[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Notices]
[Pages 1288-1290]
[FR Doc No: 2013-00079]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68558; File No. SR-NYSE-2012-75]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Extending the Operation of Its New Market Model Pilot Until the Earlier
of Securities and Exchange Commission Approval To Make Such Pilot
Permanent or July 31, 2013

January 2, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 18, 2012, New York Stock Exchange LLC (the
``Exchange'' or ``NYSE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II below, which Items have been prepared by the
Exchange. The Exchange filed the proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act
\3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to extend the operation of its New Market
Model Pilot, currently scheduled to expire on January 31, 2013, until
the earlier of Securities and Exchange Commission (``Commission'')
approval to make such pilot permanent or July 31, 2013. The text of the
proposed rule change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to extend the operation of its New Market
Model Pilot (``NMM Pilot''),\5\ currently scheduled to expire on
January 31, 2013, until the earlier of Commission approval to make such
pilot permanent or July 31, 2013.
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    \5\ See Securities Exchange Act Release No. 58845 (October 24,
2008), 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46). See also
Securities Exchange Act Release Nos. 60756 (October 1, 2009), 74 FR
51628 (October 7, 2009) (SR-NYSE-2009-100) (extending Pilot to
November 30, 2009); 61031 (November 19, 2009), 74 FR 62368 (November
27, 2009) (SR-NYSE-2009-113) (extending Pilot to March 30, 2010);
61724 (March 17, 2010), 75 FR 14221 (March 24, 2010) (SR-NYSE-2010-
25) (extending Pilot to September 30, 2010); 62819 (September 1,
2010), 75 FR 54937 (September 9, 2010) (SR-NYSE-2010-61) (extending
Pilot to January 31, 2011); 63616 (December 29, 2010), 76 FR 612
(January 5, 2011) (SR-NYSE-2010-86) (extending Pilot to August 1,
2011); 64761 (June 28, 2011), 76 FR 39147 (July 5, 2011) (SR-NYSE-
2011-29) (extending Pilot to January 31, 2012); 66046 (December 23,
2011), 76 FR 82340 (December 30, 2011) (SR-NYSE-2011-65) (extending
Pilot to July 31, 2012); and 67494 (July 25, 2012), 77 FR 45408
(July 31, 2012) (SR-NYSE-2012-26) (extending Pilot to January 31,
2013).
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    The Exchange notes that parallel changes are proposed to be made to
the rules of NYSE MKT LLC.\6\
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    \6\ See SR-NYSEMKT-2012-84.
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Background \7\
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    \7\ The information contained herein is a summary of the NMM
Pilot. See supra note 5 for a fuller description.
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    In October 2008, the NYSE implemented significant changes to its
market rules, execution technology and the rights and obligations of
its market participants all of which were designed to improve execution
quality on the Exchange. These changes are all elements of the
Exchange's enhanced market model. Certain of the enhanced market model
changes were implemented through a pilot program.
    As part of the NMM Pilot, NYSE eliminated the function of
specialists on the Exchange creating a new category of market
participant, the Designated Market Maker or DMM.\8\ The DMMs, like
specialists, have affirmative obligations to make an orderly market,
including continuous quoting requirements and obligations to re-enter
the market when reaching across to execute against trading interest.
Unlike specialists, DMMs have a minimum quoting requirement \9\ in
their assigned securities and no longer have a negative obligation.
DMMs are also no longer agents for public customer orders.\10\
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    \8\ See NYSE Rule 103.
    \9\ See NYSE Rule 104.
    \10\ See NYSE Rule 60; see also NYSE Rules 104 and 1000.
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    In addition, the Exchange implemented a system change that allowed
DMMs to create a schedule of additional non-displayed liquidity at
various price points where the DMM is willing to interact with interest
and provide price improvement to orders in the Exchange's system. This
schedule is known as the DMM Capital Commitment Schedule (``CCS'').\11\
CCS provides the Display Book[supreg] \12\ with the amount of shares
that the DMM is willing to trade at price points outside, at and inside
the Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate
and distinct from other DMM interest in that it serves as the interest
of last resort.
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    \11\ See NYSE Rule 1000.
    \12\ The Display Book system is an order management and
execution facility. The Display Book system receives and displays
orders to the DMMs, contains the order information, and provides a
mechanism to execute and report transactions and publish the results
to the Consolidated Tape. The Display Book system is connected to a
number of other Exchange systems for the purposes of comparison,
surveillance, and reporting information to customers and other
market data and national market systems.
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    The NMM Pilot further modified the logic for allocating executed
shares among market participants having trading interest at a price
point upon execution of incoming orders. The

modified logic rewards displayed orders that establish the Exchange's
BBO. During the operation of the NMM Pilot, orders or portions thereof
that establish priority \13\ retain that priority until the portion of
the order that established priority is exhausted. Where no one order
has established priority, shares are distributed among all market
participants on parity.
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    \13\ See NYSE Rule 72(a)(ii).
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    The NMM Pilot was originally scheduled to end operation on October
1, 2009, or such earlier time as the Commission may determine to make
the rules permanent. The Exchange filed to extend the operation of the
Pilot on several occasions in order to prepare a rule filing seeking
permission to make the above described changes permanent.\14\ The
Exchange is currently still preparing such formal submission but does
not expect that filing to be completed and approved by the Commission
before January 31, 2013.
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    \14\ See supra note 5.
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Proposal To Extend the Operation of the NMM Pilot
    The NYSE established the NMM Pilot to provide incentives for
quoting, to enhance competition among the existing group of liquidity
providers and to add a new competitive market participant. The Exchange
believes that the NMM Pilot allows the Exchange to provide its market
participants with a trading venue that utilizes an enhanced market
structure to encourage the addition of liquidity, facilitate the
trading of larger orders more efficiently and operates to reward
aggressive liquidity providers. As such, the Exchange believes that the
rules governing the NMM Pilot should be made permanent. Through this
filing the Exchange seeks to extend the current operation of the NMM
Pilot until July 31, 2013, in order to allow the Exchange time to
formally submit a filing to the Commission to convert the pilot rules
to permanent rules.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'')
for this proposed rule change is the requirement under Section 6(b)(5)
that an exchange have rules that are designed to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest. The Exchange
believes that this filing is consistent with these principles because
the NMM Pilot provides its market participants with a trading venue
that utilizes an enhanced market structure to encourage the addition of
liquidity, facilitate the trading of larger orders more efficiently and
operates to reward aggressive liquidity providers. Moreover, requesting
an extension of the NMM Pilot will permit adequate time for: (i) The
Exchange to prepare and submit a filing to make the rules governing the
NMM Pilot permanent; (ii) public notice and comment; and (iii)
completion of the 19b-4 approval process.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the foregoing proposed rule does not (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file the proposed rule change at least five business days prior to the
date of filing of the proposed rule change or such shorter time as
designated by the Commission, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2012-75 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2012-75. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2012-75 and should be
submitted on or before January 29, 2013.
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    \17\ 17 CFR 200.30-3(a)(12).

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    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-00079 Filed 1-7-13; 8:45 am]
BILLING CODE 8011-01-P


MEMORANDUM DATE: February 7, 2002 TO: 316b Administrative Record FROM: John Sunda, SAIC RE: Data Obtained from Power Plant Facilities Concerning Fish Barrier Net Design and Cost.

SAIC identified power plant facilities that indicated they utilized fish barrier nets and requested barrier net system design and capital and O& M cost data from them This memo summarizes the results of this effort.

SAIC began the cost research by identifying facilities which had indicated in their DQ or STQ questionnaire responses that they used fish barrier net systems. We identified seven such facilities:

Bethlehem Steel  Sparrows Point Consumers Energy Co.  J. R. Whiting Plant Entergy Arkansas, Inc.  Arkansas Nuclear One Exelon Corp. ( formerly Commonwealth Edison)  LaSalle County Station Minnesota Power  Laskin Energy Center Potomac Electric Power Co.  Chalk Point Southern Energy  Bowline Generating Station We contacted facility representatives for these seven facilities. All of the facility representatives were cooperative, and said they would be happy to help us. We e mailed all seven facilities a list of questions regarding flow, net size, mesh size, cost, etc ( see attached completed copies). SAIC received responses from only three of these facilities: Entergy Arkansas, Inc.  Arkansas Nuclear One, Minnesota Power  Laskin Energy Center, Potomac Electric Power Co.  Chalk Point. Copies of their responses to our questions are attached to this memorandum. We attempted to follow up with the other four facilities, but no responses were received. Contact Reports documenting our telephone contacts with these facilities are also attached to this memorandum.

