 1 The comprehensive list of facilities that have conducted biological surveys included facilities that completed a short technical industry questionnaire ( STQ). The survey question regarding the studies is substantially less detailed than the questions in the detailed industry questionnaire. As such, Westat included all STQ facilities that indicated they had conducted a biological study or provided contact information for a facility official regarding biological studies. Of the 403 facilities, 214 are STQ facilities.

1 MEMO To: Martha Segall, USEPA From: Kelly Meadows, Tetra Tech Date: June 7, 2004 RE: Facility Callbacks for Requesting Impingement and Entrainment Studies In mid June 2003, EPA requested that Tetra Tech identify and contact facilities to request copies of biological studies that a facility had performed in order to supplement the biological data used for estimating baseline impingement and entrainment rates. Tetra Tech contacted Westat for a list of all facilities that responded in their industry survey as having conducted a biological study. The result was a preliminary list of 403 facilities1. Tetra Tech also coordinated with Stratus Consulting to determine which studies from this list were already present in the 316( b) " library" and made every attempt to not request studies from these facilities.

The process of calling facilities was ultimately divided into three successive phases. These are described below. Generally, Tetra Tech staff called the contact person listed in the industry questionnaire and requested a copy of the study identified in the questionnaire. Tetra Tech made at least two attempts to contact the facility ( including voice mails, etc.). Facilities that did not respond or that did not send copies of the requested study were identified to EPA and a formal letter requesting the study was issued under EPA's authority as provided in Section 308 of the Clean Water Act ( a " 308 letter").

Round 1 The first set of calls focused on facilities that are located on inland waterbodies ( specifically the " INL" region in the benefits analysis) and have high actual intake flows ( AIF, the three year daily average flows). Additional facilities were selected on the basis of being located on Lake Michigan and the Columbia River. All of the facilities selected were facilities that completed a detailed industry questionnaire, as there was some initial concern over the depth of the information available from which to select facilities to be called ( see footnote 1).

From the initial list of facilities, a group of 104 facilities was identified as being located on an inland waterbody and, of these, the 29 facilities with the highest AIF were contacted. All 6 Lake Michigan facilities with detailed questionnaires that responded as having conducted a biological study were contacted. The only facility with a detailed questionnaire that responded as having 2 conducted a biological study on the Columbia River was contacted.

Total facilities called: 36 ( 33 Phase II facilities, 3 Phase III facilities) Dates: Initial calls were placed in late July 2003 Main criteria: Detailed questionnaires, inland waterbodies, high AIF, Lake Michigan, Columbia River Studies received: 29 ( 26 Phase II, 3 Phase III). One facility was determined to actually be located on an estuary and the study was not requested. The remaining 6 facilities are operated by the Tennessee Valley Authority ( TVA) and these studies were requested via interagency means. 308 letters sent: 19 ( 9 were requested by the facility for their records)

Round 2 The second set of calls focused on facilities located in a certain fish region, as determined by the US Fish and Wildlife Service ( FWS) and used by EPA in the calculation of benefits for the rule. A majority of these facilities were Phase III facilities and all were located on inland waterbodies and Great Lakes.

A group of 36 facilities was identified as being located in the FWS regions of interest: Bass, North; Bass, South; Trout, NE; and Walleye. Five facilities from each of the first three regions and 7 Walleye facilities were contacted for a total of 22 facilities. In cases where there were more than 5 facilities to choose from, preference was given to facilities whose studies had conducted both impingement and entrainment analyses, or to facilities whose studies had been completed more recently than others.

Total facilities called: 22 ( 1 Phase II facility, 21 Phase III facilities) Dates: Initial calls were placed in mid September 2003 Main criteria: Detailed questionnaires, FWS region, focus on Phase III, preference for more complete or more recent data Studies received: 14 ( all Phase III). The studies from 7 facilities were determined to be unavailable due to a variety of reasons: facility closure or sale, limited quality of data contained within the study, or the inability to locate the study. 308 letters sent: 11 ( 5 were requested by the facility for their records). One facility did not respond.

Round 3 The third set of calls focused on Phase III facilities. Nearly every remaining Phase III facility that indicated that it had completed a biological study was contacted. This group included facilities that had received either a detailed or short technical industry questionnaire and included facilities located on a variety of waterbody types. It was determined that 2 of the facilities had fallen out of 3 scope of the regulation and 3 facilities had been reclassified as Phase II facilities, but all 5 facilities were still contacted for studies.

Total facilities called: 32 ( 3 Phase II facilities, 27 Phase III facilities, 2 out of scope facilities) Dates: Initial calls were placed in late January 2004 Main criteria: Phase III facilities Studies received: 20 ( 2 Phase II facilities, 16 Phase III facilities, 2 out of scope facilities). This information is as of mid April 2004, so additional studies may have been received since then. The studies from 2 facilities were determined to be unavailable and 4 facilities have requested 308 letters be sent to them. 308 letters sent: None.

Totals for All 3 Rounds of Calls Facilities called: 90 ( 37 Phase II, 51 Phase III, 2 out of scope) Studies received: 63 ( 28 Phase II, 33 Phase III, 2 out of scope)


[Federal Register: September 30, 2005 (Volume 70, Number 189)]
[Notices]
[Page 57309]
[DOCID:fr30se05-115]

-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1591-DR]

Maine; Amendment No. 2 to Notice of a Major Disaster Declaration

AGENCY: Federal Emergency Management Agency, Emergency Preparedness and
Response Directorate, Department of Homeland Security.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Maine (FEMA-1591-DR), dated June 29, 2005, and related
determinations.

EFFECTIVE DATE: September 23, 2005.

FOR FURTHER INFORMATION CONTACT: Magda Ruiz, Recovery Division, Federal
Emergency Management Agency, Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Maine is hereby amended to include the following area
among those areas determined to have been adversely affected by the
catastrophe declared a major disaster by the President in his
declaration of June 29, 2005: York County for Public Assistance.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund Program; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services Program; 97.034,
Disaster Unemployment Assistance (DUA); 97.046, Fire Management
Assistance; 97.048, Individuals and Households Housing; 97.049,
Individuals and Households Disaster Housing Operations; 97.050,
Individuals and Households Program--Other Needs; 97.036, Public
Assistance Grants; 97.039, Hazard Mitigation Grant Program.)
R. David Paulison,
Acting Under Secretary, Emergency Preparedness and Response, Department
of Homeland Security.
[FR Doc. 05-19631 Filed 9-29-05; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register Volume 80, Number 146 (Thursday, July 30, 2015)]
[Proposed Rules]
[Pages 45465-45466]
[FR Doc No: 2015-18655]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 101

[Docket No. FDA-2015-D-1839]

The Food and Drug Administration's Policy on Declaring Small
Amounts of Nutrients and Dietary Ingredients on Nutrition Labels; Draft
Guidance for Industry; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notification of availability.

-----------------------------------------------------------------------

SUMMARY: The Food and Drug Administration (FDA, we, or the Agency) is
announcing the availability of a draft guidance for industry entitled
``FDA's Policy on Declaring Small Amounts of Nutrients and Dietary
Ingredients on Nutrition Labels: Guidance for Industry.'' The draft
guidance, when finalized, will explain to manufacturers of conventional
foods and dietary supplements our policy on determining the amount to
declare on the nutrition label for certain nutrients and dietary
ingredients that are present in a small amount.

DATES: Although you can comment on any guidance at any time (see 21 CFR
10.115(g)(5)), to ensure that the Agency considers your comment on the
draft guidance before it begins work on the final version of the
guidance, submit either electronic or written comments on the draft
guidance by September 28, 2015.

