Securities and Exchange Commission July 2007 – Federal Register Recent Federal Regulation Documents

Applicants request an order exempting them from the provisions of sections 9(a), 13(a), 15(a) and 15(b) of the Act and Rules 6e- 2(b)(15) and 6e-3(T)(b)(15) thereunder, to the extent necessary to permit shares of the Fund and shares of any other investment company or portfolio that is designed to fund insurance products and for which DMC or any of its affiliates, may serve in the future as investment adviser, manager, principal underwriter, sponsor, or administrator (``Future Funds'') (the Fund, together with Future Funds, the ``Funds'') to be sold to and held by: (a) Separate accounts funding variable annuity contracts and variable life insurance policies (collectively ``Variable Contracts'') issued by both affiliated life insurance companies and unaffiliated life insurance companies; (b) trustees of qualified group pension and group retirement plans outside of the separate account context (``Qualified Plans''); (c) separate accounts that are not registered as investment companies under the 1940 Act pursuant to exemptions from registration under section 3(c) of the 1940 Act; (d) DMC or its affiliates who serve or may serve as an investment manager, investment adviser, principal underwriter, sponsor or administrator of a Fund (collectively, ``DMC Entities'') for the purpose of providing initial capital to a Fund; and (e) any other account of a Participating Insurance Company permitted to hold shares of the Funds (``General Account'').