16280 Federal Register / Vol. 77, No. 54 / Tuesday, March 20, 2012 / Notices 

available through the NRC Public 

Document Room at 

pdr.resource@nrc.gov, or by calling the 

PDR at 1–800–397–4209, or from the 

Publicly Available Records System 

(PARS) component of NRC’s document 

system (ADAMS) which is accessible 

from the NRC Web site at http:// 

www.nrc.gov/reading-rm/adams.html or 

http://www.nrc.gov/reading-rm/doccollections/ACRS/. 

Video teleconferencing service is 

available for observing open sessions of 

ACRS meetings. Those wishing to use 

this service should contact Mr. Theron 

Brown, ACRS Audio Visual Technician 

(301–415–8066), between 7:30 a.m. and 

3:45 p.m. (ET), at least 10 days before 

the meeting to ensure the availability of 

this service. 

Individuals or organizations 

requesting this service will be 

responsible for telephone line charges 

and for providing the equipment and 

facilities that they use to establish the 

video teleconferencing link. The 

availability of video teleconferencing 

services is not guaranteed. 

Dated: March 14, 2012. 

Andrew L. Bates, 

Advisory Committee Management Officer. 

[FR Doc. 2012–6667 Filed 3–19–12; 8:45 am] 

BILLING CODE 7590–01–P 

NUCLEAR REGULATORY 

COMMISSION 

[NRC–2012–0002] 

Sunshine Federal Register Notice 

AGENCY HOLDING THE MEETINGS: Nuclear 

Regulatory Commission. 

DATE: Weeks of March 19, 26, April 2, 

9, 16, 23, 2012. 

PLACE: Commissioners’ Conference 

Room, 11555 Rockville Pike, Rockville, 

Maryland. 

STATUS: Public and Closed. 

Week of March 19, 2012 

There are no meetings scheduled for 

the week of March 19, 2012. 

Week of March 26, 2012—Tentative 

Tuesday, March 27, 2012 

9 a.m. Briefing on License Renewal for 

Research and Test Reactors (Public 

Meeting); (Contact: Jessie 

Quichocho, 301–415–0209). 

This meeting will be Webcast live at 

the Web address—www.nrc.gov. 

Week of April 2, 2012—Tentative 

Tuesday April 3, 2012 

9:30 a.m. Meeting with Organization of 

Agreement States (OAS) and 

Conference of Radiation Control 

Program Directors (CRCPD) (Public 

Meeting); (Contact: Cindy Flannery, 

301–415–0223). 

This meeting will be Webcast live at 

the Web address—www.nrc.gov. 

Week of April 9, 2012—Tentative 

Tuesday, April 10, 2012 

9 a.m. Briefing on the Final Report of 

the Blue Ribbon Commission on 

America’s Nuclear Future (Public 

Meeting); (Contact: Alicia Mullins, 

301–492–3351). 

This meeting will be Webcast live at 

the Web address—www.nrc.gov. 

Week of April 16, 2012—Tentative 

There are no meetings scheduled for 

the week of April 16, 2012. 

Week of April 23, 2012—Tentative 

Tuesday, April 24, 2012 

9 a.m. Briefing on Part 35 Medical 

Events Definitions—Permanent Implant 

Brachytherapy (Public Meeting); 

(Contact: Michael Fuller, 301–415– 

0520). 

This meeting will be Webcast live at 

the Web address—www.nrc.gov. 

* * * * * 

*The schedule for Commission 

meetings is subject to change on short 

notice. To verify the status of meetings, 

call (recording)—301–415–1292. 

Contact person for more information: 

Rochelle Bavol, 301–415–1651. 

* * * * * 

The NRC Commission Meeting 

Schedule can be found on the Internet 

at: http://www.nrc.gov/public-involve/ 

public-meetings/schedule.html. 

