Federal Register / Vol. 77, No. 56 / Thursday, March 22, 2012 / Notices 16871 

other forms of information technology. 

Comments to the RRB or OIRA must 

contain the OMB control number of the 

ICR. For proper consideration of your 

comments, it is best if the RRB and 

OIRA receive them within 30 days of 

the publication date. 

Under Section 12(o) of the Railroad 

Unemployment Insurance Act (RUIA), 

the Railroad Retirement Board (RRB) is 

entitled to reimbursement of the 

sickness benefits paid to a railroad 

employee if the employee receives a 

sum or damages for the same infirmity 

for which the benefits are paid. Section 

2(f) of the RUIA requires employers to 

reimburse the RRB for days in which 

salary, wages, pay for time lost or other 

remuneration is later determined to be 

payable. Reimbursements under section 

2(f) generally result from the award of 

pay for time lost or the payment of 

guaranteed wages. The RUIA prescribes 

that the amount of benefits paid be 

deducted and held by the employer in 

a special fund for reimbursement to the 

RRB. 

The RRB currently utilizes the 

following forms to obtain the necessary 

information from claimants and railroad 

employers: Forms SI–1c, Supplemental 

Information on Accident and Insurance; 

SI–5, Report of Payments to Employee 

Claiming Sickness Benefits Under the 

RUIA; ID–3s, Request for Lien 

Information; Report of Settlement; ID– 

3s-1, Lien Information Under Section 

12(o) of the RUIA; ID–3u, Request for 

Section 2(f) Information; ID–30k, Notice 

to Request Supplemental Information on 

Injury or Illness; and ID–30k–1, Notice 

to Request Supplemental Information on 

Injury or Illness. Completion is required 

to obtain benefits. One response is 

requested of each respondent. 

Previous Requests for Comments: The 

RRB has already published the initial 

60-day notice (76 FR 80988 on 

December 27, 2011) required by 44 

U.S.C. 3506(c)(2). That request elicited 

no comments. 

Information Collection Request (ICR) 

Title: Supplemental Information on 

Accident and Insurance. 

OMB Control Number: 3220–0036. 

Form(s) submitted: SI–1c, SI–5, ID–3s, 

ID–3s.1, ID3u, ID–30k, and ID–30k.1. 

Type of request: Extension without 

change of a currently approved 

collection. 

Affected public: Individuals or 

Households. 

Abstract: The Railroad 

Unemployment Insurance Act provides 

for the recovery of sickness benefits 

paid if an employee receives a 

settlement for the same injury for which 

benefits were paid. The collection 

obtains information that is needed to 

determine the amount of the RRB’s 

reimbursement from the person or 

company responsible for such 

payments. 

Changes proposed: The RRB proposes 

no changes to the forms in the 

collection. 

The burden estimate for the ICR is as 

follows: 

Form number Annual 

responses 

Time 

(minutes) 

Burden 

(hours) 

SI–1c ................................................................................................................................ 500 5 42 

SI–5 .................................................................................................................................. 7 5 1 

ID–3s (Paper & Telephone) ............................................................................................. 7,000 3 350 

ID–3s (Email) ................................................................................................................... 7,000 3 350 

ID–3s.1 (Paper & Telephone) .......................................................................................... 500 3 25 

ID–3u (Paper & Telephone) ............................................................................................ 1,100 3 55

ID–3u (Email) ................................................................................................................... 1,100 3 55 

ID–30k .............................................................................................................................. 100 5 8 

ID–30k.1 ........................................................................................................................... 75 5 6 

Total .......................................................................................................................... 17,382 ............................ 892 

Additional Information or Comments: 

Copies of the forms and supporting 

documents can be obtained from Dana 

Hickman at (312) 751–4981 or 

Dana.Hickman@RRB.GOV. 

Comments regarding the information 

collection should be addressed to 

Charles Mierzwa, Railroad Retirement 

Board, 844 North Rush Street, Chicago, 

Illinois, 60611–2092 or 

Charles.Mierzwa@RRB.GOV and to the 

OMB Desk Officer for the RRB, Fax: 

202–395–6974, Email address: 

OIRA_Submission@omb.eop.gov. 

Charles Mierzwa, 

Chief of Information Resources Management. 

[FR Doc. 2012–6834 Filed 3–21–12; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

29982; File No. 812–13996] 

Forward Funds, et al.; Notice of 

Application 

March 15, 2012. 

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: Forward Funds (the 

‘‘Trust’’), Forward Management, LLC 

(the ‘‘Adviser’’), and Forward Securities, 

LLC (‘‘Forward Securities’’). 

DATES: Filing Dates: The application was 

filed on January 4, 2012. 

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 April 9, 2012, 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: Elizabeth M. Murphy, 

Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090; 


tkelley on DSK3SPTVN1PROD with NOTICES
16872 Federal Register / Vol. 77, No. 56 / Thursday, March 22, 2012 / Notices 

1Every 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. 

Applicants, 101 California Street, Suite 

1600, San Francisco, CA 94111. 

FOR FURTHER INFORMATION CONTACT: 

Lewis B. Reich, Senior Counsel, at (202) 

551–6919, or Jennifer L. Sawin, 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 Trust is organized as a 

Delaware statutory trust and is 

registered under the Act as an open-end 

series management investment 

company. The Adviser, a Delaware 

limited liability company, is an 

investment adviser registered under the 

Investment Advisers Act of 1940, as 

amended (the ‘‘Advisers Act’’) and 

serves as investment adviser to the 

current series of the Trust. Forward 

Securities, a Delaware limited liability 

company, is a registered broker-dealer 

under the Securities Exchange Act of 

1934, as amended (‘‘1934 Act’’) and is 

expected to become the Funds’ 

distributor before the issuance of the 

requested order. 

2. Applicants request the exemption 

to the extent necessary to permit any 

existing or future series of the Trust and 

any other existing or future registered 

open-end investment company or series 

thereof that (i) is advised by the Adviser 

or any entity controlling, controlled by 

or under common control the Adviser 

and is in the same group of investment 

companies, as defined in section 

12(d)(1)(G) of the Act, as the Trust; (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 a ‘‘Fund of Funds’’), 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’’).1

3. Consistent with its fiduciary 

obligations under the Act, each Fund of 

Funds’ board of directors will review 

the advisory fees charged by the Fund 

of Funds’ investment 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 

Fund of Funds 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 1934 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 

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: (i) 

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; (ii) 

securities (other than securities issued 

by an investment company); and (iii) 

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 Funds of 

Funds will comply with rule 12d1–2 

under the Act, but for the fact that they 

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 of Funds to invest in 

Other Investments while investing in 

Underlying Funds. Applicants assert 

that permitting the Funds of 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’ Condition 

Applicants agree that any order 

granting the requested relief will be 

subject to the following condition: 

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 of Funds from 

investing in Other Investments as 

described in the application. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6864 Filed 3–21–12; 8:45 am] 

BILLING CODE 8011–01–P 


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