[Federal Register Volume 76, Number 53 (Friday, March 18, 2011)]
[Rules and Regulations]
[Pages 14801-14802]
[FR Doc No: 2011-6354]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2010-1008; Airspace Docket No. 10-ANE-110]

Establishment of Class E Airspace; Colebrook, NH

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action establishes Class E Airspace at Colebrook, NH, to
accommodate a new Area Navigation (RNAV) Global Positioning System
(GPS) special Standard Instrument Approach Procedure (SIAP) serving the
Upper Connecticut Valley Hospital Heliport. This action enhances the
safety and airspace management of Instrument Flight Rules (IFR)
operations within the National Airspace System.

DATES: Effective 0901 UTC, June 30, 2011. The Director of the Federal
Register approves this incorporation by reference action under title 1,
Code of Federal Regulations, part 51, subject to the annual revision of
FAA Order 7400.9 and publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Richard Horrocks, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, P.O.
Box 20636, Atlanta, Georgia 30320; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On December 28, 2010, the FAA published in the Federal Register a
Notice of Proposed Rulemaking to establish Class E airspace at Upper
Connecticut Valley Hospital Heliport, Colebrook, NH (75 FR 81516).
Interested parties were invited to participate in this rulemaking
effort by submitting written comments on the proposal to the FAA. No
comments were received. Class E airspace designations are published in
paragraph 6005 of FAA Order 7400.9U dated August 18, 2010, and
effective September 15, 2010, which is incorporated by reference in 14
CFR 71.1. The Class E airspace designations listed in this document
will be published subsequently in the Order.

The Rule

    This amendment to Title 14, Code of Federal Regulations (14 CFR)
part 71 establishes the Class E airspace extending upward from 700 feet
above the surface at Colebrook, NH, to provide controlled airspace
required to support the RNAV (GPS) special standard instrument approach
procedures developed for Upper Connecticut Valley Hospital Heliport.
This action is necessary for the safety and management of IFR
operations at the heliport.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore, (1) Is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a Regulatory Evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
subtitle VII, part A, subpart I, section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it establishes Class E airspace at Colebrook, NH.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(g); 40103, 40113, 40120; E.O. 10854,
24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.9U, Airspace Designations and Reporting
Points, dated August 18, 2010, effective September 15, 2010, is amended
as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

ANE NH E5 Colebrook, NH [NEW]

Upper Connecticut Valley Hospital Heliport, NH
    (Lat. 44[deg]54'14'' N., long. 71[deg]28'52'' W.)

Point in Space Coordinates
    (Lat. 44[deg]54'26'' N., long. 71[deg]29'54'' W.)

    That airspace extending upward From 700 Feet above the surface
within a 6-mile radius of the Point in Space Coordinates (lat.
44[deg]54'26'' N., long. 71[deg]29'54'' W.) serving the Upper
Connecticut Valley Hospital Heliport.

    Issued in College Park, Georgia, on March 8, 2011.
Barry A. Knight,
Acting Manager, Operations Support Group, Eastern Service Center, Air
Traffic Organization.
[FR Doc. 2011-6354 Filed 3-17-11; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 201 (Monday, October 19, 2015)]
[Notices]
[Page 63241]
[FR Doc No: 2015-26451]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4241-DR; Docket ID FEMA-2015-0002]

South Carolina; Amendment No. 3 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of South Carolina (FEMA-4241-DR), dated October 5, 2015,
and related determinations.

DATES: Effective Date: October 9, 2015.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of South Carolina is hereby amended to include the
following areas among those areas determined to have been adversely
affected by the event declared a major disaster by the President in his
declaration of October 5, 2015.

Bamberg, Colleton, and Greenwood Counties for Individual Assistance.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050 Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2015-26451 Filed 10-16-15; 8:45 am]
 BILLING CODE 9111-23-P


[Federal Register Volume 85, Number 36 (Monday, February 24, 2020)]
[Rules and Regulations]
[Pages 10292-10294]
[FR Doc No: 2020-02893]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R07-OAR-2019-0477; FRL-10005-35-Region 7]

Air Plan Approval; Iowa; Linn County; State Implementation Plan

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is approving
revisions to the Iowa State Implementation Plan (SIP) to include recent
changes to the Linn County Code of Ordinances. The revisions include
updating definitions and references to the effective dates the Federal
rules were approved into the State's SIP, revising methods and
procedures for performance test/stack test and continuous monitoring
systems, and updating the Linn County permits program. These revisions
will not adversely impact air quality and will ensure consistency
between the state and federally approved rules.

