45260 Federal Register / Vol. 74, No. 168 / Tuesday, September 1, 2009 / Notices 

1The Securities Act requires the delivery of 

prospectuses to investors who buy securities from 

an issuer or from underwriters or dealers who 

participate in a registered distribution of securities. 

See Securities Act sections 2(a)(10), 4(1), 4(3), 5(b) 

[15 U.S.C. 77b(a)(10), 77d(1), 77d(3), 77e(b); see 

also rule 174 under the Securities Act (17 CFR 

230.174) (regarding the prospectus delivery 

obligation of dealers); rule 15c2–8 under the 

Securities Exchange Act of 1934 (17 CFR 240.15c2– 

8) (prospectus delivery obligations of brokers and 

dealers). 

2Rule 154 permits the householding of 

prospectuses that are delivered electronically to 

investors only if delivery is made to a shared 

electronic address and the investors give written 

consent to householding. Implied consent is not 

permitted in such a situation. See rule 154(b)(4). 

Chapter 35), agencies are required to 

submit proposed reporting and 

recordkeeping requirements to OMB for 

review and approval, and to publish a 

notice in the Federal Register notifying 

the public that the agency has made 

such a submission. 

DATES: Submit comments on or before 

October 1, 2009. If you intend to 

comment but cannot prepare comments 

promptly, please advise the OMB 

Reviewer and the Agency Clearance 

Officer before the deadline. 

Copies: Request for clearance (OMB 

83–1), supporting statement, and other 

documents submitted to OMB for 

review may be obtained from the 

Agency Clearance Officer. 

ADDRESSES: Address all comments 

concerning this notice to: Agency 

Clearance Officer, Jacqueline White, 

Small Business Administration, 409 3rd 

Street, SW., 5th Floor, Washington, DC 

20416; and OMB Reviewer, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, New 

Executive Office Building, Washington, 

DC 20503. 

FOR FURTHER INFORMATION CONTACT: 

Jacqueline White, Agency Clearance 

Officer, (202) 205–7044. 

SUPPLEMENTARY INFORMATION: 

Title: Request for Information 

Concerning Portfolio Financing. 

SBA Form Number: 857. 

Frequency: On Occasion. 

Description of Respondents: SBIC 

Investment Companies. 

Responses: 2,160. 

Annual Burden: 2,160. 

Title: Financial Institution 

Confirmation form. 

SBA Form Number: 860. 

Frequency: On Occasion. 

Description of Respondents: SBIC 

Investment Companies. 

Responses: 1,500. 

Annual Burden: 750. 

Title: SBA Counseling Evaluation. 

SBA Form Number: 1419. 

Frequency: On Occasion. 

Description of Respondents: Small 

Business Clients. 

Responses: 15,000. 

Annual Burden: 2,550. 

Jacqueline White, 

Chief, Administrative Information Branch. 

[FR Doc. E9–20993 Filed 8–31–09; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 154, SEC File No. 270–438, OMB 

Control No. 3235–0495. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520), 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. 

The Federal securities laws generally 

prohibit an issuer, underwriter, or 

dealer from delivering a security for sale 

unless a prospectus meeting certain 

requirements accompanies or precedes 

the security. Rule 154 (17 CFR 230.154) 

under the Securities Act of 1933 (15 

U.S.C. 77a) (the ‘‘Securities Act’’) 

permits, under certain circumstances, 

delivery of a single prospectus to 

investors who purchase securities from 

the same issuer and share the same 

address (‘‘householding’’) to satisfy the 

applicable prospectus delivery 

requirements.1 The purpose of rule 154 

is to reduce the amount of duplicative 

prospectuses delivered to investors 

sharing the same address. 

Under rule 154, a prospectus is 

considered delivered to all investors at 

a shared address, for purposes of the 

Federal securities laws, if the person 

relying on the rule delivers the 

prospectus to the shared address and 

the investors consent to the delivery of 

a single prospectus. The rule applies to 

prospectuses and prospectus 

supplements. Currently, the rule 

permits householding of all 

prospectuses by an issuer, underwriter, 

or dealer relying on the rule if, in 

addition to the other conditions set forth 

in the rule, the issuer, underwriter, or 

dealer has obtained from each investor 

written or implied consent to 

householding.2 The rule requires 

issuers, underwriters, or dealers that 

wish to household prospectuses with 

implied consent to send a notice to each 

investor stating that the investors in the 

household will receive one prospectus 

in the future unless the investors 

provide contrary instructions. In 

addition, at least once a year, issuers, 

underwriters, or dealers relying on rule 

154 for the householding of 

prospectuses relating to open-end 

management investment companies that 

are registered under the Investment 

Company Act of 1940 (‘‘mutual funds’’) 

must explain to investors who have 

provided written or implied consent 

how they can revoke their consent. 

Preparing and sending the notice and 

the annual explanation of the right to 

revoke are collections of information. 

The rule allows issuers, underwriters, 

or dealers to household prospectuses if 

certain conditions are met. Among the 

conditions with which a person relying 

on the rule must comply are providing 

notice to each investor that only one 

prospectus will be sent to the household 

and, in the case of issuers that are 

mutual funds, providing to each 

investor who consents to householding 

an annual explanation of the right to 

revoke consent to the delivery of a 

single prospectus to multiple investors 

sharing an address. The purpose of the 

notice and annual explanation 

requirements of the rule is to ensure that 

investors who wish to receive 

individual copies of prospectuses are 

able to do so. 

Although rule 154 is not limited to 

mutual funds, the Commission believes 

that it is used mainly by mutual funds 

and by broker-dealers that deliver 

prospectuses for mutual funds. The 

Commission is unable to estimate the 

number of issuers other than mutual 

funds that rely on the rule. 

