: ER10-2527-004; ER10-1595 008; ER10-1598-008; ER10-
1616-008; ER10-1618-008; ER10-2532-010; ER10-2533-004; ER10-2535-005;
ER10-2960-007; ER10-3168-021; ER15-356-007; ER15-357-007; ER17-1636-
002.
    Applicants: Allegheny Ridge Wind Farm, LLC, ArcLight Energy
Marketing, LLC, Astoria Generating Company, L.P., Chief Conemaugh
Power, LLC, Chief Keystone Power, LLC, Crescent Ridge LLC, Crete Energy
Venture, LLC, Great River Hydro, LLC, GSG, LLC, Lincoln Generating
Facility, LLC, Mendota Hills, LLC, New Covert Generating Company, LLC,
Rolling Hills Generating, L.L.C.
    Description: Updated Market Power Analysis for the Northeast Region
of Allegheny Ridge Wind Farm, LLC, et al.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5259.
    Comments Due: 5 p.m. ET 8/28/17.

    Docket Numbers: ER10-2906-009; ER10-2908-009; ER10-2910-009; ER11-
4669-003; ER11-4670-003; ER12-709-002.
    Applicants: Morgan Stanley Capital Group Inc., MS Solar Solutions
Corp., Power Contract Financing II, L.L.C., NaturEner Montana Wind
Energy, LLC, NaturEner Power Watch, LLC, NaturEner Wind Watch, LLC.
    Description: Updated Market Power Analysis for the Northeast Region
of the Morgan Stanley Public Utilities, et al.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5267.
    Comments Due: 5 p.m. ET 8/28/17.

    Docket Numbers: ER10-2924-011.
    Applicants: Kleen Energy Systems, LLC.
    Description: MBR Triennial Filing of Kleen Energy Systems, LLC.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5273.
    Comments Due: 5 p.m. ET 8/28/17.

    Docket Numbers: ER11-4436-003; ER11-2724-005; ER10-2502-004; ER10-
2473-004; ER10-2472-004.
    Applicants: Black Hills Power, Inc., Cheyenne Light Fuel & Power
Company, Black Hills/Colorado Electric Utility Co, Black Hills Wyoming,
LLC, Black Hills Colorado IPP, LLC.
    Description: Supplement to June 30, 2016 Updated Market Power
Analysis of the Black Hills MBR Sellers for the Northwest Region.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5270.

    Comments Due: 5 p.m. ET 7/20/17.

    Docket Numbers: ER12-1195-003; ER10-2310-004; ER10-2311-004; ER10-
2312-004; ER10-2314-004; ER14-2486-001; ER15-595-001; ER15-924-001;
ER15-926-001; ER15-927-001.
    Applicants: Camden County Energy Recovery Associates, L.P., Covanta
Delaware Valley, L.P., Covanta Energy Marketing LLC, Covanta Essex
Company, Covanta Fairfax, Inc., Covanta Haverhill Associates, LLC,
Covanta Hempstead Company, Covanta Niagara I, LLC, Covanta Plymouth
Renewable Energy, LLC, Covanta Union, LLC.
    Description: Updated Market Power Analysis for the Northeast Region
of the Covanta Northeast MBR Sellers.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5275.
    Comments Due: 5 p.m. ET 8/28/17.

    Docket Numbers: ER17-1963-000.
    Applicants: Duke Energy Progress, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5011.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1964-000.
    Applicants: Duke Energy Progress, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial 2017 (Corrected) to be effective 8/31/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5065.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1965-000.
    Applicants: MidAmerican Energy Company.
    Description: Compliance filing: Market-Based Rate Tariff to be
effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5067.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1966-000.
    Applicants: MidAmerican Energy Services, LLC.
    Description: Compliance filing: Market-Based Rate Tariff to be
effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5068.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1967-000.
    Applicants: Duke Energy Carolinas, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5071.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1968-000.
    Applicants: Duke Energy Beckjord, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5073.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1969-000.
    Applicants: Indiana Michigan Power Company, PJM Interconnection,
L.L.C.
    Description: Sec.  205(d) Rate Filing: Indiana Michigan submits
Preliminary Development Agreement No. 4738 to be effective 6/9/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5075.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1970-000.
    Applicants: Duke Energy Commercial Enterprises, Inc.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5076.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1971-000.
    Applicants: Duke Energy Florida, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5078.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1972-000.
    Applicants: Duke Energy Renewable Services, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 7/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5089.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1973-000.
    Applicants: Duke Energy SAM, LLC.
    Description: Market-Based Triennial Review Filing: Southeast
Triennial Filing 2017 to be effective 8/31/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5091.
    Comments Due: 5 p.m. ET 8/29/17.

    Docket Numbers: ER17-1974-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Wholesale Market
Participation Agreement No. 4742; Queue No. AC1-045 to be effective 6/
28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5109.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1975-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Wholesale Market
Participation Agreement No. 4743; Queue No. AC1-046 to be effective 6/
28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5142.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1976-000.
    Applicants: Helix Ironwood, LLC.
    Description: Sec.  205(d) Rate Filing: Notice of Succession for
Reactive Service Rate Schedule to be effective 6/2/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5143.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1977-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Amendment to Service
Agreement No. 2961, Queue No. P11 to be effective 6/15/2011.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5144.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1978-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Wholesale Market
Participation Agreement No. 4744; Queue No. AC1-047 to be effective 6/
28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5152.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1979-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Sec.  205(d) Rate Filing: 2415R7 Kansas Municipal
Energy Agency NITSA and NOA to be effective 9/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5169.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1980-000.
    Applicants: Southern California Edison Company.
    Description: Sec.  205(d) Rate Filing: Amended Service Agreement
City of Banning Service Agreement No. 3 to be effective 9/1/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5189.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1981-000.
    Applicants: Big Savage, LLC.
    Description: Sec.  205(d) Rate Filing: Market-Based Rate Tariff
Updates to be effective 8/28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5203.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1982-000.
    Applicants: Big Sky Wind, LLC.
    Description: Sec.  205(d) Rate Filing: Market-Based Rate Tariff
Updates to be effective 8/28/2017.

    Filed Date: 6/30/17.
    Accession Number: 20170630-5207.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1983-000.
    Applicants: EverPower Commercial Services LLC.
    Description: Sec.  205(d) Rate Filing: Market-Based Rate Tariff
Updates to be effective 8/28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5209.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1984-000.
    Applicants: Highland North LLC.
    Description: Sec.  205(d) Rate Filing: Market-Based Rate Tariff
Updates to be effective 8/28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5210.
    Comments Due: 5 p.m. ET 7/21/17.

    Docket Numbers: ER17-1985-000.
    Applicants: Howard Wind LLC.
    Description: Sec.  205(d) Rate Filing: Market-Based Rate Tariff
Updates to be effective 8/28/2017.
    Filed Date: 6/30/17.
    Accession Number: 20170630-5211.
    Comments Due: 5 p.m. ET 7/21/17.

    Take notice that the Commission received the following electric
securities filings:

    Docket Numbers: ES17-35-000.
    Applicants: Northern Indiana Public Service Company.
    Description: Supplement to June 9, 2017 Application for
Authorization to Issue Short-Term Debt of Northern Indiana Public
Service Company.
    Filed Date: 6/29/17.
    Accession Number: 20170629-5252.
    Comments Due: 5 p.m. ET 7/6/17.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: June 30, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-14330 Filed 7-7-17; 8:45 am]
 BILLING CODE 6717-01-P