DATES: This final rule is effective on March 25, 2020.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R07-OAR-2019-0477. All documents in the docket are
listed on the https://www.regulations.gov website. Although listed in
the index, some information is not publicly available, i.e., CBI or
other information whose disclosure is restricted by statute. Certain
other material, such as copyrighted material, is not placed on the
internet and will be publicly available only in hard copy form.
Publicly available docket materials are available through https://www.regulations.gov or please contact the person identified in the FOR
FURTHER INFORMATION CONTACT section for additional information.

FOR FURTHER INFORMATION CONTACT: Stephanie Doolan, Environmental
Protection Agency, Region 7 Office, Air Quality Planning Branch, 11201
Renner Boulevard, Lenexa, Kansas 66219; telephone number (913) 551-
7719; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document ``we,'' ``us,'' and
``our'' refer to EPA. This section provides additional information by
addressing the following:

Table of Contents

I. Background
II. What is being addressed in this document?

III. Have the requirements for approval of the SIP revisions been
met?
IV. The EPA's Response to Comments
V. What action is the EPA taking?
VI. Incorporation by Reference
VII. Statutory and Executive Order Reviews

I. Background

    On July 3, 2018, the Iowa Department of Natural Resources (IDNR)
submitted to EPA a revision to its SIP requesting incorporation of
recent changes to the Linn County, Iowa, Code of Ordinances. The Clean
Air Act (CAA) allows authorized states to delegate portions of the
Act's implementation and enforcement to local governments such as Linn
County.
    The EPA published a proposal to approve Iowa's SIP revision request
in the Federal Register on November 25, 2019 (84 FR 227). No comments
were received. The purpose of this action is to grant final approval of
Iowa's SIP revision request to incorporate the Linn County Code of
Ordinance revisions into Iowa's SIP.

II. What is being addressed in this document?

    The EPA is granting final approval of a submission from the State
of Iowa to revise its SIP to incorporate recent updates to Chapter 10,
Environment, Article III, Air Quality (hereafter referred to as
``Chapter 10'') pertaining to air quality. The revisions to the Iowa
SIP are incorporating Linn County's updated definitions and references
to the effective dates of Federal rules approved into the state's SIP,
renumbering, revising methods and procedures for performance test/stack
test and continuous monitoring systems, and revising the public notice
and participation requirements to allow permit modifications to be
published online rather than in area newspapers which is consistent
with recent revisions to Iowa's SIP (83 FR 191, October 2, 2018). The
EPA is also approving provisions into the Iowa SIP to codify its
existing policy and procedures for appealing permits.
    As stated in the proposed rulemaking, the EPA is not acting on
portions of Linn County Chapter 10-58, Permits for New and Existing
Stationary Sources, and Chapter 10-59, Permit Fees, that pertain to
Prevention of Significant Deterioration (PSD) regulations because Iowa
has not delegated the PSD program authority to Linn County. The EPA is
also not acting on the revisions to Chapter 10-67, Excess Emissions at
this time.

III. Have the requirements for approval of the SIP revisions been met?

    The State submission has met the public notice requirements for SIP
submissions in accordance with 40 CFR 51.102. Linn County held a public
comment period from April 24, 2018, to May 23, 2018. No comments were
received. The submission satisfies the completeness criteria of 40 CFR
part 51, appendix V. In addition, as explained in more detail in the
proposed rulemaking published in the Federal Register on November 25,
2019, these revisions meet the substantive SIP requirements of the CAA,
including section 110 and implementing regulations.

IV. The EPA's Response to Comments

    The public comment period for the EPA's proposed rule opened
November 25, 2019, the date of its publication in the Federal Register,
and closed on December 26, 2019. During this period, the EPA received
no comments.

V. What action is the EPA taking?

    The EPA is approving revisions to the Iowa SIP to incorporate the
revisions to Chapter 10 of the Linn County Code of Ordinances. The
revisions clarify rules, make revisions and corrections, and rescind
rules no longer relevant to the air program. The EPA has determined
that approval of these revisions will not adversely impact air quality
and will ensure consistency between the local, state and federally-
approved rules, and ensure Federal enforceability of the state's
revised air program rules.