Concurrently, SAIC identified potential vendors ( manufacturers and/ or installers) of fish barrier net systems through Internet research and through our contacts with the above facilities. Initial contacts with the vendors indicated that before they could develop cost estimates, they would need information on the dimensions and configurations of the intakes. SAIC also contacted the Chalk Point facility to obtain more information concerning the design and operation of the fish barrier net. SAIC used the information collected from the survey facilities and previous EPA research to develop several " typical" configurations for fish barrier nets, and to correlate intake flow and net size. SAIC was unable to identify specific guidelines or design criteria for fish barrier nets. Rather it seemed that each facility selected net materials and specifications based on their sitespecific conditions. Therefore, the cost estimates relied heavily on data from the survey facilities and additional follow up data from vendors.

The following is a list of telephone contact reports that provided additional cost and net design data:

Murelle, D. Nylon Nets Company. Telephone Contact Report with John Sunda,. SAIC. Regarding cost and design information for fish barrier nets. November 5, 2002.

Langley, P. Chalk Point Power Station. Telephone Contact Report with John Sunda,. SAIC. Regarding fish barrier net design, operation, and O& M costs. November 4, 2002. . Oliver, D. Net Systems Telephone Contact Report with John Sunda,. SAIC. Regarding fish barrier net specifications. October 29, 2002. Page 1 Fish Barrier Net Questionnaire Potomac Electric Power Company Chalk Point 1. What are the dimensions of the fish barrier net?

300' long by 30' deep. Three nets per set w/ overlap.

2. What is the average daily flow through the net?

720 MGD 3. How many intakes does the barrier net cover?

One intake canal   feeds two inlets.

4. What are the dimensions of the intakes?

150' Wide 12 ft depth average.

5. What is the mesh size of the net? What is the twine size of the net?

1 ¼ " stretch and ¾ " stretch. Twine size is # 252 twine.

6. When was the net installed?

1983 and 1985.

7. What company manufactured the net?

American Net or Nylon ( Memphis Net)

8. Contact name and phone number for manufacturer?

America Net in Reedville, VA. Marion Self. ( 804) 453 4702.

9. What was the cost of the barrier net?

Approximately $ 5300/ net Page 2 10. What company installed the net?

Dan White & Sons 11. Contact name and phone number for installer?

Mike White ( 301) 274 4632.

12. What was the installation cost of the barrier net?

Unknown   approximately $ 7500 per year to maintain. ( Follow up contact by phone indicated this value should be more like $ 75,000  see Langley 2002)

13. How is the barrier net situated/ installed around the intake structure?

It is placed on pilings at the mouth of the intake approximately 45 pilings per set of nets.

14. What type of maintenance activities does the barrier net require?

Changing and repair holes and cleaning.

15. What is the average annual maintenance cost for the barrier net?

$ 7500 per year.

16. Is the barrier net in place year round, or just seasonally? If seasonal, when?

Year round with minor changes in winter months with net adjusted to below water surface to prevent ice damage. Page 1 Fish Barrier Net Questionnaire Entergy Arkansas, Inc. Arkansas Nuclear One We appreciate your help with our study. Please answer the following questions with as much detail as possible.

1. What are the dimensions of the fish barrier net?

Approximately 1500 ft long, 20 ft deep 2. What is the average daily flow through the net?

855 million gallon per day for this time of year estimated/ rounded from water use registration forms 3. How many intakes does the barrier net cover?

Two 4. What are the dimensions of the intakes?

2,400 sq ft of face surface 5. What is the mesh size of the net? What is the twine size of the net?

Mesh ½ and 3/ 8 inch mixed. Prefer ½ .

6. When was the net installed?

Jan 1999 7. What company manufactured the net?

Mid Lakes Corp., Knoxville Tenn 8. Contact name and phone number for manufacturer?

David Stair. I do not have phone no. Page 2 9. What was the cost of the barrier net?

Approximately $ 30,000 10. What company installed the net?

Entergy 11. Contact name and phone number for installer?

Charles Adams 479 885 5486 12. What was the installation cost of the barrier net?

Approximately $ 30,000 anchors cable and fittings + labor first time instillation future installation just labor.

13. How is the barrier net situated/ installed around the intake structure?

The barrier is located outside the intake canal in the lake proper so that the face velocity of the barrier is very low 14. What type of maintenance activities does the barrier net require?

After installation the net is checked daily either from land or by boat. The net is lifted and partially cleaned on a periodic basis. The nets are in 250 ft sections. Two new sections are purchased each year for replacement of worn net.

15. What is the average annual maintenance cost for the barrier net?

Installation and takedown requires approximately 240 manhours. Daily inspections require an average of 3 manhours per day 7 days a week. The barrier is out approximately 120 days per year. Two new nets purchased each year approximately $ 7,000 16. Is the barrier net in place year round, or just seasonally? If seasonal, when?

The net is seasonal. It is installed in late Oct/ early Nov and taken down first part of March. Page 1 Fish Barrier Net Questionnaire Minnesota Power Laskin Energy Center We appreciate your help with our study. Please answer the following questions with as much detail as possible.

1. What are the dimensions of the fish barrier net?

Three sections of nylon net are spliced together, each of which is 16 feet deep by 200 feet long. Each net section has built in floats on the top line, and lead weights on the bottom line of the net.

2. What is the average daily flow through the net?

The average daily flow through the net is the same as the circulating cooling water flow of 210 cubic feet per second.

3. How many intakes does the barrier net cover?

One 4. What are the dimensions of the intakes?

Effective intake opening is 15 feet deep by X? feet wide. ( Al, what is the width of the intake structure?)

5. What is the mesh size of the net?

¼ inch mesh 6. When was the net installed?

The original net sections were purchased in about 1980, but were not routinely installed until the late 1980s.

7. What company manufactured the net?

Sterling Net and Twine ( New Jersey) for the original net order. H. Christiansen Sporting Goods ( 218 724 5509), 4976 Arnold Rd., Duluth, MN 55803, made replacement sections of net within the last couple of years. Page 2 8. Contact name and phone number for manufacturer?

See Question 7 9. What was the cost of the barrier net?

$ 500$ 700 10. What company installed the net?

Lakehead Construction, Duluth MN 11. Contact name and phone number for installer?

Frank Rahne, ( 218 225 3299 ext4889)

12. What was the installation cost of the barrier net?

$ 800$ 1000 13. How is the barrier net situated/ installed around the intake structure?

The 1st net section is anchored on shore and fed out into the water using a pontoon boat. The 2nd section is then spliced to the 1st section and the process is continued to the 3rd section which is then spliced to the 2nd section. The 3rd section is then anchored to shore. The net forms a semi circular barrier in front of the intake structure ( approx. 100 150 feet from the intake out to the apex of the circle). Anchors and buoys are also used at regular intervals to secure the entire installation in place and to warn the water using public. The net is installed each spring in May and then removed in October for winter storage.

14. What type of maintenance activities does the barrier net require?

Repositioning if wave action causes the net to shift, or buoy maintenance to keep the net afloat are usually the two key issues. Some mending may also need to occur to damage that may be caused by installation or time. There is also some maintenance needed on the signage that is posted.

15. What is the average annual maintenance cost for the barrier net?

$ 1000 16. Is the barrier net in place year round, or just seasonally? If seasonal, when?

Seasonal. It is put out when the ice is out and taken in just before the ice forms. Page 3 Page 1 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Mirant, New York  Bowline Generating Station Contact Name: Louis Friscoe Title:

Address:

City: State: Zip:

Phone: ( 845) 357 5266 x100 Email: louis. friscoe@ mirant. com Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Friscoe for information on the facility's fish barrier net. He informed me that he no longer works in the environmental department, but would be happy to forward a list of questions to the proper personnel. I emailed a list of questions on that same date.

Note: the parent company's name used to be Southern Energy. Page 2 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Bethlehem Steel   Sparrows Point Facility Contact Name: Walter Farson Title:

Address:

City: State: Zip:

Phone: ( 410) 388 6559 Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Farson for information on the facility's fish barrier net. He informed me that he would be willing to help, but needed to gather his data together first. He promised to call back at that time. Page 3 Contact Report Originator: Candace Baker Date: 02/ 25/ 02 Time:

Made Call: X Received Call:

Organization Name: Bethlehem Steel   Sparrows Point Facility Contact Name: Walter Farson Title:

Address:

City: State: Zip:

Phone: ( 410) 388 6559 Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I first contacted Mr. Farson on 1/ 17/ 02 for information on the facility's fish barrier net. He informed me that he would be willing to help, but needed to gather his data together first. He promised to call back at that time. He has not contacted me since then, so I called to reestablish contact. He was not in, so I left a voice mail message. Page 4 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Exelon Corp.   LaSalle County Station Contact Name: Frederic Bevington Title:

Address:

City: State: Zip:

Phone: ( 815) 357 6761 x3243 Email: frederic. bevington@ exeloncorp. com Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Bevington for information on the facility's fish barrier net. He informed me that he would be happy to answer a list of questions if I emailed them to him. I emailed a list of questions on that same date.

