Federal Register / Vol. 65, No. 75 / Tuesday, April 18, 2000 / Notices 20841

1Applicants also request relief with respect to

any future Portfolios, and any other registered openend management investment company or portfolio

thereof, that is (i) managed in a manner consistent

with the application and (ii) for which the adviser

Continued

ATTACHMENT C.—STATUS OF FY 2000 RESCISSION PROPOSALS—AS OF APRIL 1, 2000—Continued

[Amounts in thousands of dollars]

Agency/bureau/account Rescission No.

Amounts pending

before Congress

Date of

message

Previously

withheld

and made

available

Date

made

available

Amount

rescinded

Congressional acLess than tion

45 days

More

than 45

days

Department of Housing and Urban Development:

Public and Indian housing: Housing Certificate Fund ........................................... R00–3 103,000 ................ 2–9–00 (*) ................ ................ ................

Total, Rescissions ............................. ................ 128,000 ................ ................ ................ ................ ................ ................

* No funds are being withheld.

ATTACHMENT D.—STATUS OF FY 2000 DEFERRALS—AS OF APRIL 1, 2000

[Amounts in thousands of dollars]

Agency/bureau/account Deferral No.

Amounts

Transmitted

Date of

message

Releases (¥)

Congressional

action

Cumulative

adjustments

Amount

deferred

as of

4-1-00 Original request

Subsequent

change

(+)

Cumulative

OMB/

agency

Congressionally

required

Department of State:

Other: United States Emergency Refugee

and Migration Assistance Fund ................... D00–1 172,858 ............ 2–9–00 27,548 ............ ............ ............ 145,310

International Assistance Programs:

International Security Assistance: Economic

Support Fund ............................................... D99–2 1,449,159 ............ 2–9–00 868,450 ............ ............ ............ ..............

Total, deferrals ......................................... ............ 1,622,017 ............ ............ 895,998 ............ ............ ............ 726,019

[FR Doc. 00–9691 Filed 4–17–00; 8:45 am]

BILLING CODE 3110–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

24388, 812–11636]

The Vantagepoint Funds and

Vantagepoint Investment Advisers,

LLC; Notice of Application

April 11, 2000.

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 section 15(a) of the Act and rule

18f–2 under the Act.

SUMMARY OF APPLICATION: Applicants,

The Vantagepoint Funds (the ‘‘Fund’’)

and Vantagepoint Investment Advisers,

LLC (the ‘‘Adviser’’) request an order

that would permit applicants to enter

into and materially amend subadvisory

agreements without shareholder

approval.

FILING DATES: The application was filed

on June 2, 1999 and amended on

October 6, 1999 and February 9, 2000.

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

applicant 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 5, 2000 and should

be accompanied by proof of service on

applicant, in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests could state the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons may request notification of a

hearing by writing to the Commission’s

Secretary.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 5th Street,

NW, Washington, DC 20549–0609.

Applicant, 777 North Capitol Street, NE,

Washington, DC 20002.

FOR FURTHER INFORMATION CONTACT:

Lawrence W. Pisto, Senior Counsel, at

(202) 942–0527, or George J. Zornada,

Branch Chief at (202) 942–0564, Office

of Investment Company Regulation,

Division of Investment Management.

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,

450 5th Sreet NW, Washington, DC

20549–0102 (tel. 202–942–8090).

Applicants’ Representations

1. The Fund, a Delaware business

trust, is registered under the Act as an

open-end management investment

company. The Fund is currently

comprised of thirteen different series

(each a ‘‘Portfolio,’’ and collectively the

‘‘Portfolios’’), each of which has its own

investment objectives and policies. The

Adviser, a Delaware limited liability

company, serves as investment adviser

to each of the Portfolios, and is

registered as an investment adviser

under the Investment Advisers Act of

1940 (‘‘Advisers Act’’). 1

20842 Federal Register / Vol. 65, No. 75 / Tuesday, April 18, 2000 / Notices

or any entity controlling, controlled by, or under

common control with the Adviser serves as

investment adviser (‘‘Future Fund’’). The Fund is

the only existing ivnestment company that

currently intends to rely on the order.

