[Federal Register Volume 78, Number 79 (Wednesday, April 24, 2013)]
[Notices]
[Pages 24241-24249]
[FR Doc No: 2013-09634]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 30469; 812-13734]

John Hancock Exchange-Traded Fund Trust, et al.; Notice of
Application

April 18, 2013.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (``Act'') for an exemption from sections
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the
Act, and under section 12(d)(1)(J) of the Act for an exemption from
sections 12(d)(1)(A) and (B) of the Act, and under sections 6(c) and
17(b) of the Act for an exemption from sections 17(a)(1) and 17(a)(2)
of the Act.

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APPLICANTS: John Hancock Exchange-Traded Fund Trust (``Trust''); John
Hancock Advisers, LLC and John Hancock Investment Management Services,
LLC (each, an ``Adviser,'' and collectively the ``Advisers''); and John
Hancock Funds, LLC (``JHF LLC'').

SUMMARY OF APPLICATION: Applicants request an order that would permit:
(a) Actively managed series of certain open-end management investment
companies to issue shares (``Shares'') redeemable in large aggregations
only (``Creation Units''); (b) secondary market transactions in Shares
to occur at negotiated market prices; (c) certain series to pay
redemption proceeds, under certain circumstances, more than seven days
after the tender of Creation Units for redemption; (d) certain
affiliated persons of the series to buy securities from, and sell
securities to, the series in connection with the purchase and
redemption of Creation Units; (e) certain registered management
investment companies and unit investment trusts outside of the same
group of investment companies as the series to acquire Shares; and (f)
certain series to perform creations and redemptions of Creation Units
in-kind in a master-feeder structure.\1\
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    \1\ Capitalized terms not otherwise defined in this notice have
the same meaning ascribed to them in the application.

DATES: FILING DATES: The application was filed on December 23, 2009 and
amended on June 18, 2010, August 29, 2011, August 9, 2012, January 14,
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2013, and March 28, 2013.

Hearing or Notification of Hearing: An order granting the requested
relief 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 May 13, 2013, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be 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: Thomas M. Kinzler,
Esq., 601 Congress Street, Boston, MA 02210-2805.

FOR FURTHER INFORMATION CONTACT: Courtney S. Thornton, Senior Counsel,
at<PHONE_NUMBER> or David P. Bartels, Branch Chief, 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 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. The Trust, a Massachusetts business trust, is registered under
the Act as an open-end management company. The Trust currently is
comprised of a single, actively-managed investment series, John Hancock
Global Balanced ETF (the ``Initial Fund''). The investment objective of
the Initial Fund will be to seek a balance between a high level of
current income and growth of capital, with a greater emphasis on growth
of capital.
    2. The Advisers, each of which is a Delaware limited liability
company, are registered as investment advisers under the Investment
Advisers Act of 1940 (the ``Advisers Act''). Each Adviser will be an
investment adviser to one or more of the Funds (defined below) and may
enter into sub-advisory agreements with one or more affiliated or
unaffiliated investment advisers, including the other Adviser, to serve
as sub-adviser to one or more of the Funds or to a portion of one or
more Funds' portfolios (each, a ``Sub-Adviser''). Each Sub-Adviser will
be registered, or not subject to registration, as an investment adviser
under the Advisers Act.
    3. The Trust will enter into a distribution agreement with JHF LLC,
a Delaware limited liability company, and in the future may enter into
a distribution agreement with one or more other distributors. Each
distributor will be a broker-dealer (``Broker'') registered under the
Securities Exchange Act of 1934 (``Exchange Act'') and will act as
distributor and principal underwriter for one or more of the Funds (the
``Distributor''). Applicants represent that the Fund's Listing Exchange
(as defined below) will not be affiliated with the Distributor.
However, the Distributor may be an ``affiliated person,'' or an
affiliated person of an affiliated person, of a Fund's Adviser and/or
Sub-Adviser.
    4. Applicants are requesting relief to permit the Trust to offer
one or more actively managed series that offer exchange-traded Shares
with limited redeemability. Applicants request that the order apply to
the Initial Fund as well as to additional series of the Trust and other
open-end management investment companies, or series thereof, that may
be created in the future (``Future Funds,'' collectively with the
Initial Fund, ``Funds''). Each Fund will (a) be advised by an Adviser
or an entity controlling, controlled by or under common control with
the Adviser and (b) comply with the terms and conditions of the
application.\2\ Each Fund will operate as an actively managed exchange-
traded fund (``ETF'').
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    \2\ All entities that currently intend to rely on the order are
named as applicants. Any other existing or future entity, including
any investment adviser controlling, controlled by, or under common
control with an Adviser, that subsequently relies on the order will
comply with the terms and conditions of the application.
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    5. The Initial Fund will operate as a single-tier fund that will
invest in securities and other instruments, including shares of other
investment companies, subject to the limits of section 12(d)(1)(A) of
the Act, in accordance with its investment objectives (``Single-Tier
Fund''). The Initial Fund and any future Single-Tier Fund may operate
as a feeder fund in a master-feeder structure (``Feeder Fund''). No
Single-Tier Fund will be permitted to acquire securities of any
investment company or company relying on section 3(c)(1) or section
3(c)(7) of the Act in excess of the limits contained in section
12(d)(1)(A) of the Act, except to acquire securities of its Master
Fund, if any, pursuant to the Master-Feeder Relief (defined below) and
as otherwise described in condition B.12.
    6. Applicants also request relief (``Funds of Funds Relief'') to
permit management investment companies (``Investing Management
Companies'') and unit investment trusts (``Investing Trusts,''
collectively with such Investing Management Companies, ``Investing
Funds'') registered under the Act that are not part of the same ``group
of investment companies,'' within the meaning of section
12(d)(1)(G)(ii) of the Act, as the Funds to acquire Shares of Single-
Tier Funds beyond the limitations in section 12(d)(1)(A). The requested
order also would permit the Single-Tier Funds, any principal
underwriter for the Single-Tier Funds, and any Broker to sell Shares of
the Single-Tier Funds beyond the limitations in section 12(d)(1)(B)
(``Fund of Funds Relief''). Applicants ask that the Funds of Funds
Relief apply to: (1) Each Single-Tier Fund that is currently or
subsequently part of the same ``group of investment companies'' as the
Initial Fund as well as any principal underwriter for the Single-Tier
Funds and any Brokers selling Shares of a Single-Tier Fund to Investing
Funds; and (2) each Investing Fund that enters into a participation
agreement (``Participation Agreement'') with a Single-Tier Fund.\3\
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    \3\ An Investing Fund (as defined below) may rely on the order
to invest in Single-Tier Funds but not in any other registered
investment company or any Fund that does not operate as a Single-
Tier Fund. ``Investing Funds'' do not include the Funds.
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    7. Applicants further request that the order permit a Single-Tier
Fund to operate as a Feeder Fund (``Master-Feeder Relief''). Under the
order, a Feeder Fund would be permitted to acquire shares of another
registered investment company in the same group of investment companies
having substantially the same investment objectives as the Feeder Fund
(``Master Fund'') beyond the limitations in section 12(d)(1)(A) of the
Act,\4\ and the Master Fund, and any principal underwriter for the
Master Fund, would be permitted to sell shares of the Master Fund to
the Feeder Fund beyond the limitations in section 12(d)(1)(B) of the
Act. Applicants request that the Master-Feeder Relief apply to any
Feeder Fund, any Master Fund and any principal underwriter for the
Master Funds selling shares of a Master Fund to a Feeder Fund.
Applicants state that creating an exchange-traded feeder fund is
preferable to creating entirely new series for several reasons,
including avoiding additional overhead costs and economies of scale for
the Feeder Funds.\5\ Applicants assert that, while certain costs may be
higher in a master-feeder structure and there may possibly be lower tax
efficiencies for the Feeder Funds, the Feeder Funds' Board will
consider any such potential disadvantages against the benefits of
economies of scale and other benefits of operating within a master-
feeder structure.
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    \4\ A Feeder Fund managed in a master-feeder structure will not
make direct investments in any securities other than the securities
issued by its respective Master Fund.
    \5\ There would be no ability by Fund shareholders to exchange
shares of Feeder Funds for shares of another feeder series of the
Master Fund.
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    8. The Funds, or their respective Master Funds, may invest in,
among other investments, equity securities and/or fixed income
securities traded in the U.S. and/or non-U.S. markets, as well as
forward contracts, shares of other ETFs and shares of U.S. or non-U.S.
money market mutual funds, other investment companies that invest
primarily in short-term fixed income securities or other investment
companies, or other instruments, all in accordance with their
investment objectives and all of which may be denominated in U.S.
dollars or a foreign currency. Funds may also invest in