VI. Incorporation by Reference

    In this document, the EPA is finalizing regulatory text that
includes incorporation by reference. In accordance with requirements of
1 CFR 51.5, the EPA is finalizing the incorporation by reference of the
Iowa Regulations described in the amendments to 40 CFR part 52 set
forth below. The EPA has made, and will continue to make, these
materials generally available through www.regulations.gov and at the
EPA Region 7 Office (please contact the person identified in the FOR
FURTHER INFORMATION CONTACT section of this preamble for more
information).
    Therefore, these materials have been approved by the EPA for
inclusion in the State Implementation Plan, have been incorporated by
reference by EPA into that plan, are fully federally enforceable under
sections 110 and 113 of the CAA as of the effective date of the final
rulemaking of the EPA's approval, and will be incorporated by reference
in the next update to the SIP compilation.\1\
---------------------------------------------------------------------------

    \1\ 62 FR 27968 (May 22, 1997).
---------------------------------------------------------------------------

VII. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Is not an Executive Order 13771 (82 FR 9339, February 2,
2017) regulatory action because SIP approvals are exempted under
Executive Order 12866.
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of the National Technology
Transfer and Advancement Act (NTTA) because this rulemaking does not
involve technical standards; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).

    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where the EPA or an Indian tribe
has demonstrated that a tribe has jurisdiction. In those areas of
Indian country, the rule does not have tribal implications and will not
impose substantial direct costs on tribal governments or preempt tribal
law as specified by Executive Order 13175 (65 FR 67249, November 9,
2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by April 24, 2020. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and shall not postpone the effectiveness of such rule or
action. This action may not be challenged later in proceedings to
enforce its requirements. (See section 307(b)(2)).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Particulate matter, Reporting
and recordkeeping requirements, Volatile organic compounds.

    Dated: February 7, 2020.
James Gulliford,
Regional Administrator, Region 7.
    For the reasons stated in the preamble, the EPA amends 40 CFR part
52 as set forth below:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority:  42 U.S.C. 7401 et seq.

Subpart Q--Iowa

0
2. In Sec.  52.820, the table in paragraph (c) is amended by revising
the entry ``Chapter 10'' to read as follows:

Sec.  52.820  Identification of plan.

* * * * *
    (c) * * *

                                          EPA-Approved Iowa Regulations
----------------------------------------------------------------------------------------------------------------
                                                          State
          Iowa citation                  Title          effective    EPA approval date         Explanation
                                                           date
----------------------------------------------------------------------------------------------------------------
                 Iowa Department of Natural Resources Environmental Protection Commission [567]

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                                   Linn County
----------------------------------------------------------------------------------------------------------------
Chapter 10......................  Linn County Air         6/5/2018  2/24/2020, [insert   The following
                                   Quality Ordinance,                Federal Register     definitions are not
                                   Chapter 10.                       citation].           SIP-approved in
                                                                                Chapter 10-55;
                                                                                Anaerobic lagoon,
                                                                                Biomass, Chemical
                                                                                processing plants
                                                                                (ethanol production
                                                                                facilities that
                                                                                produce ethanol by
                                                                                natural fermentation
                                                                                included in NAICS code
                                                                                325193 or 312140 are
                                                                                not included in this
                                                                                definition); Federally
                                                                                Enforceable;
                                                                                Greenhouse gases;
                                                                                The following sections
                                                                                are not SIP approved:
                                                                                10-57(a), Title V
                                                                                Permits; 10-59(c),
                                                                                Fees Associated with
                                                                                PSD Applications; 10-
                                                                                61, Emissions From
                                                                                Fuel-Burning
                                                                                Equipment, (c)
                                                                                Exemptions for
                                                                                Residential Heaters
                                                                                Burning Solid Fuels;
                                                                                10-61, Emissions from
                                                                                Fuel-Burning
                                                                                Equipment, (d)
                                                                                Nuisance Conditions
                                                                                for Fuel Burning
                                                                                Equipment; 10-62,
                                                                                Emission Standards,
                                                                                (b) NSPS; 10-62(c),
                                                                                Emission Standards for
                                                                                HAPs; 10-62(d),
                                                                                Emission Standards for
                                                                                HAPs for Source
                                                                                Categories; 10-64,
                                                                                Emission of
                                                                                Objectionable Odors;
                                                                                10-70, Testing and
                                                                                Sampling of New and
                                                                                Existing Equipment,
                                                                                (k) Continuous
                                                                                Emissions Monitoring
                                                                                from Acid Rain
                                                                                Program; and 10-77,
                                                                                Penalty.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *
[FR Doc. 2020-02893 Filed 2-21-20; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: October 1, 2007 (Volume 72, Number 189)]
[Notices]
[Page 55838-55839]
[DOCID:fr01oc07-101]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 27977; 812-13413]

