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66566 Federal Register / Vol. 71, No.

220 / Wednesday, November 15, 2006 / Notices

Issued in Washington, DC, on this 8th day on those who are to respond, through advisory agreements without
of November 2006. the use of appropriate technological shareholder approval and would grant
Vincent K. Snowbarger, collection techniques or other forms of relief from certain disclosure
Interim Director, Pension Benefit Guaranty information technology. requirements.
Corporation. Approximately 2,400 RI 20–63 forms Applicants: Old Mutual Advisor
[FR Doc. E6–19259 Filed 11–14–06; 8:45 am] are returned each year electing survivor Funds II (‘‘OMAF II’’) on behalf of Old
BILLING CODE 7709–01–P annuities and 200 annuitants return the Mutual Cash Reserves Fund, Old
cover letter to ask for information about Mutual Columbus Circle Technology
the cost to elect less than the maximum and Communications Fund, Old Mutual
OFFICE OF PERSONNEL survivor annuity or to refuse to provide Growth Fund, Old Mutual Large Cap
MANAGEMENT any survivor benefit. It is estimated to Growth Concentrated Fund, Old Mutual
take approximately 45 minutes to Large Cap Growth Fund, Old Mutual
Proposed Collection; Comment complete the form with a burden of Select Growth Fund, Old Mutual Small
Request for Review of a Revised 1,800 hours and 10 minutes to complete Cap Fund and Old Mutual Strategic
Information Collection: RI 20–63, RI the letter, which gives a burden of 34 Small Company Fund (together, the
20–116, RI 20–117 hours. The total burden for RI 20–63 is ‘‘OMAF II Funds’’), Old Mutual
1,834 hours. Insurance Series Fund (‘‘OMISF’’, and
AGENCY: Office of Personnel each of OMAF II and OMISF, a ‘‘Trust’’)
For copies of this proposal, contact
Management. on behalf of Old Mutual Columbus
Mary Beth Smith-Toomey on (202) 606–
ACTION: Notice. 8358, FAX (202) 418–3251 or via e-mail Circle Technology and Communications
to MaryBeth.Smith-Toomey@opm.gov. Portfolio, Old Mutual Growth II
SUMMARY: In accordance with the
Please include a mailing address with Portfolio, Old Mutual Large Cap Growth
Paperwork Reduction Act of 1995 (Pub. Concentrated Portfolio, Old Mutual
L. 104–13, May 22, 1995), this notice your request.
Large Cap Growth Portfolio and Old
announces that the Office of Personnel DATES: Comments on this proposal
Mutual Small Cap Portfolio (together,
Management (OPM) intends to submit to should be received within 60 calendar
the ‘‘OMISF Funds’’, and together with
the Office of Management and Budget days from the date of this publication.
the OMAF II Funds, the ‘‘Funds’’), and
(OMB) a request for review of a revised ADDRESSES: Send or deliver comments Old Mutual Capital, Inc. (‘‘Old Mutual
information collection. RI 20–63, to—Pamela S. Israel, Chief, Operations Capital’’).
Survivor Annuity Election for a Spouse, Support Group, Center for Retirement Filing Dates: The application was
is used by annuitants to elect a reduced and Insurance Services, U.S. Office of filed on January 3, 2005, and amended
annuity with a survivor annuity for their Personnel Management, 1900 E Street, on June 27, 2005, August 18, 2005, June
spouse. RI 20–116 is a cover letter for NW., Room 3349, Washington, DC 21, 2006, and November 3, 2006.