Depositary Receipts.\6\ The securities, currencies, derivatives, other
assets and other positions held by a Fund (or its respective Master
Fund) are referred to herein as its ``Portfolio Securities.'' Funds,
including the Initial Fund, that invest all or a portion of their
assets in foreign instruments are ``Global Funds.'' If a Fund (or its
respective Master Fund) makes use of derivatives, then (a) the Fund's
board of directors or trustees (``Board'') will periodically review and
approve the Fund's (or, in the case of a Feeder Fund, its Master
Fund's) use of derivatives and how the Adviser assesses and manages
risk with respect to the Fund's (or, in the case of a Feeder Fund, its
Master Fund's) use of derivatives and (b) the Fund's disclosure of its
(or, in the case of a Feeder Fund, its Master Fund's) use of
derivatives in its offering documents and periodic reports will be
consistent with relevant Commission and staff guidance.
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    \6\ Depositary Receipts are typically issued by a financial
institution (a ``Depository'') and evidence ownership in a security
or pool of securities that have been deposited with the Depository.
A Fund (or its respective Master Fund) will not invest in any
Depositary Receipt that the Adviser or Sub-Adviser deems to be
illiquid or for which pricing information is not readily available.
No affiliated persons of applicants or any Sub-Adviser will serve as
the Depository for any Depositary Receipts held by a Fund.
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    9. Applicants state that each Fund will issue, on a continuous
offering basis, Creation Units of a fixed number of Shares (e.g., at
least 25,000 Shares) and that the trading price of a Share will range
from $20 to $100. All orders to purchase Creation Units must be placed
with the Distributor by or through an ``Authorized Participant,'' which
is either (a) a Broker or other participant in the Continuous Net
Settlement System of the National Securities Clearing Corporation
(``NSCC'') or (b) a participant in the Depository Trust Company
(``DTC''), which, in either case, has signed a ``Participant
Agreement'' with the Distributor. The Distributor will deliver a
confirmation and prospectus (``Prospectus'') to the purchaser and will
maintain a record of the instructions given to the Trust to implement
the delivery of Shares.
    10. Shares will be purchased and redeemed in Creation Units and
generally on an in-kind basis.\7\ Except where the purchase or
redemption will include cash under the limited circumstances specified
below, purchasers will be required to purchase Creation Units by making
an in-kind deposit of specified instruments (``Deposit Instruments''),
and shareholders redeeming their Shares will receive an in-kind
transfer of specified instruments (``Redemption Instruments'').\8\ On
any given Business Day,\9\ the names and quantities of the instruments
that constitute the Deposit Instruments and the names and quantities of
the instruments that constitute the Redemption Instruments will be
identical, and these instruments may be referred to, in the case of
either a purchase or redemption, as the ``Creation Basket.'' In
addition, the Creation Basket will correspond pro rata to the positions
in the Fund's portfolio (including cash positions),\10\ except: (a) In
the case of bonds, for minor differences when it is impossible to break
up bonds beyond certain minimum sizes needed for transfer and
settlement; (b) for minor differences when rounding is necessary to
eliminate fractional shares or lots that are not tradeable round lots;
\11\ or (c) to-be-announced transactions,\12\ short positions,
derivatives, and other positions that cannot be transferred in kind
\13\ will be excluded from the Creation Basket.\14\ If there is a
difference between the net asset value (``NAV'') attributable to a
Creation Unit and the aggregate market value of the Creation Basket
exchanged for the Creation Unit, the party conveying instruments with
the lower value will also pay to the other an amount in cash equal to
that difference (the ``Cash Amount'').
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    \7\ Feeder Funds will redeem shares from the appropriate Master
Fund and then deliver to the redeeming shareholder the applicable
redemption payment.
    \8\ The Funds must comply with the federal securities laws in
accepting Deposit Instruments and satisfying redemptions with
Redemption Instruments, including that the Deposit Instruments and
Redemption Instruments are sold in transactions that would be exempt
from registration under the Securities Act of 1933 (``Securities
Act''). In accepting Deposit Instruments and satisfying redemptions
with Redemption Instruments that are restricted securities eligible
for resale pursuant to rule 144A under the Securities Act, the Funds
will comply with the conditions of rule 144A.
    \9\ Each Fund will sell and redeem Creation Units on any day the
Fund is open, including as required by section 22(e) of the Act
(each, a ``Business Day'').
    \10\ The portfolio used for this purpose will be the same
portfolio used to calculate the Fund's NAV for that Business Day.
    \11\ A tradeable round lot for a security will be the standard
unit of trading in that particular type of security in its primary
market.
    \12\ A ``to-be-announced transaction'' is a method of trading
mortgage-backed securities. In a to-be-announced transaction, the
buyer and seller agree on general trade parameters such as agency,
settlement date, par amount, and price.
    \13\ This includes instruments that can be transferred in kind
only with the consent of the original counterparty to the extent the
Fund does not intend to seek such consents.
    \14\ Because these instruments will be excluded from the
Creation Basket, their value will be reflected in the determination
of the Cash Amount (defined below).
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    11. Purchases and redemptions of Creation Units may be made in
whole or in part on a cash basis, rather than in kind, solely under the
following circumstances: (a) To the extent there is a Cash Amount, as
described above; (b) if, on a given Business Day, a Fund announces
before the open of trading that all purchases, all redemptions or all
purchases and redemptions on that day will be made entirely in cash;
(c) if, upon receiving a purchase or redemption order from an
Authorized Participant, a Fund determines to require the purchase or
redemption, as applicable, to be made entirely in cash; (d) if, on a
given Business Day, a Fund requires all Authorized Participants
purchasing or redeeming Shares on that day to deposit or receive (as
applicable) cash in lieu of some or all of the Deposit Instruments or
Redemption Instruments, respectively, solely because: (i) such
instruments are not eligible for transfer through either the NSCC or
DTC; or (ii) in the case of Global Funds, such instruments are not
eligible for trading due to local trading restrictions, local
restrictions on securities transfers or other similar circumstances; or
(e) if a Fund permits an Authorized Participant to deposit or receive
(as applicable) cash in lieu of some or all of the Deposit Instruments
or Redemption Instruments, respectively, solely because: (i) such
instruments are, in the case of the purchase of a Creation Unit, not
available in sufficient quantity; (ii) such instruments are not
eligible for trading by an Authorized Participant or the investor on
whose behalf the Authorized Participant is acting; or (iii) a holder of
Shares of a Global Fund would be subject to unfavorable income tax
treatment if the holder receives redemption proceeds in kind.\15\
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    \15\ A ``custom order'' is any purchase or redemption of Shares
made in whole or in part on a cash basis in reliance on clause
(e)(i) or (e)(ii).
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    12. Each Business Day, before the open of trading on the Fund's
listing Exchange, each Fund will cause to be published through the NSCC
the names and quantities of the instruments comprising the Creation
Basket, as well as the estimated Cash Amount (if any), for that day.
The published Creation Basket will apply until a new Creation Basket is
announced on the following Business Day, and there will be no intra-day
changes to the Creation Basket except to correct errors in the
published Creation Basket. An amount representing, on a per Share
basis, the sum of the current value of the Fund's Portfolio Securities
will be disseminated every 15 seconds throughout the trading

