Federal Register / Vol. 74, No. 105 / Wednesday, June 3, 2009 / Notices 26745 

outcome of this proceeding, it is the 

Commission’s view that Governors’ 

Decision 09–6 may be used to authorize 

future Priority Mail agreements that 

satisfy the broad parameters set out in 

Governors’ Decision 09–6. Thus, for 

example, if, based on the parameters of 

Governors’ Decision 09–6, the Postal 

Service seeks to add a future nonfunctionally equivalent Priority Mail 

contract to the Competitive Product List, 

it may file a new joint ‘‘MC’’ and ‘‘CP’’ 

docket that relies on Governors’ 

Decision 09–6 to satisfy the 

requirements of 39 CFR 3020.31(b) and 

39 U.S.C. 3642. 

III. Supplemental Information 

Pursuant to 39 CFR 3015.6, the 

Commission requests the Postal Service 

to provide the following supplemental 

information by June 1, 2009: 

1. Please explain the cost adjustments 

present within each contract. Explain 

what mailer activities or characteristics 

result in the cost savings, or result in 

any additional costs for the Postal 

Service. Please address every instance 

where an NSA partner’s cost differs 

from the average cost. 

2. Please provide a timeframe of when 

NSA partner volumes and cubic feet 

measurements were collected for each 

contract. Also provide a unit of analysis 

for volumes in each contract, e.g., whole 

numbers, thousands, etc. 

3. In the Excel files accompanying all 

five contracts, unit transportation costs 

are hard coded (See tab: ‘‘Partner Unit 

Cost’’ rows 21 and 22). Please provide 

up-to-date sources and show all 

calculations. 

IV. Notice of Filings 

The Commission establishes Docket 

No. MC2009–25 for consideration of the 

Postal Service’s classification request 

and Docket Nos. CP2009–30 through 

CP2009–34 for consideration of the five 

proposed contracts. In keeping with 

practice, these dockets are addressed on 

a consolidated basis for purposes of this 

order. 

Filing instructions. For administrative 

convenience, future filings addressing 

the issues raised in this notice and order 

should be filed in Docket No. MC2009– 

25. However, if interested parties 

identify issues relating only to one of 

the contracts at issue in Docket No. 

CP2009–30 through CP2009–34, such 

filings should be made in the specific 

docket in which those issues pertain. 

Interested persons may submit 

comments on whether the Postal 

Service’s filings in the captioned 

dockets are consistent with the policies 

of 39 U.S.C. 3632, 3633, or 3642 and 39 

CFR part 3015 and 39 CFR part 3020, 

subpart B. Additionally, the 

Commission welcomes comments on 

the issues discussed above. Comments 

are due no later than June 8, 2009. The 

public portions of these filings can be 

accessed via the Commission’s Web site 

(http://www.prc.gov). 

The Commission appoints Michael J. 

Ravnitzky to serve as Public 

Representative in these dockets. 

V. Ordering Paragraphs 

It is Ordered: 

1. The Commission establishes Docket 

No. MC2009–25 for consideration of the 

issues raised in this order. The 

Commission establishes Docket Nos. 

CP2009–30, CP2009–31, CP2009–32, 

CP2009–33 and CP2009–34 to address 

specific issues raised by those 

individual contracts. 

2. Future filings addressing the issues 

raised in this notice and order should be 

filed in Docket No. MC2009–25. 

However, if interested parties identify 

issues relating only to one of the 

contracts at issue in Docket Nos. 

CP2009–30 through CP2009–34, such 

filings should be made in the specific 

docket in which those issues pertain. 

3. Pursuant to 39 U.S.C. 505, Michael 

J. Ravnitzky is appointed to serve as 

officer of the Commission (Public 

Representative) to represent the 

interests of the general public in these 

proceedings. 

4. The Postal Service is to provide the 

information requested in section III of 

this order no later than June 1, 2009. 

5. Comments by interested persons in 

these proceedings are due no later than 

June 8, 2009. 

6. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Steven W. Williams, 

Secretary. 