ADDRESSES: Submit written requests for single copies of the draft
guidance to the Office of Nutrition, Labeling, and Dietary Supplements,
Center for Food Safety and Applied Nutrition (HFS-820), Food and Drug
Administration, 5100 Paint Branch Pkwy., College Park, MD 20740. Send
two self-addressed adhesive labels to assist the office in processing
your request. See the SUPPLEMENTARY INFORMATION section for electronic
access to the draft guidance.
    Submit electronic comments on the draft guidance to http://www.regulations.gov. Submit written comments on the draft guidance to
the Division of Dockets Management (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Carole Adler, Center for Food Safety
and Applied Nutrition (HFS-820), Food and Drug Administration, 5100
Paint Branch Pkwy., College Park, MD 20740,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    We are announcing the availability of a draft guidance for industry
entitled ``FDA's Policy on Declaring Small Amounts of Nutrients and
Dietary Ingredients on Nutrition Labels: Guidance for Industry.'' We
are issuing the draft guidance consistent with our good guidance
practices regulation (21 CFR 10.115). The draft guidance represents the
current thinking of FDA on our policy on declaring small amounts of
nutrients and dietary ingredients on nutrition labels. It does not
establish any rights for any person and is not binding on FDA or the
public. You can use an alternative approach if it satisfies the
requirements of the applicable statutes and regulations.
    The draft guidance, when finalized, will explain our nutrition
labeling policy on declaring the nutrient values in conventional foods
and dietary ingredient values in dietary supplements in certain cases.
Specifically, declaring small amounts of nutrients and dietary
ingredients in the nutrition labeling may result in a conflict between
21 CFR 101.9(c)(1) through (8) and 21 CFR 101.9(g)(4)(ii) and 21 CFR
101.9(g)(5). In such cases, we are recommending manufacturers declare
nutrients and dietary ingredients in accordance with Sec.  101.9(c)(1)
through (8). If the draft guidance is finalized, we intend to consider
the use of our enforcement discretion with respect to the compliance
requirements in Sec.  101.9(g)(4)(ii)) and Sec.  101.9(g)(5) when a
conflict exists with Sec.  101.9(c)(1) through (8).
    We also are considering whether changes to our nutrition labeling
regulations are needed, including changes to Sec.  101.9(c) or (g), or
both. If we determine that rulemaking is needed, we will consider
whether to revise or withdraw the draft guidance.

II. Paperwork Reduction Act of 1995

    The draft guidance refers to previously approved collections of
information found in FDA regulations. These collections of information
are subject to review by the Office of Management and Budget (OMB)
under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520). The
collections of information in Sec.  101.9 have been approved under OMB
control number 0910-0381.

III. Comments

    Interested persons may submit either electronic comments regarding
the draft guidance to http://www.regulations.gov or written comments
regarding the draft guidance to the Division of Dockets Management (see
ADDRESSES). It is only necessary to send one set of comments. Identify
comments with the docket number found in brackets in the heading of
this document. Received comments may be seen in the Division of Dockets
Management between 9 a.m. and 4 p.m., Monday through Friday, and will
be posted to the docket at http://www.regulations.gov.

IV. Electronic Access

    Persons with access to the Internet may obtain the draft guidance
document at http://www.fda.gov/FoodGuidances or http://www.regulations.gov. Use the FDA Web site listed in the previous
sentence to find the most current version of the guidance.

    Dated: July 24, 2015.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2015-18655 Filed 7-29-15; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 81, Number 239 (Tuesday, December 13, 2016)]
[Notices]
[Page 89924]
[FR Doc No: 2016-29786]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER16-2226-000.
    Applicants: McHenry Battery Storage, LLC.
    Description: Report Filing: Refund Report of McHenry Battery
Storage, LLC to be effective N/A.
    Filed Date: 12/5/16.
    Accession Number: 20161205-5443.
    Comments Due: 5 p.m. ET 12/27/16.

    Docket Numbers: ER17-62-001.
    Applicants: Otter Tail Power Company.
    Description: Tariff Amendment: Errata to Filing of Certificate of
Concurrence to be effective 1/1/2016.
    Filed Date: 12/6/16.
    Accession Number: 20161206-5240.
    Comments Due: 5 p.m. ET 12/13/16.

    Docket Numbers: ER17-419-000.
    Applicants: American Electric Power Service Corporation, PJM
Interconnection, L.L.C.
    Description: Transource Pennsylvania, LLC and Transource Maryland,
LLC submit Supplement to November 28, 2016 American Electric Power
Service Corporation Formula Rate OATT Filing.
    Filed Date: 12/5/16.
    Accession Number: 20161205-5479.
    Comments Due: 5 p.m. ET 12/19/16.

    Docket Numbers: ER17-490-000.
    Applicants: California Independent System Operator Corporation.
    Description: Sec.  205(d) Rate Filing: 2016-12-05 Reactive Power
Requirements Automatic Voltage Regulator Amendment to be effective 3/6/
2017.
    Filed Date: 12/5/16.
    Accession Number: 20161205-5438.
    Comments Due: 5 p.m. ET 12/27/16.

    Docket Numbers: ER17-491-000.
    Applicants: Southern California Edison Company.
    Description: Tariff Cancellation: Cancel LGIA SP Blythe 1 Project
SA No. 176 to be effective 2/8/2017.
    Filed Date: 12/6/16.
    Accession Number: 20161206-5155.
    Comments Due: 5 p.m. ET 12/27/16.

    Docket Numbers: ER17-493-000.
    Applicants: Southern California Edison Company.
    Description: Sec.  205(d) Rate Filing: DSA for the Santa Paula ES A
Project, SA No. 917 to be effective 12/7/2016.
    Filed Date: 12/6/16.
    Accession Number: 20161206-5201.
    Comments Due: 5 p.m. ET 12/27/16.

    Docket Numbers: ER17-494-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Clean-up of OA, Definition
Sec I-L re: accepted language effective as of 7/18/16 to be effective
1/1/2014.
    Filed Date: 12/6/16.
    Accession Number: 20161206-5202.
    Comments Due: 5 p.m. ET 12/27/16.

    Take notice that the Commission received the following electric
reliability filings

    Docket Numbers: RD17-3-000.
    Applicants: North American Electric Reliability Corporation,
Western Electricity Coordinating Council.
    Description: Joint Petition of the North American Electric
Reliability Corporation and Western Electricity Coordinating Council
for Approval of Interpretation of Regional Reliability Standard BAL-
002-WECC-2a.
    Filed Date: 11/9/16.
    Accession Number: 20161109-5164.
    Comments Due: 5 p.m. ET 1/5/17.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and Sec.  385.214) on or
before 5:00 p.m. Eastern time on the specified comment date. Protests
may be considered, but intervention is necessary to become a party to
the proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: December 6, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-29786 Filed 12-12-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: May 14, 2009 (Volume 74, Number 92)]
[Notices]
[Page 22772-22778]
[DOCID:fr14my09-76]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28723; File No. 812-13555]

Pacific Investment Management Company LLC and PIMCO ETF Trust;
Notice of Application

May 11, 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 (a)(2) of the Act, and under
section 12(d)(1)(J) 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) series of certain open-end management investment companies
whose portfolios will consist of the component securities of certain
domestic, global or international fixed income securities indexes to
issue shares (``Shares'') redeemable in large aggregations only
(``Creation Unit Aggregations''); (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: Pacific Investment Management LLC (the ``Adviser'') and
PIMCO ETF Trust (the ``Trust'').

DATES: Filing Dates: The application was filed on July 29, 2008 and
amended on April 29, 2009. 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 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 May 29, 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, 840 Newport Center Drive,
Newport Beach, California 92600.

FOR FURTHER INFORMATION CONTACT: Laura J. Riegel, Senior Counsel at
(202) 551-6873, or Marilyn Mann, Branch Chief, at<PHONE_NUMBER>
(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<PHONE_NUMBER>.

