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SECURITIES AND EXCHANGE COMMISSION

Agency decision · Agency decision

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE January 24, 2012 Mr. Craig A. … Stewart Craig.Stewart@aporter.com 212.715.1142 212.715.1399 Fax 399 Park Avenue New York, NY 10022-4690 January 17,2012 VIA -FEDERAL EXPRESS AND E-MAIL Mary J. Kosterlitz, Esq.

Division of Investment Management

Agency decision · Agency decision

18 18 219 329 18 15 *** *** 44 *** *** 23 3,413 2023Q2 513 578 45 12 1,138 1,217 219 238 454 218 69 19 305 123 57 24 18 18 221 332 21 15 *** *** 46 *** *** 24 3,468 2023Q3 527 587 46 13 1,163 1,230 … Ratio [0,0.5) [0.5,1) [1,2) [2,5) [5,10) 10 or more Mar 2023 366 60 55 55 24 83 Apr 2023 417 61 56 38 26 61 May 2023 399 63 53 46 21 77 Jun 2023 396 69 51 42 30 71 Jul 2023 422 55 51 33 19 78 Aug

Division of Investment Management

Agency decision · Agency decision

49 18 1,134 1,177 211 223 429 220 66 21 306 150 67 24 22 20 252 390 37 18 *** *** 65 *** *** 26 3,491 2024Q2 509 580 49 17 1,146 1,182 207 227 429 232 64 20 316 148 57 24 22 13 240 381 35 17 *** *** … 90 24 305 266 117 380 *** *** 121 223 69 47 314 110 3,189 26 2022Q4 605 392 *** *** 1,085 164 45 *** *** 216 924 60 139 29 87 24 294 269 112 378 *** *** 125 219 75 43 313 113 3,222 2023Q1 602 351 *

Division of Investment Management

Agency decision · Agency decision

STATE STREET BANK JP MORGAN INVESTMENT MGMT SSGA FUNDS MGMT BLACKROCK ADVISORS CHARLES SCHWAB INVESTMENT MGMT BANK OF NEW YORK MELLON JPMORGAN CHASE BANK NA 2019 5,696 2,671 2,042 2,536 659 536 787 399 … Active APs 1 2 3 4 [5,10) [10,15) 15 or more Total 2019 284 399 393 291 641 93 47 2,148 2020 242 407 447 412 723 98 43 2,372 2021 266 481 574 484 814 118 36 2,773 25 2022 325 537 555 577 919 104 31

U.S. Securities and Exchange Commission

Agency decision · Agency decision

18 18 219 329 18 15 *** *** 44 *** *** 23 3,413 2023Q2 513 578 45 12 1,138 1,217 219 238 454 218 69 19 305 123 57 24 18 18 221 332 21 15 *** *** 46 *** *** 24 3,468 2023Q3 527 587 46 13 1,163 1,230 … Ratio [0,0.5) [0.5,1) [1,2) [2,5) [5,10) 10 or more Mar 2023 366 60 55 55 24 83 Apr 2023 417 61 56 38 26 61 May 2023 399 63 53 46 21 77 Jun 2023 396 69 51 42 30 71 Jul 2023 422 55 51 33 19 78 Aug

Division of Investment Management

Agency decision · Agency decision

3,079 2022Q1 480 616 51 8 1,150 1,070 200 198 395 179 60 21 259 93 54 22 19 14 189 260 19 17 *** *** 48 *** *** 24 3,175 24 2022Q2 475 624 *** *** 1,152 1,093 197 210 404 189 60 21 270 99 59 23 20 … 2023 399 63 53 46 21 77 31 Jun 2023 396 69 51 42 30 71 Jul 2023 422 55 51 33 19 78 Aug 2023 401 67 50 42 22 76 Sep 2023 405 63 53 43 17 77 Oct 2023 416 54 62 38 23 73 Nov 2023 404 69 43 47 24 79

UNITED STATES COURT OF APPEALS

Agency decision · Agency decision

Lowe, 118 F.3d 399 (5th Cir. 1997) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Statutes Foreign Corrupt Practices Act Section 103, 15 U.S.C. 78dd-1 (see Section 30A, Exchange … No. 105-277 (1998) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 S. Rep.

Division of Investment Management

Agency decision · Agency decision

3,388 2021Q1 1,457 1,760 367 693 388 177 165 568 37 24 3,393 2021Q2 1,460 1,765 369 691 389 176 166 590 37 24 3,397 2021Q3 1,458 1,761 369 682 388 176 165 595 37 24 3,388 2021Q4 1,636 1,857 434 736 … Pension Plans 2020Q4 89 81 59 *** *** 20 10 *** 9 *** *** 3 *** 1 2021Q1 83 73 55 *** *** 24 11 *** 7 *** *** 3 *** 1 2021Q2 105 57 52 24 *** 25 11 *** 8 4 *** 3 *** 1 2021Q3 101 50 50 *** *** 27 9

SECURITIES AND EXCHANGE COMMISSION

Agency decision · Agency decision

Adkins, 310 U.S. 381, 399 (1940); see also FCC v. … Aurelius Inv., LLC, 590 U.S. 448, 459 (2020). 97 513 U.S. 374, 399 (1995).