RI 20–63 giving information about the 20415–3540. Hearing or Notification of Hearing: An
cost to elect less than the maximum For Information Regarding order granting the application will be
survivor annuity. This letter may be Administrative Coordination—Contact: issued unless the Commission orders a
used to decline to elect. RI 20–117 is a Cyrus S. Benson, Team Leader, hearing. Interested persons may request
cover letter for RI 20–63 giving Publications Team, RIS Support a hearing by writing to the
information about the cost to elect the Services/Support Group; (202) 606– Commission’s Secretary and serving
maximum survivor annuity. This letter 0623. applicants with a copy of the request,
may be used to ask for more information U.S. Office of Personnel Management. personally or by mail. Hearing requests
or to decline to elect. should be received by the Commission
Dan G. Blair,
RI 20–117 is accompanied by RI 20– by 5:30 p.m. on December 4, 2006, and
63A, Information on Electing a Survivor Deputy Director.
should be accompanied by proof of
Annuity for Your Spouse, or RI 20–63B, [FR Doc. 06–9196 Filed 11–14–06; 8:45 am]
service on the applicants, in the form of
Information on Electing a Survivor BILLING CODE 6325–38–M
an affidavit or, for lawyers, a certificate
Annuity for Your Spouse When You Are of service. Hearing requests should state
Providing a Former Spouse Annuity. the nature of the writer’s interest, the
Both booklets explain the election. RI SECURITIES AND EXCHANGE reason for the request, and the issues
20–63A is for annuitants who do not COMMISSION contested. Persons may request
have a former spouse who is entitled to notification of a hearing by writing to
survivor annuity benefit; RI 20–63B is [Investment Company Act Release No.
27550; 812–13145] the Commission’s Secretary.
for those who do have a former spouse ADDRESSES: Secretary, U.S. Securities
who is entitled to a benefit. These Old Mutual Advisor Funds II, et al.; and Exchange Commission, 100 F
booklets do not require OMB clearance. Notice of Application Street, NE., Washington, DC 20549–
They have been included because they 1090. Applicants, Andra C. Ozols, Old
provide the annuitant additional November 8, 2006. Mutual Capital, 4643 South Ulster
information. AGENCY: Securities and Exchange Street, Suite 600, Denver, Colorado
Comments are particularly invited on: Commission (‘‘Commission’’). 80237.
Whether this collection of information ACTION: Notice of an application under
is necessary for the proper performance FOR FURTHER INFORMATION CONTACT:
section 6(c) of the Investment Company Laura J. Riegel, Senior Counsel, at (202)
of functions of the Office of Personnel Act of 1940 (‘‘Act’’) for an exemption
Management, and whether it will have 551–6873, or Nadya B. Roytblat,
from section 15(a) of the Act and rule Assistant Director, at (202) 551–6821
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practical utility, whether our estimate of 18f-2 under the Act, as well as certain
the public burden of this collection of (Division of Investment Management,
disclosure requirements. Office of Investment Company
information is accurate, and based on
valid assumptions and methodology; Summary of Application: Applicants Regulation).
and ways in which we can minimize the request an order that would permit them SUPPLEMENTARY INFORMATION: The
burden of the collection of information to enter into and materially amend sub- following is a summary of the

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Federal Register / Vol. 71, No. 220 / Wednesday, November 15, 2006 / Notices 66567

application. The complete application Advisers and recommends to the Board 3. Rule 20a–1 under the Act requires
may be obtained for a fee at the their hiring, termination, and proxies solicited with respect to an
Commission’s Public Reference Desk, replacement. All Sub-Advisory investment company to comply with
100 F Street, NE., Washington, DC Agreements have been approved by the Schedule 14A under the Securities
20549–0102 (tel. 202–551–5850). respective Trust’s Board, including a Exchange Act of 1934 (‘‘Exchange Act’’).
majority of the Independent Trustees. Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8)
Applicants’ Representations and 22(c)(9) of Schedule 14A, taken
Each Sub-Adviser is, and any future
1. Each Trust is organized as a Sub-Adviser will be, an investment together, require a proxy statement for a
Delaware statutory trust and is adviser that is registered under the shareholder meeting at which the
registered under the Act as an open-end Advisers Act. Old Mutual Capital advisory contract will be voted upon to
management investment company. Each compensates or will compensate each include the ‘‘rate of compensation of the
Fund has its own investment objective, Sub-Adviser out of the management fees investment adviser,’’ the ‘‘aggregate
policies, and restrictions. Old Mutual it receives from each Fund under the amount of the investment adviser’s
Capital is registered as an investment respective Management Agreement. fees,’’ a description of the ‘‘terms of the
adviser under the Investment Advisers 3. Applicants request relief to permit contract to be acted upon,’’ and, if a
Act of 1940 (‘‘Advisers Act’’) and serves Old Mutual Capital, subject to Board change in the advisory fee is proposed,
as investment adviser to the Funds.1 approval, to enter into and materially the existing and proposed fees and the
Each Trust, on behalf of its Funds, has amend Sub-Advisory Agreements difference between the two fees.
