Proposed Collection; Comment Request, 51343-51344 [E9-23995]

Download as PDF Federal Register / Vol. 74, No. 192 / Tuesday, October 6, 2009 / Notices Rule 17f–1(b) is a registration obligation only. Registering under Rule 17f–1(b) is mandatory to obtain the benefit of a central database that stores information about missing, lost, counterfeit, or stolen securities for the Program. Reporting institutions required to register under Rule 17f–1(b) will not be kept confidential; however, the Program database will be kept confidential. Please note that an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: September 30, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–23996 Filed 10–5–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. jlentini on DSKJ8SOYB1PROD with NOTICES Extension: Rule 30b1–6T, SEC File No. 270–599, OMB Control No. 3235–0652. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 30b1–6T (17 CFR 270.30b1–6T) under the Investment Company Act of 1940 (the ‘‘Act’’) is entitled: ‘‘Weekly VerDate Nov<24>2008 16:15 Oct 05, 2009 Jkt 220001 Portfolio Report for Certain Money Market Funds.’’ The rule requires that if the market-based net asset value (‘‘market-based NAV’’) of a registered investment company, or series thereof, that is regulated as a money market fund under rule 2a–7 (17 CFR 270.2a–7) on any business day is less than $.9975 1 that money market fund must promptly notify the Securities and Exchange Commission (‘‘Commission’’) by electronic mail and provide a portfolio schedule to the Commission within one business day. Subsequently, the money market fund must submit a portfolio schedule within two business days after the end of each week until the fund’s market-based NAV at the end of the week equals or exceeds $.9975. The portfolio schedule must be sent electronically in Microsoft Excel format. The purpose of the rule is to facilitate the Commission’s oversight of money market funds and ensure that the Commission receives substantially similar information to that which it received from money market funds participating in the Treasury Department’s Temporary Guarantee Program for Money Market Funds (‘‘Guarantee Program’’), which had guaranteed the $1.00 share value of accounts held by investors as of September 19, 2008 in participating money market funds.2 The Guarantee Program was established to help stabilize money market funds following a period of substantial redemptions that threatened the ability of some money market funds to maintain the $1.00 share value.3 The program expired on September 18, 2009. Commission staff estimates estimate, based on past experience under the Guarantee Program, that 10 money market funds are required by rule 30b1– 6T to provide weekly reports disclosing certain information regarding the fund’s portfolio holdings. Staff estimates that money market funds require an average of approximately 6 burden hours to compile and electronically submit the initial required portfolio holdings information, and an average of approximately 4 burden hours in 1 Most money market funds seek to maintain a stable net asset value per share of $1.00, but a few seek to maintain a stable net asset value per share of a different amount, e.g., $10.00. For convenience, we generally refer to the stable net asset value of $1.00 per share. 2 Our staff estimates that approximately 79 percent of money market funds participated in the Guarantee Program, and that the money market funds that did not participate in the program were mostly funds that invest predominately in U.S. Treasury and U.S. Government securities. 3 See Press Release, U.S. Department of the Treasury, Treasury Announces Guaranty Program for Money Market Funds (Sept. 19, 2008), available at https://www.treas.gov/press/releases/hp1147.htm. PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 51343 subsequent reports.4 Based on these estimates, we estimate that the annual burden will be 210 hours per money market fund that is required to provide the information and an aggregate annual burden of 2100 hours for all of the money market funds required to submit portfolio schedules.5 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid control number. Compliance with rule 30b1–6T is mandatory for any money market fund whose market-based NAV is less than $.9975. Responses to the disclosure requirements will be kept confidential. The Commission requests written comments on: (a) Whether the collections of information are necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’s estimate of the burdens of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Charles Boucher, Director/CIO, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. 4 We understand that the required information is currently maintained by money market funds pursuant to other regulatory requirements or in the ordinary course of business. Accordingly, for the purposes of our analysis, we do not ascribe any time to gathering the required information. 5 Because one report is required each week, a fund would submit 52 reports in one year. The first report would require 6 hours and subsequent reports would require 4 hours each. The difference between the hours is due to the fact that funds generally would not incur the additional start-up time applicable to the first report. The annual burden of the reporting requirement would be 210 hours (1 report × 6 hours = 6 hours, 51 reports × 4 hours = 204 hours, and 6 hours + 204 hours = 210 hours). 