day through the facilities of the Consolidated Tape Association.
    13. An investor purchasing or redeeming a Creation Unit from a Fund
may be charged a fee (``Transaction Fee'') to defray transaction
expenses as well as to prevent possible shareholder dilution.\16\ Where
a Fund permits a purchaser to substitute cash in lieu of depositing a
portion of the requisite Deposit Instruments, the purchaser may be
assessed a higher Transaction Fee to cover the costs of purchasing
those Deposit Instruments. In all cases, the Transaction Fee will be
limited in accordance with requirements of the Commission applicable to
management investment companies offering redeemable securities.
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    \16\ Applicants are not requesting relief from section 18 of the
Act. Accordingly, a Master Fund may require a Transaction Fee
payment to cover expenses related to purchases or redemptions of the
Master Fund's shares by a Feeder Fund only if it requires the same
payment for equivalent purchases or redemptions by any other feeder
fund. Thus, for example, a Master Fund may require payment of a
Transaction Fee by a Feeder Fund for transactions for 20,000 or more
shares so long as it requires payment of the same Transaction Fee by
all feeder funds for transactions involving 20,000 or more shares.
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    14. Purchasers of Shares in Creation Units may hold such Shares or
may sell such Shares into the secondary market. The principal secondary
market for Shares will be the primary listing Exchange. When Arca or
the NYSE is the primary listing Exchange, it is expected that one or
more Exchange member firms will be designated by the Exchange to act as
a market maker (``Market Maker'').\17\ The price of Shares trading on
an Exchange will be based on a current bid/offer market. Transactions
involving the sale of Shares on an Exchange will be subject to
customary brokerage commissions and charges.
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    \17\ If Shares are listed on Nasdaq or a similar electronic
Exchange (including NYSE Arca (``Arca'')), one or more member firms
of that Exchange will act as Market Maker and maintain a market for
Shares trading on the Exchange. On Nasdaq, no particular Market
Maker would be contractually obligated to make a market in Shares.
However, the listing requirements on Nasdaq, for example, stipulate
that at least two Market Makers must be registered in Shares to
maintain a listing. In addition, on Nasdaq and Arca, registered
Market Makers are required to make a continuous two-sided market or
subject themselves to regulatory sanctions. No Market Maker will be
an affiliated person, or an affiliated person of an affiliated
person, of the Funds, except within section 2(a)(3)(A) or (C) of the
Act due solely to ownership of Shares.
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    15. Applicants expect that purchasers of Creation Units will
include institutional investors and arbitrageurs. Market Makers, acting
in the role of providing a fair and orderly secondary market for
Shares, may from time to time find it appropriate to purchase or redeem
Creation Units. Applicants expect that secondary market purchasers of
Shares will include both institutional investors and retail
investors.\18\ Applicants state that, in light of the full portfolio
transparency and efficient arbitrage mechanism inherent in each Fund's
structure, the secondary market prices for Shares of the Funds should
be close to NAV and should reflect the value of each Fund's Portfolio
Securities. Applicants do not believe that the Shares will persistently
trade in the secondary market at a material premium or discount in
relation to the Fund's NAV.
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    \18\ Shares will be registered in book-entry form only. DTC or
its nominee will be the registered owner of all outstanding Shares.
Beneficial ownership of Shares will be shown on the records of DTC
or DTC Participants.
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    16. Shares will not be individually redeemable and owners of Shares
may acquire those Shares from a Fund, or tender such shares for
redemption to the Fund, in Creation Units only. To redeem, an investor
must accumulate enough Shares to constitute a Creation Unit. Redemption
requests must be placed by or through an Authorized Participant.
    17. Neither the Trust nor any Fund will be advertised or marketed
or otherwise held out as a traditional open-end investment company or a
mutual fund. Instead, each Fund will be marketed as an ``actively
managed exchange-traded fund.'' All marketing materials that describe
the features or method of obtaining, buying or selling Creation Units,
or Shares traded on an Exchange, or refer to redeemability, will
prominently disclose that Shares are not individually redeemable and
that the owners of Shares may acquire those Shares from the Fund, or
tender those Shares for redemption to the Fund, in Creation Units
only.\19\
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    \19\ As noted above, the Funds may operate in a master-feeder
structure. Under such circumstances, the Feeder Funds would operate,
and would be marketed, as ETFs. Applicants do not believe the
master-feeder structure contemplated in the application would be
confusing to investors because any additional feeder fund that is a
traditional mutual fund or other pooled investment vehicle would be
marketed separately. The prospectus for each Feeder Fund will
clearly indicate that the Feeder Fund is an ETF, each Feeder Fund
will have a prospectus separate and distinct from any other feeder
funds; and as required by the conditions herein, the Feeder Funds
will not be marketed as mutual funds.
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    18. The Trust's Web site (``Web site''), which will be publicly
available prior to the public offering of Shares, will include the
current Prospectus and may include the Summary Prospectus and Statement
of Additional Information (``SAI''). The Web site will include
additional quantitative information updated on a daily basis,
including, for each Fund, daily trading volume, the prior Business
Day's market closing price, NAV and Bid/Ask Price, and a calculation of
the premium and discount of the market closing price or Bid/Ask Price
against the NAV. On each Business Day, before commencement of trading
in Shares on the Exchange, the Fund will disclose on the Web site the
identities and quantities of the Portfolio Securities held by the Fund
(or its respective Master Fund) \20\ that will form the basis for the
Fund's calculation of NAV at the end of the Business Day.\21\
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    \20\ For Funds that are part of a master-feeder structure, the
Fund will disclose information about the securities and other assets
held by the Master Fund.
    \21\ Under accounting procedures followed by the Funds, trades
made on the prior Business Day (``T'') will be booked and reflected
in NAV on the current Business Day (``T+1''). Accordingly, the Funds
will be able to disclose at the beginning of the Business Day the
portfolio that will form the basis for the NAV calculation at the
end of the Business Day.
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Applicants' Legal Analysis

    1. Applicants request an order under section 6(c) of the Act
granting an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e)
of the Act and rule 22c-1 under the Act; and under sections 6(c) and
17(b) of the Act granting an exemption from sections 17(a)(1) and (2)
of the Act, and under section 12(d)(1)(J) for an exemption from
sections 12(d)(1)(A) and (B) of the Act.
    2. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provision of the Act, 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.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) of the Act if evidence establishes that
the terms of the transaction, including the consideration to be paid or
received, are reasonable and fair and do not involve overreaching on
the part of any person concerned, and the proposed transaction is
consistent with the policies of the registered investment company and
the general provisions of the Act. Section 12(d)(1)(J) 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 provision of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.

Sections 5(a)(1) and 2(a)(32) of the Act

    3. Section 5(a)(1) of the Act defines an ``open-end company'' as a
management investment company that is offering for sale or has
outstanding any redeemable security of which it is the issuer. Section
2(a)(32) of the Act defines a redeemable security as any security,
other than short-term paper, under the terms of which the holder, upon
its presentation to the issuer, is entitled to receive approximately a
proportionate share of the issuer's current net assets, or the cash
equivalent. Because Shares will not be individually redeemable,
Applicants request an order to permit the Trust to register as an open-
end management investment company and issue Shares that are redeemable
in Creation Units only.\22\ Applicants state that Creation Units will
always be redeemable in accordance with the provisions of the Act and
that owners of Shares may purchase the requisite number of Shares and
tender the resulting Creation Unit for redemption. Applicants further
state that, because of the arbitrage possibilities created by the
redeemability of Creation Units, it is expected that market price of
individual Shares will not vary much from NAV.
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    \22\ The Master Funds will not require relief from sections
2(a)(32) and 5(a)(1) because the Master Funds will issue
individually redeemable securities.
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Section 22(d) of the Act and Rule 22c-1 Under the Act

    4. Section 22(d) of the Act, among other things, prohibits a dealer
from selling a redeemable security that is currently being offered to
the public by or through a principal underwriter, except at a current
public offering price described in the prospectus. Rule 22c-1 under the
Act generally requires that a dealer selling, redeeming, or
repurchasing a redeemable security do so only at a price based on its
NAV. Applicants state that secondary market trading in Shares will take
place at negotiated prices, rather than at the current offering price
described in the Fund's Prospectus or at a price based on NAV. Thus,
purchases and sales of Shares in the secondary market will not comply
with section 22(d) of the Act and rule 22c-1 under the Act. Applicants
request an exemption under section 6(c) from these provisions.
    5. Applicants assert that the concerns sought to be addressed by
section 22(d) of the Act and rule 22c-1 under the Act with respect to
pricing are equally satisfied by the proposed method of pricing Shares.
Applicants maintain that while there is little legislative history
regarding section 22(d), its provisions, as well as those of rule 22c-
1, appear to have been intended (a) To prevent dilution caused by
certain riskless-trading schemes by principal underwriters and contract
dealers, (b) to prevent unjust discrimination or preferential treatment
among buyers, and (c) to ensure an orderly distribution system of
shares by contract dealers by eliminating price competition from non-
contract dealers who could offer investors shares at less than the
published sales price and who could pay investors a little more than
the published redemption price.
    6. Applicants believe that none of these purposes will be thwarted
by permitting Shares to trade in the secondary market at negotiated
prices. Applicants state that (a) secondary market transactions in
Shares would not cause dilution for owners of such Shares because such
transactions do not directly involve Fund assets, and (b) to the extent
different prices exist during a given trading day, or from day to day,
such variances occur as a result of third-party market forces.
Therefore, applicants assert that secondary market transactions in
Shares will not lead to discrimination or preferential treatment among
purchasers. Finally, applicants contend that the proposed distribution
system will be orderly because arbitrage activity will ensure that the
difference between NAV and the market price of Shares will not be
material.