Applicants' Representations

    1. The Trust is registered as an open-end management investment
company and is organized as a Delaware statutory trust that will offer
an unlimited number of series. The Trust will initially offer one
series (``Initial Fund'') whose performance will correspond generally
to the total return of a specified fixed income securities index
(``Underlying Index'').\1\
---------------------------------------------------------------------------

    \1\ The Index for the Initial Fund is Merrill Lynch 1-3 Year
U.S. Treasury Index\SM\.
---------------------------------------------------------------------------

    2. Applicants request that the order apply to the Initial Fund and
any additional series of the Trust and any other open-end management
investment companies or series thereof, that may be created in the
future and that track a specified fixed income securities Underlying
Index (``Future Funds'').\2\ Any 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
of the application. Future Funds may be based on Underlying Indexes
comprised of domestic fixed income securities (``Domestic Funds'') or
Underlying Indexes comprised on global or international fixed income
securities (``Global Funds''). The Initial Fund and Future Funds,
together, are the ``Funds.''
---------------------------------------------------------------------------

    \2\ All entities that currently intend to rely on the order have
been named as Applicants. Any other existing or future entity that
subsequently relies on the order will comply with the terms and
conditions of the application. An Acquiring Fund (as defined below)
may rely on the order only to invest in Funds and not in any other
registered investment company.
---------------------------------------------------------------------------

    3. 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 Funds. The Adviser may enter into
sub-advisory agreements with one or more investment advisers each of
which will serve as a sub-adviser to a Fund (each, a ``Subadviser'').
Each Subadviser will be registered under the Advisers Act. Allianz
Global Investors Distributors LLC (``Distributor'') is a broker-dealer
registered under the Securities Exchange Act of 1934 (the ``Exchange
Act'') and will act as the principal

underwriter and distributor for the Creation Unit Aggregations of
Shares.
    4. Each Fund will consist of a portfolio of securities (``Portfolio
Securities'') selected to correspond generally to the total return of a
specified fixed income securities Index. No entity that creates,
compiles, sponsors or maintains an Index (``Index Provider'') is or
will be an affiliated person, as defined in section 2(a)(3) of the Act,
or an affiliated person of an affiliated person, of the Trust, a Fund,
the Adviser, any Subadviser, or promoter of a Fund, or of the
Distributor.
    5. The investment objective of each Fund will be to provide
investment results that closely correspond to the total return of its
Underlying Index.\3\ The total return of the Underlying Index will be
disseminated once each ``Business Day,'' which is defined as any day
that a Fund is required to be open under section 22(e) of the Act, at
the end of the Business Day. A Fund will utilize either a replication
or representative sampling strategy which will be disclosed with regard
to each Fund in its prospectus (``Prospectus'').\4\ A Fund using a
replication strategy will invest in substantially all of the Component
Securities in its Underlying Index in approximately the same
approximate proportions as in the Underlying Index. A Fund using a
representative sampling strategy will attempt to match the risk and
return characteristics of a Fund's portfolio to the risk and return
characteristics of its Underlying Index.\5\ Applicants state that use
of the representative sampling strategy may prevent a Fund from
tracking the performance of its Underlying Index with the same degree
of accuracy as would a Fund that invests in every Component Security of
the Underlying Index. Applicants expect that each Fund will have a
tracking error relative to the performance of its Underlying Index of
less than 5 percent.
---------------------------------------------------------------------------

    \3\ Applicants represent that each Fund will invest at least 80%
of its total assets (exclusive of collateral held from securities
lending) in the component securities that comprise its Underlying
Index (``Component Securities''). Each Fund also may invest up to
20% of its total assets in futures contracts, options on future
contracts, options and swaps, cash, cash equivalents, other
investment companies, and securities that are not Component
Securities but which the Adviser believes will assist the Fund in
tracking the performance of its Underlying Index.
    \4\ All representations and conditions contained in the
application that require a Fund to disclose particular information
in the Fund's Prospectus and/or annual report shall be effective
with respect to the Fund until the time that the Fund complies with
the disclosure requirements adopted by the Commission in Investment
Company Act Release No. 28584 (Jan. 13, 2009).
    \5\ Under the representative sampling strategy, the Adviser will
seek to construct a Fund's portfolio so that its duration, sector,
credit rating, coupon and option characteristics closely correlate
to those characteristics of the Underlying Index.
---------------------------------------------------------------------------

    6. Creation Unit Aggregations are expected to consist of 100,000
Shares and to have an initial price in the range of $1,000,000 to
$10,000,000. All orders to purchase Creation Unit Aggregations must be
placed with the Distributor by or through a party that has entered into
an agreement with the Distributor (``Authorized Participant''). The
Distributor will be responsible for transmitting the orders to the
Funds. An Authorized Participant must be a participant in the
Depository Trust Company (``DTC'', and such participant, ``DTC
Participant''). Shares of the Fund generally will be sold in Creation
Unit Aggregations in exchange for an in-kind deposit by the purchaser
of a portfolio of fixed-income securities designated by the Adviser to
correspond generally to the total return of the relevant Underlying
Index (the ``Deposit Securities''), together with the deposit of a
specified cash payment (``Cash Amount'' and collectively with the
Deposit Securities, ``Creation Deposit''). The Cash Amount is an amount
equal to the difference between (a) the net asset value (``NAV'') (per
Creation Unit Aggregation) of a Fund and (b) the total aggregate market
value (per Creation Unit Aggregation) of the Deposit Securities.\6\
Each Fund may permit a purchaser of Creation Unit Aggregations to
substitute cash in lieu of depositing some or all of the Deposit
Securities if the method would reduce the Fund's transaction costs or
enhance the Fund's operating efficiency. To preserve maximum efficiency
and flexibility, a Fund reserves the right to accept and deliver
Creation Unit Aggregations entirely for cash (``All-Cash Payment'').
---------------------------------------------------------------------------

    \6\ Each Fund will sell and redeem Creation Unit Aggregations
only on a Business Day. Each Business Day, prior to the opening of
trading on the ``Primary Listing Exchange'' (defined below), a list
of securities and the required number of shares of each Deposit
Security to be included in the Creation Deposit for each Fund or
cash information for each Fund, including when the purchase of
Creation Unit Aggregations from the Fund is an All-Cash Payment will
be made available. In addition, the All-Cash Payment will be
disclosed, if applicable. Any national securities exchange (as
defined in section 2(a)(26) of the Act) (``Exchange'') on which
Shares are listed will disseminate, every 15 seconds during its
regular trading hours, through the facilities of the Consolidated
Tape, an amount per individual Share representing the sum of the
estimated Cash Amount and the current value of the Deposit
Securities. The Primary Listing Exchange is the Exchange on which
the Shares of a Fund are primarily listed.
---------------------------------------------------------------------------

    7. An investor acquiring or redeeming a Creation Unit Aggregation
from a Fund will be charged a fee (``Transaction Fee'') to prevent the
dilution of the interests of the remaining shareholders resulting from
costs in connection with the purchase or redemption of Creation Unit
Aggregations.\7\ The maximum Transaction Fees relevant to each Fund and
the method of calculating such Transaction Fees will be fully disclosed
in the Prospectus of such Fund or statement of additional information
(``SAI''). The Distributor also will be responsible for delivering the
Fund's Prospectus to those persons acquiring Shares in Creation Unit
Aggregations and for maintaining records of both the orders placed with
it and the confirmations of acceptance furnished by it. In addition,
the Distributor will maintain a record of the instructions given to the
applicable Fund to implement the delivery of its Shares.
---------------------------------------------------------------------------

    \7\ Where a Fund permits a purchaser to substitute cash in lieu
of depositing a portion of the requisite Deposit Securities, the
purchaser may be assessed a higher Transaction Fee to cover the cost
of purchasing such Deposit Securities.
---------------------------------------------------------------------------

    8. Purchasers of Shares in Creation Unit Aggregations may hold such
Shares or may sell such Shares into the secondary market. Shares will
be listed and traded on an Exchange. It is expected that one or more
member firms of a Listing Exchange will be designated to act as a
specialist or a market maker (each, an ``Exchange Specialist'') and
maintain a market for Shares trading on the Listing Exchange. Prices of
Shares trading on an Exchange will be based on the current bid/ask
market. Shares sold in the secondary market will be subject to
customary brokerage commissions and charges.
    9. Applicants expect that purchasers of Creation Unit Aggregations
will include institutional investors and arbitrageurs (which could
include institutional investors). Authorized Participants also may
purchase Creation Unit Aggregations for use in market-making
activities. Applicants expect that secondary market purchasers of
Shares will include both institutional investors and retail
investors.\8\ Applicants expect that the price at which Shares trade
will be disciplined by arbitrage opportunities created by the option to
continually purchase or redeem Creation Unit Aggregations at their NAV,
which should ensure that Shares will not trade at a material discount
or premium in relation to their NAV.
---------------------------------------------------------------------------

