[Federal Register: July 10, 2009 (Volume 74, Number 131)]
[Notices]
[Page 33311-33313]
[DOCID:fr10jy09-91]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28808; 812-13545]

GE Funds, et al.,; Notice of Application

July 2, 2009.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act and rule 18f-2 under the Act, as well as from certain
disclosure requirements.

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SUMMARY OF APPLICATION: Applicants request an order that would permit
them to enter into and materially amend subadvisory agreements without
shareholder approval and would grant relief from certain disclosure
requirements.

APPLICANTS:  GE Funds, GE Institutional Funds, GE Investments Funds,
Inc. (each, a ``Company'' and collectively, the ``Companies''), and GE
Asset Management Incorporated (the ``Adviser'').

FILING DATES: The application was filed on July 9, 2008, and amended on
November 8, 2008, May 8, 2009, and June 29, 2009. Applicants have
agreed to file an amendment during the notice period, the substance of
which is contained in this notice.

HEARING OR NOTIFICATION OF HEARING: An order granting the applications
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 July 27, 2009, and should be accompanied by proof of service on
applicants, in the form of an affidavit or, for lawyers, a certificate
of service. Hearing requests should be state the nature of the writer's
interest, the reason for the request, and the issues contested. Persons
who wish to be notified of a hearing may request notification by
writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants, GE Asset Management
Incorporated, 3001 Summer Street, Stamford, CT 06905.

FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at<PHONE_NUMBER>, or Mary Kay Frech, Branch Chief, at (202)
551-6821 (Division of Investment Management, Office of Investment
Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.
    Applicants' Representations:
    1. GE Funds, a Massachusetts business trust, is registered under
the Act as an open-end management investment company and currently
offers sixteen series, each with separate investment objectives,
policies and restrictions (each, a ``Fund'' and collectively, the
``Funds''). GE Institutional Funds, a Delaware statutory trust, is
registered under the Act as an open-end management investment company
and currently offers nine Funds, each with separate investment
objectives, policies and restrictions. GE Investments Funds, Inc., a
Virginia corporation, is registered under the Act an an open-end
management investment company and currently offers fourteen series,
each with separate investment objectives, policies and restrictions.\1\
The Adviser, a wholly owned subsidiary of General Electric Company, is
registered as an investment adviser under the Investment Advisers Act
of 1940 (``Adviser Act''). The Adviser serves as investment adviser to
each Fund under an investment advisory agreement with each Company
(``Advisory Agreement'') that has been approved by the shareholders of
each Fund and by the board of trustees or directors of the Companies
(``Board''), including a majority of the trustees or directors who are
not ``interested persons,'' as defined in section 2(a)(19) of the Act,
of any Company or the Adviser (``Independent Board Members'').
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    \1\ Applicants also request relief with respect to future Funds
and any other existing or future registered open-end management
investment company or series thereof that: (a) is advised by the
Adviser or a person controlling, controlled by, or under common
control with the Adviser (included in the term ``Adviser''); (b)
uses the investment management structure described in the
application; and (c) complies with the terms and conditions of the
application (included in the term ``Funds''). The only existing
registered open-end management companies that currently intend to
rely on the requested order are named as applicants. If the name of
any Fund contains the name of a Subadviser (as defined below), the
name of the Adviser will precede the name of the Subadviser.
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    2. Under the terms of each Advisory Agreement, the Adviser provides
a Fund with investment research, advice and