Section 22(e) of the Act

    7. Section 22(e) generally prohibits a registered investment
company from suspending the right of redemption or postponing the date
of payment of redemption proceeds for more than seven days after the
tender of a security for redemption. Applicants observe that the
settlement of redemptions of Creation Units of Global Funds is
contingent not only on the settlement cycle of the U.S. securities
markets but also on the delivery cycles present in foreign markets for
underlying foreign Portfolio Instruments in which those Funds invest.
Applicants have been advised that, under certain circumstances, the
delivery cycles for transferring Portfolio Securities to redeeming
investors, coupled with local market holiday schedules, will require a
delivery process of longer than seven days. Applicants therefore
request relief from section 22(e) in order to provide payment or
satisfaction of redemptions within a longer number of calendar days as
required for such payment or satisfaction in the principal local
markets in which the Portfolio Securities of each Global Fund
customarily clear and settle, but in all cases no later than 15 days
\23\ following the tender of a Creation Unit.\24\
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    \23\ Applicants state that, in the past, settlements in certain
countries, including Russia, have extended to 15 calendar days.
    \24\ Rule 15c6-1 under the Exchange Act requires that most
securities transactions be settled within three business days of the
trade date. Applicants acknowledge that no relief obtained from the
requirements of section 22(e) will affect any obligations applicants
may otherwise have under rule 15c6-1.
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    8. Applicants submit that Congress adopted section 22(e) to prevent
unreasonable, undisclosed or unforeseen delays in the actual payment of
redemption proceeds. Applicants state that allowing redemption payments
for Creation Units of a Global Fund to be made within the number of
days indicated above would not be inconsistent with the spirit and
intent of section 22(e).\25\ Applicants state that the SAI will
disclose those local holidays that are expected to prevent the delivery
of redemption proceeds in seven calendar days and the maximum number of
days needed to deliver the proceeds for each affected Global Fund.
Applicants are not seeking relief from section 22(e) with respect to
Global Funds that do not effect creations and redemptions in-kind.
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    \25\ Other feeder funds invested in any Master Fund are not
seeking, and will not rely on, the section 22(e) relief requested
herein.
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Section 12(d)(1) of the Act

    9. Section 12(d)(1)(A) of the Act prohibits a registered investment
company from acquiring shares of an investment company if the
securities represent more than 3% of the total outstanding voting stock
of the acquired company, more than 5% of the total assets of the
acquiring company, or, together with the securities of any other
investment companies, more than 10% of the total assets of the
acquiring company. Section 12(d)(1)(B) of the Act prohibits a
registered open-end investment company, its principal underwriter, or
any other Broker from selling its shares to another investment company
if the sale will cause the acquiring company to own more than 3% of the
acquired company's voting stock, or if the sale will cause more than
10% of the acquired company's voting stock to be owned by investment
companies generally.
    10. Applicants request relief to permit Investing Funds to acquire
Shares of Single-Tier Funds in excess of the limits in section
12(d)(1)(A) of the Act and to permit the Single-Tier Funds, their
principal underwriters and any Broker to sell Shares to Investing Funds
in excess of the limits in section 12(d)(1)(B) of the Act.

    11. Applicants submit that the concerns underlying section 12(d)(1)
of the Act and the potential and actual abuses identified in the
Commission's 1966 report to Congress \26\ are not present in the
proposed transactions and that, in any event, Applicants have proposed
a number of conditions to address those concerns, which include
concerns about undue influence, excessive layering of fees and overly
complex structures.
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    \26\ Report of the Securities and Exchange Commission on the
Public Policy Implications of Investment Company Growth, H.R. Rep.
No. 2337, 89th Cong., 2d Sess., 311-324.
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    12. Applicants submit that their proposed conditions address any
concerns regarding the potential for undue influence. For instance, the
conditions would limit the ability of an Investing Fund's Advisory
Group,\27\ and Investing Fund's Sub-Advisory Group,\28\ to control a
Single-Tier Fund within the meaning of Section 2(a)(9) of the Act. The
conditions also prohibit Investing Funds and Investing Fund Affiliates
\29\ from causing an investment by an Investing Fund in a Single-Tier
Fund to influence the terms of services or transactions between the
Investing Fund or an Investing Fund Affiliate and the Single-Tier Fund
or a Single-Tier Fund Affiliate.\30\ Applicants also propose a
condition to ensure that no Investing Fund or Investing Fund Affiliate
will cause a Single-Tier Fund to purchase a security from an Affiliated
Underwriting.\31\
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    \27\ An ``Investing Fund's Advisory Group'' is the Investing
Fund Adviser, Sponsor, any person controlling, controlled by or
under common control with the Investing Fund Adviser or Sponsor, and
any investment company or issuer that would be an investment company
but for section 3(c)(l) or 3(c)(7) of the Act, that is advised or
sponsored by the Investing Fund Adviser, Sponsor or any person
controlling, controlled by or under common control with the
Investing Fund Adviser or Sponsor. In this regard, each Investing
Management Company's investment adviser within the meaning of
Section 29a)(20)(A) of the Act is the ``Investing Fund Adviser.''
Similarly, each Investing Trust's sponsor is the ``Sponsor.'' Each
Investing Fund Adviser will be registered or exempt from
registration under the Advisers Act.
    \28\ An ``Investing Fund's Sub-Advisory Group'' is any Investing
Fund Sub-Adviser, any person controlling, controlled by, or under
common control with the Investing Fund Sub-Adviser, and any
investment company or issuer that would be an investment company but
for section 3(c)(l) or 3(c)(7) of the Act (or portion of such
investment company or issuer) advised or sponsored by the Investing
Fund Sub-Adviser or any person controlling, controlled by or under
common control with the Fund of Funds Sub-Adviser.
    \29\ An ``Investing Fund Affiliate'' is defined as the Investing
Fund Adviser, Investing Fund Sub-Adviser(s), any Sponsor, promoter
or principal underwriter of an Investing Fund and any person
controlling, controlled by or under common control with any of these
entities.
    \30\ A ``Single-Tier Fund Affiliate'' is defined as an
investment adviser, promoter or principal underwriter of a Fund and
any person controlling, controlled by or under common control with
any of these entities.
    \31\ An ``Affiliated Underwriting'' is an offering of securities
during the existence of an underwriting or selling syndicate of
which a principal underwriter is an Underwriting Affiliate. An
``Underwriting Affiliate'' is a principal underwriter in any
underwriting or selling syndicate that is an officer, director,
member of an advisory board, Investing Fund Adviser, Investing Fund
Sub-Adviser, Sponsor, or employee of the Investing Fund, or a person
of which any such officer, director, member of an advisory board,
Investing Fund Adviser, Investing Fund Sub-Adviser, Sponsor, or
employee is an affiliated person, except any person whose
relationship to the Fund is covered by section 10(f) of the Act is
not an Underwriting Affiliate.
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    13. Applicants propose several conditions to address the potential
for excessive layering of fees. Applicants note that the board of
directors or trustees of an Investing Management Company, including a
majority of the directors or trustees who are not ``interested
persons'' within the meaning of section 2(a)(19) of the Act (``non-
interested directors or trustees''), will be required to find that any
fees charged under the Investing Management Company's advisory
contract(s) are based on services provided that will be in addition to,
rather than duplicative of, services provided under the advisory
contract(s) of any Fund in which the Investing Management Company may
invest. Applicants state that any sales charges and/or service fees
charged with respect to shares of an Investing Fund will not exceed the
limits applicable to a fund of funds set forth in NASD Conduct Rule
2830.\32\
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    \32\ Any references to NASD Conduct Rule 2830 include any
successor or replacement rule that may be adopted by the Financial
Industry Regulatory Authority.
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    14. Applicants submit that the proposed arrangement will not create
an overly complex fund structure. Applicants note that a Single-Tier
Fund will be prohibited from acquiring securities of any investment
company or company relying on section 3(c)(1) or 3(c)(7) of the Act in
excess of the limits contained in section 12(d)(1)(A) of the Act,
except to the extent (a) permitted by exemptive relief from the
Commission permitting the Single-Tier Fund to acquire shares of other
investment companies for short-term cash management purposes or (b) the
Single-Tier Fund acquires securities of the Master Fund pursuant to the
Master-Feeder Relief.
    15. To ensure that an Investing Fund is aware of the terms and
conditions of the requested order, the Investing Fund must enter into a
Participation Agreement with the respective Single-Tier Fund. The
Participation Agreement will include an acknowledgment from the
Investing Fund that it may rely on the order only to invest in the
Single-Tier Fund and not in any other investment company.
    16. Applicants also are seeking relief from Sections 12(d)(1)(A)
and 12(d)(1)(B) to the extent necessary to permit the Feeder Funds to
perform creations and redemptions of Shares in-kind in a master-feeder
structure. Applicants assert that this structure is substantially
identical to traditional master-feeder structures permitted pursuant to
the exception provided in section 12(d)(1)(E) of the Act. Section
12(d)(1)(E) provides that the percentage limitations of sections
12(d)(1)(A) and (B) will not apply to a security issued by an
investment company (in this case, the shares of the applicable Master
Fund) if, among other things, that security is the only investment
security held in the investing fund's portfolio (in this case, the
Feeder Fund's portfolio). Applicants believe the proposed master-feeder
structure complies with section 12(d)(1)(E) because each Feeder Fund
will hold only investment securities issued by its corresponding Master
Fund; however, the Feeder Funds may receive securities other than
securities of its corresponding Master Fund if a Feeder Fund accepts an
in-kind creation. To the extent that a Feeder Fund may be deemed to be
holding both shares of the Master Fund and other securities, applicants
request relief from sections 12(d)(1)(A) and (B). The Feeder Funds
would operate in compliance with all other provisions of section
12(d)(1)(E).