    \8\ Shares will be registered in book-entry form only. DTC or
its nominee will be the registered owner of all outstanding Shares.
DTC or DTC Participants will maintain records reflecting beneficial
owners of Shares.
---------------------------------------------------------------------------

    10. Shares will not be individually redeemable, and owners of
Shares may

acquire those Shares from the Fund, or tender such Shares for
redemption to the Fund, in Creation Unit Aggregations only. To redeem,
an investor will have to accumulate enough Shares to constitute a
Creation Unit Aggregation. Redemption orders must be placed by or
through an Authorized Participant. An investor redeeming a Creation
Unit Aggregation generally will receive (a) Portfolio Securities
designated to be delivered for redemptions (``Redemption Securities'')
on the date that the request for redemption is submitted and (b) a
``Cash Redemption Payment,'' consisting of an amount calculated in the
same manner as the Cash Amount, although the actual amount of the Cash
Redemption Payment may differ if the Redemption Securities are not
identical to the Deposit Securities on that day. An investor may
receive the cash equivalent of a Redemption Security in certain
circumstances, such as if the investor is constrained from effecting
transactions in the security by regulation or policy.\9\ A redeeming
investor may pay a Transaction Fee, calculated in the same manner as a
Transaction Fee payable in connection with purchases of Creation Unit
Aggregations.
---------------------------------------------------------------------------

    \9\ Applicants state that a cash-in-lieu amount will replace any
``to-be-announced'' (``TBA'') transaction that is listed as a
Deposit Security or Redemption Security of any Fund. A TBA
transaction is a method of trading mortgage-backed securities where
the buyer and seller agree upon general trade parameters such as
agency, settlement date, par amount and price. The actual pools
delivered generally are determined two days prior to the settlement
date. The amount of substituted cash in the case of TBA transactions
will be equivalent to the value of the TBA transaction listed as a
Deposit Security or a Redemption Security.
---------------------------------------------------------------------------

    11. Applicants state that in accepting Deposit Securities and
satisfying redemptions with Redemption Securities, the relevant Funds
will comply with the Federal securities laws, including that the
Deposit Securities and Redemption Securities are sold in transactions
that would be exempt from registration under the Securities Act of 1933
(``Securities Act'').\10\ The specified Deposit Securities and
Redemption Securities generally will correspond pro rata, to the extent
practicable, to the Portfolio Securities of a Fund. In some cases,
because it is often impossible to break up bonds beyond certain minimum
sizes needed for transfer and settlement, there may be minor
differences between a basket of the Deposit Securities or Redemption
Securities and a true pro rata slice of a Fund's Portfolio Securities.
---------------------------------------------------------------------------

    \10\ In accepting Deposit Securities and satisfying redemptions
with Redemption Securities that are restricted securities eligible
for resale pursuant to rule 144A under the Securities Act, the
relevant Funds will comply with the conditions of rule 144A. The
Prospectus will also state that an Authorized Participant that is
not a ``Qualified Institutional Buyer'' as defined in rule 144A
under the Securities Act will not be able to receive, as part of a
redemption, restricted securities eligible for resale under rule
144A.
---------------------------------------------------------------------------

    12. Neither the Trust nor any individual Fund will be marketed or
otherwise held out as a traditional open-end investment company or a
mutual fund. Instead, each Fund will be marketed as an ``ETF,'' an
``investment company,'' a ``fund,'' or a ``trust.'' All marketing
materials that describe the features or method of obtaining, buying or
selling Creation Unit Aggregations or Shares traded on an Exchange, or
refer to redeemability, will prominently disclose that Shares are not
individually redeemable and that the owners of Shares may purchase or
redeem Shares from the Fund in Creation Unit Aggregations only. The
same approach will be followed in the SAI, shareholder reports and
investor educational materials issued or circulated in connection with
the Shares. The Funds will provide copies of their annual and semi-
annual shareholder reports to DTC Participants for distribution to
shareholders.

Applicants' Legal Analysis

    1. Applicants request an order under section 6(c) of 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.
    2. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provision of the Act, if and to
the extent that 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.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) of the Act if evidence establishes that
the terms of the transaction, including the consideration to be paid or
received, are reasonable and fair and do not involve overreaching on
the part of any person concerned, and the proposed transaction is
consistent with the policies of the registered investment company and
the general provisions of the Act. Section 12(d)(1)(J) 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 provisions of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.

Sections 5(a)(1) and 2(a)(32) of the Act

    3. Section 5(a)(1) of the Act defines an ``open-end company'' as a
management investment company that is offering for sale or has
outstanding any redeemable security of which it is the issuer. Section
2(a)(32) of the Act defines a redeemable security as any security,
other than short-term paper, under the terms of which the owner, upon
its presentation to the issuer, is entitled to receive approximately
his proportionate share of the issuer's current net assets, or the cash
equivalent. Because Shares will not be individually redeemable,
applicants request an order that would permit the Funds to register as
open-end management investment companies and issue Shares that are
redeemable in Creation Unit Aggregations only. Applicants state that
investors may purchase Shares in Creation Unit Aggregations and redeem
Creation Unit Aggregations from each Fund. Applicants state that
because Creation Unit Aggregations may always be purchased and redeemed
at NAV, the market price of the Shares should not vary substantially
from their NAV.

Section 22(d) of the Act and Rule 22c-1 Under the Act

    4. Section 22(d) of the Act, among other things, prohibits a dealer
from selling a redeemable security, which is currently being offered to
the public by or through a principal underwriter, except at a current
public offering price described in the prospectus. Rule 22c 1 under the
Act generally requires that a dealer selling, redeeming or repurchasing
a redeemable security do so only at a price based on its NAV.
Applicants state that secondary market trading in Shares will take
place at negotiated prices, not at a current offering price described
in a Fund's Prospectus, and not at a price based on NAV. Thus,
purchases and sales of Shares in the secondary market will not comply
with section 22(d) of the Act and rule 22c 1 under the Act. Applicants
request an exemption under section 6(c) from these provisions.
    5. Applicants assert that the concerns sought to be addressed by
section 22(d) of the Act and rule 22c 1 under the Act with respect to
pricing are equally satisfied by the proposed method of pricing Shares.
Applicants maintain that while there is little legislative history
regarding section 22(d), its provisions, as well as those of rule 22c
1, appear to

have been designed to (a) prevent dilution caused by certain riskless
trading schemes by principal underwriters and contract dealers, (b)
prevent unjust discrimination or preferential treatment among buyers,
and (c) ensure an orderly distribution of investment company shares by
eliminating price competition from dealers offering shares at less than
the published sales price and repurchasing shares at more than the
published redemption price.
    6. Applicants believe that none of these purposes will be thwarted
by permitting Shares to trade in the secondary market at negotiated
prices. Applicants state that (a) secondary market trading in Shares
does not involve a Fund as a party and will not result in dilution of
an investment in Shares, and (b) to the extent different prices exist
during a given trading day, or from day to day, such variances occur as
a result of third party market forces, such as supply and demand.
Therefore, applicants assert that secondary market transactions in
Shares will not lead to discrimination or preferential treatment among
purchasers. Finally, applicants contend that the proposed distribution
system will be orderly because competitive forces will ensure that the
difference between the market price of Shares and their NAV remains
narrow.

