Federal Register / Vol. 76, No. 70 / Tuesday, April 12, 2011 / Notices 20387 

Notice is hereby given pursuant to the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501 et seq.) that the Securities 

and Exchange Commission 

(‘‘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. 

In both 2009 and 2010, the 

Commission received over a million 

contacts from investors on a wide range 

of investment-related issues. These 

contacts generally fall into the following 

three categories: 

(a) Complaints against Commissionregulated individuals or entities; 

(b) Questions concerning the federal 

securities laws, companies or firms that 

the Commission regulates, or other 

investment-related questions; and 

(c) Tips concerning potential 

violations of the federal securities laws. 

Investors who submit complaints, ask 

questions, or provide tips do so 

voluntarily. To make it easier for the 

public to contact the agency 

electronically, the Commission created a 

series of online investor forms. Investors 

may access these forms through the SEC 

Center for Complaints and Enforcement 

Tips. The Investor form, asks for the 

same information as the Enforcement 

form, (OMB 3235–0672) but also 

provides options to choose to categorize 

the investor’s complaint, and possibly 

provide the investor with information 

about that issue. The investor will have 

the opportunity to describe their 

complaint, and they will be free to 

submit it without their name or contact 

information. 

Although the Investor form provides a 

structured format for incoming investor 

correspondence, the Commission does 

not require that investors use any 

particular form or format when 

contacting the agency. To the contrary, 

investors may submit complaints, 

questions, and tips through a variety of 

other means, including telephone, letter, 

facsimile, or e-mail. 

Approximately 20,000 investors each 

year voluntarily choose to use the 

complaint and question forms. Investors 

who choose not to use the Investor Form 

receive the same level of service as 

those who do. The dual purpose of the 

form is to make it easier for the public 

to contact the agency with complaints, 

questions, tips, or other feedback and to 

streamline the workflow of the 

Commission staff who handle those 

contacts. 

The Commission has used—and will 

continue to use—the information that 

investors supply on the Investor Form to 

review and process the contact (which 

may, in turn, involve responding to 

questions, processing complaints, or, as 

appropriate, initiating enforcement 

investigations), to maintain a record of 

contacts, to track the volume of investor 

complaints, and to analyze trends. Use 

of the Investor Form is strictly 

voluntary. The Investor Form asks 

investors to provide information 

concerning, among other things, their 

names, how they can be reached, the 

names of the individuals or entities 

involved, the nature of their complaint, 

question, or tip, what documents they 

can provide, and what, if any, actions 

they have taken. 

The staff of the Commission estimates 

that the total reporting burden for using 

the complaint and question forms is 

5,000 hours. The calculation of this 

estimate depends on the number of 

investors who use the forms each year 

and the estimated time it takes to 

complete the forms: 20,000 respondents 

× 15 minutes = 5,000 burden hours. 

The Commission may not conduct or 

sponsor a collection of information 

unless it displays a currently valid 

control number. No person shall be 

subject to any penalty for failing to 

comply with a collection of information 

subject to the PRA that does not display 

a valid Office of Management and 

Budget (OMB) control number. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden 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 Thomas Bayer, Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

6432 General Green Way, Alexandria, 

VA, 22312; or send an e-mail to: 

PRA_Mailbox@sec.gov. 

Dated: April 5, 2011. 

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8579 Filed 4–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request; Copies Available 

From: Securities and Exchange 

Commission Office of Investor 

Education and Advocacy Washington, 

DC 20549–0213. 

Extension: 

Form CB; OMB Control No. 3235–0518; SEC 

File No. 270–457. 

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 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form CB (17 CFR 239.800) is a 

document filed in connection with a 

tender offer for a foreign private issuer. 

This form is used to report an issuer 

tender offer conducted in compliance 

with Exchange Act Rule 13e–4(h)(8) (17 

CFR 240.13e–4(h)(8)) and a third-party 

tender offer conducted in compliance 

with Exchange Act Rule 14d–1(c) (17 

CFR 240.14d–1(c)). Form CB is also 

used by a subject company pursuant to 

Exchange Act Rule 14e–2(d) (17 CFR 

240.14e–2(d)). This information is made 

available to the public. Information 

provided on Form CB is mandatory. 