* * * * * 

The NRC provides reasonable 

accommodation to individuals with 

disabilities where appropriate. If you 

need a reasonable accommodation to 

participate in these public meetings, or 

need this meeting notice or the 

transcript or other information from the 

public meetings in another format (e.g. 

braille, large print), please notify Bill 

Dosch, Chief, Work Life and Benefits 

Branch, at 301–415–6200, TDD: 301– 

415–2100, or by email at 

william.dosch@nrc.gov. Determinations 

on requests for reasonable 

accommodation will be made on a caseby-case basis. 

* * * * * 

This notice is distributed 

electronically to subscribers. If you no 

longer wish to receive it, or would like 

to be added to the distribution, please 

contact the Office of the Secretary, 

Washington, DC 20555 (301–415–1969), 

or send an email to 

darlene.wright@nrc.gov. 

Dated: March 15, 2012. 

Rochelle C. Bavol, 

Policy Coordinator, Office of the Secretary. 

[FR Doc. 2012–6796 Filed 3–16–12; 4:15 pm] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

29981; File No. 812–14007] 

Capital Research and Management 

Company, et al.; Notice of Application 

March 14, 2012. 

AGENCY: Securities and Exchange 

Commission (the ‘‘Commission’’). 

ACTION: Notice of an application under 

section 6(c) of the Investment Company 

Act of 1940, as amended (the ‘‘Act’’), for 

an exemption from rule 12d1–2(a) under 

the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit open-end 

management investment companies 

relying on rule 12d1–2 under the Act to 

invest in certain financial instruments. 

APPLICANTS: American Funds Insurance 

Series (‘‘AFIS’’), Capital Research and 

Management Company (‘‘CRMC’’), and 

American Funds Distributors, Inc. 

(‘‘AFD’’). 

DATES: Filing Dates The application was 

filed on February 13, 2012, and 

amended on March 5, 2012 and March 

9, 2012. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on April 9, 2012, 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: Elizabeth M. Murphy, 

Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090; 

Applicants: CRMC, 333 South Hope 

Street, Los Angeles, California 90071. 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 54 / Tuesday, March 20, 2012 / Notices 16281 

1Any other Adviser will also be registered under 

the Advisers Act. 

2Every existing entity that currently intends to 

rely on the requested order is named as an 

applicant. Any existing or future entity that relies 

on the requested order will do so only in 

accordance with the terms and condition in the 

application. 

FOR FURTHER INFORMATION CONTACT: 

Peter Allen, Law Clerk, at (202) 551– 

6986, Mark N. Zaruba, AttorneyAdvisor, at (202) 551–6878, or Dalia 

Osman Blass, Assistant Director, at (202) 

551–6821 (Division of Investment 

Management, Office of Investment 

Company Regulation). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

Web site by searching for the file 

number, or an applicant using the 

Company name box, at http:// 

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Applicants’ Representations 

1. AFIS is organized as a 

Massachusetts business trust and is 

registered under the Act as an open-end 

management investment company. 

CRMC, a Delaware corporation, is an 

investment adviser registered under the 

Investment Advisers Act of 1940, as 

amended (the ‘‘Advisers Act’’). CRMC or 

another Adviser (as defined below) will 

serve as investment adviser to each 

Fund of Funds (as defined below). AFD 

is a California corporation, registered as 

a broker-dealer under the Securities 

Exchange Act of 1934, as amended (the 

‘‘Exchange Act’’), and will serve as the 

distributor for the initial Fund of Funds. 

2. Applicants request the exemption 

to the extent necessary to permit any 

existing or future series of AFIS and any 

other existing or future registered openend investment company or series 

thereof that (i) is advised by CRMC or 

any person controlling, controlled by or 

under common control with CRMC (any 

such adviser or CRMC, an ‘‘Adviser’’); 1

(ii) invests in other registered open-end 

investment companies (‘‘Underlying 

Funds’’) in reliance on section 

12(d)(1)(G) of the Act; and (iii) is also 

eligible to invest in securities (as 

defined in section 2(a)(36) of the Act) in 

reliance on rule 12d1–2 under the Act 

(each a ‘‘Fund of Funds’’), to also invest, 

to the extent consistent with its 

investment objectives, policies, 

strategies and limitations, in financial 

instruments that may not be securities 

within the meaning of section 2(a)(36) of 

the Act (‘‘Other Investments’’).2

Applicants also request that the order 

exempt AFD and any entity that now or 

in the future acts as principal 

underwriter, or broker or dealer if 

registered under the Exchange Act with 

respect to the transactions described in 

the application. 