Note: the parent company's name used to be Con Edison. Page 5 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Consumers Energy Co.   J. R. Whiting Plant Contact Name: John Gulvas Title:

Address:

City: State: Zip:

Phone: ( 517) 788 1285 Email: jagulvas@ cmsenergy. com Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Gulvas for information on the facility's fish barrier net. He was not in when I called, so I left a voice mail message.

He returned my call on 1/ 22/ 02. He informed me that he would be happy to answer a list of questions if I emailed them to him. I emailed a list of questions on that same date. Page 6 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Entergy   Arkansas Nuclear One Contact Name: J. Dennis Calloway Title:

Address:

City: State: Zip:

Phone: ( 501) 858 5487 Email: jcallo1@ entergy. com Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Calloway for information on the facility's fish barrier net. He was not in when I called, so I left a voice mail message.

He returned my call on that same date. He referred me to Charles Adams. He said he would forward a list of questions to him if I emailed them. I emailed a list of questions to Mr. Calloway on that same date. Page 7 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Entergy   Arkansas Nuclear One Contact Name: Charles Adams Title:

Address:

City: State: Zip:

Phone: ( 501) 858 5486 Email: cadams@ entergy. com Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I was referred to Mr. Adams by J. Dennis Calloway of the same company. I emailed a list of questions to Mr. Calloway, who said he would forward them to Mr. Adams for me. Page 8 Contact Report Originator: Candace Baker Date: 01/ 17/ 02 Time:

Made Call: X Received Call:

Organization Name: Minnesota Power   Laskin Energy Center Contact Name: Scott Jasperson Title:

Address:

City: State: Zip:

Phone: ( 218) 722 5642 x3461 Email: sjasperson@ mnpower. com Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Jasperson for information on the facility's fish barrier net. He was not in when I called, so I left a voice mail message. He returned my call on that same day. He informed me that he does not handle this information, but would forward a list of questions to the proper personnel. I emailed a list of questions on that same date. Page 9 Contact Report Originator: Candace Baker Date: 01/ 18/ 02 Time:

Made Call: Received Call: X Organization Name: Garware Wall Ropes Contact Name: Bilzac Chandrachud Title:

Address:

City: State: Zip:

Phone: ( 704) 892 0812 Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

Mr. Chandrachud called in response to an email I had sent. Garware Wall Ropes is an international fishing supply company.

He said that he would be happy to help us if we give him specifics as to net size, mesh size, and twine size. I told him that I would contact him when I had a better idea of these parameters. Page 10 Contact Report Originator: Candace Baker Date: 01/ 22/ 02 Time:

Made Call: Received Call: X Organization Name: Argent Chemical Laboratories. com Contact Name: Mr. Sawtell Title:

Address:

City: State: Zip:

Phone:

Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

Mr. Sawtell called in response to an email inquiry I had sent. He told me that his company does not manufacture or install fish barrier nets, but referred me to a company that does:

Research Nets ( 425) 821 7345 Contact: Jackie I added this company to my list, and will call when I have more information from the facilities with fish barrier nets. Page 11 Contact Report Originator: Candace Baker Date: 01/ 22/ 02 Time:

Made Call: Received Call: X Organization Name: Net Systems Contact Name: Dan Oliver Title:

Address:

City: State: Zip:

Phone:

Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

Mr. Oliver left a voice mail message. He was responding to an email inquiry I had sent. He stated in his message that his company does manufacture and install fish barrier nets. He left a second message asking for more information. I returned his call and told him that I would contact him again when I had more information from the facilities with fish barrier nets. He said that he would be happy to quote us a price. Page 12 Contact Report Originator: Candace Baker Date: 01/ 31/ 02 Time:

Made Call: X Received Call:

Organization Name: Chalk Point Contact Name: Patrick Langley Title:

Address:

City: State: Zip:

Phone: ( 301) 843 4439 Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I contacted Mr. Langley for information on the facility's fish barrier net. There was no answer.

I called back on 2/ 1/ 02. He was not in, and I left a voice mail message.

On 2/ 1/ 02, he returned my call. He agreed to answer a list of questions if I faxed them to him. I faxed him a list of questions on that same date. He faxed back his answers on that same date.

I contacted him again on 2/ 26/ 02 for clarification on some of the answers he had given. Page 13 Contact Report Originator: Candace Baker Date: 3/ 13/ 02 Time:

Made Call: Received Call: X Organization Name: Minnesota Power Contact Name: Lowell Neudahl Title:

Address:

City: State: Zip:

Phone: ( 218) 722 5642 x3461 Email:

Purpose of Contact: Fish barrier net inquiry Significant Topics Discussed:

I had called because the answers he sent did not fully answer what the dimensions of the intake were. He left a message stating that the width of the intake is 22 ft. He is uncertain what the twine size of the net is.


			  UNITED STATES OF AMERICA

		        DEPARTMENT OF TRANSPORTATION

			  OFFICE OF THE SECRETARY

			          WASHINGTON, D.C.

			Issued by the Department of Transportation on March 29, 2005

NOTICE OF ACTION TAKEN

DOCKETS OST-95-791; OST-95-806; OST-96-1687; OST-98-3631; OST-2001-9313;

OST-2002-11657 & OST-2004-19283

________________________________________________________________________
________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Applicant: Polynesian Limited 						Date Filed: January 5, 2005

Relief requested:  (1) Renew exemptions from 49 U.S.C. § 41301 to
conduct scheduled foreign air transportation of persons, property and
mail between:  (i) Apia, Samoa, and Pago Pago, American Samoa, and
beyond to Rarotonga, Cook Islands, and Papeete, Tahiti (OST-95-791);
(ii) Apia and Honolulu, HI (OST-95-806);  (iii) Apia and Los Angeles, CA
(OST-96-1687);  (iv) Maota, Samoa, and Pago Pago (OST-98-3631);  (v)
Honolulu and Auckland, New Zealand, via Apia (OST-2001-9313); (vi) Apia,
Samoa, and Tonga, via Pago Pago, America Samoa (OST-2004-19283); and (2)
Renew exemption from 49 U.S.C. § 41301 to conduct charter foreign air
transportation of persons, property and mail pursuant to 14 CFR 212 of
the Department’s regulations (OST-2002-11657).

If renewal, date and citation of last action:  Notice of Action Taken
dated February 12, 2004, in Dockets OST-95-791, OST-95-806, OST-96-1687,
OST-98-3631, OST-2001-9313, OST-2002-11657; and Notice of Action Taken
dated October 15, 2004, in Docket OST-2004-19283

Applicant representative:  Charles Donley<PHONE_NUMBER>		DOT analyst:
Shelita Smith<PHONE_NUMBER>

Responsive pleadings:  None

DISPOSITION

Action:  Approved 							Action date:  March 29, 2005

Effective dates of authority granted:  March 29, 2005 – March 29, 2007

Basis for approval (bilateral agreement/reciprocity):  The Multilateral
Agreement on the Liberalization of International

Air Transportation, to which Samoa became a member on November 9, 2002

Except to the extent exempted/waived, this authority is subject to the
terms, conditions, and limitations indicated:

  X    Standard exemption conditions (attached)        __ Foreign air
carrier permit conditions (Order   -  -  )

Remarks:  We have advised Polynesian Limited that it cannot directly or
indirectly hold out or provide online air transportation wholly between
U.S. points.  Furthermore, pursuant to advice from the Assistant General
Counsel for

Aviation Enforcement and Proceedings, Polynesian Limited, as was its
predecessor, is subject to Consent Order 95-2-18.

Action taken by:   Paul L. Gretch, Director

		      Office of International Aviation

________________________________________________________________________
___________________________________

We found that the applicant was qualified to perform its proposed
operations.

