Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices 56619 

1Every 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 order in the future will do so only in 

accordance with the terms and conditions in the 

application. 

Applications for Low-Level 

Radioactive Waste Import and 

Export Licenses (Tentative). 

1 p.m. Discussion of Security Issues 

(Closed—Ex. 1 and 3). 

Week of October 13, 2008—Tentative 

There are no meetings scheduled for 

the week of October 13, 2008. 

Week of October 20, 2008—Tentative 

Wednesday, October 22, 2008 

9:30 a.m. Briefing on New Reactor 

Issues—Construction Readiness, 

Part 1 (Public Meeting) (Contact: 

Roger Rihm, 301 415–7807). 

1:30 p.m. Briefing on New Reactor 

Issues—Construction Readiness, 

Part 2 (Public Meeting) (Contact: 

Roger Rihm, 301 415–7807). 

Both parts of this meeting will be 

Webcast live at the Web address— 

http://www.nrc.gov. 

Week of October 27, 2008—Tentative 

There are no meetings scheduled for 

the week of October 27, 2008. 

Week of November 3, 2008—Tentative 

Thursday, November 6, 2008 

1:30 p.m. Briefing on NRC International 

Activities (Public Meeting) 

(Contact: Karen Henderson, 301 

415–0202). 

This meeting will be Webcast live at 

the Web address—http://www.nrc.gov. 

Friday, November 7, 2008 

2 p.m. Meeting with Advisory 

Committee on Reactor Safeguards 

(Public Meeting) (Contact: Tanny 

Santos, 301 415–7270). 

This meeting will be Webcast live at 

the Web address—http://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: 

Michelle Schroll, (301) 415–1662. 

The NRC Commission Meeting 

Schedule can be found on the Internet 

at: http://www.nrc.gov/about-nrc/policymaking/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 the 

NRC’s Disability Program Coordinator, 

Rohn Brown, at 301–492–2279, TDD: 

301–415–2100, or by e-mail at 

rohn.brown@nrc.gov. Determinations on 

requests for reasonable accommodation 

will be made on a case-by-case basis. 

This notice is distributed by mail to 

several hundred 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). 

In addition, distribution of this meeting 

notice over the Internet system is 

available. If you are interested in 

receiving this Commission meeting 

schedule electronically, please send an 

electronic message to 

darlene.wright@nrc.gov. 

Dated: September 24, 2008. 

R. Michelle Schroll, 

Office of the Secretary. 

[FR Doc. E8–22906 Filed 9–25–08; 11:15 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

28388; 812–13529] 

Morgan Stanley Series Funds, et al.; 

Notice of Application 

September 23, 2008. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application under 

section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from rule 12d1–2(a) under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit funds of 

funds relying on rule 12d1–2 under the 

Act to invest in certain financial 

instruments. 

APPLICANTS: Morgan Stanley Series 

Fund (the ‘‘Trust’’), Morgan Stanley 

Investment Advisors, Inc. (the 

‘‘Adviser’’), Morgan Stanley Investment 

Management Ltd. (the ‘‘Sub-Adviser’’) 

and Morgan Stanley Distributors Inc. 

(the ‘‘Distributor’’). 

FILING DATE: The application was filed 

on May 18, 2008 and amended on 

September 19, 2008. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on October 20, 2008 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, 522 Fifth Avenue, 

New York, NY 10036. 

FOR FURTHER INFORMATION CONTACT: 

Lewis Reich, Senior Counsel, at (202) 

551–6919, or Janet M. Grossnickle, 

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 for a fee at the 

Commission’s Public Reference Room, 

100 F Street, NE., Washington, DC 

20549–1520 (telephone (202) 551–5850). 

Applicants’ Representations 

1. The Trust is organized as a 

Massachusetts business trust and is 

registered as an open-end management 

investment company under the Act. 

Applicants request the exemption to the 

extent necessary to permit any existing 

or future registered open-end 

management investment companies and 

their series advised by the Adviser or 

any entity controlling, controlled by, or 

under common control with, the 

Adviser that operate as ‘‘funds of funds’’ 

(the ‘‘Applicant Funds’’) and invest in 

other registered investment companies 

in reliance on section 12(d)(1)(G) of the 

Act and which 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 (together with the 

Trust and its series, the ‘‘Applicant 

Funds’’), to also invest, to the extent 

consistent with its investment objective, 

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’’).1

2. The Adviser and Sub-Adviser are 

both wholly-owned subsidiaries of 

Morgan Stanley registered as investment 

advisers under the Investment Advisers 

Act of 1940 (the ‘‘Advisers Act’’). The 

Adviser is the investment adviser for 

each series of the Trust. The SubAdviser serves as investment submstockstill on PROD1PC66 with NOTICES

56620 Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(iii). 

4 17 CFR 240.19b–4(f)(6). 

adviser to certain series of the Trust. 

The Distributor is a wholly-owned 

subsidiary of Morgan Stanley and a 

registered broker-dealer under the 

Securities Exchange Act of 1934. The 

Distributor provides marketing and 

distribution services to the Trust. 

3. Consistent with its fiduciary 

obligations under the Act, each 

Applicant Fund’s board of trustees or 

directors will review the advisory fees 

charged by the Applicant Fund’s 

investment 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 Applicant Fund 

may invest. 

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. 

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

provides that section 12(d)(1) will not 

apply to securities of an acquired 

company purchased by an acquiring 

company if: (i) The acquiring company 

and acquired 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 management 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: (1) 

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; (2) 

securities (other than securities issued 

by an investment company); and (3) 

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 proposed 

arrangement would comply with the 

provisions of rule 12d1–2 under the Act, 

but for the fact that the Applicant 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 Applicant Funds to invest in 

Other Investments. Applicants assert 

that permitting the Applicant 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. 

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 Applicant Fund from 

investing in Other Investments as 

described in the Application. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–22749 Filed 9–26–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58615; File No. SR–CBOE– 

2008–95] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend CBOE Rules 

Relating to Appointment Costs 

September 22, 2008. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on 

September 16, 2008, the Chicago Board 

Options Exchange, Incorporated (the 

‘‘Exchange’’ or ‘‘CBOE’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to make 

technical changes to the tables setting 

forth the appointment costs for option 

classes in CBOE’s rules. The text of the 

proposed rule change is available on the 

Exchange’s Web site (http:// 

www.cboe.org/Legal), at the Exchange’s 

Office of the Secretary and at the 

Commission. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of 

and basis for the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

mstockstill on PROD1PC66 with NOTICES