Federal Register / Vol. 71, No. 229 / Wednesday, November 29, 2006 / Notices 69149 

7. When a change of Portfolio 

Manager is proposed for a Portfolio with 

an Affiliated Portfolio Manager, the 

Board, including a majority of the 

Independent Trustees, will make a 

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 

does not involve a conflict of interest 

from which the Adviser or the Affiliated 

Portfolio Manager derives an 

inappropriate advantage. 

8. Whenever a Portfolio Manager is 

hired or terminated, the Adviser will 

provide the Board with information 

showing the expected impact on the 

Adviser’s profitability. 

9. The Adviser will provide general 

management services to each Portfolio, 

including overall supervisory 

responsibility for the general 

management and investment of the 

Portfolio’s assets, and, subject to review 

and approval of the Board, will: (a) Set 

each Portfolio’s overall investment 

strategies; (b) evaluate, select and 

recommend Portfolio Managers to 

manage all or part of a Portfolio’s assets; 

(c) allocate and, when appropriate, 

reallocate a Portfolio’s assets among 

multiple Portfolio Managers; (d) monitor 

and evaluate the performance of 

Portfolio Managers; and (e) implement 

procedures reasonably designed to 

ensure that the Portfolio Managers 

comply with each Portfolio’s investment 

objective, policies and restrictions. 

10. No trustee or officer of the 

Portfolios, or director or officer of the 

Adviser will own directly or indirectly 

(other than through a pooled investment 

vehicle that is not controlled by such 

person) any interest in a Portfolio 

Manager, 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 any publicly 

traded company that is either a Portfolio 

Manager or an entity that controls, is 

controlled by, or is under common 

control with a Portfolio Manager. 

11. Each Portfolio will include in its 

registration statement the Aggregate Fee 

Disclosure. 

12. The requested order will expire on 

the effective date of rule 15a–5 under 

the Act, if adopted. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Nancy M. Morris, 

Secretary. 

[FR Doc. E6–20213 Filed 11–28–06; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: [71 FR 68645, 

November 27, 2006]. 

STATUS: Closed meeting. 

PLACE: 100 F Street, NE., Washington, 

DC. 

ANNOUNCEMENT OF ADDITIONAL MEETING: 

Additional meeting (Week of November 

27, 2006). 

A closed meeting has been scheduled 

for Thursday, November 30, 2006 at 2 

p.m. 

Commissioners and certain staff 

members who have an interest in the 

matter will attend the closed meeting. 

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)(5), (7), (9)(B) and (10) 

and 17 CFR 200.402(a)(5), (7), (9)(ii) and 

(10) permit consideration of the 

scheduled matter at the closed meeting. 

Commissioner Campos as duty officer, 

voted to consider the item listed for the 

closed meeting in closed session, and 

determined that no earlier notice thereof 

was possible. 

The subject matter of the closed 

meeting scheduled for Thursday, 

November 30, 2006 will be: 

Institution and settlement of injunctive 

actions; and 

Institution of an administrative proceeding. 

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: November 27, 2006. 

Nancy M. Morris, 

Secretary. 

[FR Doc. 06–9473 Filed 11–27–06; 3:54 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Pub. L. 94–409, that the 

Securities and Exchange Commission 

will hold the following meetings during 

the week of December 4, 2006: 

An open meeting will be held on 

Monday, December 4, 2006 at 10 a.m. in 

the Auditorium, Room LL–002 and a 

closed meeting will be held on 

Wednesday, December 6, 2006 at 

11 a.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), (5), (7), (9)(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), (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 open 

meeting scheduled for Monday, 

December 4, 2006 will be: 

1. The Commission will consider 

whether to approve the budget of the 

Public Company Accounting Oversight 

Board and will consider the annual 

accounting support fees under section 

109 of the Sarbanes-Oxley Act of 2002. 

2. The Commission will consider 

whether to propose a new rule under 

the Securities Act of 1933 to revise the 

criteria for natural persons to be 

considered ‘‘accredited investors’’ for 

purposes of investing in certain 

privately offered investment vehicles. 

3. The Commission will consider 

whether to propose a new rule under 

the Investment Advisers Act of 1940 to 

prohibit advisers from making false or 

misleading statements to investors in 

certain pooled investment vehicles they 

manage, including hedge funds. 

4. The Commission will consider 

whether to propose amendments to Rule 

105 of Regulation M that would further 

safeguard the integrity of the capital 

raising process and protect issuers from 

manipulative activity that can reduce 

issuers’ offering proceeds and dilute 

security holder value. 

5. The Commission will consider 

whether to propose an amendment to 

the short sale price test of Rule 10a–1. 

In addition, the Commission will 

consider whether to propose an 

amendment to the ‘‘short exempt’’

marking requirement of Regulation 

SHO. 

The subject matters of the closed 

meeting scheduled for Wednesday, 

December 6, 2006 will be: 

Formal orders of investigation; 

Institution and settlement of injunctive 

actions; 

Institution and settlement of 

administrative proceedings of an 

enforcement nature; 


jlentini on PROD1PC65 with NOTICES