Section 22(e)

    7. Section 22(e) of the Act generally prohibits a registered
investment company from suspending the right of redemption or
postponing the date of payment of redemption proceeds for more than
seven days after the tender of a security for redemption. Applicants
state that settlement of redemptions for a Global Fund is contingent
not only on the settlement cycle of the United States market, but also
on current delivery cycles in local markets for underlying foreign
securities held by the Global Fund. Applicants state that delivery
cycles for transferring Portfolio Securities to redeeming investors,
coupled with local market holiday schedules, will require a delivery
process longer than seven calendar days for a Global Fund. Applicants
request relief under section 6(c) of the Act from section 22(e) to
allow a Global Fund to pay redemption proceeds up to 12 calendar days
after the tender of any Creation Unit Aggregations for redemption.
Except as disclosed in the relevant Global Fund's Prospectus and/or
SAI, applicants expect that each Global Fund will be able to deliver
redemption proceeds within seven days.\11\
---------------------------------------------------------------------------

    \11\ Rule 15c6-1 under the Exchange Act requires that most
securities transactions be settled within three business days of the
trade. Applicants acknowledge that no relief obtained from the
requirements of section 22(e) will affect any obligations applicants
may have under rule 15c6-1.
---------------------------------------------------------------------------

    8. Applicants state that section 22(e) was designed to prevent
unreasonable, undisclosed and unforeseen delays in the payment of
redemption proceeds. Applicants assert that the requested relief will
not lead to the problems that section 22(e) was designed to prevent.
Applicants state that the SAI will disclose those local holidays (over
the period of at least one year following the date of the SAI), if any,
that are expected to prevent the delivery of redemption proceeds in
seven calendar days, and the maximum number of days needed to deliver
the proceeds for the relevant Global Fund. Applicants are not seeking
relief from section 22(e) with respect to Global Funds that do not
effect creations and redemptions of Creation Unit Aggregations in-kind.

Section 12(d)(1)

    9. Section 12(d)(1)(A) of the Act, in relevant part, prohibits a
registered investment company from acquiring securities of an
investment company if such securities represent more than 3% of the
total outstanding voting stock of the acquired company, more than 5% of
the total assets of the acquiring company, or, together with the
securities of any other investment companies, more than 10% of the
total assets of the acquiring company. Section 12(d)(1)(B) of the Act
prohibits a registered open-end investment company, its principal
underwriter and any other broker-dealer from selling the investment
company's shares to another investment company if the sale will cause
the acquiring company to own more than 3% of the acquired company's
voting stock, or if the sale will cause more than 10% of the acquired
company's voting stock to be owned by investment companies generally.
    10. Applicants request an exemption to permit management investment
companies (``Acquiring Management Companies'') and unit investment
trusts (``Acquiring Trusts'') registered under the Act that are not
sponsored or advised by the Adviser or any entity controlling,
controlled by, or under common control with the Adviser and are not
part of the same ``group of investment companies,'' as defined in
section 12(d)(1)(G)(ii) of the Act, as the Funds (collectively,
``Acquiring Funds'') to acquire shares of a Fund beyond the limits of
section 12(d)(1)(A). In addition, applicants seek relief to permit a
Fund or broker-dealer that is registered under the Exchange Act
(``Broker'') to sell Shares to a Acquiring Fund in excess of the limits
of section 12(d)(1)(B).
    11. Each Acquiring Management Company will be advised by an
investment adviser within the meaning of section 2(a)(20)(A) of the Act
(the ``Acquiring Fund Adviser'') and may be sub-advised by one or more
investment advisers within the meaning of section 2(a)(20)(B) of the
Act (each a ``Acquiring Fund SubAdviser''). Any investment adviser to
an Acquiring Fund will be registered under the Advisers Act. Each
Acquiring Trust will be sponsored by a sponsor (``Sponsor'').
    12. Applicants submit that the proposed conditions to the requested
relief adequately address the concerns underlying the limits in section
12(d)(1)(A) and (B), which include concerns about undue influence by a
fund of funds over underlying funds, excessive layering of fees and
overly complex fund structures. Applicants believe that the requested
exemption is consistent with the public interest and the protection of
investors.
    13. Applicants believe that neither the Acquiring Funds nor an
Acquiring Fund Affiliate would be able to exert undue influence over
the Funds.\12\ To limit the control that a Acquiring Fund may have over
a Fund, applicants propose a condition prohibiting an Acquiring Fund
Adviser or a Sponsor, any person controlling, controlled by, or under
common control with the Acquiring Fund Adviser or Sponsor, and any
investment company or issuer that would be an investment company but
for section 3(c)(1) or 3(c)(7) of the Act that is advised or sponsored
by the Acquiring Fund Adviser or Sponsor, or any person controlling,
controlled by, or under common control with the Acquiring Fund Adviser
or Sponsor (``Acquiring Fund's Advisory Group'') from controlling
(individually or in the aggregate) a Fund within the meaning of section
2(a)(9) of the Act. The same prohibition would apply to any Acquiring
Fund SubAdviser, any person controlling, controlled by or under common
control with the Acquiring Fund SubAdviser, and any investment

company or issuer that would be an investment company but for section
3(c)(1) or 3(c)(7) of the Act (or portion of such investment company or
issuer) advised or sponsored by the Acquiring Fund SubAdviser or any
person controlling, controlled by or under common control with the
Acquiring Fund SubAdviser (``Acquiring Fund's SubAdvisory Group'').
Applicants propose other conditions to limit the potential for undue
influence over the Funds, including that no Acquiring Fund or Acquiring
Fund Affiliate (except to the extent it is acting in its capacity as an
investment adviser to a Fund) will cause a Fund to purchase a security
in an offering of securities during the existence of an underwriting or
selling syndicate of which a principal underwriter is an Underwriting
Affiliate (``Affiliated Underwriting''). An ``Underwriting Affiliate''
is a principal underwriter in any underwriting or selling syndicate
that is an officer, director, member of an advisory board, Acquiring
Fund Adviser, Acquiring Fund SubAdviser, Sponsor, or employee of the
Acquiring Fund, or a person of which any such officer, director, member
of an advisory board, Acquiring Fund Adviser, Acquiring Fund
SubAdviser, Sponsor, or employee is an affiliated person (except that
any person whose relationship to the Fund is covered by section 10(f)
of the Act is not an Underwriting Affiliate).
---------------------------------------------------------------------------

    \12\ An ``Acquiring Fund Affiliate'' is the Acquiring Fund
Adviser, Acquiring Fund SubAdviser(s), any Sponsor, promoter, or
principal underwriter of an Acquiring Fund, and any person
controlling, controlled by, or under common control with any of
those entities. A ``Fund Affiliate'' is the investment adviser,
promoter, or principal underwriter of an Acquiring Fund and any
person controlling, controlled by or under common control with any
of these entities.
---------------------------------------------------------------------------

    14. Applicants assert that the proposed conditions address any
concerns regarding excessive layering of fees. The board of directors
or trustees of any Acquiring Management Company, including a majority
of the disinterested directors or trustees, will find that the advisory
fees charged to the Acquiring Management Company are based on services
provided that will be in addition to, rather than duplicative of,
services provided under the advisory contract(s) of any Fund in which
the Acquiring Management Company may invest. In addition, except as
provided in condition 15, an Acquiring Fund Adviser or a trustee
(``Trustee'') or Sponsor of an Acquiring Trust will, as applicable,
waive fees otherwise payable to it by the Acquiring Fund in an amount
at least equal to any compensation (including fees received pursuant to
any plan adopted by a Fund under rule 12b-1 under the Act) received by
the Acquiring Fund Adviser, Trustee or Sponsor or an affiliated person
of the Acquiring Fund Adviser, Trustee or Sponsor, from the Funds in
connection with the investment by the Acquiring Fund in the Fund.
Applicants state that any sales charges or service fees charged with
respect to shares of a Acquiring Fund will not exceed the limits
applicable to a fund of funds set forth in NASD Conduct Rule 2830.\13\
---------------------------------------------------------------------------

    \13\ Any references to NASD Conduct Rule 2830 include any
successor or replacement rule to NASD Conduct Rule 2830 that may be
adopted by the Financial Industry Regulatory Authority.
---------------------------------------------------------------------------

