Eaton Vance Mutual Funds Trust, et al.; Notice of Application, 11451-11452 [E8-3960]
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Federal Register / Vol. 73, No. 42 / Monday, March 3, 2008 / Notices
rmajette on PROD1PC64 with NOTICES
variance of the bond/escrow
requirement under any of the tests
established in the regulation (sections
4204.12 & 4204.13) is made to the plan
in question. The PBGC will consider
variance or exemption requests only
when the request is not based on
satisfaction of one of the three
regulatory tests or when the parties
assert that the financial information
necessary to show satisfaction of one of
the regulatory tests is privileged or
confidential financial information
within the meaning of section 552(b)(4)
of the Freedom of Information Act, 5
U.S.C. 552.
Under section 4204.22 of the
regulation, the PBGC shall approve a
request for a variance or exemption if it
determines that approval of the request
is warranted, based on the following
reasons:
(1) The approval of a variance or
exemption would more effectively or
equitably carry out the purposes of Title
IV of ERISA; and
(2) The approval of a variance or
exemption would not significantly
increase the risk of financial loss to the
plan.
Section 4204(c) of ERISA and section
4204.22(b) of the regulation require the
PBGC to publish a notice of the
pendency of a request for a variance or
exemption in the Federal Register, and
to provide interested parties with an
opportunity to comment on the
proposed variance or exemption. The
PBGC received no comments on P&O
Ports’ request for a variance.
Decision
On August 3, 2007, the PBGC
published a notice of the pendency of a
request by P&O Ports (the ‘‘Purchaser’’)
for a variance or exemption (‘‘variance’’)
from the bond/escrow requirement of
section 4204(a)(1)(B) regarding its
purchase of SSA Gulf, Inc., d/b/a
Harborside Refrigeration and Garrison
(the ‘‘Seller’’) (72 FR 4538). According
to the request, the Seller was obligated
to contribute to Tampa Maritime
Association-International
Longshoremen’s Association Pension
Plan (the ‘‘Plan’’), a multiemployer
defined benefit pension plan, pursuant
to a collective bargaining agreement
with Local 1402 of the International
Longshoremen’s Association.
According to the Purchaser’s
representations, the Purchaser acquired,
under an asset sale agreement effective
May 26, 2006, the business assets of the
Seller’s stevedoring and related
businesses in the Port of Tampa. The
parties structured the transaction to
comply with section 4204 of ERISA, and
the Purchaser represents the following:
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15:33 Feb 29, 2008
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(1) The purchase agreement expressly
obligates the Purchaser to contribute to
the Plan for substantially the same
contribution base units for which the
Seller was obligated,
(2) The Seller agrees to be secondarily
liable for any withdrawal liability it
would have had with respect to the sold
operations, but for section 4204, should
the Purchaser withdraw from the Plan
within the five plan years following the
sale and fail to pay its withdrawal
liability, and,
(3) The Purchaser agrees to post a
bond, establish an escrow, or seek a
variance from the bond/escrow
requirement.
The amount of the bond/escrow
required under section 4204(a)(1)(B) of
ERISA is $421,864. On April 9, 2007,
the Purchaser established on behalf of
the Plan an escrow account through
Bank of America in that amount. The
estimated amount of the withdrawal
liability of the Seller with respect to the
operations subject to the sale is
$1,191,462. The Purchaser asserts that
certain financial information to support
its request for a variance from the bond/
escrow requirement is privileged and
confidential. Consequently, as permitted
by the PBGC regulation in these
circumstances, the request is directed to
the PBGC, rather than the Plan.
Accordingly, the Purchaser submitted to
the PBGC financial statements showing
that the amount of the net tangible
assets of the Purchaser’s controlled
group significantly exceed the Seller’s
estimated withdrawal liability of
$1,191,462.
Based on the facts of this case and the
representations and statements made in
connection with the request for an
exemption, PBGC has determined that a
variance from the bond/escrow
requirement is warranted, in that it
would more effectively carry out the
purposes of Title IV of ERISA and
would not significantly increase the risk
of financial loss to the Plan. Therefore,
the PBGC hereby grants the request for
a variance from the bond/escrow
requirement.
The granting of a variance or an
exemption from the bond/escrow
requirement of section 4204(a)(1)(B)
does not constitute a finding by the
PBGC that the transaction satisfies the
other requirements of section 4204(a)(1).
The determination of whether the
transaction satisfies such other
requirements is a determination to be
made by the Plan sponsor.
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11451
Issued at Washington, DC, on this 21st day
of February, 2008.
Charles E. F. Millard,
Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E8–3990 Filed 2–29–08; 8:45 am]
BILLING CODE 7708–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
28170; 812–13481]
Eaton Vance Mutual Funds Trust, et
al.; Notice of Application
February 26, 2008.
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.
AGENCY:
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: Eaton Vance Mutual
Funds Trust, Eaton Vance Special
Investment Trust (the ‘‘Trusts’’), Eaton
Vance Management (‘‘EVM’’), Boston
Management and Research (‘‘BMR,’’
together with EVM, the ‘‘Advisers’’),
and Eaton Vance Distributors, Inc. (the
‘‘Distributor’’).
Filing Dates: The application was
filed on January 18, 2008, and amended
on January 30, 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 March 24, 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, Commission, 100
F Street, NE., Washington, DC 20549–
1090; Applicants, 255 State Street,
Boston, MA 02109.
FOR FURTHER INFORMATION CONTACT:
Lewis Reich, Senior Counsel, at (202)
551–6919, or Nadya B. Roytblat,
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11452
Federal Register / Vol. 73, No. 42 / Monday, March 3, 2008 / Notices
Assistant Director, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
The
following is a summary of the
application. The complete application
may be obtained for a fee at the
Commission’s Public Reference Branch,
100 F Street, NE., Washington, DC
20549–1520 (telephone (202) 551–8090).