210 hours × 10 (the estimated number of money market funds that will be required to submit portfolio schedules under the rule each year) = 2,100 hours. E:\FR\FM\06OCN1.SGM 06OCN1 51344 Federal Register / Vol. 74, No. 192 / Tuesday, October 6, 2009 / Notices Dated: September 30, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–23995 Filed 10–5–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 28938; File No. 812–13030] Evergreen Income Advantage Fund, et al.; Notice of Application September 30, 2009. jlentini on DSKJ8SOYB1PROD with NOTICES AGENCY: Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of application under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from section 19(b) of the Act and rule 19b–1 under the Act. SUMMARY OF APPLICATION: Applicants request an order to permit a registered closed-end investment company to make periodic distributions of long-term capital gains with respect to its common shares as often as monthly in any one taxable year, and as frequently as distributions are specified by or in accordance with the terms of its preferred shares. APPLICANTS: Evergreen Income Advantage Fund (‘‘EIAF’’), Evergreen Multi-Sector Income Fund (‘‘EMSIF’’), Evergreen Utilities and High Income Fund (‘‘EUHIF’’), Evergreen International Balanced Income Fund (‘‘EIBIF’’), and Evergreen Global Dividend Opportunity Fund (‘‘EGDOF’’) (each a ‘‘Fund’’ and collectively, the ‘‘Funds’’); and Evergreen Investment Management Company, LLC (the ‘‘Investment Adviser’’). FILING DATES: The application was filed on October 14, 2003, and amended on October 28, 2008, June 29, 2009, and September 29, 2009. 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 26, 2009, 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 VerDate Nov<24>2008 16:15 Oct 05, 2009 Jkt 220001 notification by writing to the Commission’s Secretary. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090; Applicants: Evergreen Income Advantage Fund, 200 Berkeley Street, Boston, MA 02116. FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior Counsel, at (202) 551–6879, or Mary Kay Frech, Branch Chief, 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 via the Commission’s Web site by searching for the file number, or for an applicant using the Company name box, at https:// www.sec.gov/search/search.htm, or by calling (202) 551–8090. Applicants’ Representations 1. Each of the Funds is a closed-end management investment company registered under the Act and organized as a Delaware statutory trust.1 EIAF’s primary investment objective is to seek a high level of income. EIAF’s common shares are listed on the NYSE Amex. EIAF currently has six series of preferred shares outstanding, which are not listed on a national securities exchange. EMSIF’s investment objective is to seek a high level of current income. EMSIF’s common shares are listed on the NYSE Amex. EIAF currently has five series of preferred shares outstanding, which are not listed on a national securities exchange. EUHIF’s investment objective is to seek a high level of current income and moderate capital growth. EUHIF’s common shares are listed on the NYSE Amex. EIBIF’s investment objective is to seek to provide a high level of income. EIBIF’s common shares are listed on the New York Stock Exchange (‘‘NYSE’’). EGDOF’s primary investment objective is to seek a high level of current income. EGDOF’s common shares are listed on the NYSE. Applicants believe that the 1 All registered closed-end investment companies that currently intend to rely on the order are named as applicants. Applicants request that the order also apply to each registered closed-end investment company that in the future: (a) Is advised by the Investment Adviser (including any successor in interest) or by an entity controlling, controlled by, or under common control (within the meaning of section 2(a)(9) of the Act) with the Investment Adviser; and (b) complies with the terms and conditions of the application (included in the term ‘‘Funds’’). A successor in interest is limited to entities that result from a reorganization into another jurisdiction or a change in the type of business organization. PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 shareholders of each Fund are generally conservative, dividend-sensitive investors who desire current income periodically and may favor a fixed distribution policy. 2. The Investment Adviser, a subsidiary of Wells Fargo, a bank holding company, is registered under the Investment Advisers Act of 1940 (‘‘Advisers Act’’). The Investment Adviser has provided investment advisory services to each Fund since its inception. Each Fund will be advised by investment advisers that are registered under the Advisers Act. 3. Applicants state that prior to relying on the order, the board of trustees (the ‘‘Board’’) of each Fund, including a majority of the members of the Board who are not ‘‘interested persons’’ of the Fund as defined in section 2(a)(19) of the Act (the ‘‘Independent Trustees’’), will review information regarding the purpose and terms of a proposed distribution policy, the likely effects of such policy on such Fund’s long-term total return (in relation to market price and net asset value (‘‘NAV’’) per common share) and the relationship between such Fund’s distribution rate on its common shares under the policy and such Fund’s total return (in relation to NAV per share). Applicants state that prior to relying on the requested order the Independent Trustees also will consider what conflicts of interest the Investment Adviser and the affiliated persons of the Investment Adviser and each such Fund might have with respect to the adoption or implementation of such policy. Applicants further state that prior to relying on the requested order, and after considering such information, the Board, including the Independent Trustees, of each Fund will approve a distribution policy with respect to its Fund’s common shares (the ‘‘Plan’’) and will determine that such Plan is consistent with such Fund’s investment objective(s) and in the best interests of such Fund’s common shareholders. 4. Applicants state that the purpose of each Fund’s Plan is to permit such Fund to distribute over the course of each year, through periodic distributions as nearly equal as practicable and any required special distributions, an amount closely approximating the total taxable income of such Fund during such year. Applicants note that under the Plan, each Fund would distribute to its respective common shareholders a fixed monthly percentage of the market price of such Fund’s common shares at a particular point in time or a fixed monthly percentage of NAV at a particular time or a fixed monthly amount, any of which may be adjusted E:\FR\FM\06OCN1.SGM 06OCN1