MMA Praxis Mutual Funds, et al.; Notice of Application

September 24, 2007.
AGENCY: Securities and Exchange Commission (``Commission'').

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

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Summary of Application: Applicants request an order to permit certain
entities excluded from the definition of investment company under
section 3(c)(10) or 3(c)(11) of the Act to transfer certain classes of
assets held in separate accounts to a series of a registered open-end
management investment company in exchange for shares of that series.

Applicants: MMA Praxis Mutual Funds (``Trust''), The Mennonite
Foundation, Inc. (``MF''), Mennonite Retirement Trust (``MRT'') and
Mennonite Insurance Services Inc. d/b/a MMA Capital Management
(``MMA'').

Filing Dates: The application was filed on August 7, 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 October 19, 2007 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 who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, Commission, 100 F Street, NE., Washington, DC
20549-0102; Applicants, c/o MMA Praxis Mutual Funds, 303 Broadway,
Suite 1100, Cincinnati, OH 45202.

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

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

Applicants' Representations

    1. The Trust, a Delaware statutory trust, is registered under the
Act as an open-end management investment company. The Trust is
organized as a series investment company consisting of 6 series, one of
which is the MMA Praxis Growth Index Fund (``Growth Index Fund'' or
``Fund''). The Growth Index Fund invests in equity securities intended
to parallel the investment performance of the U.S. large cap growth
equities market, while incorporating socially responsible investing
criteria. MMA, an Indiana corporation, is an investment adviser
registered under the Investment Advisers Act of 1940 ands serves as
investment adviser to the Fund pursuant to an investment advisory
agreement with the Trust.
    2. MF, a not-for-profit corporation organized under the laws of
Indiana, is excluded from the definition of investment company under
the Act pursuant to Section 3(c)(10) of the Act. MF's board of
directors manages and controls the business of MF. MF's portfolio
securities are segregated by asset class and are held in separate
accounts. Each separate account is a sub-account of MF and is not a
legal entity separate from MF. One of these sub-accounts, MF Large Cap
Growth Index Fund, is managed by MMA.
    3. MRT, a qualified retirement plan, is excluded from the
definition of investment company under the Act pursuant to Section
3(c)(11) of the Act. MRT's board of trustees manages its investment
activities. MRT's portfolio securities are segregated by asset class
and are held in separate accounts. Each separate account is a sub-
account of MRT and is not a legal entity separate from MRT. One of
these sub-accounts, MRT Large Cap Growth Index Fund, is managed by MMA.
The directors/trustees of MRT and MF (MRT and MF are referred to
collectively as the ``Unregistered Funds'') also serve as directors of
Mennonite Mutual Aid, Inc., the controlling company of MMA.
    4. Applicants seek relief to permit MF and MRT to transfer
substantially all of the assets in MF's Growth Index Fund and MRT's
Large Cap Growth Index Fund, respectively, (the ``Assets'') to the
Growth Index Fund in exchange for shares (``Shares'') of that Fund.
That proposed transfer is referred to as the ``Exchange''.
    5. The Assets of the Unregistered Funds contemplated for transfer
to the Fund in the Exchange will consist of individual securities that
are substantially similar to those held as investments by the Fund. The
Assets will be valued by the Fund at the time of acquisition at the
independent ``current market price'' of the securities as defined in
rule 17a-7 under the Act, the same valuation procedures set forth in
the Fund's registration statement. The Shares of the Growth Index Fund
received in the Exchange will have an aggregate net asset value
(``NAV'') equal to the NAV of the Assets transferred by MF and MRT to
the Fund. The Unregistered Funds and the Fund will each pay their own
expenses incurred in connection with the Exchange. After the Exchange,
MF's Growth Index Fund and MRT's Large Cap Growth Index Fund each will
not make any investments other than investments in shares of the Fund.