SUPPLEMENTARY INFORMATION:
Applicants’ Representations
1. The Trusts are organized as
Massachusetts business trusts and are
registered under the Act as open-end
management investment companies.
Applicants request an exemption to the
extent necessary to permit any existing
or future series of the Trusts and any
other registered open-end investment
company advised by the Advisers or any
person controlling, controlled by or
under common control with the
Advisers, that may rely on rule 12d1–2
under the Act (each a ‘‘ Fund’’) to also
invest to the extent consistent with its
investment objective, policies, strategies
and limitations, in futures contracts,
options on futures contracts, swap
agreements, other derivatives, and other
financial instruments that may not be
securities within the meaning of section
2(a)(36) of the Act (‘‘Other
Investments’’) in addition to registered
investment companies (‘‘Underlying
Funds’’) and other securities.
2. The Advisers, both Massachusetts
business trusts registered under the
Investment Advisers Act of 1940, serve
as investment advisers to the Funds.
EVM is a wholly-owned subsidiary of
Eaton Vance Corporation, a publicly
held Maryland corporation, and BMR is
a subsidiary of EVM. The Distributor, an
indirect wholly-owned subsidiary of
Eaton Vance Corporation, is registered
as a broker-dealer under the Securities
Exchange Act of 1934 Act (‘‘Exchange
Act’’), and serves as the principal
underwriter for the Funds.
rmajette on PROD1PC64 with NOTICES
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
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15:33 Feb 29, 2008
Jkt 214001
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,
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Fmt 4703
Sfmt 4703
but for the fact that the 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 to invest in Other
Investments. Applicants assert that
permitting the 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’ Conditions
Applicants agree that the order
granting the requested relief will be
subject to the following conditions:
1. Prior to approving any investment
advisory agreement under section 15 of
the Act, the board of trustees of the
appropriate Fund, including a majority
of the trustees who are not ‘‘interested
persons’’ as defined in section 2(a)(19)
of the Act, will find that the advisory
fees, if any, charged under the
agreement are based on services
provided that are in addition to, rather
than duplicative of, services provided
pursuant to any Underlying Fund’s
advisory agreement. Such finding, and
the basis upon which the finding is
made, will be recorded fully in the
minute books of the appropriate Fund.
2. 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 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,
Deputy Secretary.
[FR Doc. E8–3960 Filed 2–29–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57383; File No. SR-BSE–
2008–05]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
of a Proposed Rule Change, as
Modified by Amendment No. 5, To
Amend the Rules of the Boston
Options Exchange Related to Obvious
Error Procedures
February 26, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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]]>Agencies
[Federal Register Volume 73, Number 42 (Monday, March 3, 2008)]
[Notices]
[Pages 11451-11452]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3960]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 28170; 812-13481]
Eaton Vance Mutual Funds Trust, et al.; Notice of Application
February 26, 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: Eaton Vance Mutual Funds Trust, Eaton Vance Special
Investment Trust (the ``Trusts''), Eaton Vance Management (``EVM''),
Boston Management and Research (``BMR,'' together with EVM, the
``Advisers''), and Eaton Vance Distributors, Inc. (the
``Distributor'').
Filing Dates: The application was filed on January 18, 2008, and
amended on January 30, 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 March 24, 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, Commission, 100 F Street, NE., Washington, DC
20549-1090; Applicants, 255 State Street, Boston, MA 02109.
FOR FURTHER INFORMATION CONTACT: Lewis Reich, Senior Counsel, at (202)
551-6919, or Nadya B. Roytblat,
[[Page 11452]]
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 Branch, 100 F Street, NE., Washington, DC
20549-1520 (telephone (202) 551-8090).
Applicants' Representations
1. The Trusts are organized as Massachusetts business trusts and
are registered under the Act as open-end management investment
companies. Applicants request an exemption to the extent necessary to
permit any existing or future series of the Trusts and any other
registered open-end investment company advised by the Advisers or any
person controlling, controlled by or under common control with the
Advisers, that may rely on rule 12d1-2 under the Act (each a `` Fund'')
to also invest to the extent consistent with its investment objective,
policies, strategies and limitations, in futures contracts, options on
futures contracts, swap agreements, other derivatives, and other
financial instruments that may not be securities within the meaning of
section 2(a)(36) of the Act (``Other Investments'') in addition to
registered investment companies (``Underlying Funds'') and other
securities.
2. The Advisers, both Massachusetts business trusts registered
under the Investment Advisers Act of 1940, serve as investment advisers
to the Funds. EVM is a wholly-owned subsidiary of Eaton Vance
Corporation, a publicly held Maryland corporation, and BMR is a
subsidiary of EVM. The Distributor, an indirect wholly-owned subsidiary
of Eaton Vance Corporation, is registered as a broker-dealer under the
Securities Exchange Act of 1934 Act (``Exchange Act''), and serves as
the principal underwriter for the Funds.
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
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 to invest in Other
Investments. Applicants assert that permitting the 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' Conditions
Applicants agree that the order granting the requested relief will
be subject to the following conditions:
1. Prior to approving any investment advisory agreement under
section 15 of the Act, the board of trustees of the appropriate Fund,
including a majority of the trustees who are not ``interested persons''
as defined in section 2(a)(19) of the Act, will find that the advisory
fees, if any, charged under the agreement are based on services
provided that are in addition to, rather than duplicative of, services
provided pursuant to any Underlying Fund's advisory agreement. Such
finding, and the basis upon which the finding is made, will be recorded
fully in the minute books of the appropriate Fund.
2. 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 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,
Deputy Secretary.
[FR Doc. E8-3960 Filed 2-29-08; 8:45 am]
BILLING CODE 8011-01-P