2. The Fund has entered into an

investment advisory agreement with the

Adviser (‘‘Management Agreement’’).

The Management Agreement has been

approved by the Fund’s board of

trustees (the ‘‘Board’’), including a

majority of the trustees who are not

‘‘interested persons,’’ as defined in

section 2(a)(19) of the Act, of the Fund

or the Adviser (‘‘Independent

Trustees’’), as well as the Fund’s initial

shareholder. The Fund and the Adviser

have entered into agreements

(‘‘Subadvisory Agreements’’) with one

or more subadvisers (‘‘Subadvisers’’).

Under the Management Agreement, the

Adviser has overall supervisory

responsibility for the investment

program of the Portfolios and

recommends to the Board the selection

of Subadvisers to provide one or more

Portfolios with day-to-day portfolio

management services. The Portfolios

currently have 21 Subadvisers, each of

which is an investment adviser

registered or exempt from registration

under the Advisers Act. Future

Subadvisers will be registered or exempt

from registration under the Advisers

Act. Each Portfolio pays the Adviser a

fee based on the net assets of the

Portfolio.

3. The Adviser recommends each

Subadviser based on, among other

things, an evaluation of the Subadviser’s

investment style, experience, personnel,

performance history, fees, consistency

of return and compliance and control

capabilities. The Adviser reviews,

monitors and reports to the Board

regarding the performance and

procedures of the Subadvisers. The

Adviser may recommend to the board

reallocation of assets of a Portfolio

among Subadvisers, if necessary, and

the Adviser also may recommend hiring

additional Subadvisers or the

termination of Subadvisers in

appropriate circumstances. Each

Subadviser will be paid directly by the

Fund at a rate that has been negotiated

with the Adviser and approved by the

Board. Applicants also state that, as a

condition to the requested order,

shareholders of a Portfolio will approve

any change to a Subadvisory Agreement

if such change would result in an

increase in the overall management and

advisory fees payable by the Portfolio

that have been approved by the

shareholders of the Portfolio.

4. Applicants request an order to

permit the Adviser, subject to oversight

by the Board, to enter in and materially

amend Subadvisory Agreements

without shareholder approval. The

requested relief will not extend to a

Subadviser that is an affiliated person,

as defined in section 2(a)(3) of the Act,

of the Fund or the Adviser, other than

by reason of serving as a Subadviser to

me or more of the Portfolios (an

‘‘Affiliated Subadviser’’). None of the

current Subadvisers is an Affiliated

Subadviser.

Applicants’ Legal Analysis

1. Section 15(a) of the Act provides,

in relevant part, that it is unlawful for

any person to act as an investment

adviser to a registered investment

company except pursuant to a written

contract that has been approved by the

vote of the company’s outstanding

voting securities. Rule 18f–2 under the

Act provides that each series or class of

stock in a series company affected by a

matter must approve such matter if the

Act requires shareholder approval.

2. Section 6(c) of the Act provides that

the Commission may exempt any

person, security, or transaction or any

class or classes of persons, securities, or

transactions from any provision of the

Act, or from any rule thereunder, 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 policy

and provisions of the Act. Applicants

request an exemption under section 6(c)

of the Act from section 15(a) of the Act

and rule 18f–2 under the Act to permit

them to enter into and materially amend

Subadvisory Agreements without

shareholder approval.

3. Applicants assert that under the

structure described in the application,

the Portfolios’ shareholders rely on the

Adviser to select and monitor one or

more subadvisers best suited to achieve

a Portfolios’ investment objectives.

Applicants contend that, from the

perspective of the investor, the role of

the Subadvisers is comparable to that of

individual portfolio manages employed

by other investment advisory firms.