    15. Applicants submit that the proposed arrangement will not create
an overly complex fund structure. Applicants note that no Fund may
acquire securities of any investment company or company relying on
section 3(c)(1) or 3(c)(7) of the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act, except to the extent permitted by
exemptive relief from the Commission permitting the Fund to purchase
shares of other investment companies for short-term cash management
purposes. To ensure that Acquiring Funds comply with the terms and
conditions of the requested relief from section 12(d)(1), any Acquiring
Fund that intends to invest in a Fund in reliance on the requested
order will enter into an agreement (``Acquiring Fund Agreement'')
between the Fund and the Acquiring Fund requiring the Acquiring Fund to
adhere to the terms and conditions of the requested order. The
Acquiring Fund Agreement also will include an acknowledgement from the
Acquiring Fund that it may rely on the requested order only to invest
in Funds and not in any other investment company.
    16. Applicants also note that a Fund may choose to reject a direct
purchase of Shares in Creation Unit Aggregations by an Acquiring Fund.
To the extent that a Acquiring Fund purchases Shares in the secondary
market, a Fund would still retain its ability to reject initial
purchases of Shares made in reliance on the requested order by
declining to enter into the Acquiring Fund Agreement prior to any
investment by an Acquiring Fund in excess of the limits of section
12(d)(1)(A).

Sections 17(a)(1) and (2) of the Act

    17. Section 17(a) of the Act generally prohibits an affiliated
person of a registered investment company, or an affiliated person of
such a person (``second-tier affiliate''), from selling any security to
or acquiring any security from the company. Section 2(a)(3) of the Act
defines ``affiliated person'' to include (a) any person directly or
indirectly owning, controlling or holding with power to vote 5% or more
of the outstanding voting securities of the other person, (b) any
person 5% or more of whose outstanding voting securities are directly
or indirectly owned, controlled or held with the power to vote by the
other person, and (c) any person directly or indirectly controlling,
controlled by or under common control with the other person. Section
2(a)(9) of the Act provides that a control relationship will be
presumed where one person owns more than 25% of another person's voting
securities.
    18. Applicants request an exemption from section 17(a) of the Act
pursuant to sections 17(b) and 6(c) of the Act to permit persons to
effectuate in-kind purchases and redemptions with a Fund when they are
affiliated persons of the Fund or second-tier affiliates solely by
virtue of one or more of the following: (a) Holding 5% or more, or in
excess of 25%, of the outstanding Shares of one or more Funds; (b)
having an affiliation with a person with an ownership interest
described in (a); or (c) holding 5% or more, or more than 25%, of the
shares of one or more other registered investment companies (or series
thereof) advised by the Adviser.
    19. Applicants assert that no useful purpose would be served by
prohibiting these types of affiliated persons from acquiring or
redeeming Creation Unit Aggregations through ``in-kind'' transactions.
The deposit procedures for both in kind purchases and in-kind
redemptions of Creation Unit Aggregations will be the same for all
purchases and redemptions. Deposit Securities and Redemption Securities
will be valued in the same manner as Portfolio Securities. Therefore,
applicants state that in-kind purchases and redemptions will afford no
opportunity for the specified affiliated persons, or second-tier
affiliates, of a Fund to effect a transaction detrimental to other
holders of Shares. Applicants also believe that in-kind purchases and
redemptions will not result in self-dealing or overreaching of the
Fund.
    20. Applicants also seek relief from section 17(a) to permit a Fund
that is an affiliated person of an Acquiring Fund to sell its Shares to
and redeem its Shares from an Acquiring Fund, and to engage in the
accompanying in-kind transactions with the Acquiring Fund.\14\
Applicants state that the terms of the transactions are fair and
reasonable and do not involve overreaching. Applicants note that any
consideration paid by an

Acquiring Fund for the purchase or redemption of Shares directly from a
Fund will be based on the NAV of the Fund.\15\ Applicants believe that
any proposed transactions directly between the Funds and Acquiring
Funds will be consistent with the policies of each Acquiring Fund. The
purchase of Creation Unit Aggregations by an Acquiring Fund directly
from a Fund will be accomplished in accordance with the investment
restrictions of any such Acquiring Fund and will be consistent with the
investment policies set forth in the Acquiring Fund's registration
statement. The Acquiring Fund Agreement will require any Acquiring Fund
that purchases Creation Unit Aggregations directly from a Fund to
represent that the purchase of Creation Unit Aggregations from a Fund
by an Acquiring Fund will be accomplished in compliance with the
investment restrictions of the Acquiring Fund and will be consistent
with the investment policies set forth in the Acquiring Fund's
registration statement.
---------------------------------------------------------------------------

    \14\ Applicants acknowledge that receipt of compensation by (a)
an affiliated person of an Acquiring Fund, or an affiliated person
of such person, for the purchase by the Acquiring Fund of Shares or
(b) an affiliated person of a Fund, or an affiliated person of such
person, for the sale by the Fund of its Shares to an Acquiring Fund
may be prohibited by section 17(e)(1) of the Act. The Acquiring Fund
Agreement also will include this acknowledgment.
    \15\ Applicants believe that an Acquiring Fund likely will
purchase Shares of the Funds in the secondary market and will not
purchase or redeem Creation Unit Aggregations directly from a Fund.
However, the requested relief would apply to direct sales of Shares
in Creation Unit Aggregations by a Fund to an Acquiring Fund and
redemptions of those Shares. The requested relief is intended to
cover the in-kind transactions that would accompany such sales and
redemptions.
---------------------------------------------------------------------------

Applicants' Conditions

    Applicants agree that any order of granting the requested relief
will be subject to the following conditions: \16\
---------------------------------------------------------------------------

    \16\ See note 4, supra.
---------------------------------------------------------------------------

ETF Relief

    1. Each Fund's Prospectus will clearly disclose that, for purposes
of the Act, Shares are issued by the Funds, and that the acquisition of
Shares by investment companies is subject to the restrictions of
section 12(d)(1) of the Act, except as permitted by an exemptive order
that permits registered investment companies to invest in a Fund beyond
the limits in section 12(d)(1), subject to certain terms and
conditions, including that the registered investment company enter into
an Acquiring Fund Agreement with the Fund regarding the terms of the
investment.
    2. As long as the Trust operates in reliance on the requested
order, the Shares will be listed on an Exchange.
    3. Neither the Trust nor any Fund will be advertised or marketed as
an open end investment company or a mutual fund. Each Fund's Prospectus
will prominently disclose that Shares are not individually redeemable
shares and will disclose that the owners of Shares may acquire those
Shares from a Fund and tender those 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 Shares are not
individually redeemable and that owners of Shares may acquire those
Shares from a Fund and tender those Shares for redemption to a Fund in
Creation Unit Aggregations only.
    4. The Web site for the Trust, which will be publicly accessible at
no charge, will contain the following information, on a per individual
Share basis, for the Fund: (a) The prior Business Day's NAV and the
reported closing price, and a calculation of the premium or discount of
such closing 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 (or life of the Fund, if
shorter).
    5. The Prospectus and annual report for each Fund also will
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 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. The requested relief to permit ETF operations will expire on the
effective date of any Commission rule under the Act that provides
relief permitting the operation of index-based exchange-traded funds.