Applicants' Legal Analysis

    1. Section 17(a) of the Act, in relevant part, prohibits an
affiliated person of a registered investment company, or any affiliated
person of such a person, acting as principal, from selling to or
purchasing from that investment company any security or other property.
    2. Section 2(a)(3) of the Act defines an ``affiliated person'' of
another person to include (a) any person directly or indirectly
controlling, controlled by, or under common control with the other
person and (b) if the other person is an investment company, any
investment adviser of that company. Applicants state that the
Unregistered Funds and MMA may be considered to be under common control
because a majority of the directors/trustees serving on the

Unregistered Funds' boards of directors/trustees also serve as
directors of MMA. Applicants also state that the Unregistered Funds and
the Fund may be considered to be under common control and therefore may
be considered affiliated persons of each other under Section 2(a)(3) of
the Act. Thus, Applicants state that the proposed Exchange may be
prohibited under Section 17(a) of the Act.
    3. Rule 17a-7 exempts certain purchase and sale transactions
otherwise prohibited by Section 17(a) of the Act if an affiliation
exists solely by reason of having a common investment adviser,
investment advisers that are affiliated persons of each other, common
directors, and/or common officers, provided, among other requirements,
that the transaction is for no consideration other than cash.
Applicants state that the relief provided by Rule 17a-7 may not be
available for the Exchange because the Exchange will involve
consideration other than cash (i.e., Shares of the Fund). Applicants
also state that the Unregistered Funds may be deemed to be affiliated
with the Fund for reasons other than those set forth in Rule 17a-7.
    4. Rule 17a-8 exempts certain transactions (including mergers,
consolidations or purchases or sales of substantially all of the assets
of a company) between registered investment companies and eligible
unregistered funds, as defined in rule 17a-8 (``Eligible Unregistered
Fund''). Applicants state that the relief provided by rule 17a-8 is not
available for the Exchange because the Unregistered Funds are not
registered investment companies or Eligible Unregistered Funds, and the
Exchange does not involve substantially all of the assets of the
Unregistered Funds.\1\
---------------------------------------------------------------------------

    \1\ Although the Exchange will involve substantially all of the
assets of MF's Large Cap Growth Index Fund and MRT's Large Cap
Growth Index Fund, these entities do not have an existence separate
from the Unregistered Funds.
---------------------------------------------------------------------------

    5. Section 17(b) of the Act provides that the Commission may exempt
a transaction from the provisions of section 17(a) of the Act if the
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 each
registered investment company concerned and with the general purposes
of the Act.
    6. Applicants submit that the terms of the Exchange satisfy the
standards set forth in Section 17(b) of the Act. Applicants state that
the board of the Trust, including a majority of the trustees who are
not interested persons as defined in Section 2(a)(19) of the Act, found
that participation in the Exchange is in the best interests of the Fund
and that the interests of the existing shareholders of the Fund will
not be diluted as a result of the Exchange. Applicants state that the
Exchange will comply with the terms of paragraphs (a) (other than the
cash payment requirement) through (g) of Rule 17a-7 and the provisions
of Rule 17a-8 (as those provisions apply to the merger of an Eligible
Unregistered Fund with a registered investment company). No brokerage
commissions, fees (except for customary transfer fees, if any) or other
remuneration will be paid by the Fund or the Unregistered Funds in
connection with the Exchange.

Applicants' Condition

    Applicants agree that any order granting the requested relief will
be subject to the following condition:
    The Exchange will comply with the terms of paragraphs (a) (other
than the cash payment requirement) through (g) of rule 17a-7 and the
provisions of rule 17a-8 (as those provisions apply to the merger of an
Eligible Unregistered Fund with a registered investment company).

    For the Commission, by the Division of Investment Management,
under delegated authority.
Nancy M. Morris,
Secretary.
 [FR Doc. E7-19281 Filed 9-28-07; 8:45 am]

BILLING CODE 8011-01-P