entered into separate investment without shareholder approval. The 4. Form N–SAR is the semi-annual
management agreements with Old requested relief will not extend to any report filed with the Commission by
Mutual Capital (each a ‘‘Management Sub-Adviser that is an affiliated person, registered investment companies. Item
Agreement’’ and collectively, the as defined in section 2(a)(3) of the Act, 48 of Form N–SAR requires investment
‘‘Management Agreements’’). The of a Fund or of Old Mutual Capital, companies to disclose the rate schedule
Management Agreements have been other than by reason of serving as a Sub- for fees paid to their investment
approved by the respective Trust’s Adviser to one or more Funds advisers, including the sub-advisers.
board of trustees (each, a ‘‘Board’’), 5. Regulation S–X sets forth the
(‘‘Affiliated Sub-Adviser’’).3
including a majority of the trustees who requirements for financial statements
4. Applicants also request an required to be included as part of
are not ‘‘interested persons,’’ as defined exemption from the various disclosure
in section 2(a)(19) of the Act, of the investment company registration
provisions described below that may statements and shareholder reports filed
respective Trust or of Old Mutual require the Funds to disclose fees paid
Capital (‘‘Independent Trustees’’), as with the Commission. Sections 6–
by Old Mutual Capital to the Sub- 07(2)(a), (b), and (c) of Regulation S–X
well as by each applicable Fund’s Advisers. An exemption is requested to
shareholders.2 require that investment companies
permit a Fund to disclose (as both a include in their financial statements
2. Under the terms of the Management dollar amount and as a percentage of its
Agreements, Old Mutual Capital has information about investment advisory
net assets): (a) The aggregate fees paid fees.
primary responsibility for management to Old Mutual Capital and any Affiliated
of the Funds, subject to Board oversight. 6. Section 6(c) of the Act provides that
Sub-Advisers, and (b) the aggregate fees the Commission may exempt any
The Management Agreements also paid to Sub-Advisers other than
provide that Old Mutual Capital may person, security, or transaction or any
Affiliated Sub-Advisers (collectively, class or classes of persons, securities, or
select and contract with one or more ‘‘Aggregate Fee Disclosure’’). If a Fund
investment advisers (‘‘Sub-Advisers’’) to transactions from any provisions of the
employs an Affiliated Sub-Adviser, the Act, or from any rule thereunder, if such
exercise day-to-day investment Fund will provide separate disclosure of
discretion over all or a portion of the exemption is necessary or appropriate
any fees paid to the Affiliated Sub- in the public interest and consistent
assets of the Funds (each such Adviser.
agreement, a ‘‘Sub-Advisory with the protection of investors and the
Agreement’’ and collectively, the ‘‘Sub- Applicants’ Legal Analysis purposes fairly intended by the policy
Advisory Agreements’’). Old Mutual and provisions of the Act. Applicants
1. Section 15(a) of the Act provides, state that the requested relief meets this
Capital monitors and evaluates the Sub-
in relevant part, that it is unlawful for standard for the reasons discussed
1 Applicants also request relief with respect to
any person to act as an investment below.