Section 12(d)(1) Relief

    7. The members of an Acquiring Fund's Advisory Group will not
control (individually or in the aggregate) a Fund within the meaning of
section 2(a)(9) of the Act. The members of an Acquiring Fund's
SubAdvisory Group will not control (individually or in the aggregate) a
Fund within the meaning of section 2(a)(9) of the Act. If, as a result
of a decrease in the outstanding voting securities of a Fund, the
Acquiring Fund's Advisory Group or a Acquiring Fund's SubAdvisory
Group, each in the aggregate, becomes a holder of more than 25% of the
outstanding voting securities of a Fund, it will vote its Shares in the
same proportion as the vote of all other holders of the Shares. This
condition does not apply to the Acquiring Fund's SubAdvisory Group with
respect to a Fund for which the Acquiring Fund SubAdviser or a person
controlling, controlled by, or under common control with the Acquiring
Fund SubAdviser acts as the investment adviser within the meaning of
section 2(a)(20)(A) of the Act.
    8. No Acquiring Fund or Acquiring Fund Affiliate will cause any
existing or potential investment by the Acquiring Fund in a Fund to
influence the terms of any services or transactions between the
Acquiring Fund or an Acquiring Fund Affiliate and the Fund or a Fund
Affiliate.
    9. The board of directors or trustees of an Acquiring Management
Company, including a majority of the disinterested directors or
trustees, will adopt procedures reasonably designed to ensure that the
Acquiring Fund Adviser and any Acquiring Fund SubAdviser are conducting
the investment program of the Acquiring Management Company without
taking into account any consideration received by the Acquiring
Management Company or an Acquiring Fund Affiliate from a Fund or a Fund
Affiliate in connection with any services or transactions.
    10. Once an investment by an Acquiring Fund in Shares exceeds the
limit in section 12(d)(1)(A)(i) of the Act, the board of trustees of a
Fund (``Board''), including a majority of the disinterested trustees,
will determine that any consideration paid by the Fund to an Acquiring
Fund or an Acquiring Fund Affiliate in connection with any services or
transactions: (a) Is fair and reasonable in relation to the nature and
quality of the services and benefits received by the Fund; (b) is
within the range of consideration that the Fund would be required to
pay to another unaffiliated entity in connection with the same services
or transactions; and (c) does not involve overreaching on the part of
any person concerned. This condition does not apply with respect to any
services or transactions between a Fund and its investment adviser(s),
or any person controlling, controlled by, or under common control with
such investment adviser(s).
    11. No Acquiring Fund or Acquiring Fund Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund)
will cause the Fund to purchase a security in any Affiliated
Underwriting.
    12. The Board, including a majority of the disinterested trustees,
will adopt procedures reasonably designed to monitor any purchases of
securities by

a Fund in an Affiliated Underwriting, once an investment by an
Acquiring Fund in the securities of the Fund exceeds the limit of
section 12(d)(1)(A)(i) of the Act, including any purchases made
directly from an Underwriting Affiliate. The Board will review these
purchases periodically, but no less frequently than annually, to
determine whether the purchases were influenced by the investment by
the Acquiring Fund in the Fund. The Board will consider, among other
things: (a) Whether the purchases were consistent with the investment
objectives and policies of the Fund; (b) how the performance of
securities purchased in an Affiliated Underwriting compares to the
performance of comparable securities purchased during a comparable
period of time in underwritings other than Affiliated Underwritings or
to a benchmark such as a comparable market index; and (c) whether the
amount of securities purchased by a Fund in Affiliated Underwritings
and the amount purchased directly from an Underwriting Affiliate have
changed significantly from prior years. The Board will take any
appropriate actions based on its review, including, if appropriate, the
institution of procedures designed to assure that purchases of
securities in Affiliated Underwritings are in the best interest of
shareholders of the Fund.
    13. Each Fund will maintain and preserve permanently in an easily
accessible place a written copy of the procedures described in the
preceding condition, and any modifications to such procedures, and will
maintain and preserve for a period of not less than six years from the
end of the fiscal year in which any purchase in an Affiliated
Underwriting occurred, the first two years in an easily accessible
place, a written record of each purchase of securities in Affiliated
Underwritings, once an investment by an Acquiring Fund in the
securities of the Fund exceeds the limit of section 12(d)(1)(A)(i) of
the Act, setting forth from whom the securities were acquired, the
identity of the underwriting syndicate's members, the terms of the
purchase, and the information or materials upon which the Board's
determinations were made.
    14. Before investing in the Shares of a Fund in excess of the
limits in section 12(d)(1)(A), each Acquiring Fund and the Fund will
execute a Acquiring Fund Agreement stating, without limitation, that
their boards of directors or trustees and their investment adviser(s)
or their Sponsors or Trustees, as applicable, understand the terms and
conditions of the order, and agree to fulfill their responsibilities
under the order. At the time of its investment in Shares, in excess of
the limit in section 12(d)(1)(A)(i), a Acquiring Fund will notify the
Fund of the investment. At such time, the Acquiring Fund will also
transmit to the Fund a list of names of each Acquiring Fund Affiliate
and Underwriting Affiliate. The Acquiring Fund will notify the Fund of
any changes to the list of names as soon as reasonably practicable
after a change occurs. The Fund and the Acquiring Fund will maintain
and preserve a copy of the order, the Acquiring Fund Agreement, and the
list with any updated information for the duration of the investment
and for a period of not less than six years thereafter, the first two
years in an easily accessible place.
    15. The Acquiring Fund Adviser, Trustee or Sponsor, as applicable,
will waive fees otherwise payable to it by the Acquiring Fund in an
amount at least equal to any compensation (including fees received
under any plan adopted by a Fund under rule 12b-1 under the Act)
received from a Fund by the Acquiring Fund Adviser, Trustee or Sponsor,
or an affiliated person of the Acquiring Fund Adviser, Trustee or
Sponsor, other than any advisory fees paid to the Acquiring Fund
Adviser, Trustee or Sponsor, or its affiliated person by a Fund, in
connection with the investment by the Acquiring Fund in the Fund. Any
Acquiring Fund SubAdviser will waive fees otherwise payable to the
Acquiring Fund SubAdviser, directly or indirectly, by the Acquiring
Management Company in an amount at least equal to any compensation
received from the Fund by the Acquiring Fund SubAdviser, or an
affiliated person of the Acquiring Fund Sub-Adviser, other than any
advisory fees paid to the Acquiring Fund Sub-Adviser or its affiliated
person by the Fund, in connection with any investment by the Acquiring
Management Company in the Fund made at the direction of the Acquiring
Fund SubAdviser. In the event that the Acquiring Fund SubAdviser waives
fees, the benefit of the waiver will be passed through to the Acquiring
Management Company.
    16. Any sales charges and/or service fees charged with respect to
shares of an Acquiring Fund will not exceed the limits applicable to a
fund of funds as set forth in NASD Conduct Rule 2830.
    17. No Fund will acquire securities of any other investment company
or company relying on section 3(c)(1) or 3(c)(7) of the Act in excess
of the limits contained in section 12(d)(1)(A) of the Act, except to
the extent permitted by exemptive relief from the Commission permitting
the Fund to purchase shares of other investment companies for short-
term cash management purposes.
    18. Before approving any advisory contract under section 15 of the
Act, the board of directors or trustees of each Acquiring Management
Company, including a majority of the disinterested directors or
trustees, will find that the advisory fees charged under such advisory
contract are based on services provided that will be in addition to,
rather than duplicative of, the services provided under the advisory
contract(s) of any Fund in which the Acquiring Management Company may
invest. These findings and their basis will be recorded fully in the
minute books of the appropriate Acquiring Management Company.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-11301 Filed 5-13-09; 8:45 am]


[Federal Register Volume 84, Number 197 (Thursday, October 10, 2019)]
[Rules and Regulations]
[Page 54496]
[FR Doc No: 2019-21902]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2019-0794]
RIN 1625-AA00

Safety Zone, Saint Simons Sound, GA; Correction

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule; correction.

-----------------------------------------------------------------------

SUMMARY: The Coast Guard is correcting a temporary final rule that
appeared in the Federal Register on September 30, 2019. The document
issued an emergency temporary safety zone in response to the grounding/
capsizing of the M/V GOLDEN RAY (31[deg]07'39.66 North,
081[deg]24'10.58 West, between Saint Simons Lighthouse and the north
end of Jekyll Island, in the vicinity of green buoy #19). The rule was
made enforceable from September 19, 2019, until no longer deemed
necessary by the Captain of the Port Savannah. However, in the
instruction and section heading of regulatory text, the docket number
appeared instead of the CFR section number.