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that  (1) our action was consistent with Department
policy; (2) grant of the authority was consistent with the public
interest; and (3) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted/deferred/dismissed, we denied all requests in
the referenced Docket.  We may amend, modify, or revoke the authority
granted in this Notice at any time without hearing at our discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR
§385.30, may file their petitions within seven (7) days after the date
of issuance of this Notice.  This action was effective when taken, and
the filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

http://dms.dot.gov//reports/reports_aviation.asp

Foreign Carrier Exemption Conditions

In the conduct of the operations authorized, the foreign carrier
applicant(s) shall:

(1)  Not conduct any operations unless it holds a currently effective
authorization from its homeland for such operations, and it has filed a
copy of such authorization with the Department;

(2)  Comply with all applicable requirements of the Federal Aviation
Administration, including, but not limited to, 14 CFR Parts 129, 91, and
36, and with all applicable U.S. Government requirements concerning
security, including, but not limited to, 49 CFR Part 1546 or 1550, as
applicable.  To assure compliance with all applicable U.S. Government
requirements concerning security, the holder shall, before commencing
any new service (including charter flights) from a foreign airport that
would be the holder’s last point of departure for the United States,
contact its International Principal Security Inspector (IPSI) to advise
the IPSI of its plans and to find out whether the Transportation
Security Administration has determined that security is adequate to
allow such airport(s) to be served;

(3)  Comply with the requirements for minimum insurance coverage
contained in 14 CFR Part 205, and, prior to the commencement of any
operations under this authority, file evidence of such coverage, in the
form of a completed OST Form 6411, with the Federal Aviation
Administration’s Program Management Branch (AFS-260), Flight Standards
Service (any changes to, or termination of, insurance also shall be
filed with that office);

(4)  Not operate aircraft under this authority unless it complies with
operational safety requirements at least equivalent to Annex 6 of the
Chicago Convention;

(5)  Conform to the airworthiness and airman competency requirements of
its Government for international air services;

(6)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR Part 203,
concerning waiver of Warsaw Convention liability limits and defenses;

(7)  Agree that operations under this authority constitute a waiver of
sovereign immunity, for the purposes of 28 U.S.C. 1605(a), but only with
respect to those actions or proceedings instituted against it in any
court or other tribunal in the United States that are: (a)  based on its
operations in international air transportation that, according to the
contract of carriage, include a point in the United States as a point of
origin, point of destination, or agreed stopping place, or for which the
contract of carriage was purchased in the United States; or (b)  based
on a claim under any international agreement or treaty cognizable in any
court or other tribunal of the United States.  In this condition, the
term "international air transportation" means "international
transportation" as defined by the Warsaw Convention, except that all
States shall be considered to be High Contracting Parties for the
purpose of this definition;

(8)  Except as specifically authorized by the Department, originate or
terminate all flights to/from the United States in its homeland;

(9)  Comply with the requirements of 14 CFR Part 217, concerning the
reporting of scheduled, nonscheduled, and charter data;

(10) If charter operations are authorized, except as otherwise provided
in the applicable aviation agreement, comply with the Department's rules
governing charters (including 14 CFR Parts 212 and 380); and

(11) Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department, with all applicable orders or regulations of other U.S.
agencies and courts, and with all applicable laws of the United States.

This authority shall not be effective during any period when the holder
is not in compliance with the conditions imposed above.  Moreover, this
authority cannot be sold or otherwise transferred without explicit
Department approval under Title 49 of the U.S. Code.

05/2004


[Federal Register Volume 80, Number 141 (Thursday, July 23, 2015)]
[Notices]
[Page 43782]
[FR Doc No: 2015-18024]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2007-D-0369]

Product-Specific Bioequivalence Recommendations; Draft and
Revised Draft Guidances for Industry; Availability; Correction

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice; correction.

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

SUMMARY: The Food and Drug Administration (FDA) is correcting a notice
that appeared in the Federal Register of June 30, 2015 (80 FR 37273).
The document announced the availability of additional draft and revised
draft product-specific bioequivalence (BE) recommendations. The
document was published with an incorrect table title and contents. This
document corrects those errors.

FOR FURTHER INFORMATION CONTACT: Lisa Granger, Office of Policy and
Planning, Food and Drug Administration, 10903 New Hampshire Ave., Bldg.
32, Rm. 3330, Silver Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In FR Doc. 2015-16013, appearing in the
Federal Register of Tuesday, June 30, 2015, the following corrections
are made:
    1. On page 37274, in the first column, the title of table 2,
``Table 2. Revised Draft Product-Specific BE Recommendations for Drug
Products Cholestyramine'' is corrected to read ``Table 2. Revised Draft
Product-Specific BE Recommendations for Drug Products''.
    2. On page 37274, in the first column, in the first line of the
table under table 2, ``Cholestyramine'' is added to precede
``Doxycycline hyclate, Prasugrel hydrochloride, Tiagabine
hydrochloride''.

    Dated: July 17, 2015.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2015-18024 Filed 7-22-15; 8:45 am]
 BILLING CODE 4164-01-P


The Motor Vehicle Manufacturing Industry Applying Aluminum Parts --

Total Acrylamide Data

Facility Name	City	State	Sample Date	Sample ID	Duplicate Indicator Constituent Name	Total Actual or Calculated	Analytical Method	Total Concentration Result	Units	Total Non-Detect Indicator	Total Detection Limit mg/kg	Total Detection Limit Data Qualifier	Description

GM Flint Truck	FLINT	MI

FT-2	N	acrylamide	actual

2	mg/kg

GM Flint Truck	FLINT	MI

FT-3	N	acrylamide	actual

2.4	mg/kg

GM Flint Truck	FLINT	MI

FT-5	N	acrylamide	actual

2.4	mg/kg

GM Grand River Plant	LANSING	MI

LGR-4	N	acrylamide	actual

2.4	mg/kg

	see below	References supplemental analysis of acrylamide.

GM Hamtramck Plant	DETROIT	MI

H1-1	N	acrylamide	actual

1.9	mg/kg

GM Hamtramck Plant	DETROIT	MI

H1-3	N	acrylamide	actual

0.26	mg/kg

	J	Estimate

GM Hamtramck Plant	DETROIT	MI

H1-4	N	acrylamide	actual

5.8	mg/kg

GM Hamtramck Plant	DETROIT	MI

H1-5	N	acrylamide	actual

1.3	mg/kg

GM Hamtramck Plant	DETROIT	MI

H2-1	N	acrylamide	actual

0.52	mg/kg

GM Hamtramck Plant	DETROIT	MI

H2-2	N	acrylamide	actual

0.48	mg/kg

GM Hamtramck Plant	DETROIT	MI

H2-4	N	acrylamide	actual

0.58	mg/kg

GM Pontiac East Plant	PONTIAC	MI

PE-1	N	acrylamide	actual

2.6	mg/kg

GM Pontiac East Plant	PONTIAC	MI

PE-2	N	acrylamide	actual

3.8	mg/kg

GM Pontiac East Plant	PONTIAC	MI

PE-3	N	acrylamide	actual

4.4	mg/kg

GM Pontiac East Plant	PONTIAC	MI

PE-4	N	acrylamide	actual

1.9	mg/kg

GM Pontiac East Plant	PONTIAC	MI

PE-5	N	acrylamide	actual

4.2	mg/kg

n 	16

	MAXIMUM	5.8

	MEAN	2.30875

	MEDIAN	2.2

	Std. Dev.	1.58428901

	90th Percentile	4.3

	50th Percentile	2.2


[Federal Register: January 25, 2008 (Volume 73, Number 17)]
[
Notices]
[Page 4647-4653]
[DOCID:fr25ja08-145]

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

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28125; 812-13213]

Morgan Stanley Investment Management Inc., et al., Notice of
Application

January 18, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an order under sections 6(c) and
17(b) of the Investment Company Act of 1940 (the ``Act'') for an
exemption from section 17(a) of the Act.