[FR Doc. E9–12839 Filed 6–2–09; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Board of Governors; Sunshine Act 

Meeting 

Board Votes To Close June 2, 2009, 

Meeting 

At its closed session meeting on May 

5, 2009, the Board of Governors of the 

United States Postal Service voted 

unanimously to close to public 

observation its meeting to be held on 

June 2, 2009, in Washington, DC via 

teleconference. The Board determined 

that no earlier public notice was 

possible. 

Items Considered 

1. Strategic Issues. 

2. Financial Matters. 

3. Pricing. 

4. Personnel Matters and 

Compensation Issues. 

5. Governors’ Executive Session— 

discussion of prior agenda items and 

Board Governance. 

General Counsel Certification 

The General Counsel of the United 

States Postal Service has certified that 

the meeting is properly closed under the 

Government in the Sunshine Act. 

Contact Person for More Information 

Requests for information about the 

meeting should be addressed to the 

Secretary of the Board, Julie S. Moore, 

at (202) 268–4800. 

Julie S. Moore, 

Secretary. 

[FR Doc. E9–13065 Filed 6–1–09; 4:15 pm] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Board of Governors; Sunshine Act 

Meeting 

Board Votes to Close May 22, 2009, 

Meeting 

In person and by telephone vote on 

May 22, 2009, a majority of the members 

contacted and voting, the Board of 

Governors of the United States Postal 

Service voted unanimously to close to 

public observation its meeting held in 

Washington, DC, via teleconference. The 

Board determined that no earlier public 

notice was possible. 

Items Considered 

1. Strategic Issues. 

2. Financial Matters. 

3. Pricing. 

4. Personnel Matters and 

Compensation Issues. 

5. Governors’ Executive Session— 

discussion of prior agenda items and 

Board Governance. 

General Counsel Certification 

The General Counsel of the United 

States Postal Service has certified that 

the meeting was properly closed under 

the Government in the Sunshine Act. 

Contact Person for More Information 

Requests for information about the 

meeting should be addressed to the 


PWALKER on PROD1PC71 with NOTICES
26746 Federal Register / Vol. 74, No. 105 / Wednesday, June 3, 2009 / Notices 

1Applicants request that the order also apply to 

any existing or future registered management 

investment company advised by Managers, or any 

entity controlling, controlled by, or under common 

control with Managers, that is in the same ‘‘group 

of investment companies’’ as the Trusts, as defined 

in section 12(d)(1)(G)(ii) of the Act (included in the 

term ‘‘Trusts’’). 

2Applicants request that the order also apply to 

any successor entity to Managers. The term 

‘‘successor entity’’ is limited to entities that result 

from a reorganization into another jurisdiction or a 

change in the type of business organization.’’ 

Secretary of the Board, Julie S. Moore, 

at (202) 268–4800. 

Julie S. Moore, 

Secretary. 

[FR Doc. E9–13063 Filed 6–1–09; 4:15 pm] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

28748; File No. 812–13551] 

The Managers Funds, et al.; Notice of 

Application 

May 28, 2009. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application for an 

order under (a) section 6(c) of the 

Investment Company Act of 1940 

(‘‘Act’’) granting an exemption from 

sections 18(f) and 21(b) of the Act; (b) 

section 12(d)(1)(J) of the Act granting an 

exemption from section 12(d)(1) of the 

Act; (c) sections 6(c) and 17(b) of the 

Act granting an exemption from sections 

17(a)(1), 17(a)(2) and 17(a)(3) of the Act; 

and (d) section 17(d) of the Act and rule 

17d–1 under the Act to permit certain 

joint arrangements. 

Summary of the Application: 

Applicants request an order that would 

permit certain registered open-end 

management investment companies to 

participate in a joint lending and 

borrowing facility. 

Applicants: The Managers Funds, 

Managers AMG Funds, Managers Trust 

I, and Managers Trust II (each, a 

‘‘Trust,’’ and collectively, the ‘‘Trusts’’), 

and Managers Investment Group LLC 

(‘‘Managers’’). 