supervision, and furnishes an investment program for the Fund
consistent with the Fund's investment objectives and policies. For the
investment management services it provides to each Fund, the Adviser
receives the fee specified in the Advisory Agreement from the Fund. The
Advisory Agreements also permit, or would be amended (with appropriate
Board and shareholder approval) to permit, the Adviser to enter into
investment subadvisory agreements (``Subadvisory Agreements'') with one
or more subadvisers (``Subadvisers''). Pursuant to its authority under
certain Advisory Agreements, the Adviser (having obtained appropriate
Board and shareholder approval) has entered into Subadvisory Agreements
with various Subadvisers to provide investment advisory services to
ceertain Funds. Each Subadviser is, and every future Subadviser will
be, registered as an investment adviser under the Advisers Act. The
Adviser will monitor and evaluate the Subadvisers and recommend to the
Board their hiring, retention or termination. Subadvisers recommended
to the Board by the Adviser will be selected and approved by the Board,
including a majority of the Independent Board Members. Each Subadviser
will have discretionary authority to invest all or a portion of the
assets of a particular Fund, subject to the general supervision of the
Adviser and the Board. The Adviser will compensate each Subadviser out
of the fees paid to the Advisory by the Fund.
    3. Applicants request an order to permit the Adviser, subject to
the Board approval, to enter into and materially amend Subadvisory
Agreements without obtaining shareholder approval. The requested relief
will not extend to any Subadviser who is an affiliated person, as
defined in section 2(a)(3) of the Act, of the Companies or the Adviser,
other than by reason of serving as a Subadviser to one or more of the
Funds (``Affiliated Subadviser'').
    4. Applicants also request an exemption from the various disclosure
provisions described below that may require the Funds to disclose fees
paid by the Adviser to each Subadviser. An exemption is requested to
permit a Fund to disclose (as both a dollar amount and as a percentage
of the Fund's net assets): (a) the aggregate fees paid to the Adviser
and any Affiliated Subadvisers; and (b) the aggregate fees paid to
Subadvisers other than Affiliated Subadvisers (``Aggregate Fee
Disclosure''). Any Fund that employs an Affiliated Subadviser will
provide separate disclosure of any fees paid to the Affiliated
Subadviser.
    Applicants' Legal Analysis:
    1. Section 15(a) of the Act provides, in relevant part, that it is
unlawful for any person to act as an investment adviser to a registered
investment company except pursuant to a written contract that has been
approved by a vote of a majority of the company's outstanding voting
securities. Rule 18f-2 under the Act provides that each series or class
of stock in a series investment company affected by a matter must
approve that matter if the Act requires shareholder approval.
    2. Form N-1A is the registration statement used by open-end
investment companies. Item 14(a)(3) of Form N-1A requires disclosure of
the method and amount of the investment adviser's compensation.\2\
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    \2\ Form N-1A was recently amended by the Commission, effective
March 31, 2009, and Item 14(a)(3) should be read to refer to Item
19(a)(3) for each Fund when that Fund begins using the revised form.
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    3. Rule 20a-1 under the Act requires proxies solicited with respect
to an investment company to comply with Schedule 14A under the
Securities Exchange Act of 1934 (``1934 Act''). Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, taken together,
require a proxy statement for a shareholder meeting at which the
advisory contract will be voted upon to include the ``rate of
compensation of the investment adviser,'' the ``aggregate amount of the
investment adviser's fees,'' a description of the ``terms of the
contract to be acted upon,'' and, if a change in the advisory fee is
proposed, the existing and proposed fees and the difference between the
two fees.
    4. Form N-SAR is the semi-annual report filed with the Commission
by registered investment companies. Item 48 of Form N-SAR requires
investment companies to disclose the rate schedule for fees paid to
their investment advisers, including the Subadvisers.
    5. Regulation S-X sets forth the requirements for financial
statements required to be included as part of investment company
registration statements and shareholder reports filed with the
Commission. Section 6-07(2)(a), (b), and (c) of Regulation S-X require
that investment companies include in their financial statements
information about investment advisory fees.
    6. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction or any class or classes of
persons, securities, or transactions from any provisions of the Act, or
from any rule thereunder, if such exemption is necessary or appropriate
in the public interest and consistent with the protection of investors
and the purposes fairly intended by the policy and provisions of the
Act. Applicants state that their requested relief meets this standard
for the reasons discussed below.
    7. Applicants assert that the shareholders rely on the Adviser's
experience to select one or more Subadvisers best suited to achieve the
Fund's investment objectives. Applicants assert that, from the
perspective of the investor, the role of the Subadvisers is comparable
to that of the individual portfolio managers employed by traditional
investment company advisory firms. Applicants state that requiring
shareholder approval of each Subadvisory Agreement would impose costs
and unnecessary delays on the Funds, and may preclude the Adviser from
acting promptly in a manner considered advisable by the Board.
Applicants note that the Advisory Agreements and any Subadvisory
Agreement with an Affiliated Subadviser will remain subject to section
15(a) of the Act and rule 18f-2 under the Act.
    8. Applicants assert that many Subadvisers used a ``posted'' rate
schedule to set their fees. Applicants state that while Subadvisers are
willing to negotiate fees that are lower than those posted on the
schedule, they are reluctant to do so where the fees are disclosed to
other prospective and existing customers. Applicants submit that the
requested relief will allow the Adviser to negotiate more effectively
with each Subadviser.
    Applicants' Conditions
    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. Before a Fund may rely on the order requested in the
application, the operation of the Fund in the manner described in the
application will be approved by a majority of the Fund's outstanding
voting securities, as defined in the Act, or, in the case of a Fund
whose public shareholders purchase shares on the basis of a prospectus
containing the disclosure contemplated by condition 2 below, by the
sole initial shareholder before offering the Fund's shares to the
public.
    2. The prospectus for each Fund will disclose the existence,
substance, and effect of any order granted pursuant to the application.
Each Fund will hold itself out to the public as employing the
management structure described in the application. The prospectus will
prominently disclose that the Adviser has ultimate responsibility
(subject to oversight by the Board) to oversee the Subadvisers and
recommend their hiring, termination, and replacement.