Agencies

[Federal Register Volume 74, Number 192 (Tuesday, October 6, 2009)]
[Notices]
[Pages 51343-51344]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-23995]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 30b1-6T, SEC File No. 270-599, OMB Control No. 3235-0652.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (the ``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Rule 30b1-6T (17 CFR 270.30b1-6T) under the Investment Company Act 
of 1940 (the ``Act'') is entitled: ``Weekly Portfolio Report for 
Certain Money Market Funds.'' The rule requires that if the market-
based net asset value (``market-based NAV'') of a registered investment 
company, or series thereof, that is regulated as a money market fund 
under rule 2a-7 (17 CFR 270.2a-7) on any business day is less than 
$.9975 \1\ that money market fund must promptly notify the Securities 
and Exchange Commission (``Commission'') by electronic mail and provide 
a portfolio schedule to the Commission within one business day. 
Subsequently, the money market fund must submit a portfolio schedule 
within two business days after the end of each week until the fund's 
market-based NAV at the end of the week equals or exceeds $.9975. The 
portfolio schedule must be sent electronically in Microsoft Excel 
format. The purpose of the rule is to facilitate the Commission's 
oversight of money market funds and ensure that the Commission receives 
substantially similar information to that which it received from money 
market funds participating in the Treasury Department's Temporary 
Guarantee Program for Money Market Funds (``Guarantee Program''), which 
had guaranteed the $1.00 share value of accounts held by investors as 
of September 19, 2008 in participating money market funds.\2\ The 
Guarantee Program was established to help stabilize money market funds 
following a period of substantial redemptions that threatened the 
ability of some money market funds to maintain the $1.00 share 
value.\3\ The program expired on September 18, 2009.
---------------------------------------------------------------------------

    \1\ Most money market funds seek to maintain a stable net asset 
value per share of $1.00, but a few seek to maintain a stable net 
asset value per share of a different amount, e.g., $10.00. For 
convenience, we generally refer to the stable net asset value of 
$1.00 per share.
    \2\ Our staff estimates that approximately 79 percent of money 
market funds participated in the Guarantee Program, and that the 
money market funds that did not participate in the program were 
mostly funds that invest predominately in U.S. Treasury and U.S. 
Government securities.
    \3\ See Press Release, U.S. Department of the Treasury, Treasury 
Announces Guaranty Program for Money Market Funds (Sept. 19, 2008), 
available at https://www.treas.gov/press/releases/hp1147.htm.
---------------------------------------------------------------------------

    Commission staff estimates estimate, based on past experience under 
the Guarantee Program, that 10 money market funds are required by rule 
30b1-6T to provide weekly reports disclosing certain information 
regarding the fund's portfolio holdings. Staff estimates that money 
market funds require an average of approximately 6 burden hours to 
compile and electronically submit the initial required portfolio 
holdings information, and an average of approximately 4 burden hours in 
subsequent reports.\4\ Based on these estimates, we estimate that the 
annual burden will be 210 hours per money market fund that is required 
to provide the information and an aggregate annual burden of 2100 hours 
for all of the money market funds required to submit portfolio 
schedules.\5\
---------------------------------------------------------------------------

    \4\ We understand that the required information is currently 
maintained by money market funds pursuant to other regulatory 
requirements or in the ordinary course of business. Accordingly, for 
the purposes of our analysis, we do not ascribe any time to 
gathering the required information.
    \5\ Because one report is required each week, a fund would 
submit 52 reports in one year. The first report would require 6 
hours and subsequent reports would require 4 hours each. The 
difference between the hours is due to the fact that funds generally 
would not incur the additional start-up time applicable to the first 
report. The annual burden of the reporting requirement would be 210 
hours (1 report x 6 hours = 6 hours, 51 reports x 4 hours = 204 
hours, and 6 hours + 204 hours = 210 hours). 210 hours x 10 (the 
estimated number of money market funds that will be required to 
submit portfolio schedules under the rule each year) = 2,100 hours.
---------------------------------------------------------------------------

    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules. An agency may not conduct or sponsor, and a person is 
not required to respond to a collection of information unless it 
displays a currently valid control number. Compliance with rule 30b1-6T 
is mandatory for any money market fund whose market-based NAV is less 
than $.9975. Responses to the disclosure requirements will be kept 
confidential.
    The Commission requests written comments on: (a) Whether the 
collections of information are necessary for the proper performance of 
the functions of the Commission, including whether the information has 
practical utility; (b) the accuracy of the Commission's estimate of the 
burdens of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Charles Boucher, Director/
CIO, Securities and Exchange Commission, c/o Shirley Martinson, 6432 
General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov.


[[Page 51344]]


    Dated: September 30, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-23995 Filed 10-5-09; 8:45 am]
BILLING CODE 8011-01-P
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