Filing Dates: The application was 

filed on July 24, 2008, and amended on 

January 22, 2009, May 11, 2009, and 

May 27, 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 June 22, 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 

notification by writing to the 

Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F 

Street, NE., Washington, DC 20549– 

1090; Applicants, 800 Connecticut 

Avenue, Norwalk, CT 06854–2325. 

FOR FURTHER INFORMATION CONTACT: 

Steven I. Amchan, Attorney Adviser, at 

(202) 551–6826, or, Julia Kim Gilmer, 

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 

website 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. Each Trust is organized as a 

Massachusetts business trust and is 

registered under the Act as an open-end 

management investment company.1

Each Trust consists of one or more 

series (‘‘Funds’’). Managers, a Delaware 

limited liability company and an 

independently managed subsidiary of 

Affiliated Managers Group, Inc., is 

registered as an investment adviser 

under the Investment Advisers Act of 

1940, and serves as the investment 

adviser to, and administrator of, each 

Fund.2

2. At any particular time, while some 

Funds invest their cash balances in 

money market funds or purchase other 

short-term instruments, other Funds 

may need to rely on custodian 

overdrafts for temporary purposes to 

satisfy redemption requests, to cover 

unanticipated cash shortfalls such as a 

trade ‘‘fail’’ in which cash payment for 

a security sold by a Fund has been 

delayed, or for other temporary 

purposes. 

3. If a Fund were to incur an overdraft 

with the custodian bank, the Fund 

would pay interest on the loan at a rate 

that is significantly higher than the rate 

that is earned by other (non-borrowing) 

Funds on investments in money market 

funds, or if applicable, other short term 

instruments of the same maturity as the 

overdraft loan. Applicants state that this 

differential represents the profit earned 

by the lender by way of overdrafts and 

is not attributable to any material 

difference in the credit quality or risk of 

such transactions. 

4. Applicants request an order that 

would permit the Trusts to enter into 

master interfund lending agreements 

(‘‘Interfund Lending Agreements’’) with 

each other on behalf of the Funds that 

would permit each Fund to lend money 

directly to and borrow directly from 

other Funds through a credit facility for 

temporary purposes (‘‘Interfund Loan’’). 

Applicants state that the proposed 

credit facility would substantially 

reduce the Funds’ potential borrowing 

costs and enhance the ability of the 

lending Funds to earn higher rates of 

interest on their short-term lendings. 

Although the proposed credit facility 

would substantially reduce the Funds’ 

need to borrow through custodian 

overdrafts, the Funds would be free to 

establish committed lines of credit or 

other borrowing arrangements with 

unaffiliated banks. 

5. Applicants anticipate that the 

proposed credit facility would provide a 

borrowing Fund with significant savings 

at times when the cash position of the 

borrowing Fund is insufficient to meet 

temporary cash requirements. This 

situation could arise when shareholder 

redemptions exceed anticipated 

volumes and certain Funds have 

insufficient cash on hand to satisfy such 

redemptions. When the Funds liquidate 

portfolio securities to meet redemption 

requests, they often do not receive 

payment in settlement for up to three 

days (or longer for certain foreign 

transactions). However, redemption 

requests normally are effected 

immediately. The proposed credit 

facility would provide a source of 

immediate, short-term liquidity pending 

settlement of the sale of portfolio 

securities. 

6. Applicants also propose that a 

Fund could use the proposed credit 

facility when a sale of securities ‘‘fails’’ 

due to circumstances beyond the Fund’s 

control, such as a delay in the delivery 

of cash to the Fund’s custodian bank or 

improper delivery instructions by the 

broker effecting the transaction. ‘‘Sales 

fails’’ may present a cash shortfall if the 

Fund has undertaken to purchase a 

security using the proceeds from 

securities sold. Alternatively, the Fund 

could either ‘‘fail’’ on its intended 

purchase due to lack of funds from the 

previous sale, resulting in additional 

cost to the Fund or sell a security on a 


PWALKER on PROD1PC71 with NOTICES