future series of the Trusts and any other existing or adviser to a registered investment 7. Applicants assert that by investing
future registered open-end management investment company except under a written in a Fund, shareholders, in effect, will
company or series thereof that: (a) Is advised by Old contract that has been approved by the hire Old Mutual Capital to manage the
Mutual Capital or any entity controlling, controlled vote of a majority of the company’s Fund’s assets by using its investment
by, or under common control with Old Mutual
Capital; (b) uses the multi-manager structure outstanding voting securities. Rule 18f– adviser selection and monitoring
described in the application; and (c) complies with 2 under the Act provides that each process. Applicants assert that investors
the terms and conditions of the application series or class of stock in a series will purchase Fund shares to gain
(included in the term ‘‘Funds’’). The Trusts are the company affected by a matter must access to Old Mutual Capital’s expertise
only existing registered open-end management
investment companies that currently intend to rely approve such matter if the Act requires in these areas. Applicants believe that
on the requested order. If the name of any Fund shareholder approval. permitting Old Mutual Capital to hire
contains the name of a Sub-Adviser (as defined 2. Form N–1A is the registration Sub-Advisers without incurring the
below), the name of Old Mutual Capital or the name unnecessary delay and expense of
of the entity controlling, controlled by, or under
statement used by open-end investment
common control with Old Mutual Capital that companies. Item 14(a)(3) of Form N–1A obtaining shareholder approval of each
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serves as the primary investment adviser to the requires disclosure of the method and Sub-Advisory Agreement is appropriate
Fund will precede the name of the Sub-Adviser. amount of the investment adviser’s in the interests of the Funds’
2 The term ‘‘shareholders’’ includes variable life
compensation. shareholders and will allow each Fund
insurance policy and variable annuity contract
owners that are unitholders of any separate account
to potentially operate more efficiently.
for which an OMISF Fund serves as a funding 3 Currently, two OMAF II Funds and one OMISF Applicants note that the Management
medium. Fund each employ an Affiliated Sub-Adviser. Agreements will remain subject to the

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66568 Federal Register / Vol. 71, No. 220 / Wednesday, November 15, 2006 / Notices

shareholder approval requirements of conflict of interest from which Old quarterly, with information about the
section 15(a) and rule 18f–2. Mutual Capital or the Affiliated Sub- profitability of Old Mutual Capital on a
8. Applicants assert that many Sub- Adviser derives an inappropriate per-Fund basis. The information will
Advisers charge their customers for advantage. reflect the impact on profitability of the
advisory services according to a 6. Within 90 days of the hiring of any hiring or termination of any Sub-
‘‘posted’’ rate schedule. Applicants state new Sub-Adviser, Old Mutual Capital Adviser during the applicable quarter.
that while Sub-Advisers are willing to will furnish the shareholders of the 11. Whenever a Sub-Adviser is hired
negotiate fees that are lower than those affected Fund all information about the or terminated, Old Mutual Capital will
posted on the schedule, they are new Sub-Adviser that would be provide the Board with information
reluctant to do so where the fees are contained in a proxy statement, except showing the expected impact on Old
disclosed to other prospective and as modified by the order to permit Mutual Capital’s profitability.
existing customers. Applicants submit Aggregate Fee Disclosure. This 12. Each Fund will disclose in its
that the requested relief will encourage information will include Aggregate Fee registration statement the Aggregate Fee
potential Sub-Advisers to negotiate Disclosure and any change in such Disclosure.
lower subadvisory fees with Old Mutual disclosure caused by the addition of the 13. The requested order will expire on
Capital, the benefits of which may be new Sub-Adviser. To meet this the effective date of rule 15a–5 under
passed on to the Funds’ shareholders. condition, Old Mutual Capital will the Act, if adopted.
provide shareholders of the affected
Applicants’ Conditions For the Commission, by the Division of
Fund with an information statement
Applicants agree that any order Investment Management, under delegated
meeting the requirements of Regulation authority.