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

Applicants: Morgan Stanley Investment Management Inc. (``MSIM''),
Morgan Stanley Investment Advisors Inc. (``MSIA''), Morgan Stanley AIP
GP LP (``MSAIP''), Van Kampen Asset Management (``VKAM''),\1\ Active
Assets California Tax-Free Trust, Active Assets Government Securities
Trust, Active Assets Institutional Government Securities Trust, Active
Assets Institutional Money Trust, Active Assets Money Trust, Active
Assets Tax-Free Trust, Morgan Stanley California Tax-Free Daily Income
Trust, Morgan Stanley New York Municipal Money Market Trust, Morgan
Stanley Tax-Free Daily Income Trust, Morgan Stanley Liquid Asset Fund
Inc., Morgan Stanley U.S. Government Money Market Trust (each a ``Money
Market Fund''),\2\ Morgan Stanley Select Dimensions Investment Series,
Morgan Stanley Variable Investment Series, Morgan

Stanley Institutional Fund, Inc., Morgan Stanley Institutional
Liquidity Funds, The Universal Institutional Funds, Inc., Morgan
Stanley Institutional Fund Trust, Morgan Stanley Allocator Fund, Morgan
Stanley Capital Opportunities Trust, Morgan Stanley Developing Growth
Securities Trust, Morgan Stanley Dividend Growth Securities Inc.,
Morgan Stanley Equally-Weighted S&P 500 Fund, Morgan Stanley European
Equity Fund Inc., Morgan Stanley Financial Services Trust, Morgan
Stanley Focus Growth Fund, Morgan Stanley Fundamental Value Fund,
Morgan Stanley Global Advantage Fund, Morgan Stanley Global Dividend
Growth Securities, Morgan Stanley Health Sciences Trust, Morgan Stanley
Institutional Strategies Fund, Morgan Stanley International Fund,
Morgan Stanley International SmallCap Fund, Morgan Stanley
International Value Equity Fund, Morgan Stanley Japan Fund, Morgan
Stanley Mid-Cap Value Fund, Morgan Stanley Multi-Asset Class Fund,
Morgan Stanley Nasdaq-100 Index Fund, Morgan Stanley Natural Resource
Development Securities Inc., Morgan Stanley Pacific Growth Fund Inc.,
Morgan Stanley Real Estate Fund, Morgan Stanley Series Funds, Morgan
Stanley Small-Mid Special Value Fund, Morgan Stanley S&P 500 Index
Fund, Morgan Stanley Special Growth Fund, Morgan Stanley Special Value
Fund, Morgan Stanley Technology Fund, Morgan Stanley Total Market Index
Fund, Morgan Stanley Utilities Fund, Morgan Stanley Value Fund, Morgan
Stanley Balanced Fund, Morgan Stanley Strategist Fund, Morgan Stanley
Convertible Securities Trust, Morgan Stanley Flexible Income Trust,
Morgan Stanley FX Series Funds, Morgan Stanley High Yield Securities
Inc., Morgan Stanley Income Trust, Morgan Stanley Limited Duration
Fund, Morgan Stanley Limited Duration U.S. Government Trust, Morgan
Stanley Mortgage Securities Trust, Morgan Stanley U.S. Government
Securities Trust, Morgan Stanley California Tax-Free Income Fund,
Morgan Stanley Limited Term Municipal Trust, Morgan Stanley New York
Tax-Free Income Fund, Morgan Stanley Tax-Exempt Securities Trust,
Morgan Stanley Income Securities Inc., Morgan Stanley Prime Income
Trust, Morgan Stanley California Insured Municipal Income Trust, Morgan
Stanley California Quality Municipal Securities, Morgan Stanley Insured
California Municipal Securities, Morgan Stanley Insured Municipal Bond
Trust, Morgan Stanley Insured Municipal Income Trust, Morgan Stanley
Insured Municipal Securities, Morgan Stanley Insured Municipal Trust,
Morgan Stanley Municipal Income Opportunities Trust, Morgan Stanley
Municipal Income Opportunities Trust II, Morgan Stanley Municipal
Income Opportunities Trust III, Morgan Stanley Municipal Premium Income
Trust, Morgan Stanley New York Quality Municipal Securities, Morgan
Stanley Quality Municipal Income Trust, Morgan Stanley Quality
Municipal Investment Trust, Morgan Stanley Quality Municipal
Securities, Morgan Stanley Asia-Pacific Fund, Inc., Morgan Stanley
China ``A'' Share Fund, Morgan Stanley Eastern Europe Fund, Inc.,
Morgan Stanley Emerging Markets Debt Fund, Inc., Morgan Stanley
Emerging Markets Domestic Debt Fund, Inc., Morgan Stanley Emerging
Markets Fund, Inc., Morgan Stanley Global Opportunity Bond Fund, Inc.,
Morgan Stanley High Yield Fund, Inc., Morgan Stanley Opportunistic
Municipal High Income Fund, The India Investment Fund, The Latin
American Discovery Fund, Inc., The Malaysia Fund, Inc., The Thai Fund,
Inc., The Turkish Investment Fund, Inc., Morgan Stanley Institutional
Fund of Hedge Funds, Van Kampen U.S. Government Trust, Van Kampen Tax
Free Trust, Van Kampen Life Investment Trust, Van Kampen Equity Trust,
Van Kampen Equity Trust II, Van Kampen Tax-Exempt Trust, Van Kampen
Series Fund, Inc., Van Kampen Trust, Van Kampen Corporate Bond Fund,
Van Kampen Government Securities Fund, Van Kampen High Yield Fund, Van
Kampen Limited Duration Fund, Van Kampen U.S. Government Trust, Van
Kampen Pennsylvania Tax Free Income Fund, Van Kampen Comstock Fund, Van
Kampen Enterprise Fund, Van Kampen Equity and Income Fund, Van Kampen
Exchange Fund, Van Kampen Growth and Income Fund, Van Kampen Harbor
Fund, Van Kampen Pace Fund, Van Kampen Real Estate Securities Fund, Van
Kampen Strategic Growth Fund, Van Kampen Reserve Fund, Van Kampen Tax
Free Money Fund, Van Kampen High Income Trust II, Van Kampen Senior
Loan Fund, Van Kampen Senior Income Trust, Van Kampen Municipal Trust,
Van Kampen Ohio Quality Municipal Trust, Van Kampen Trust For Insured
Municipals, Van Kampen Trust For Investment Grade Municipals, Van
Kampen Trust For Investment Grade New Jersey Municipals, Van Kampen
Trust For Investment Grade New York Municipals, Van Kampen Municipal
Opportunity Trust, Van Kampen California Value Municipal Income Trust,
Van Kampen Massachusetts Value Municipal Income Trust, Van Kampen
Pennsylvania Value Municipal Income Trust, Van Kampen Advantage
Municipal Income Trust II, Van Kampen Select Sector Municipal Trust,
Van Kampen Bond Fund, Van Kampen Dynamic Credit Opportunities Fund
(each a ``Current Fund,'' collectively, the ``Current Funds''), any
existing or future registered management investment companies and their
series that are advised or subadvised by the Advisers (``Future
Funds,'' Future Funds and Current Funds are collectively the
``Funds''),\3\ and Morgan Stanley & Co., Inc. (``MS & Co.'').
---------------------------------------------------------------------------

    \1\ MSIM, MSIA, MSAIP, VKAM are collectively referred to as the
Current Advisers. Applicants also seek relief for any other existing
or future registered investment adviser which acts as investment
adviser or subadviser to a Fund (defined below) and which controls,
is controlled by or is under common control (as defined in section
2(a)(9) of the Act) with MS (as defined below) (individually a
``Future Adviser'' and collectively the ``Future Advisers''). The
Current Advisers and the Future Advisers are referred to
individually as an ``Adviser'' and collectively as the ``Advisers.''
Any Adviser that currently intends to rely on the requested order is
named as an applicant in the application. Any other Adviser that
relies on the order in the future will comply with the terms and
conditions of the application.
    \2\ Morgan Stanley Institutional Liquidity Funds also offers six
series that operate as money market funds subject to rule 2a-7 under
the 1940 Act: Government Portfolio, Government Securities Portfolio,
Money Market Portfolio, Prime Portfolio, Tax-Exempt Portfolio,
Treasury Portfolio and Treasury Securities Portfolio. Van Kampen
Equity Trust II offers two money market funds: Van Kampen Reserve
Fund and Van Kampen Tax-Free Money Fund. Morgan Stanley Select
Dimensions Investment Series offers one money market fund: Money
Market Portfolio. Morgan Stanley Variable Investment Series offers
one money market fund: Money Market Portfolio. Van Kampen Life
Investment Trust offers one money market fund: Money Market
Portfolio.
    \3\ Any existing or future Funds which are money market funds
subject to rule 2a-7 and authorized to invest in Money Market
Instruments (as defined below) are also ``Money Market Funds.'' Any
Fund that currently intends to rely on the requested order is named
as an applicant in the application. Any other Fund that relies on
the order in the future will comply with the terms and conditions of
the application.

Summary of Application: Applicants request an order to permit the Funds
to engage in principal transactions in certain money market instruments
---------------------------------------------------------------------------
with MS & Co.

Filing Dates: The application was filed on July 7, 2005, and amended on
October 9, 2007, and December 26, 2007. Applicants have agreed to file
an amendment during the notice period, the substance of which is
reflected in this notice.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on February 12, 2008, and should be accompanied by proof of
service on the 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 may request notification of a hearing by writing to
the Commission's Secretary.

