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management investment company. Each short-term paper; (iii) the aggregate sales 1. Prior to approving any investment
Manager is registered as an investment loads and distribution-related fees of the advisory agreement under section 15 of
adviser under the Investment Advisers acquiring company and the acquired the Act, the board of trustees of the
Act of 1940 (the ‘‘Advisers Act’’), is a company are not excessive under rules appropriate Fund, including a majority
direct or indirect wholly owned adopted pursuant to section 22(b) or of the trustees who are not ‘‘interested
subsidiary of Franklin Resources, Inc., section 22(c) of the Act by a securities persons’’ as defined in section 2(a)(19)
and serves as the investment manager association registered under section 15A of the Act, will find that the advisory
for one or more Funds and directly of the Exchange Act or by the fees, if any, charged under the
manages their assets. FTDI, a wholly Commission; and (iv) the acquired agreement are based on services
owned subsidiary of Franklin company has a policy that prohibits it provided that are in addition to, rather
Resources, Inc, serves as principal from acquiring securities of registered than duplicative of, services provided
underwriter of the Funds’ shares, and is open-end management investment
registered as a broker-dealer under the pursuant to the advisory agreement of
companies or registered unit investment
Securities Exchange Act of 1934 any Underlying Fund or any other
trusts in reliance on section 12(d)(1)(F)
(‘‘Exchange Act’’). Applicants request an registered investment company that is
or (G) of the Act.
exemption to the extent necessary to not in the same group of investment
3. Rule 12d1–2 under the Act permits
permit the Funds and their existing and companies as the Fund, in which the
a registered open-end investment
future series and any other existing or company or a registered unit investment Fund may invest. Such findings, and the
future registered open-end management trust that relies on section 12(d)(1)(G) of basis upon which the findings are made,
investment companies and their series the Act to acquire, in addition to will be recorded fully in the minute
that are in the same group of investment securities issued by another registered books of the appropriate Fund.
companies, as defined in section investment company in the same group 2. Applicants will comply with all
12(d)(1)(G) of the Act, as the Funds of investment companies, government provisions of rule 12d1–2 under the Act,
(included in the term ‘‘Funds’’) that may securities, and short-term paper: (1) except for paragraph (a)(2), to the extent
invest in other Funds (‘‘Underlying Securities issued by an investment that it restricts any Fund from investing
Funds’’) in reliance on rule 12d1–2 company that is not in the same group in Other Investments as described in the
under the Act to also invest in other of investment companies, when the application.
financial instruments that may not be acquisition is in reliance on section
securities within the meaning of section For the Commission, by the Division of
12(d)(1)(A) or 12(d)(1)(F) of the Act; (2)
2(a)(36) of the Act (‘‘Other Investment Management, under delegated
securities (other than securities issued
Investments’’) consistent with their authority.
by an investment company); and (3)
investment objectives, policies, securities issued by a money market Florence E. Harmon,
strategies and limitations. fund, when the investment is in reliance Deputy Secretary.
Applicants’ Legal Analysis on rule 12d1–1 under the Act. For the [FR Doc. E8–6966 Filed 4–3–08; 8:45 am]
1. Section 12(d)(1)(A) of the Act purposes of rule 12d1–2, ‘‘securities’’ BILLING CODE 8011–01–P
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