Division of Investment Management

Agency decision · Agency decision

15 *** *** 46 332 *** *** 24 3,468 2023Q3 527 587 46 13 1,163 1,230 225 241 463 130 24 66 19 19 230 219 66 19 303 21 16 *** *** 48 337 *** *** 24 3,525 2023Q4 489 595 49 18 1,142 1,147 216 216 427 142 … 495 60 26 25 60 531 51 25 23 36 Sep 2024 500 50 31 24 61 531 47 24 24 40 Analytics Office 7.2 Industry Concentration Table 7.7: Percent of Aggregate Hedge Fund Net Asset Value Reported by Top Large

Initial Decision Release No. 1349

Agency decision · Agency decision

White, 408 F.3d 399, 402–03 (8th Cir. 2005) (finding that a defendant’s guilty plea did not constitute an admission to facts that the defendant disavowed during his plea hearing); Valansi v. … Ex. 1 at 1–2 23 Id. at 2. 24 Id. 25 Id. OIP at 2; Div. Ex. 1 at 1–2; see 15 U.S.C. §§ 78j(b); 18 U.S.C. §§ 1014, 1341; 17 C.F.R. § 240.10b-5. 26 27 Div.

Division of Investment Management

Agency decision · Agency decision

1,182 802 432 428 231 208 83 102 59 22 3 0 14,699 4,297 1,843 113 5,646 20,345 2022 13,323 1,191 789 478 434 262 187 121 107 61 19 3 0 15,287 4,474 2,093 102 6,046 21,333 2023 13,548 1,162 784 452 399 … 4,144 4,624 17,973 2020 24 16 247 24 15 154 18 11 141 55 26 13,052 13,783 9 9 286 14 2 82 7 4 35 6 21 4,620 5,095 18,878 2021 27 14 242 25 15 167 20 9 145 51 25 13,959 14,699 10 9 295 11 5 94 7 4 34

Division of Investment Management

Agency decision · Agency decision

** *** 46 333 *** *** 24 3,469 2023Q3 527 587 46 13 1,163 1,231 226 241 464 130 24 66 19 19 230 219 66 19 303 21 16 *** *** 48 338 *** *** 24 3,526 24 2023Q4 488 595 49 18 1,141 1,147 216 216 427 142 … 37 Aug 2024 497 60 26 25 60 533 51 25 23 36 Sep 2024 502 50 31 24 61 533 47 24 24 40 Oct 2024 518 47 29 31 62 544 52 23 24 44 29 Nov 2024 509 53 31 29 64 534 62 24 24 42 Dec 2024 513 51 36 27 59

Division of Investment Management

Agency decision · Agency decision

3,388 2021Q1 1,457 1,760 367 693 388 177 165 568 37 24 3,393 2021Q2 1,460 1,765 369 691 389 176 166 590 37 24 3,397 2021Q3 1,458 1,761 369 682 388 176 165 595 37 24 3,388 2021Q4 1,636 1,857 434 736 … Pension Plans 2020Q4 89 81 59 *** *** 20 10 *** 9 *** *** 3 *** 1 2021Q1 83 73 55 *** *** 24 11 *** 7 *** *** 3 *** 1 2021Q2 105 57 52 24 *** 25 11 *** 8 4 *** 3 *** 1 2021Q3 101 50 50 *** *** 27 9

Commission Legal Brief: Network Associates, Inc., et al.

Agency decision · Agency decision

Digital Lightwave, Inc. , No. 98-152-CIV-T-24(C) (M.D. … No. 104-50(I), 37-38 (Feb. 24, 1995) ("Section 203.

Division of Investment Management

Agency decision · Agency decision

3,388 2021Q1 1,457 1,760 367 693 388 177 165 568 37 24 3,393 2021Q2 1,460 1,765 369 691 389 176 166 590 37 24 3,397 2021Q3 1,458 1,761 369 682 388 176 165 594 37 24 3,388 2021Q4 1,632 1,856 433 735 … Pension Plans 2020Q3 93 55 77 11 *** 18 10 *** 5 3 2 *** *** 1 2020Q4 89 59 81 *** *** 20 10 *** 9 *** 3 *** *** 1 2021Q1 83 55 73 *** *** 24 11 *** 7 *** 3 *** *** 1 2021Q2 105 52 57 24 *** 25 11

SECURITIES AND EXCHANGE COMMISSION

Agency decision · Agency decision

Adkins, 310 U.S. 381, 399 (1940). 44 See, e.g., Sorrell v. … Ct. 1649, 1658 (2020). 54 513 U.S. 374, 399 (1995).

Initial Decision Release No. 1340

Agency decision · Agency decision

White, 408 F.3d 399, 402–03 (8th Cir. 2005) (finding that a defendant’s guilty plea did not constitute an admission to facts that the defendant disavowed during his plea hearing); Valansi v. … Ex. 5 at 5, 8. 24 Div. Ex. 2 at 1–2. 25 Id. at 3; Div.

Mutual Fund Directors Forum: No

Agency decision · Agency decision

Talley Indust., Inc. , 399 F.2d 396, 403 (2d Cir. 1968), cert . denied , 393 U.S. 1015 (1969)). 9 Independent Directors Release, note 1, supra . 10 In the Independent Directors Release, the staff stated … IC- 24816 (Jan. 2, 2001) ("Adopting Release"). 19 Report of the Advisory Group on Best Practices for Fund Directors: Enhancing a Culture of Independence and Effectiveness (June 24, 1999). 20 Id. at 31

U.S. Securities and Exchange Commission

Agency decision · Agency decision

** *** 46 333 *** *** 24 3,469 2023Q3 527 587 46 13 1,163 1,231 226 241 464 130 24 66 19 19 230 219 66 19 303 21 16 *** *** 48 338 *** *** 24 3,526 24 2023Q4 488 595 49 18 1,141 1,147 216 216 427 142 … 37 Aug 2024 497 60 26 25 60 533 51 25 23 36 Sep 2024 502 50 31 24 61 533 47 24 24 40 Oct 2024 518 47 29 31 62 544 52 23 24 44 29 Nov 2024 509 53 31 29 64 534 62 24 24 42 Dec 2024 513 51 36 27 59