Section 17(a) of the Act

    17. Section 17(a) of the Act generally prohibits an affiliated
person of a registered investment company, or an affiliated person of
such person (``Second Tier Affiliates''), from selling any security to
or purchasing any security from the company. Section 2(a)(3) of the Act
defines ``affiliated person'' to include any person directly or
indirectly owning, controlling, or holding with power to vote 5% or
more of the outstanding voting securities of the other person and any
person directly or indirectly controlling, controlled by, or under
common control with, the other person. Section 2(a)(9) of the Act
provides that a control relationship will be presumed where one person
owns more than 25% of another person's voting securities. The Funds may
be deemed to be controlled by the Adviser or an entity controlling,
controlled by or under common control with the Adviser and hence
affiliated persons of each other. In addition, the Funds may be

deemed to be under common control with any other registered investment
company (or series thereof) advised by the Adviser or an entity
controlling, controlled by or under common control with the Adviser (an
``Affiliated Fund'').
    18. Applicants request an exemption under sections 6(c) and 17(b)
of the Act from sections 17(a)(1) and 17(a)(2) of the Act to permit in-
kind purchases and redemptions of Creation Units from the Funds by
persons that are affiliated persons or Second Tier Affiliates of the
Funds solely by virtue of one or more of the following: (a) Holding 5%
or more, or more than 25%, of the Shares of the Trust of one or more
Funds; (b) having an affiliation with a person with an ownership
interest described in (a); or (c) holding 5% or more, or more than 25%,
of the shares of one or more Affiliated Funds. Applicants also request
an exemption in order to permit a Single-Tier Fund to sell Shares to
and redeem Shares from, and engage in the in-kind transactions that
would accompany such sales and redemptions with, an Investing Fund of
which a Single-Tier Fund is an affiliated person or Second-Tier
Affiliate.\33\
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    \33\ Applicants are seeking relief for Single-Tier Funds that
are affiliated persons or second tier affiliates of an Investing
Fund solely by virtue of one or more of the reasons described.
Applicants believe that an Investing Fund generally will purchase
Shares in the secondary market and will not purchase or redeem
Creation Units directly from a Single-Tier Fund. Nonetheless, an
Investing Fund could transact in Creation Units directly with a
Single-Tier Fund pursuant to the Section 17(a) relief requested.
Applicants are not seeking relief from Section 17(a) for, and the
requested relief will not apply to, transactions where a Single-Tier
Fund could be deemed an affiliated person, or an affiliated person
of an affiliated person of an Investing Fund because an investment
adviser to the Funds is also an investment adviser to an Investing
Fund.
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    19. Applicants contend that no useful purpose would be served by
prohibiting such affiliated persons or Second Tier Affiliates from
acquiring or redeeming Creation Units through in-kind transactions.
Both the deposit procedures for in-kind purchases of Creation Units and
the redemption procedures for in-kind redemptions will be effected in
exactly the same manner for all purchases and redemptions. Deposit
Instruments and Redemption Instruments will be valued in the same
manner as the Portfolio Securities currently held by the relevant Fund.
Accordingly, Applicants do not believe that in-kind purchases and
redemptions will result in abusive self-dealing or overreaching of the
Fund.
    20. Applicants also submit that the sale of Shares to and
redemption of Shares from an Investing Fund satisfies the standards for
relief under sections 17(b) and 6(c) of the Act. Applicants note that
any consideration paid for the purchase or redemption of Creation Units
directly from a Single-Tier Fund will be based on the NAV of the
Single-Tier Fund.\34\
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    \34\ Applicants acknowledge that the receipt of compensation by
(a) an affiliated person of an Investing Fund or an affiliated
person of such person, for the purchase by the Investing Fund of
Shares or (b) an affiliated person of a Single-Tier Fund, or an
affiliated person of such person, for the sale by the Single-Tier
Fund of its Shares to an Investing Fund, may be prohibited by
section 17(e)(1) of the Act. The Participation Agreement also will
include this acknowledgment.
---------------------------------------------------------------------------

    21. In addition, to the extent that a Fund operates in a master-
feeder structure, the Applicants also request relief permitting the
Feeder Funds to engage in in-kind creations and redemptions with the
applicable Master Fund. Applicants state that the request for relief
described above would not be sufficient to permit such transactions
because the Feeder Funds and the applicable Master Fund could also be
affiliated by virtue of having the same investment adviser. However,
the applicants believe that in-kind creations and redemptions between a
Feeder Fund and a Master Fund advised by the same investment adviser do
not involve ``overreaching'' by an affiliated person. Applicants
represent that such transactions will occur only at the Feeder Fund's
proportionate share of the Master Fund's net assets, and the
distributed securities will be valued in the same manner as they are
valued for the purposes of calculating the applicable Master Fund's
NAV. Further, all such transactions will be effected with respect to
pre-determined securities and on the same terms with respect to all
investors. Finally, such transaction would only occur as a result of,
and to effectuate, a creation or redemption transaction between the
Feeder Fund and a third-party investor. Applicants state that, in
effect, the Feeder Fund will serve as a conduit through which creation
and redemption orders by Authorized Participants will be effected.
    22. Applicants believe that: (a) With respect to the relief
requested pursuant to section 17(b), the proposed transactions are fair
and reasonable, and do not involve overreaching on the part of any
person concerned, the proposed transactions are consistent with the
policy of each Fund and will be consistent with the investment
objectives and policies of each Investing Fund, and the proposed
transactions are consistent with the general purposes of the Act; and
(b) with respect to the relief requested pursuant to section 6(c), the
requested exemption for the proposed transactions 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 of the Commission granting the
requested relief will be subject to the following conditions:

A. Actively Managed Exchange-Traded Relief

    1. The requested relief, except for the Fund of Funds Relief and
Master-Feeder Relief, will expire on the effective date of any
Commission rule under the Act that provides relief permitting the
operation of actively managed exchange-traded funds.
    2. As long as a Fund operates in reliance on the requested order,
the Shares of such Fund will be listed on an Exchange.
    3. Neither the Trust nor any Fund will be advertised or marketed as
an open-end investment company or a mutual fund. Any advertising
material that describes the purchase or sale of the Creation Units or
refers to redeemability will prominently disclose that the Shares are
not individually redeemable and that owners of Shares may acquire those
Shares from the Fund and tender those Shares for redemption to the Fund
in Creation Units only.
    4. The Web site for the Funds, which is and will be publicly
accessible at no charge, will contain, on a per Share basis for each
Fund, the prior Business Day's NAV and the market closing price or the
Bid/Ask Price of the Shares, and a calculation of the premium or
discount of the market closing price or Bid/Ask Price against such NAV.
    5. No Adviser or Sub-Adviser, directly or indirectly, will cause
any Authorized Participant (or any investor on whose behalf an
Authorized Participant may transact with the Fund) to acquire any
Deposit Instrument for the Fund through a transaction in which the Fund
could not engage directly.
    6. On each Business Day, before the commencement of trading in
Shares on the Fund's listing Exchange, the Fund will disclose on its
Web site the identities and quantities of the Portfolio Securities held
by the Fund (or its respective Master Fund) that will form the basis of
the Fund's calculation of NAV at the end of the Business Day.

B. Section 12(d)(1) Relief

    1. The members of the Investing Fund's Advisory Group will not
control (individually or in the aggregate) a Single-Tier Fund (or its
respective