Form CB takes approximately 0.5 hours 

per response to prepare and is filed by 

approximately 200 respondents 

annually. We estimate that 25% of the 

0.5 hours per response (0.125 hours) is 

prepared by the respondent for an 

annual reporting burden of 25 hours 

(0.125 hours per response × 200 

responses). 

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. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

http://www.reginfo.gov. 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) 

Thomas Bayer, Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

6432 General Green Way, Alexandria, 


srobinson on DSKHWCL6B1PROD with NOTICES
20388 Federal Register / Vol. 76, No. 70 / Tuesday, April 12, 2011 / Notices 

1Any other Adviser will also be registered under 

the Advisers Act. 

2Every existing entity that currently intends to 

rely on the requested order is named as an 

applicant. Any existing or future entity that relies 

on the requested order will do so only in 

accordance with the terms and condition in the 

application. 

VA 22312 or send an e-mail to: 

PRA_Mailbox@sec.gov. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: April 8, 2011. 

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8578 Filed 4–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

29623; File No. 812–13870] 

Russell Investment Company, et al.; 

Notice of Application 

April 6, 2011. 

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 open-end 

management investment companies 

relying on rule 12d1–2 under the Act to 

invest in certain financial instruments. 

APPLICANTS: Russell Investment 

Company and Russell Investment Funds 

(each a ‘‘Trust and collectively the 

‘‘Trusts), Russell Investment 

Management Company (‘‘RIMCo’’), and 

Russell Financial Services, Inc. (‘‘RFS’’) 

DATES: Filing Dates: The application was 

filed on February 17, 2011. Applicants 

have agreed to file an amendment 

during the notice period, the substance 

of which is reflected in this notice. 

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 May 2, 2011 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, Securities and 

Exchange Commission, 100 F Street, NE, 

Washington, DC 20549–1090; 

Applicants: 1301 Second Avenue, 18th 

Floor, Seattle, WA, 98101. 

FOR FURTHER INFORMATION CONTACT: 

Deepak T. Pai, Senior Counsel, at (202) 

551–6876, or Dalia Osman Blass, 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 an applicant using the 

Company name box, at http:// 

www.sec.gov/search/search.htm or by 

calling (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. 

RIMCo, a Washington corporation, is an 

investment adviser registered under the 

Investment Advisers Act of 1940, as 

amended (the ‘‘Advisers Act’’) and 

currently serves as investment adviser 

to each existing Applicant Fund (as 

defined below). RFS is a Washington 

corporation, registered as a brokerdealer under the Securities Exchange 

Act of 1934, as amended, and serves as 

the distributor for the Applicant Funds 

that are series of the Trusts. 

2. Applicants request the exemption 

to the extent necessary to permit any 

existing or future series of the Trusts 

and any other existing or future 

registered open-end investment 

company or series thereof that (i) Is 

advised by RIMCo or any person 

controlling, controlled by or under 

common control with RIMCo (any such 

adviser or RIMCo, an ‘‘Adviser’’) 1; (ii) 

invests in other registered open-end 

investment companies (‘‘Underlying 

Funds’’) in reliance on section 

12(d)(1)(G) of the Act; and (iii) is also 

eligible to invest in securities (as 

defined in section 2(a)(36) of the Act) in 

reliance on rule 12d1–2 under the Act 

(each an ‘‘Applicant Fund’’), to also 

invest, to the extent consistent with its 

investment objectives, policies, 

strategies and limitations, in financial 

instruments that may not be securities 

within the meaning of section 2(a)(36) of 

the Act (‘‘Other Investments’’).2

Applicants also request that the order 

exempt any entity controlling, 

controlled by or under common control 

with RFS that now or in the future acts 

as principal underwriter with respect to 

the transactions described in the 

application. 

3. Consistent with its fiduciary 

obligations under the Act, each 

Applicant Fund’s board of trustees will 

review the advisory fees charged by the 

Applicant Fund’s Adviser to ensure that 

they are based on services provided that 

are in addition to, rather than 

duplicative of, services provided 

pursuant to the advisory agreement of 

any investment company in which the 

Applicant Fund may invest. 

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 and companies controlled by 

them. 

2. Section 12(d)(1)(G) of the Act 

provides, in part, that section 12(d)(1) 

will not apply to securities of an 

acquired company purchased by an 

acquiring company if: (i) The acquired 

company and acquiring 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 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 


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