Applicants contend that requiring

shareholder approval of each

Subadviser Agreement would impose

expenses and unnecessary delays on the

Portfolios, and may preclude the

Adviser from promptly acting in a

manner considered advisable by the

Board. Applicants note that the

Management Agreement between the

Fund and the Adviser will remain

subject to section 15(a) of the Act and

rule 18f–2 under the Act, including the

requirements for shareholder approval.

Applicants’ Conditions

Applicants agree that any order

granting the requested relief will be

subject to the following conditions:

1. Before a Portfolio may rely on the

order, the operation of the Portfolio as

described in the application will be

approved by the vote of a majority of the

Portfolio’s outstanding voting securities,

as defined in the Act, or in the case of

a Portfolio or Future Fund whose public

shareholders purchased shares on the

basis of a prospectus containing the

disclosure contemplated by Condition 2,

by the initial shareholder(s) before the

shares of such Portfolio or Future Fund

are offered to the public.

2. The Fund will disclose in its

prospectus the existence, substance and

effect of any order granted pursuant to

the application. In addition, each

Portfolio and any Future Fund will hold

itself out to the public is employing the

management structure described in the

application. The prospectus with

respect to the Portfolios and any Future

Fund will prominently disclose that the

Adviser has the ultimate responsibility

to oversee the Subadvisers and

recommend their hiring, termination,

and replacement.

3. Within 90 days of the hiring of any

new Subadviser, shareholders will be

furnished all information about the new

Subadviser that would be included in a

proxy statement. Such information will

include any changes caused by the

addition of the new Subadviser. To meet

this condition, the Adviser will provide

shareholders with an information

statement meeting the requirements of

Regulation 14C, Schedule 14C, and Item

22 of Schedule 14A under the Securities

Exchange Act of 1934.

4. At all times, a majority of the Board

will be independent Trustees, and the

nomination of new or additional

Independent Trustees will be at the

discretion of the then-existing

Independent Trustees.

5. No trustee or officer of the Fund or

director of officer of the Adviser will

own directly or indirectly (other than

through a pooled investment vehicle

that is not controlled by any such

trustee, officer or director) any interest

in a Subadviser except for: (a)

Ownership of interests in the Adviser or

any entity that controls, is controlled by,

or is under common control with the

Adviser, or (b) ownership of less than

1% of the outstanding securities of any

class of equity or debt of a publiclytraded company that is either a

Subadviser or an entity that controls, is

controlled by or is under common

control with a subadviser.

Federal Register / Vol. 65, No. 75 / Tuesday, April 18, 2000 / Notices 20843

6. When a change of Subadviser is

proposed for a Portfolio with an

Affiliated Subadviser, the Board,

including a majority of the Independent

Trustees, will make ad separate finding,

reflected in the minutes of the meeting

of the Board, that such change is in the

best interests of the Portfolio and its

shareholders and that the change does

not involve a conflict of interest from

which the Adviser or the Affiliated

Subadviser derives an inappropriate

advantage.

7. Neither the Fund nor the Adviser

will enter into a Subadvisory Agreement

with an Affiliated Subadviser without

such agreement, including the

compensation to be paid thereunder,

being approved by the shareholders of

the applicable Portfolio.

8. The Adviser will provide

management services to the Portfolios,

including overall supervisory

responsibility for the general

management and investment of each

Portfolio’s securities portfolio, and,

subject to review and approval by the

Board will (a) set each Portfolio’s overall

investment strategies; (b) evaluate,

select and recommend Subadvisers to

manage all or a portion of a Portfolio’s

assets; (c) allocate and, when

appropriate, reallocate a Portfolio’s

assets among multiple Subadvisers; (d)

monitor and evaluate the investment

performance of the Subadvisers; and (e)

implement procedures reasonably

designed to ensure that the Subadvisers

comply with the relevant Portfolio’s

investment objectives, policies, and

restrictions.