Master Fund) within the meaning of section 2(a)(9) of the Act. The
members of the Investing Fund's Sub-Advisory Group will not control
(individually or in the aggregate) a Single-Tier Fund (or its
respective Master Fund) within the meaning of section 2(a)(9) of the
Act. If, as a result of a decrease in the outstanding voting securities
of a Single-Tier Fund, the Investing Fund's Advisory Group or the
Investing Fund's Sub-Advisory Group, each in the aggregate, becomes a
holder of more than 25 percent of the outstanding voting securities of
a Single-Tier Fund, it will vote its voting securities of the Single-
Tier Fund in the same proportion as the vote of all other holders of
the Single-Tier Fund's voting securities. This condition does not apply
to the Investing Fund's Sub-Advisory Group with respect to a Single-
Tier Fund (or its respective Master Fund) for which the Investing Fund
Sub-Adviser or a person controlling, controlled by or under common
control with Investing Fund Sub-Adviser acts as the investment adviser
within the meaning of section 2(a)(20)(A) of the Act.
    2. No Investing Fund or Investing Fund Affiliate will cause any
existing or potential investment by the Investing Fund in a Single-Tier
Fund to influence the terms of any services or transactions between the
Investing Fund or an Investing Fund Affiliate and the Single-Tier Fund
(or its respective Master Fund) or a Single-Tier Fund Affiliate.
    3. The board of directors or trustees of an Investing Management
Company, including a majority of the non-interested directors or
trustees, will adopt procedures reasonably designed to ensure that the
Investing Fund Adviser and any Investing Fund Sub-Adviser are
conducting the investment program of the Investing Management Company
without taking into account any consideration received by the Investing
Management Company or an Investing Fund Affiliate from a Single-Tier
Fund (or its respective Master Fund) or a Single-Tier Fund Affiliate in
connection with any services or transactions.
    4. Once an investment by an Investing Fund in the securities of a
Single-Tier Fund exceeds the limit in section 12(d)(1)(A)(i) of the
Act, the Board of the Single-Tier Fund (or its respective Master Fund),
including a majority of the non-interested Board members, will
determine that any consideration paid by the Single-Tier Fund (or its
respective Master Fund) to the Investing Fund or an Investing Fund
Affiliate in connection with any services or transactions: (i) Is fair
and reasonable in relation to the nature and quality of the services
and benefits received by the Single-Tier Fund (or its respective Master
Fund); (ii) is within the range of consideration that the Single-Tier
Fund (or its respective Master Fund) would be required to pay to
another unaffiliated entity in connection with the same services or
transactions; and (iii) does not involve overreaching on the part of
any person concerned. This condition does not apply with respect to any
services or transactions between a Single-Tier Fund (or its respective
Master Fund) and its investment adviser(s), or any person controlling,
controlled by or under common control with such investment adviser(s).
    5. The Investing Fund Adviser, or trustee or Sponsor of an
Investing Trust, as applicable, will waive fees otherwise payable to it
by the Investing Fund in an amount at least equal to any compensation
(including fees received pursuant to any plan adopted by a Single-Tier
Fund (or its respective Master Fund) under rule 12b-l under the Act)
received from a Single-Tier Fund (or its respective Master Fund) by the
Investing Fund Adviser, or trustee or Sponsor of the Investing Trust,
or an affiliated person of the Investing Fund Adviser, or trustee or
Sponsor of the Investing Trust, other than any advisory fees paid to
the Investing Fund Adviser, or trustee or Sponsor of an Investing
Trust, or its affiliated person by the Single-Tier Fund (or its
respective Master Fund), in connection with the investment by the
Investing Fund in the Single-Tier Fund. Any Investing Fund Sub-Adviser
will waive fees otherwise payable to the Investing Fund Sub-Adviser,
directly or indirectly, by the Investing Management Company in an
amount at least equal to any compensation received from a Single-Tier
Fund (or its respective Master Fund) by the Investing Fund Sub-Adviser,
or an affiliated person of the Investing Fund Sub-Adviser, other than
any advisory fees paid to the Investing Fund Sub-Adviser or its
affiliated person by the Single-Tier Fund (or its respective Master
Fund), in connection with the investment by the Investing Management
Company in the Single-Tier Fund made at the direction of the Investing
Fund Sub-Adviser. In the event that the Investing Fund Sub-Adviser
waives fees, the benefit of the waiver will be passed through to the
Investing Management Company.
    6. No Investing Fund or Investing Fund Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund
(or its respective Master Fund)) will cause a Single-Tier Fund (or its
respective Master Fund) to purchase a security in an Affiliated
Underwriting.
    7. The Board of each Single-Tier Fund (or its respective Master
Fund), including a majority of the non-interested Board members, will
adopt procedures reasonably designed to monitor any purchases of
securities by the Single-Tier Fund (or its respective Master Fund) in
an Affiliated Underwriting, once an investment by an Investing Fund in
the securities of the Single-Tier Fund exceeds the limit of section
12(d)(1)(A)(i) of the Act, including any purchases made directly from
an Underwriting Affiliate. The Board will review these purchases
periodically, but no less frequently than annually, to determine
whether the purchases were influenced by the investment by the
Investing Fund in the Single-Tier Fund. The Board will consider, among
other things: (i) Whether the purchases were consistent with the
investment objectives and policies of the Single-Tier Fund (or its
respective Master Fund); (ii) how the performance of securities
purchased in an Affiliated Underwriting compares to the performance of
comparable securities purchased during a comparable period of time in
underwritings other than Affiliated Underwritings or to a benchmark
such as a comparable market index; and (iii) whether the amount of
securities purchased by the Single-Tier Fund (or its respective Master
Fund) in Affiliated Underwritings and the amount purchased directly
from an Underwriting Affiliate have changed significantly from prior
years. The Board will take any appropriate actions based on its review,
including, if appropriate, the institution of procedures designed to
ensure that purchases of securities in Affiliated Underwritings are in
the best interest of shareholders of the Single-Tier Fund.
    8. Each Single-Tier Fund (or its respective Master Fund) will
maintain and preserve permanently in an easily accessible place a
written copy of the procedures described in the preceding condition,
and any modifications to such procedures, and will maintain and
preserve for a period of not less than six years from the end of the
fiscal year in which any purchase in an Affiliated Underwriting
occurred, the first two years in an easily accessible place, a written
record of each purchase of securities in Affiliated Underwritings once
an investment by an Investing Fund in the securities of the Single-Tier
Fund exceeds the limit of section 12(d)(1)(A)(i) of the Act, setting
forth from whom the securities were acquired, the identity of the

underwriting syndicate's members, the terms of the purchase, and the
information or materials upon which the Board's determinations were
made.
    9. Before investing in a Single-Tier Fund in excess of the limits
in section 12(d)(1)(A), an Investing Fund will execute a Participation
Agreement with the Single-Tier Fund stating, without limitation, that
their respective boards of directors or trustees and their investment
advisers, or trustee and Sponsor, as applicable, understand the terms
and conditions of the order, and agree to fulfill their
responsibilities under the order. At the time of its investment in
Shares of a Single-Tier Fund in excess of the limit in section
12(d)(1)(A)(i), an Investing Fund will notify the Single-Tier Fund of
the investment. At such time, the Investing Fund will also transmit to
the Single-Tier Fund a list of the names of each Investing Fund
Affiliate and Underwriting Affiliate. The Investing Fund will notify
the Single-Tier Fund of any changes to the list of the names as soon as
reasonably practicable after a change occurs. The Single-Tier Fund and
the Investing Fund will maintain and preserve a copy of the order, the
Participation Agreement, and the list with any updated information for
the duration of the investment and for a period of not less than six
years thereafter, the first two years in an easily accessible place.
    10. Before approving any advisory contract under section 15 of the
Act, the board of directors or trustees of each Investing Management
Company including a majority of the non-interested directors or
trustees, will find that the advisory fees charged under such contract
are based on services provided that will be in addition to, rather than
duplicative of, the services provided under the advisory contract(s) of
any Single-Tier Fund (or its respective Master Fund) in which the
Investing Management Company may invest. These findings and their basis
will be recorded fully in the minute books of the appropriate Investing
Management Company.
    11. Any sales charges and/or service fees with respect to shares of
an Investing Fund will not exceed the limits applicable to a fund of
funds as set forth in NASD Conduct Rule 2830.
    12. No Single-Tier Fund (or its respective Master Fund) will
acquire securities of an investment company or company relying on
section 3(c)(1) or 3(c)(7) of the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act, except to the extent (i) the Single-
Tier Fund (or its respective Master Fund) acquires securities of
another investment company pursuant to exemptive relief from the
Commission permitting the Single-Tier Fund (or its respective Master
Fund) to acquire securities of one or more investment companies for
short-term cash management purposes, or (ii) the Single-Tier Fund
acquires securities of the Master Fund pursuant to the Master-Feeder
Relief.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-09634 Filed 4-23-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)]
[Notices]
[Pages 95663-95664]
[FR Doc No: 2016-31290]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32400; File No. 812-14676]

Transamerica Funds, et al.; Notice of Application

December 21, 2016.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice of an application for an order pursuant to: (a) Section
6(c) of the Investment Company Act of 1940 (``Act'') granting an
exemption from sections 18(f) and 21(b) of the Act; (b) section
12(d)(1)(J) of the Act granting an exemption from section 12(d)(1) of
the Act; (c) sections 6(c) and 17(b) of the Act granting an exemption
from sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and (d)
section 17(d) of the Act and rule 17d-1 under the Act to permit certain
joint arrangements and transactions. Applicants request an order that
would permit certain registered open-end management investment
companies to participate in a joint lending and borrowing facility.

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    Applicants: Transamerica Funds and Transamerica Series Trust, each
a Delaware statutory trust registered under the Act as an open-end
management investment company with multiple series (each a ``Trust''
and collectively the ``Trusts''), and Transamerica Asset Management,
Inc. (the ``Initial Adviser''), a Florida corporation registered as an
investment adviser under the Investment Advisers Act of 1940.
    Filing Dates: The application was filed on July 20, 2016 and
amended on October 26, 2016.
    Hearing or Notification of Hearing: An order granting the requested
relief 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 January 16, 2017 and should be accompanied by proof of
service on the applicants, in the form of an affidavit, or, for
lawyers, a certificate of service. Pursuant to Rule 0-5 under the Act,
hearing requests should state the nature of the writer's interest, any
facts bearing upon the desirability of a hearing on the matter, 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: 1801 California
Street, Suite 5200, Denver, Colorado 80202.

