Federal Register / Vol. 72, No. 1 / Wednesday, January 3, 2007 / Notices 167 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(iii). 

4 17 CFR 240.19b–4(f)(6). 

Portfolio Securities. Therefore, 

applicants state, in-kind purchases and 

redemptions will afford no opportunity 

for these affiliated persons of a Fund to 

effect a transaction detrimental to other 

holders of Fund Shares. Applicants also 

believe that in-kind purchases and 

redemptions will not result in selfdealing or overreaching of the Fund. 

Applicants’ Conditions 

Applicants agree that any order 

granting the requested relief will be 

subject to the following conditions: 

1. Each Fund’s Prospectus and 

Produce Description will clearly 

disclose that, for purposes of the Act, 

Fund Shares are issued by the Funds 

and that the acquisition of Fund Shares 

by investment companies is subject to 

the restrictions of section 12(d)(1) of the 

Act. 

2. As long as a Trust operates in 

reliance on the requested order, Fund 

Shares will be listed on an Exchange. 

3. Neither the Trust nor any Fund will 

be advertised or marketed as an openend fund or a mutual fund. Each Fund’s 

Prospectus will prominently disclose 

that Fund Shares are not individually 

redeemable shares and will disclose that 

the owners of Fund Shares may acquire 

those Fund Shares from a Fund and 

tender those Fund Shares for 

redemption to a Fund only in Creation 

Unit Aggregations. Any advertising 

material that describes the purchase or 

sale of Creation Unit Aggregations or 

refers to redeemability will prominently 

disclose that Fund Shares are not 

individually redeemable and that 

owners of Fund Shares may acquire 

those Fund Shares from a Fund and 

tender those Fund Shares for 

redemption to a Fund in Creation Unit 

Aggregations only. 

4. The Web site for the Trust, which 

is and will be publicly accessible at no 

charge, will contain the following 

information, on a per Fund Share basis, 

for each Fund: (a) The prior Business 

Day’s NAV and the reported closed 

price, and a calculation of the premium 

or discount of such price against such 

NAV; and (b) data in chart format 

displaying the frequency distribution of 

discounts and premiums of the daily 

closing price against the NAV, within 

appropriate ranges, for each of the four 

previous calendar quarters. In addition, 

the Product Description for each Fund 

will state that the Web site for the Trust 

has information about the premiums 

and discounts at which Fund Shares 

have traded. 

5. The Prospectus and annual report 

for each Fund will also include: (a) The 

information listed in condition 4(b), (i) 

in the case of the Prospectus, for the 

most recently completed year (and the 

most recently completed quarter or 

quarters, as applicable) and (ii) in the 

case of the annual report, for the 

immediately preceding five years, as 

applicable; and (b) the following data, 

calculated on a per Fund Share basis for 

one, five and ten year periods (or life of 

the Fund): (i) The cumulative total 

return and the average annual total 

return based on NAV and closing price, 

and (ii) the cumulative total return of 

the relevant Underlying Index. 

6. Before a Fund may rely on the 

order, the Commission will have 

approved, pursuant to rule 19b–4 under 

the Exchange Act, an Exchange rule 

requiring Exchange members and 

member organizations effecting 

transactions in Fund Shares to deliver a 

Product Description to purchasers of 

Fund Shares. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E6–22444 Filed 12–29–06; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold the following 

meeting during the week of January 1, 

2007: 

A closed meeting will be held on 

Thursday, January 4, 2007 at 2 p.m. 

Commissioners, Counsels to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters may also be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (4), (5), (7), (8), (9)(B) 

and (10) and 17 CFR 200.402(a) (3), (4), 

(5), (7), (8), (9)(ii), and (10) permit 

consideration of the scheduled matters 

at the Closed Meeting. 

Commissioner Campos, as duty 

officer, voted to consider the items 

listed for the closed meeting in closed 

session. 

The subject matters of the closed 

meeting scheduled for Thursday, 

January 4, 2007 will be: 

Formal orders of investigation; 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings of an 

enforcement nature; 

An adjudicatory matter; 

Regulatory matters regarding financial 

institutions; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: December 28, 2006. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 06–9968 Filed 12–28–06; 10:58 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55001; File No. SR–CBOE–

2006–35] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change to Amend Its Trading 

Rotation Rules 

December 21, 2006. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

6, 2006, the Chicago Board Options 

Exchange, Incorporated (‘‘Exchange’’ or 

‘‘CBOE’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


rwilkins on PROD1PC63 with NOTICES