Applicants’ Legal Analysis 

1. Section 12(d)(1)(A) of the Act 

provides that no registered investment 

company (‘‘acquiring company’’) may 

acquire securities of another investment 

company (‘‘acquired company’’) if such 

securities represent more than 3% of the 

acquired company’s outstanding voting 

stock or more than 5% of the acquiring 

company’s total assets, or if such 

securities, together with the securities of 

other investment companies, represent 

more than 10% of the acquiring 

company’s total assets. Section 

12(d)(1)(B) of the Act provides that no 

registered open-end investment 

company may sell its securities 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 cause more 

than 10% of the acquired company’s 

voting stock to be owned by investment 

companies and companies controlled by 

them. 

2. Section 12(d)(1)(G) of the Act 

provides, in part, that section 12(d)(1) 

will not apply to securities of an 

acquired company purchased by an 

acquiring company if: (i) The acquired 

company and acquiring company are 

part of the same group of investment 

companies; (ii) the acquiring company 

holds only securities of acquired 

companies that are part of the same 

group of investment companies, 

government securities, and short-term 

paper; (iii) the aggregate sales loads and 

distribution-related fees of the acquiring 

company and the acquired company are 

not excessive under rules adopted 

pursuant to section 22(b) or section 

22(c) of the Act by a securities 

association registered under section 15A 

of the Exchange Act or by the 

Commission; and (iv) the acquired 

company has a policy that prohibits it 

from acquiring securities of registered 

open-end investment companies or 

registered unit investment trusts in 

reliance on section 12(d)(1)(F) or (G) of 

the Act. 

3. Rule 12d1–2 under the Act permits 

a registered open-end investment 

company or a registered unit investment 

trust that relies on section 12(d)(1)(G) of 

the Act to acquire, in addition to 

securities issued by another registered 

investment company in the same group 

of investment companies, government 

securities, and short-term paper: (i) 

Securities issued by an investment 

company that is not in the same group 

of investment companies, when the 

acquisition is in reliance on section 

12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) 

securities (other than securities issued 

by an investment company); and (iii) 

securities issued by a money market 

fund, when the investment is in reliance 

on rule 12d1–1 under the Act. For the 

purposes of rule 12d1–2, ‘‘securities’’ 

means any security as defined in section 

2(a)(36) of the Act. 

4. Section 6(c) of the Act provides that 

the Commission may exempt any 

person, security, or transaction from any 

provision of the Act, or from any rule 

under 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 policies and 

provisions of the Act. 

5. Applicants state that the Funds of 

Funds will comply with rule 12d1–2 

under the Act, but for the fact that the 

Funds of Funds may invest a portion of 

their assets in Other Investments. 

Applicants request an order under 

section 6(c) of the Act for an exemption 

from rule 12d1–2(a) to allow the Funds 

of Funds to invest in Other Investments 

while investing in Underlying Funds. 

Applicants assert that permitting the 

Funds of Funds to invest in Other 

Investments as described in the 

application would not raise any of the 

concerns that the requirements of 

section 12(d)(1) were designed to 

address. 

6. Consistent with its fiduciary 

obligations under the Act, each Fund of 

Funds’ board of directors will review 

the advisory fees charged by the Fund 

of Funds’ Adviser to ensure that they 

are based on services provided that are 

in addition to, rather than duplicative 

of, services provided pursuant to the 

advisory agreement of any investment 

company in which the Fund of Funds 

may invest. 

Applicants’ Condition 

Applicants agree that any order 

granting the requested relief will be 

subject to the following condition: 

Applicants will comply with all 

provisions of rule 12d1–2 under the Act, 

except for paragraph (a)(2) to the extent 

that it restricts any Fund of Funds from 

investing in Other Investments as 

described in the application. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6613 Filed 3–19–12; 8:45 am] 

BILLING CODE 8011–01–P 


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