granting the requested relief will be 14C, Schedule 14C, and Item 22 of
subject to the following conditions: Nancy M. Morris,
Schedule 14A under the Exchange Act,
1. Before a Fund may rely on the Secretary.
except as modified by the order to
requested order, the operation of the permit Aggregate Fee Disclosure. [FR Doc. E6–19238 Filed 11–14–06; 8:45 am]
Fund in the manner described in the 7. Old Mutual Capital will provide BILLING CODE 8011–01–P
application will be approved by a general management services to each
majority of the Fund’s outstanding Fund, including overall supervisory
voting securities, as defined in the Act, responsibility for the general SECURITIES AND EXCHANGE
or, in the case of a Fund whose public management and investment of the COMMISSION
shareholders purchase shares on the Fund’s assets, and, subject to review [Release No. IC–27548; 812–12869]
basis of a prospectus containing the and approval by the Board, will: (a) Set
disclosure contemplated by condition 2 the Fund’s overall investment strategies; Putnam Diversified Income Trust, et
below, by the initial shareholder(s) (b) evaluate, select, and recommend al.; Notice of Application
before offering shares of that Fund to the Sub-Advisers to manage all or a part of
public. the Fund’s assets; (c) when appropriate, November 7, 2006.
2. The prospectus for each Fund will allocate and reallocate the Fund’s assets AGENCY: Securities and Exchange
disclose the existence, substance and among multiple Sub-Advisers; (d) Commission (‘‘Commission’’).
effect of any order granted pursuant to monitor and evaluate the performance ACTION: Notice of application for an
the application. In addition, each Fund of the Sub-Advisers; and (e) implement order under section 12(d)(1)(J) of the
will hold itself out to the public as procedures reasonably designed to Investment Company Act of 1940
employing the manager of managers ensure that the Sub-Advisers comply (‘‘Act’’) for an exemption from sections
structure described in the application. with the Fund’s investment objective, 12(d)(1)(A) and (B) of the Act, and
The prospectus will prominently policies and restrictions. under sections 6(c) and 17(b) of the Act
disclose that Old Mutual Capital has 8. No trustee or officer of a Fund or for an exemption from section 17(a) of
ultimate responsibility, subject to director or officer of Old Mutual Capital the Act.
oversight by the Board, to oversee the will own directly or indirectly (other
Sub-Advisers and recommend their than through a pooled investment Summary of Application: The order
hire, termination and replacement. vehicle that is not controlled by such would permit certain registered open-
3. At all times, at least a majority of person) any interest in a Sub-Adviser, and closed-end management investment
the Board will be Independent Trustees, except for: (a) Ownership of interests in companies to acquire shares of other
and the nomination of new or additional Old Mutual Capital or any entity that registered open-end management
Independent Trustees, will be at the controls, is controlled by, or is under investment companies that are within
discretion of the then-existing common control with Old Mutual the same group of investment
Independent Trustees. Capital; or (b) ownership of less than companies and to invest in other
4. Old Mutual Capital will not enter 1% of the outstanding securities of any securities and financial instruments.
into a Sub-Advisory Agreement with class of equity or debt of a publicly Applicants: Putnam Diversified
any Affiliated Sub-Adviser, without traded company that is either a Sub- Income Trust (‘‘DIT’’), Putnam High
such agreement, including Adviser or an entity that controls, is Income Securities Fund (‘‘HIS’’),
compensation to be paid thereunder, controlled by, or is under common Putnam High Yield Advantage Fund
being approved by the shareholders of control with a Sub-Adviser. (‘‘HYA’’), Putnam High Yield Trust
the applicable Fund. 9. Independent legal counsel, as (‘‘HYT’’), Putnam Income Fund (‘‘PIF’’),
5. When a Sub-Adviser change is defined in rule 0–1(a)(6) under the Act, Putnam Managed High Yield Trust
proposed for a Fund with an Affiliated will be engaged to represent the (‘‘MHYT’’), Putnam Master Intermediate
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Sub-Adviser, the Board, including a Independent Trustees. The selection of Income Trust (‘‘MIIT’’), Putnam Premier
majority of the Independent Trustees, such counsel will be within the Income Trust (‘‘PIT’’), Putnam Funds
will make a separate finding, reflected discretion of the then-existing Trust (‘‘PFT’’), and Putnam Variable
in the Board minutes, that such change Independent Trustees. Trust (‘‘PVT’’ and together with the
is in the best interests of the Fund and 10. Old Mutual Capital will provide above named entities, the ‘‘Putnam
its shareholders and does not involve a the Board, no less frequently than Funds’’), Putman Investment

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