ADDRESSES: Secretary, Commission, 100 F Street, NE., Washington, DC
20549-1090. Applicants: c/o Amy Doberman, Esq., Morgan Stanley
Investment Management, 522 Fifth Avenue New York, New York 10036.

FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel,
(202) 551-6817 or Janet M. Grossnickle, Branch Chief,<PHONE_NUMBER>
(Office of Investment Company Regulation, Division of Investment
Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee from
the Commission's Public Reference Branch, 100 F Street, NE.,
Washington, DC 20549-0102 (tel.<PHONE_NUMBER>).

Applicants' Representations

    1. Each Fund is an open-end or closed-end management company
registered under the Act and is organized as a business trust or
corporation under the laws of various states, as specified in the
application. The Current Advisers are wholly owned subsidiaries of
Morgan Stanley (``MS''), a Delaware corporation. Each Adviser is (or
will be) registered under the Investment Advisers Act of 1940. Each
Fund has an investment advisory agreement with the applicable Adviser
pursuant to which the Adviser provides investment advisory and
management services. MS & Co., a wholly owned subsidiary of MS, is
registered as a broker-dealer under the Securities Exchange Act of 1934
(the ``1934 Act''). MS & Co., a primary dealer in U.S. Government
securities, is one of the largest dealers in the United States in
commercial paper, repurchase agreements and other money market
instruments.
    2. Applicants state that the Advisers and MS & Co. are functionally
independent of each other and operate as completely separate entities
under the umbrella of MS, the parent holding company. While MS & Co.
and the Advisers are under common control, each entity has its own
separate officers and employees, is separately capitalized, maintains
its own separate books and records and operates on different sides of
walls of separation with respect to the Funds and Money Market
Instruments. The Advisers also maintain offices physically separate
from MS & Co.
    3. Investment decisions for the Funds are determined solely by the
Advisers. The portfolio managers and other employees that are
responsible for the investment of the Funds are employed solely by one
of the Advisers (and not MS & Co.), and have lines of reporting
responsibility solely within the Advisers. The compensation of
personnel assigned to an Adviser will not depend on the volume or
nature of trades with MS & Co., except to the extent that such trades
may affect the profits and losses of MS and its subsidiaries as a
whole.
    4. As used in the application, the term Taxable Money Market
Instruments refers to taxable securities which are eligible for
purchase by money market funds under rule 2a-7, including short-term
U.S. Government securities, short-term U.S. Government agency
securities, bank money market instruments, bank notes, commercial
paper, other short-term fixed income instruments and repurchase
agreements. The term Tax-Exempt Money Market Instruments refers to tax-
exempt securities which are eligible for purchase by money market funds
under rule 2a-7, including conventional municipal notes, tax-exempt
commercial paper, variable rate demand notes, put bonds and flexible
notes. Money Market Instruments consist of Taxable and Tax-Exempt Money
Market Instruments. Each Fund that is not a Money Market Fund is
authorized to invest in Taxable Money Market Instruments pursuant to
its investment objectives and policies.
    5. Trading in Money Market Instruments generally takes place in
over-the-counter markets consisting of groups of dealers who are
primarily major securities firms or large commercial banks. The money
market consists of sophisticated and elaborate telephonic and
electronic communications networks among buyers and sellers, which
generally precludes being able to obtain a single market price for a
given instrument at any given time. Applicants state that the money
market (for both Taxable and Tax-Exempt Money Market Instruments) tends
to be somewhat segmented. The markets for the different types of
instruments will vary in terms of price, volatility, liquidity and
availability. With respect to any given type of security or instrument,
there may be only a few dealers who can be expected to have the
security in inventory and be in a position to quote a favorable price.
Applicants also state that different dealers may quote different prices
with respect to the same type of instrument because of differing
outlooks on future yields, to adjust their inventory or because of
competitive pressure (or the lack thereof) to meet other dealers'
quotes. Only customers of a dealer may obtain quotations for Money
Market Instruments and trade on them.
    6. MS & Co. is one of the world's largest dealers in Taxable Money
Market Instruments, ranking among the top firms in each of the major
markets and product areas. As of September 30, 2007, MS & Co. had
become the sixth largest dealer in terms of the number of new U.S.
asset-backed commercial paper programs, the most significant part of
the commercial paper market by outstanding dollar amounts. Applicants
believe that MS & Co. is one of the ten leading dealers in the
repurchase agreement market. MS & Co's average outstanding repurchase
agreements for December 2006, 2006 to September, 2007 ranged from $154
billion to $206 billion. MS & Co. is an active participant in the
public auction market for U.S. Treasuries, being one of only 22 primary
dealers and receiving on average from 4% to 9% of the primary
distribution of U.S. Treasuries. In secondary trading, MS & Co. ranked
as one of the top 5 primary dealers for U.S. Treasuries with maturities
under three years for each of the last eight quarters (through the
third quarter of 2007). MS & Co. also has been an active participant in
the secondary market for government agency securities and ranked fourth
in underwriting primary issuances in 2006. MS & Co. is also one of the
leading participants in the market for medium-term note (``MTNs'').
MTNs are offered continuously in public or private offerings, with
maturities beginning at nine months. MTNs represent a significant
portion of the longer-term money market investment alternatives because
commercial paper is not issued with maturities greater than nine
months. From July 2006 to July 2007, MS & Co. ranked as the fifth
largest manager or co-manager of MTN programs in terms of proceeds
($88.6 billion) and market share (8.5%). MS & Co. is also a leading
manager of issuances of Extendible Liquidity Securities[reg], a MS
proprietary product, which is another longer-term alternative. From
July 2000 through October 1, 2007, MS & Co. served as lead manager on
91 EXLs[reg] issuances, which represented 53% of the total aggregate
value of all EXLs[reg] issued during that period.
    7. MS & Co. also is a major participant in both the primary new
issue market and in the secondary dealer market for Tax-Exempt Money
Market Instruments. MS & Co. estimates that its market share in the new
issue market for Tax-Exempt Money Market Instruments included 13% of
conventional notes, 7% of tax-exempt commercial paper and 8% of
variable rate demand notes for the first nine months in 2007.
Applicants state that there is no comprehensive information published
as to the dollar amount and volume of secondary market transactions
executed in Tax-Exempt Money Market Instruments. However, MS & Co.
believes that it is generally one of the top five secondary market
dealers in Tax-Exempt Money Market Instruments. Based upon MS & Co.
estimates, MS & Co. was responsible for 8.7% of the trading volume in
variable rate demand notes and tax-exempt commercial paper among MS &
Co. and nine other leading dealers as of

September 30, 2007. MS & Co. estimates its market share in the put
bonds market at 12% as of December 31, 2006.
    8. Applicants state that over the past few years, the growth in
Money Market Instruments has been substantially outpaced by the growth
in portfolios which purchase Money Market Instruments, which has
contributed to the limited availability of Money Market Instruments to
the Funds.\4\ Applicants further state that because of consolidation in
the money market industry, there is a substantially smaller number of
major dealers who are active in the money market than was the case a
decade ago. Applicants state that MS & Co. has remained committed to
the taxable and tax-exempt money market, and has moved to fill the void
left by departing dealers. As the number of dealers with whom the Funds
can transact business has decreased, it has become even more important
for the Funds to have meaningful access to all of the major dealers in
Money Market Instruments in order to diversify each Fund's investments,
to maintain portfolio liquidity, and to increase opportunities for
obtaining best price and execution with respect to portfolio trades.
---------------------------------------------------------------------------

    \4\ Applicants state that from 1997 through 2007, the growth of
the market in Tax-Exempt Money Market Instruments was 208%, while
the growth of tax-exempt money market funds was 276%. For the same
period, the growth of Taxable Money Market Instruments was 78%,
while the growth of taxable money market funds was 181%.
---------------------------------------------------------------------------

    9. Subject to the general supervision of the board of directors/
trustees of each of the Funds (each a ``Board''), the Advisers are
responsible for making investment decisions and for the placement of
portfolio transactions. The Funds have no obligation to deal with any
dealer or group of dealers in the execution of their portfolio
transactions. When placing orders, an Adviser must attempt to obtain
the best net price and the most favorable execution of its orders. In
doing so, it takes into account such factors as price, the size, type
and difficulty of the transaction involved and the dealer's general
execution and operational facilities. The transaction costs of the
Funds with respect to Money Market Instruments consist primarily of
dealer or underwriter spreads. Spreads vary some based on the type of
money market security or the occurrence of turbulent market conditions,
but generally spread levels for Taxable Money Market Instruments are in
the range of 1 to 5 basis points (.01% to .05%), while spreads for Tax-
Exempt Money Market Instruments typically are not greater than 12.5
basis points (0.125%).