FOR FURTHER INFORMATION CONTACT:  Jill Ehrlich, Senior Counsel, at
(202) 551-6819 or David J. Marcinkus, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

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>.
    Summary of the Application:
    1. Applicants request an order that would permit the applicants to
participate in an interfund lending facility where each Fund could lend
money directly to and borrow money directly from other Funds to cover
unanticipated cash shortfalls, such as unanticipated redemptions or
trade fails.\1\ The Funds will not borrow under the facility for
leverage purposes and the loans' duration will be no more than 7
days.\2\
---------------------------------------------------------------------------

    \1\ Applicants request that the order also apply to any existing
or future series of the Trusts and to any other registered open-end
management investment company or series thereof for which the
Initial Adviser and each successor thereto or a person controlling,
controlled by, or under common control with the Initial Adviser
serves as investment adviser (each a ``Fund'' and collectively the
``Funds,'' and each such investment adviser an ``Adviser''). For
purposes of the requested order, ``successor'' is limited to any
entity that results from a reorganization into another jurisdiction
or a change in the type of a business organization.
    \2\ Any Fund, however, will be able to call a loan on one
business day's notice.
---------------------------------------------------------------------------

    2. Applicants anticipate that the proposed facility would provide a
borrowing Fund with significant savings at times when the cash position
of the Fund is insufficient to meet temporary cash requirements. In
addition, Funds making short-term cash loans directly to other Funds
would earn interest at a rate higher than they otherwise could obtain
from investing their cash in repurchase agreements or certain other
short term money market instruments. Thus, applicants assert that the
facility would benefit both borrowing and lending Funds.
    3. Applicants agree that any order granting the requested relief
will be subject to the terms and conditions stated in the Application.
Among others, the Adviser, through a designated committee, would
administer the facility as a disinterested fiduciary as part of its
duties under the investment management agreements with the Funds and
would receive no additional fee as compensation for its services in
connection with the administration of the facility. The facility would
be subject to oversight and certain approvals by the Funds' Board,
including, among others, approval of the interest rate formula and of
the method for allocating loans across Funds, as well as review of the
process in place to evaluate the liquidity implications for the Funds.
A Fund's aggregate outstanding interfund loans will not exceed 15% of
its net assets, and the Fund's loans to any one Fund will not exceed 5%
of the lending Fund's net assets.\3\
---------------------------------------------------------------------------

    \3\ Under certain circumstances, a borrowing Fund will be
required to pledge collateral to secure the loan.
---------------------------------------------------------------------------

    4. Applicants assert that the facility does not raise the concerns
underlying section 12(d)(1) of the Act given that the Funds are part of
the same group of investment companies and there will be no duplicative
costs or fees to the Funds.\4\ Applicants also assert that the proposed
transactions do not raise the concerns underlying sections 17(a)(1),
17(a)(3), 17(d) and 21(b) of the Act as the Funds would not engage in
lending transactions that unfairly benefit insiders or are detrimental
to the Funds. Applicants state that the facility will offer both
reduced borrowing costs and enhanced returns on loaned funds to all
participating Funds and each Fund

would have an equal opportunity to borrow and lend on equal terms based
on an interest rate formula that is objective and verifiable. With
respect to the relief from section 17(a)(2) of the Act, applicants note
that any collateral pledged to secure an interfund loan would be
subject to the same conditions imposed by any other lender to a Fund
that imposes conditions on the quality of or access to collateral for a
borrowing (if the lender is another Fund) or the same or better
conditions (in any other circumstance).\5\
---------------------------------------------------------------------------

    \4\ Applicants state that the obligation to repay an interfund
loan could be deemed to constitute a security for the purposes of
sections 17(a)(1) and 12(d)(1) of the Act.
    \5\ Applicants state that any pledge of securities to secure an
interfund loan could constitute a purchase of securities for
purposes of section 17(a)(2) of the Act.
---------------------------------------------------------------------------

    5. Applicants also believe that the limited relief from section
18(f)(1) of the Act that is necessary to implement the facility
(because the lending Funds are not banks) is appropriate in light of
the conditions and safeguards described in the application and because
the Funds would remain subject to the requirement of section 18(f)(1)
that all borrowings of a Fund, including combined interfund loans and
bank borrowings, have at least 300% asset coverage.
    6. Section 6(c) of the Act permits the Commission to exempt any
persons or transactions from any provision of the Act if such exemption
is necessary or appropriate in the public interest and consistent with
the protection of investors and the purposes fairly intended by the
policy and provisions of the Act. Section 12(d)(1)(J) 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 provision of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.
Section 17(b) of the Act authorizes the Commission to grant an order
permitting a transaction otherwise prohibited by section 17(a) if it
finds that (a) the terms of the proposed transaction are fair and
reasonable and do not involve overreaching on the part of any person
concerned; (b) the proposed transaction is consistent with the policies
of each registered investment company involved; and (c) the proposed
transaction is consistent with the general purposes of the Act. Rule
17d-1(b) under the Act provides that in passing upon an application
filed under the rule, the Commission will consider whether the
participation of the registered investment company in a joint
enterprise, joint arrangement or profit sharing plan on the basis
proposed is consistent with the provisions, policies and purposes of
the Act and the extent to which such participation is on a basis
different from or less advantageous than that of the other
participants.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-31290 Filed 12-27-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: September 21, 2009 (Volume 74, Number 181)]
[Notices]
[Page 48123-48124]
[DOCID:fr21se09-98]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Petition for Waiver of Compliance

    In accordance with part 211 of Title 49 Code of Federal Regulations
(CFR), notice is hereby given that the Federal Railroad Administration
(FRA) has received a request for a waiver of compliance from certain
requirements of its safety standards. The individual petition is
described below, including the party seeking relief, the regulatory
provisions involved, the nature of the relief being requested, and the
petitioner's arguments in favor of relief.

Livonia, Avon & Lakeville Railroad Corporation (Waiver Petition Docket
Number FRA-2002-13250)

    The Livonia, Avon & Lakeville Railroad Corporation (LAL) of
Lakeville, New York, has petitioned for a permanent waiver of
compliance for one business car, LAL 100 (Traveler), from the
requirements of the Railroad Safety Glazing Standards, Title 49 CFR
part 223.15(c), which require certified glazing in all windows and a
minimum of four emergency windows. LAL purchased this business car from
the Arkansas & Missouri Railroad and is the ex-Canadian National
Railways business car 65. LAL indicates that the car is equipped with
non-compliant glazing, is not air-conditioned and is used only about 3
or 4 times a year at speeds not exceeding 25 mph. The car operates on
LAL, B&H Rail Corporation, and the Western New York & Pennsylvania
Railroad lines.
    LAL states that the design of the window sachets (wood) makes
installation of glazing a costly item. All windows (25 total) open (up)
eight inches. LAL requests that due to the prohibitive cost and little
use of the car that the certified glazing requirements be waived for
the business car LAL 100 (Traveler).
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number (e.g., Waiver Petition Docket Number FRA-
2002-13250) and may be submitted by any of the following methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue, SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    Communications received within 45 days of the date of this notice
will be considered by FRA before final action is taken. Comments
received after that date will be considered as far as practicable. All
written communications concerning these proceedings are available for
examination during regular business hours (9 a.m.-5 p.m.) at the above
facility. All documents in the public docket are also available for
inspection and copying on the Internet at the docket facility's Web
site at http://www.regulations.gov.
    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the comment,
if submitted on behalf of an association, business, labor union, etc.).
You may review DOT's complete Privacy Act Statement in the Federal
Register published on April 11, 2000 (Volume 65, Number 70; Pages
19477-78).

    Issued in Washington, DC, on September 14, 2009.
Grady C. Cothen, Jr.,
Deputy Associate Administrator for Safety Standards and Program
Development.
[FR Doc. E9-22579 Filed 9-18-09; 8:45 am]

BILLING CODE 4910-06-P


[Federal Register Volume 78, Number 131 (Tuesday, July 9, 2013)]
[Notices]
[Pages 41053-41055]
[FR Doc No: 2013-16325]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

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

    Docket Numbers: ER10-1585-003; ER10-1594-003; ER11-4051-002; ER10-
1596-001; ER10-1617-003; ER12-60-005; ER10-1632-005; ER10-1628-003;
ER11-1936-001.
    Applicants: Alabama Electric Marketing, LLC, California Electric
Marketing, LLC,CSOLAR IV South, LLC, High Desert Power Project, LLC,
New Mexico Electric Marketing, LLC, Tenaska Power Management, LLC,
Tenaska Power Services, Co., Texas Electric Marketing, LLC,TPF
Generation Holdings, LLC, Alabama Electric Marketing, LLC.
    Description: Updated Market Power Analysis of Tenaska MBR Seller in
Southwest Region.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5152.
    Comments Due: 5 p.m. ET 8/26/13.