    3. Within 90 days of the hiring of a new Subadviser, the affected
Fund's shareholders will be furnished all information about the new
Subadviser that would be included in a proxy statement, except as
modified to permit Aggregate Fee Disclosure.
    This information will include Aggregate Fee Disclosure and any
change in such disclosure caused by the addition of the new Subscriber.
To meet this obligation, the Fund will provide shareholders within 90
days of the hiring of a new Subadviser with an information statement
meeting the requirements of Regulation 14C, Schedule 14C, and Item 22
of Schedule 14A under the 1934 Act, except as modified by the order to
permit Aggregate Fee Disclosure.
    4. The Adviser will not enter into a Subadvisory Agreement with any
Affiliated Subadviser without that agreement, including the
compensation to be paid thereunder, being approved by the shareholders
of the applicable Fund.
    5. At all times, at least a majority of the Board will be
Independent Board Members, and the nomination of new or additional
Independent Board Members will be placed within the discretion of the
then-existing Independent Board Members.
    6. When a Subadviser change is proposed for a Fund with an
Affiliated Subadviser, the Board, including a majority of the
Independent Board Members, will make a separate finding, reflected in
the applicable Board minutes, that such change is in the best interests
of the Fund and its shareholders and does not involve a conflict of
interest from which the Adviser or the Affiliated Subadviser derives an
inappropriate advantage.
    7. Independent legal counsel, as defined in rule 0-1(a)(6) under
the Act, will be engaged to represent the Independent Board Members.
The selection of such counsel will be within the discretion of the then
existing Independent Board Members.
    8. The Adviser will provide the Board, no less frequently than
quarterly, with information about the profitability of the Adviser on a
per-Fund basis. The information will reflect the impact on
profitability of the hiring or termination of any Subadviser during the
applicable quarter.
    9. Whenever a Subadviser is hired or terminated, the Advisor will
provide the Board with information showing the expected impact on the
profitability of the Adviser.
    10. The Adviser will provide general management services to each
Fund, including overall supervisory responsibility for the general
management and investment of the fund's assets and, subject to review
and approval of the Board, will: (a) set each Fund's overall investment
strategies; (b) evaluate, select and recommend Subadvisers to manage
all or a part of a Fund's assets; (c) when appropriate, allocate and
reallocate a Fund's assets among multiple Subadvisers; (d) monitor and
evaluate the performance of Subadvisers; and (e) implement procedures
reasonably designed to ensure that the Subadvisers comply with each
Fund's investment objective, policies and restrictions.
    11. No director, trustee or officer of any Company, or director or
officer of the Adviser, will own directly or indirectly (other than
through a pooled investment vehicle that is not controlled by such
person) any interest in a Subadviser, except for: (a) ownership of
interests in the Adviser or any entity that controls, is controlled by,
or is under common control with the Adviser; or (b) ownership of less
than 1% of the outstanding securities of any class of equity or debt of
a publicly traded company that is either a Subadviser or an entity that
controls, is controlled by, or is under common control with a
Subadviser.
    12. Each Fund will disclose in its registration statement the
Aggregate Fee Disclosure.
    13. In the event the Commission adopts a rule under the Act
providing substantially similar relief to that in the order requested
in the application, the requested order will expire on the effective
date of that rule.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16332 Filed 07/09/2009 at 8:45 am; Publication Date: 07/10/
2009]