Applicants' Legal Analysis

    1. Applicants request an order pursuant to sections 6(c) and 17(b)
of the Act exempting certain transactions from the provisions of
section 17(a) of the Act to permit MS & Co., acting as principal, (a)
to sell or purchase Taxable Money Market Instruments to or from the
Funds; and (b) to sell or purchase Tax-Exempt Money Market Instruments
to or from the Money Market Funds, subject to the conditions set forth
below.
    2. Section 17(a) of the Act generally prohibits an affiliated
person or principal underwriter of a registered investment company, or
any affiliated person of that person, acting as principal, from selling
to or purchasing from the registered company, or any company controlled
by the registered company, any security or other property. Because an
Adviser is an affiliated person of the Funds it advises and MS & Co.
and the Advisers are under common control, the Funds are currently
prohibited from conducting portfolio transactions with MS & Co. in
transactions in which MS & Co. acts as principal.
    3. Section 17(b) of the Act provides that the Commission, upon
application, may exempt a transaction from the provisions of section
17(a) if evidence establishes that the terms of the proposed
transaction, including the consideration to be paid, are reasonable and
fair, and do not involve overreaching on the part of any person
concerned, and that the proposed transaction is consistent with the
policy of the registered investment company concerned and with the
general purposes of the Act. Section 6(c) provides that the Commission
may conditionally or unconditionally exempt any person, security, or
transaction, or any class or classes of persons, securities, or
transactions, from any provision or provisions of the Act or of any
rule or regulation thereunder, if and to the extent that such exemption
is necessary or appropriate in the public interest and consistent with
the protection of investors and the purposes fairly intended by the
policy and provisions of the Act.
    4. Applicants note the following in support of the requested
relief:
    (a) With over approximately $75 billion invested in Money Market
Instruments, the Funds are major buyers and sellers in the tax-exempt
and taxable money market with a strong need for access to large
quantities of high quality Money Market Instruments. The applicants
believe that access to a major dealer as MS & Co. in this market
increases the Funds' ability to obtain suitable portfolio securities.
    (b) The policy of the Funds of investing in securities with short
maturities combined with the active portfolio management techniques
employed by the Advisers results in a high level of portfolio activity
and the need to make numerous purchases and sales of Money Market
Instruments. This high level of portfolio activity emphasizes the
importance of increasing opportunities to obtain suitable portfolio
securities and best price and execution.
    (c) The tax-exempt and taxable money market, including the market
for repurchase agreements, is highly competitive, and maintaining a
dealer as prominent as MS & Co. in the pool of dealers with which the
Funds could conduct principal transactions may provide the Funds with
opportunities to purchase and sell Money Market Instruments, including
those not available from any other source.
    (d) MS & Co. is such a major factor in the tax-exempt and taxable
money market that being unable to deal directly with MS & Co. may
indirectly deprive the Funds of obtaining best price and execution even
when the Funds trade with unaffiliated dealers.
    5. Applicants believe that the requested order will provide the
Funds with a broader and more complete access to the money market (both
taxable and non-taxable) which is necessary to carry out the policies
and objectives of each of the Funds in obtaining the best price,
execution and quality in all portfolio transactions, and will provide
the Funds with important new information sources in the taxable and
tax-exempt money market, to the direct benefit of investors in the
Funds. Applicants believe that the transactions contemplated by the
application are identical to those in which they are currently engaged
except for the proposed participation of MS & Co. and that such
transactions are consistent with the policies of the Funds as recited
in their registration statements and reports filed under the Act.
Applicants further believe that the conditions below and the procedures
to be followed with respect to transactions with MS & Co. are
structured in such a way as to ensure that the transactions will be, in
all instances, reasonable and fair, will not involve overreaching on
the part of any person concerned, and that the requested exemption is
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policy and
provisions of the Act.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. The exemption shall be applicable to principal transactions in
the secondary market and primary or secondary fixed price dealer
offerings not made pursuant to underwriting syndicates. With respect to
Tax-Exempt Money Market Instruments, principal purchase or sale
transactions will be conducted only in Money Market Instruments that
are First Tier Securities as defined in rule 2a-7(a)(12)(i) under the
Act. With respect to Taxable Money Market Instruments, the principal
purchase or sale transactions which may be conducted pursuant to the
exemption will be limited to transactions in Eligible Securities.\5\
Notwithstanding the foregoing, if a Fund purchases a Money Market
Instrument meeting the above requirements from MS & Co. and, subsequent
to such purchase the security becomes no longer an Eligible Security,
the Fund may sell the security to MS & Co. in a manner consistent with
the requirements of rule 2a-7(c)(6)(i)(B). To the extent a Fund is
subject to rule 2a-7, such Eligible Securities must meet the portfolio
maturity and quality requirements of paragraphs (c)(2) and (c)(3) of
rule 2a-7. To the extent a Fund is not subject to rule 2a-7, such
Eligible Securities must meet the requirements of clauses (i), (iii)
and (iv) of paragraph (c)(3) of rule 2a-7. Additionally:
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    \5\ Italicized terms are defined as set forth in paragraph (a)
of rule 2a-7 under the Act, unless otherwise indicated.
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    (a) No Fund shall make portfolio purchases pursuant to the
exemption that would result directly or indirectly in a Fund investing
pursuant to the exemption more than 2% of its Total Assets (or, in the
case of a Fund that is not subject to rule 2a-7, more than 2% of the
total of its cash, cash items and Eligible Securities) in securities
which, when acquired by the Fund (either initially or upon any
subsequent rollover) are Second Tier Securities; provided that any Fund
may make portfolio sales of Second Tier Securities pursuant to the
exemption without regard to this limitation.
    (b) The exemption shall not apply to an Unrated Security other than
a Government Security.
    (c) The Funds may engage in repurchase agreements with MS & Co.
only if MS & Co. has: (i) Net capital, as defined in rule 15c3-1 under
the 1934 Act, of at least $100 million and (ii) a record (including the
record of predecessors) of at least five years continuous operations as
a dealer during which time it engaged in repurchase agreements relating
to the kind of security subject to the repurchase agreement. MS & Co.
shall furnish the Advisers with financial statements for its most
recent fiscal year and the most recent semi-annual financial statements
made available to its customers. The Advisers shall determine that MS &
Co. complies with the above requirements and with other repurchase
agreement guidelines adopted by the Board. Each repurchase agreement
will be Collateralized Fully.
    (d) The exemption shall not apply to any purchase or sale of any
security, other than a repurchase agreement, issued by MS or any
affiliated person thereof, or to any security subject to a Demand
Feature or Guarantee issued by MS or any affiliated person thereof. For
purposes of this requirement, MS will not be considered to be the
issuer of a Demand Feature or Guarantee solely by reason of the fact
that MS or an affiliate thereof serves as a remarketing agent for a
Money Market Instrument.
    2. The relevant Adviser (unless the Board decides that the Fund
should make these determinations) will determine with respect to each
principal transaction conducted by a Fund pursuant to the order, based
upon the information available to the Funds and the Advisers, that the
price available from MS & Co. is at least as favorable to the Fund as
the prices obtained from two other dealer bids in connection with
securities falling within the same category of instrument, quality and
maturity (but not necessarily the identical security or issuer)
(``price test''). In the case of ``swaps'' involving trades of one
security for another, the price test shall be based upon the
transaction viewed as a whole and not upon the two components thereof
individually. With respect to each transaction involving repurchase
agreements, the relevant Adviser will determine (unless the Board
decides that the Fund should make these determinations), based upon the
information reasonably available to the Fund and the Advisers, that the
income to be earned from the repurchase agreement is at least equal to
that available from other sources. In the case of variable rate demand
notes, for which dealer bids are not ordinarily available, the Funds
will only undertake purchases and sales where the rate of interest to
be earned from the variable rate demand note is at least equal to that
of variable rate demand notes of comparable quality that are available
from other dealers. Neither MS nor any other affiliate thereof (other
than the Advisers) will have any involvement with respect to proposed
transactions between the Funds and the Advisers and, except to the
extent set forth in condition 6(d) below, will not attempt to influence
or control in any way the placing by the Funds or the Advisers of
orders with MS & Co.
    3. Before any principal transaction may be conducted pursuant to
the order, the relevant Fund or Adviser must obtain such information as
it deems reasonably necessary to determine that the price test (as
defined in condition (2) above) has been satisfied. In the case of each
purchase or sale transaction, the relevant Fund or Adviser must make
and document a good faith determination with respect to compliance with
the price test based on current price information obtained through the
contemporaneous solicitation of bona fide offers in connection with
securities falling within the same category of instrument, quality and
maturity (but not necessarily the identical security or issuer). With
respect to variable rate demand notes, contemporaneous solicitation of
a bona fide offer will be construed to mean any bona fide offer
solicited during the same trading day. With respect to prospective
purchases of securities by a Fund, the dealer firms from which prices
are solicited must be those who have securities of the same categories
and the type desired in their inventories and who are in a position to
quote favorable prices with respect thereto. With respect to the
prospective sale of securities by a Fund, these dealer firms must be
those who, in the experience of the Funds and the Advisers, are in a
position to quote favorable prices. Before any repurchase agreements
are entered into pursuant to the exemption, the Fund or the Adviser
must obtain and document competitive quotations from at least two other
dealers with respect to repurchase agreements comparable to the type of
repurchase agreement involved, except that if quotations are
unavailable from two such dealers, only one other competitive quotation
is required.
    4. Principal transactions in all Money Market Instruments other
than repurchase agreements conducted by a Fund pursuant to the order
shall be limited to no more than (a) an aggregate of 25% of the direct
or indirect purchases and 25% of the direct or indirect sales of
Eligible Securities other than repurchase agreements conducted by that
Fund and (b) an aggregate of 25% of the purchases or sales, as the case
may be, by MS & Co. of Eligible Securities other than repurchase
agreements. Repurchase agreements conducted pursuant to the exemption