9. Shareholders of a Portfolio will

approve any change to a Subadvisory

Agreement if such change would result

in an increase in the overall

management and advisory fees payable

by the Portfolio that have been approved

by the shareholders of the Portfolio.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–9635 Filed 4–17–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Aviation Proceedings, Agreements

Filed During the Week Ending March

17, 2000.

The following Agreements were filed

with the Department of Transportation

under the provisions of 49 U.S.C. 412

and 414. Answers may be filed within

21 days after the filing of the

application.

Docket Number: OST–2000–7076.

Date Filed: March 15, 2000.

Parties: Members of the International

Air Transport Association.

Subject: PTC COMP 0592 dated 14

March 2000, Mail Vote 071—Resolution

010x, General Increase Resolution

between Japan and USA/US Territories,

Intended effective date: 15 April 2000.

Docket Number: OST–2000–7084.

Date Filed: March 16, 2000.

Parties: Members of the International

Air Transport Association.

Subject: PTC2 AFR 0077 dated 22

February 2000, PTC2 AFR 0080 dated

17 March 2000, (Adoption of Mail Vote

067), Mail Vote 067—Within Africa

Expedited Resolutions, r–1—002ss, r–

3—071ww, r–2—071fa, r–4—076k,

Intended effective date: 1 April 2000.

Dorothy W. Walker,

Federal Register Liaison.

[FR Doc. 00–9636 Filed 4–17–00; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Maritime Administration

Reports, Forms and Recordkeeping

Requirements; Agency Information

Collection Activity Under OMB Review

AGENCY: Maritime Administration, DOT.

ACTION: Notice and request for

comments.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501 et seq.), this notice

announces that the Information

Collection abstracted below has been

forwarded to the Office of Management

and Budget (OMB) for review and

comment. The nature of the information

collection is described as well as its

expected burden. The Federal Register

Notice with a 60-day comment period

soliciting comments on the following

collection of information was published

on February 7, 2000 (FR Vol. 65, No. 25,

5928). No comments were received.

DATES: Comments must be submitted on

or before May 18, 2000.

FOR FURTHER INFORMATION CONTACT:

Richard Walker, Maritime

Administration, MAR–810, 400 Seventh

Street, SW., Washington, D.C. 20590.

Telephone 202–366–8888, or FAX 202–

366–6988.

Copies of this collection can also be

obtained from that office.

SUPPLEMENTARY INFORMATION: Maritime

Administration (MARAD).

Title: Inventory of American

Intermodal Equipment.

OMB Control Number: OMB #2133–

0503.

Type of Request: Extension of

currently approved collection.

Affected Public: U.S. steamship and

intermodal equipment leasing

companies.

Form(s): None.

Abstract: The collection consists of an

intermodal equipment inventory that

provides data essential to both the

government and the transportation

industry in planning for the most

efficient use of intermodal equipment.

Annual Estimated Burden Hours: 66

hours.

ADDRESSES: Send comments to the

Office of Information and Regulatory

Affairs, Office of Management and

Budget, 725 17th Street, NW,

Washington, D.C. 20503, Attention

MARAD Desk Officer.

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 proposed

information collection; (c) ways to

enhance the quality, utility and clarity

of the information to be collected; and

(d) ways to minimize the burden of the

collection of information on

respondents, including the use of

automated collection techniques or

other forms of information technology.

A comment to OMB is best assured of

having its full effect if OMB receives it

within 30 days of publication.

Issued in Washington, D.C. on April 13,

2000.

Joel C. Richard,

Secretary, Maritime Administration.

[FR Doc. 00–9681 Filed 4–17–00; 8:45 am]

BILLING CODE 4910–81–P

DEPARTMENT OF TRANSPORTATION

Maritime Administration

[Docket Number: MARAD–2000–7245]

Requested Administrative Waiver of

the Coastwise Trade Laws

AGENCY: Maritime Administration,

Department of Transportation.

ACTION: Invitation for public comments

on a requested administrative waiver of

the Coastwise Trade Laws for the vessel

YANKEE.

SUMMARY: As authorized by Public Law

105–383, the Secretary of