The Commission estimates that, as of 

December 2008, there are approximately 

1,960 mutual funds, approximately 150 

of which engage in direct marketing and 

therefore deliver their own 

prospectuses. The Commission 

estimates that each direct-marketed 

mutual fund will spend an average of 20 

hours per year complying with the 

notice requirement of the rule, for a total 

of 3,000 hours. The Commission 

estimates that each direct-marketed 

fund will also spend 1 hour complying 

with the explanation of the right to 

revoke requirement of the rule, for a 

total of 150 hours. The Commission 

estimates that there are approximately 

320 broker-dealers that carry customer 

accounts and, therefore, may be 

required to deliver mutual fund 

prospectuses. The Commission 

estimates that each affected brokermstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 168 / Tuesday, September 1, 2009 / Notices 45261 

1All entities that currently intend to rely on the 

Order are named as applicants. An Acquiring Fund 

(as defined below) may rely on the Order only to 

invest in Funds and not in any other registered 

investment company. 

dealer will spend, on average, 

approximately 20 hours complying with 

the notice requirement of the rule, for a 

total of 6,400 hours. Each broker-dealer 

will also spend 1 hour complying with 

the annual explanation of the right to 

revoke requirement, for a total of 320 

hours. Therefore, the total number of 

respondents for rule 154 is 470 (150 

mutual funds plus 320 broker-dealers), 

and the estimated total hour burden is 

9,870 hours (3,150 hours for mutual 

funds plus 6,720 hours for brokerdealers). 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Written comments are invited on: (a) 

Whether the collections of information 

are necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information has practical utility; (b) the 

accuracy of the Commission’s estimate 

of the burden of the collections of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collections 

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 Charles Boucher, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Shirley 

Martinson, 6432 General Green Way, 

Alexandria, VA, 22312; or send an email to: PRA_Mailbox@sec.gov. 

Dated: August 26, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–21004 Filed 8–31–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

28852; 812–13405] 

Arrow Investment Advisers, LLC, and 

Arrow Funds Trust; Notice of 

Application 

August 25, 2009. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application for an 

order under section 6(c) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from sections 

2(a)(32), 5(a)(1), 22(d), and 22(e) of the 

Act and rule 22c–1 under the Act, under 

sections 6(c) and 17(b) of the Act for an 

exemption from sections 17(a)(1) and 

17(a)(2) of the Act, and under section 

12(d)(1)(J) of the Act for an exemption 

from sections 12(d)(1)(A) and 

12(d)(1)(B) of the Act. 

SUMMARY: Summary of Application: 

Applicants request an order that would 

permit (a) certain open-end management 

investment companies and their series 

to issue shares (‘‘Shares’’) redeemable in 

large aggregations (‘‘Creation Unit 

Aggregations’’) only; (b) secondary 

market transactions in Shares to occur at 

negotiated market prices; (c) certain 

series to pay redemption proceeds, 

under certain circumstances, more than 

seven days after the tender of Shares for 

redemption; (d) certain affiliated 

persons of the series to deposit 

securities into, and receive securities 

from, the series in connection with the 

purchase and redemption of Creation 

Unit Aggregations; and (e) certain 

registered management investment 

companies and unit investment trusts 

outside of the same group of investment 

companies as the series to acquire 

Shares. 

Applicants: Arrow Investment 

Advisers, LLC (‘‘Adviser’’) and Arrow 

Funds Trust (‘‘Trust’’). 

DATES: Filing Dates: The application was 

filed on July 9, 2007 and amended on 

November 3, 2008, May 28, 2009, and 

August 21, 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 September 21, 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, Securities and 

Exchange Commission, 100 F Street, 

NE., Washington, DC 20549–1090; 

Applicants, c/o Joe Barrato, Chief 

Executive Officer, Arrow Investment 

Advisers, LLC, 2943 Olney-Sandy 

Spring Road, Suite A, Olney, MD 20832. 

FOR FURTHER INFORMATION CONTACT: 

Emerson S. Davis, Sr., Senior Counsel at 

(202) 551–6868, or Julia K. 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 

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 registered under the 

Act as an open-end management 

investment company and is organized as 

a Delaware statutory trust. The Trust 

will initially offer three series (‘‘Initial 

Funds’’), each of which will track a 

global index of equity and fixed income 

securities. Applicants request that the 

order (‘‘Order’’) apply to the Initial 

Funds and any existing or future 

registered open-end management 

investment company and its series 

registered under the Act (collectively, 

with future series of the Trust, the 

‘‘Future Funds,’’ and together with the 

Initial Funds, the ‘‘Funds’’).1 Each 

Future Fund will be (a) advised by the 

Adviser or an entity controlling, 

controlled by, or under common control 

with the Adviser, and (b) comply with 

the terms and conditions stated in the 

application. 

2. The Adviser is registered as an 

investment adviser under the 

Investment Advisers Act of 1940, as 

amended (the ‘‘Advisers Act’’) and will 

be the investment adviser to the Initial 

Funds. The Adviser may enter into subadvisory agreements with other 

investment advisers to act as 

subadvisers to the Funds 

(‘‘Subadvisers’’). Each Subadviser will 

be registered under the Advisers Act. A 

broker-dealer registered under the 

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’), will serve as the 

principal underwriter and distributor 

for the Creation Unit Aggregations of 

Shares (‘‘Distributor’’). 

3. Each Fund will consist of a 

portfolio of securities (‘‘Portfolio 

Securities’’) selected to correspond 

generally to the price and yield 

performance, before fees and expenses, 

of a specified securities index 

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