shall be limited to no more than 10% of (a) the repurchase agreements
directly or indirectly entered into by the relevant Fund and (b) the
repurchase agreements transacted by MS & Co. Principal transactions in
Tax-Exempt Money Market Instruments conducted by each Money Market Fund
pursuant to the order, shall be limited to no more than an aggregate of
20% of the direct or indirect purchases and 20% of the direct or
indirect sales of Tax-Exempt Money Market Instruments by that Money
Market Fund. The Adviser or Fund and MS & Co. will measure these limits
on an annual basis (the fiscal year of each Fund and of MS & Co.) and
shall compute them using the dollar volume of transactions.
    5. MS & Co.'s dealer spread regarding any transaction with the
Funds will be no greater than its customary dealer spread on similar
transactions (with unaffiliated parties) of a similar size during a
comparable time period. Its customary dealer spread also will be
consistent with the average or standard spread charged by dealers in
Money Market Instruments of a similar type and transaction size.
    6. The Advisers, on the one hand, and MS & Co. on the other, will
operate on different sides of appropriate walls of separation with
respect to the Funds and the Money Market Instruments. The walls of
separation will include all of the following characteristics, and such
others that MS & Co. and the Advisers consider reasonable to facilitate
the factual independence of the Advisers from MS & Co.:
    (a) Each of the Advisers will maintain offices physically separate
from those of MS & Co.
    (b) The compensation of persons assigned to any of the Advisers
(i.e., executive, administrative or investment personnel) will not
depend on the volume or nature of trades effected by the Advisers for
the Funds with MS & Co. under the exemption, except to the extent that
such trades may affect the profits and losses of MS and its
subsidiaries as a whole.
    (c) MS & Co. will not compensate the Advisers based upon its
profits or losses on transactions conducted pursuant to the exemption,
provided that the allocation of the profits by MS to its shareholders
and the determination of general firm-wide compensation of officers and
employees, will be unaffected by this undertaking.
    (d) Personnel assigned to the Advisers' investment advisory
operations on behalf of the Funds will be exclusively devoted to the
business and affairs of one or more of the Advisers. Personnel assigned
to MS & Co. will not participate in the decision-making process for or
otherwise seek to influence the Advisers other than in the normal
course of sales and dealer activities of the same nature as are
simultaneously being carried out with respect to nonaffiliated
institutional clients. Each Adviser, on the one hand, and MS & Co., on
the other hand, may nonetheless maintain affiliations other than with
respect to the Funds, and in addition with respect to the Funds as
follows: (i) Adviser personnel may rely on research, including credit
analysis and reports prepared internally by various subsidiaries and
divisions of MS & Co.; and (ii) The senior executives of MS that have
responsibility for overseeing operations of various divisions,
subsidiaries and affiliates of MS are not precluded from exercising
those functions over the Advisers because they oversee MS & Co. as
well, provided that such persons shall not have any involvement with
respect to proposed transactions pursuant to the exemption and will not
in any way attempt to influence or control the placing by the Funds or
any Adviser of orders in respect of Money Market Instruments with MS &
Co.
    7. The Funds and the Advisers will maintain such records with
respect to those transactions conducted pursuant to the exemption as
may be necessary to confirm compliance with the conditions to the
requested relief. To this end, each Fund shall maintain the following:
    (a) An itemized daily record of all purchases and sales of
securities pursuant to the exemption, showing for each transaction the
following: (i) The name and quantity of securities; (ii) the unit
purchase or sale price; (iii) the time and date of the transaction; and
(iv) whether the security was a First Tier or Second Tier Security. For
each transaction (other than variable rate demand notes), these records
shall document two quotations received from other dealers for
securities falling within the same category of instrument, quality and
maturity; including the following: (i) The names of the dealers; (ii)
the names of the securities; (iii) the prices quoted; (iv) the times
and dates the quotations were received; and (v) whether such securities
were First Tier or Second Tier Securities. In the case of variable rate
demand notes, the Fund shall maintain the same records except that the
rates of return quoted will be substituted for the prices quoted.
    (b) Records sufficient to verify compliance with the volume
limitations contained in condition (4) above. MS & Co. will provide the
Funds with all records and information necessary to implement this
requirement.
    (c) Each Fund shall maintain a ledger or record showing, on a daily
basis, the percentage of the Fund's Total Assets (or, in the case of a
Fund not subject to rule 2a-7 the percentage of its total cash, cash
items and Eligible Securities) represented by Second Tier Securities
acquired from MS & Co.
    (d) Each Fund shall maintain records sufficient to verify
compliance with the repurchase agreement requirements contained in
condition 1(c) above.
    The records required by this condition (7) will be maintained and
preserved in the same manner as records required under rule 31a-1(b)(1)
under the Act.
    8. The legal and compliance departments of MS & Co. and the
Advisers will prepare and administer guidelines for personnel of MS &
Co. and the Advisers to make certain that transactions conducted
pursuant to the order comply with the conditions set forth in the order
and that the parties generally maintain arm's-length relationships. In
the training of MS & Co's personnel, particular emphasis will be placed
upon the fact that the Funds are to receive rates as favorable as other
institutional purchasers buying the same quantities. The legal and
compliance departments will periodically monitor the activities of MS &
Co. and the Advisers to make certain that the conditions set forth in
the order are adhered to.
    9. The members of the Board of each of the Funds who are not
``interested persons'' as defined in Section 2(a)(19) of the Act
(``Independent Trustees'') will approve, periodically review, and
update as necessary, guidelines for the Funds and the Advisers that are
reasonably designed to make certain that the transactions conducted
pursuant to the exemption comply with the conditions set forth herein
and that the above procedures are followed in all respects. The
Independent Trustees will periodically monitor the activities of the
Funds and the Advisers in this regard to ensure that these goals are
being accomplished.
    10. The Board, including a majority of the Independent Trustees,
will have approved each Fund's participation in transactions conducted
pursuant to the exemption and determined that such participation by the
Fund is in the best interests of the Fund and its shareholders. The
minutes of the meeting of the Board at which this approval was given
must reflect in detail the reasons for the Board's determination. The
Board will review no less frequently than annually each Fund's
participation in transactions conducted pursuant to the exemption

during the prior year and determine whether the Fund's participation in
such transactions continues to be in the best interests of the Fund and
its shareholders. Such review will include (but not be limited to) (a)
a comparison of the volume of transactions in each type of security
conducted pursuant to the exemption to the market presence of MS & Co.
in the market for that type of security, which market data may be based
on good faith estimates to the extent that current formal data is not
reasonably available, and (b) a determination that the Funds are
maintaining appropriate trading relationships with other sources for
each type of security to ensure that there are appropriate sources for
the quotations required by condition 3. The minutes of the meetings of
the Board at which these determinations are made will reflect in detail
the reasons for the Board's determinations.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1304 Filed 1-24-08; 8:45 am]

BILLING CODE 8011-01-P