[Federal Register Volume 79, Number 56 (Monday, March 24, 2014)]
[Notices]
[Page 16032]
[FR Doc No: 2014-06281]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4161-DR; Docket ID FEMA-2014-0003]

Alaska; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of Alaska (FEMA-4161-DR), dated January 16,
2014, and related determinations.

DATES: Effective Date: January 16, 2014.

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: Notice is hereby given that, in a letter
dated January 16, 2014, the President issued a major disaster
declaration under the authority of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the
``Stafford Act''), as follows:

    I have determined that the damage in certain areas of the State
of Alaska resulting from flooding during the period of October 27-
28, 2013, is of sufficient severity and magnitude to warrant a major
disaster declaration under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''). Therefore, I declare that such a major disaster exists in
the State of Alaska.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Hazard Mitigation will be limited to 75 percent of the total
eligible costs. Federal funds provided under the Stafford Act for
Public Assistance also will be limited to 75 percent of the total
eligible costs, with the exception of projects that meet the
eligibility criteria for a higher Federal cost-sharing percentage
under the Public Assistance Alternative Procedures Pilot Program for
Debris Removal implemented pursuant to Section 428 of the Stafford
Act.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Dolph A. Diemont, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following area in the State of Alaska has been designated as
adversely affected by this major disaster:
    The Kenai Peninsula Borough for Public Assistance.

    All boroughs and REAAs within the State of Alaska are eligible
to apply for assistance under the Hazard Mitigation Grant Program.

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. 2014-06281 Filed 3-21-14; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 76, Number 98 (Friday, May 20, 2011)]
[Notices]
[Page 29235]
[FR Doc No: 2011-12427]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER10-1401-000; ER10-1559-000; ER11-2256-000; ER11-3149-
000]

California Independent System Operator Corporation; Notice of
FERC Staff Attendance

    The Federal Energy Regulatory Commission (Commission) hereby gives
notice that on the following dates members of its staff will
participate in teleconferences and meetings to be conducted by the
California Independent System Operator (CAISO). The agenda and other
documents for the teleconferences and meetings are available on the
CAISO's Web site, http://www.caiso.com.
May 17, 2011, Systems Interface User Group, Department of Market
Monitoring 2010, Market Monitoring Report, Bidding and Mitigation of
Commitment Costs
May 18, 2011, Board of Governors Meeting, Settlements and Market
Clearing User Group, Congestion Revenue Rights
May 19, 2011, Market Update, Board of Governors Meeting, Settlement
Process Timeline Change, CA Transmission Planning Group Call
May 20, 2011, Congestion Revenue Rights Enhancements, Transmission
Planning Standards
May 24, 2011, Systems Interface User Group, BPM Change Management
May 25, 2011, Settlements and Market Clearing User Group, Congestion
Revenue Rights
May 31, 2011, Systems Interface User Group, Settlement Quality Meter
Data
    Sponsored by the CAISO, the teleconferences and meetings are open
to all market participants, and staff's attendance is part of the
Commission's ongoing outreach efforts. The teleconferences and meetings
may discuss matters at issue in the above captioned dockets.
    For further information, contact Saeed Farrokhpay at
<EMAIL_ADDRESS>(916) 294-0322 or Maury Kruth at
<EMAIL_ADDRESS>(916) 294-0275.

    Dated: May 16, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-12427 Filed 5-19-11; 8:45 am]
BILLING CODE 6717-01-P