    Docket Numbers: ER10-2331-021; ER10-2343-020; ER10-2317-018; ER10-
2326-020; ER10-2327-021; ER10-2330-020.
    Applicants: J.P. Morgan Ventures Energy Corporation, J.P. Morgan
Commodities Canada Corporation, BE CA LLC, Cedar Brakes I, L.L.C.,
Cedar Brakes III, LLC., Utility Contract Funding, L.L.C.
    Description: Updated Market Power Analysis and Order 697 Compliance
Filing for the Southwest Region of JP Morgan Sellers.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5149.
    Comments Due: 5 p.m. ET 8/26/13.

    Docket Numbers: ER10-2538-001.
    Applicants: Panoche Energy Center, LLC.
    Description: Triennial Market Power Study in Southwest Region and
CAISO BAA of Panoche Energy Center, LLC.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5153.
    Comments Due: 5 p.m. ET 8/26/13.

    Docket Numbers: ER10-3246-002.
    Applicants: PacifiCorp.
    Description: Triennial Market Power Update of PacifiCorp.
    Filed Date: 6/28/13.

    Accession Number: 20130628-5047.
    Comments Due: 5 p.m. ET 8/27/13.

    Docket Numbers: ER12-21-008; ER13-520-001; ER13-521-001; ER13-1441-
001; ER13-1442-001; ER12-1626-002; ER13-1266-001; ER13-1267-001; ER13-
1268-001; ER13-1269-001; ER13-1270-001; ER13-1271-001; ER13-1272-001;
ER13-1273-001; ER10-2605-005.
    Applicants: Agua Caliente Solar, LLC, Pinyon Pines Wind I, LLC,
Pinyon Pines Wind II, LLC, Solar Star California XIX, LLC, Solar Star
California XX, LLC, Topaz Solar Farms LLC, CalEnergy, LLC,CE Leathers
Company, Del Ranch Company, Elmore Company, Fish Lake Power LLC, Salton
Sea Power Generation Company, Salton Sea Power L.L.C., Vulcan/BN
Geothermal Power Company, Yuma Cogeneration Associates.
    Description: Updated Market Power Analysis of the MidAmerican
Southwest MBR Sellers.
    Filed Date: 6/26/13.
    Accession Number: 20130626-5162.
    Comments Due: 5 p.m. ET 8/26/13.

    Docket Numbers: ER13-1813-000.
    Applicants: Wisconsin Electric Power Company.
    Description: Wisconsin Electric--PJM FERC Electric Rate Schedule
117 to be effective 7/20/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5093.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1814-000.
    Applicants: Appalachian Power Company.
    Description: 20130627 Att K and L Revision to be effective 6/27/
2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5099.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1815-000.
    Applicants: Southern California Edison Company.
    Description: Revised Added Facilities Rates Under WDAT to be
effective 1/1/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5101.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1816-000.
    Applicants: Sustaining Power Solutions LLC.
    Description: MBR Application to be effective 8/26/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5117.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1817-000.
    Applicants: PJM Interconnection, L.L.C., Wisconsin Electric Power
Company.
    Description: PJM & WEPCO file revised BAOCA: PJM?s Rate Schedule
FERC No. 43 to be effective 7/20/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5118.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1818-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Queue Position X3-003? Original Service
Agreement No. 3583 to be effective 5/30/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5119.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1819-000.
    Applicants: Southwest Power Pool, Inc.
    Description: 1534R3 Kansas Municipal Energy Agency NITSA and NOA to
be effective 6/1/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5127.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1820-000.
    Applicants: California Independent System Operator Corporation.
    Description: 2013-06-27 CSOLAR Concurrence to be effective 6/13/
2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5136.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1821-000.
    Applicants: Southern California Edison Company.
    Description: Amended & Restated Black Start Agreement to be
effective 7/1/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5137.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1822-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Revisions to the PJM OATT and OA re Access to E-tags
to be effective 8/26/2013.
    Filed Date: 6/27/13.
    Accession Number: 20130627-5139.
    Comments Due: 5 p.m. ET 7/18/13.

    Docket Numbers: ER13-1823-000.
    Applicants: PacifiCorp.
    Description: FERC Triennial Change in Status Filing to be effective
9/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5001.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1824-000.
    Applicants: NV Energy, Inc.
    Description: Service Agreement No. 13-00018 NITS Retail Access TSA
CRC--NLV to be effective 9/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5002.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1825-000.
    Applicants: Southern California Edison Company.
    Description: LGIA with KRCC to be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5003.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1826-000.
    Applicants: Southern California Edison Company.
    Description: LGIA with Sycamore to be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5004.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1827-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 06-28-13 ETEC Attach O to be effective 12/19/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5030.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1828-000.
    Applicants: Interstate Power and Light Company.
    Description: IPL Changes in Depreciation Rates for Wholesale
Production Service to be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5046.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1829-000.
    Applicants: Duke Energy Carolinas, LLC.
    Description: PEMC FRPPA--RS 316 Revision (2013) to be effective 7/
2/2012.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5050.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1830-000.
    Applicants: Entergy Arkansas, Inc.
    Description: Rattlesnake Wind Transfer Agreement to be effective
12/1/2014.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5066.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1831-000.
    Applicants: Entergy Arkansas, Inc.
    Description: Plum Point Transfer Agreement to be effective 7/1/
2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5070.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1832-000.
    Applicants: Southwest Power Pool, Inc.
    Description: 2198R8 Kansas Power Pool NITSA and NOA to be effective
6/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5082.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1833-000.
    Applicants: Harbor Cogeneration Company, LLC.
    Description: Clarification of Cat 2 Status in SW Region and Cat 1
Status in All Other Regions to be effective 7/1/2013.

    Filed Date: 6/28/13.
    Accession Number: 20130628-5103.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1834-000.
    Applicants: Valencia Power, LLC.
    Description: Clarification of Cat 2 Status in SW Region and Cat 1
Status in All Other Regions to be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5104.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1835-000.
    Applicants: Las Vegas Cogeneration II, L.L.C.
    Description: Clarification of Cat 2 Status in SW Region and Cat 1
Status in All Other Regions to be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5109.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1836-000.
    Applicants: Fountain Valley Power, L.L.C.
    Description: Clarification of Category 1 Status in All Regions to
be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5110.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1838-000.
    Applicants: Las Vegas Cogeneration Limited Partnership.
    Description: Clarification of Cat 2 Status in SW Region and Cat 1
Status in All Other Regions to be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5116.
    Comments Due: 5 p.m. ET 7/19/13.

    Docket Numbers: ER13-1839-000.
    Applicants: SWG Colorado, LLC.
    Description: Clarification of Category 1 Status in All Regions to
be effective 7/1/2013.
    Filed Date: 6/28/13.
    Accession Number: 20130628-5119.
    Comments Due: 5 p.m. ET 7/19/13.

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

    Dated: June 28, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-16325 Filed 7-8-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 219 (Thursday, November 13, 2014)]
[Notices]
[Pages 67533-67534]
[FR Doc No: 2014-26883]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2014-133]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of 14 CFR. The purpose of this notice is to
improve

the public's awareness of, and participation in, this aspect of FAA's
regulatory activities. Neither publication of this notice nor the
inclusion or omission of information in the summary is intended to
affect the legal status of the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before December 3, 2014.

ADDRESSES: You may send comments identified by Docket Number FAA-2014-
0816 using any of the following methods:
     Government-wide rulemaking Web site: Go to http://www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Send comments to the Docket Management Facility;
U.S. Department of Transportation, 1200 New Jersey Avenue SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590.
     Fax: Fax comments to the Docket Management Facility at
202-493-2251.
     Hand Delivery: Bring comments to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information you
provide. Using the search function of our docket Web site, anyone can
find and read the comments received into any of our dockets, including
the name of the individual sending the comment (or signing the comment
for an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    Docket: To read background documents or comments received, go to
http://www.regulations.gov at any time or to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Keira Jones<PHONE_NUMBER>, Office of
Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW., Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on November 6, 2014.
James M. Crotty,
Acting Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2014-0816
    Petitioner: Asymmetric Technologies
    Section of 14 CFR Affected: 14 CFR part 21, Subpart H; part 27;
Sec. Sec.  45.23(b); 45.27(a); 61.113(a) and (b); 91.7(a) and
91.9(b)(2); 91.103; 91.109(a); 91.119; 91.121; 91.151(a); 91.203(a) and
(b); 91.405(a)(1); 91.407(a)(1); 91.409(a)(1); 91.417(a) and (b)
    Description of Relief Sought: Asymmetric Technologies seeks relief
to conduct sUAS flight operations in support of a bridge inspection
near US Highway 93 in Mohave County, Arizona.

[FR Doc. 2014-26883 Filed 11-12-14; 8:45 am]
BILLING CODE 4910-13-P