DATES: This correction is effective on October 10, 2019.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email MST1 Rachel Crowe, Marine Safety Unit Savannah Office of
Waterways Management, Coast Guard; Waterways Management, Coast Guard;
telephone<PHONE_NUMBER>, extension 243, or email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Correction

    In FR Rule Doc. 2019-20781, appearing on page 51413 in the Federal
Register of Monday, September 30, 2019, the following corrections are
made:

0
On page 51413, in the first column in Instruction No. 2, ``Sec.  2019-
0974'' is corrected to read ``Sec.  165.T07-0794''.

0
On page 51413, in the first column, the section heading ``Sec.  2019-
0794 Safety Zone; M/V GOLDEN RAY; Saint Simons Sound, GA.'' is
corrected to read, ``Sec.  165.T07-0794 Safety Zone; M/V GOLDEN RAY;
Saint Simons Sound, GA.''

    Dated: October 3, 2019.
M.W. Mumbach,
Chief, Office of Regulations and Administrative Law, U.S. Coast Guard.
[FR Doc. 2019-21902 Filed 10-9-19; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 78, Number 58 (Tuesday, March 26, 2013)]
[Notices]
[Pages 18352-18353]
[FR Doc No: 2013-06825]

-----------------------------------------------------------------------

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2012-P-0649]

Determination That QUESTRAN (Cholestyramine for Oral Suspension,
USP), Equivalent to 4 Grams, and QUESTRAN LIGHT (Cholestyramine for
Oral Suspension, USP), Equivalent to 4 Grams, Were Not Withdrawn From
Sale for Reasons of Safety or Effectiveness

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Food and Drug Administration (FDA) has determined that
QUESTRAN (cholestyramine for oral suspension, USP), equivalent to (EQ)
4 grams (g), and QUESTRAN LIGHT (cholestyramine for oral suspension,
USP), EQ 4 g, were not withdrawn from sale for reasons of safety or
effectiveness. This determination means that FDA will not begin
procedures to withdraw approval of the abbreviated new drug
applications (ANDAs) that refer to these drugs, and it will allow FDA
to approve ANDAs that refer to these drugs as long as they meet
relevant legal and regulatory requirements.

FOR FURTHER INFORMATION CONTACT: Carolina M. Wirth, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 51, rm. 6282, Silver Spring, MD 20993-0002, 301-
796-3602.

SUPPLEMENTARY INFORMATION: In 1984, Congress enacted the Drug Price
Competition and Patent Term Restoration Act of 1984 (Pub. L. 98-417)

(the 1984 amendments), which authorized the approval of duplicate
versions of drug products under an ANDA procedure. ANDA applicants
must, with certain exceptions, show that the drug for which they are
seeking approval contains the same active ingredient in the same
strength and dosage form as the ``listed drug,'' which is a version of
the drug that was previously approved. ANDA applicants do not have to
repeat the extensive clinical testing otherwise necessary to gain
approval of a new drug application (NDA). The only clinical data
required in an ANDA are data to show that the drug that is the subject
of the ANDA is bioequivalent to the listed drug.
    The 1984 amendments include what is now section 505(j)(7) of the
Federal Food, Drug, and Cosmetic Act (21 U.S.C. 355(j)(7)), which
requires FDA to publish a list of all approved drugs. FDA publishes
this list as part of the ``Approved Drug Products With Therapeutic
Equivalence Evaluations,'' which is known generally as the ``Orange
Book.'' Under FDA regulations, drugs are removed from the list if the
Agency withdraws or suspends approval of the drug's NDA or ANDA for
reasons of safety or effectiveness or if FDA determines that the listed
drug was withdrawn from sale for reasons of safety or effectiveness (21
CFR 314.162).
    A person may petition the Agency to determine, or the Agency may
determine on its own initiative, whether a listed drug was withdrawn
from sale for reasons of safety or effectiveness. This determination
may be made at any time after the drug has been withdrawn from sale,
but must be made prior to approving an ANDA that refers to the listed
drug (Sec.  314.161 (21 CFR 314.161)). FDA may not approve an ANDA that
does not refer to a listed drug.
    QUESTRAN (cholestyramine for oral suspension, USP), EQ 4 g, is the
subject of NDA 16-640, held by Bristol-Myers Squibb, and initially
approved on August 3, 1973. QUESTRAN LIGHT (cholestyramine for oral
suspension, USP), EQ 4 g, is the subject of NDA 19-669, also held by
Bristol-Myers Squibb, and initially approved on December 5, 1988.
QUESTRAN and QUESTRAN LIGHT are indicated as adjunctive therapy for the
reduction of elevated serum cholesterol in patients with primary
hypercholesterolemia (elevated low-density lipoprotein cholesterol) who
do not respond adequately to diet.
    In a letter dated May 31, 2012, Bristol-Myers Squibb notified FDA
that QUESTRAN (cholestyramine for oral suspension, USP), EQ 4 g, and
QUESTRAN LIGHT (cholestyramine for oral suspension, USP), EQ 4 g, were
being discontinued, and FDA moved the drug products to the
``Discontinued Drug Product List'' section of the Orange Book. Lachman
Consultant Services, Inc., submitted a citizen petition dated June 19,
2012 (Docket No. FDA-2012-P-0649), under 21 CFR 10.30, requesting that
the Agency determine whether QUESTRAN (cholestyramine for oral
suspension, USP), EQ 4 g, was withdrawn from sale for reasons of safety
or effectiveness. Although the citizen petition did not address
QUESTRAN LIGHT, that version of the drug product has also been
discontinued. On our own initiative, we have also determined whether
QUESTRAN LIGHT was withdrawn for safety or effectiveness reasons.
    After considering the citizen petition and reviewing Agency records
and based on the information we have at this time, FDA has determined
under Sec.  314.161 that QUESTRAN (cholestyramine for oral suspension,
USP), EQ 4 g, and QUESTRAN LIGHT (cholestyramine for oral suspension,
USP), EQ 4 g, were not withdrawn for reasons of safety or
effectiveness. We have carefully reviewed our files for records
concerning the withdrawal of QUESTRAN (cholestyramine for oral
suspension, USP), EQ 4 g, and QUESTRAN LIGHT (cholestyramine for oral
suspension, USP), EQ 4 g, from sale. We have also independently
evaluated relevant literature and data for possible postmarketing
adverse events. We have found no information that would indicate that
either product was withdrawn from sale for reasons of safety or
effectiveness. Moreover, the petitioner has identified no data or other
information suggesting that QUESTRAN (cholestyramine for oral
suspension, USP), EQ 4 g, was withdrawn for reasons of safety or
effectiveness.
    Accordingly, the Agency will continue to list QUESTRAN
(cholestyramine for oral suspension, USP), EQ 4 g, and QUESTRAN LIGHT
(cholestyramine for oral suspension, USP), EQ 4 g, in the
``Discontinued Drug Product List'' section of the Orange Book. The
``Discontinued Drug Product List'' delineates, among other items, drug
products that have been discontinued from marketing for reasons other
than safety or effectiveness. FDA will not begin procedures to withdraw
approval of the approved ANDAs that refer to QUESTRAN or QUESTRAN
LIGHT. Additional ANDAs for cholestyramine and cholestyramine light for
oral suspension, USP, EQ 4 g, may also be approved by the Agency as
long as they meet all other legal and regulatory requirements for the
approval of ANDAs. If FDA determines that labeling for these drug
products should be revised to meet current standards, the Agency will
advise ANDA applicants to submit such labeling.

    Dated: March 20, 2013.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2013-06825 Filed 3-25-13; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 76, Number 93 (Friday, May 13, 2011)]
[Notices]
[Pages 28117-28118]
[FR Doc No: 2011-11904]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

Order of Suspension of Trading; City Network, Inc.

May 11, 2011.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
City Network, Inc. because it has not filed any periodic reports since
the period ended September 30, 2006.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed company. Therefore, it is ordered,
pursuant to Section 12(k) of the Securities Exchange Act of 1934, that
trading in the securities of the above-listed company is suspended for
the

period from 9:30 a.m. EDT on May 11, 2011, through 11:59 p.m. EDT on
May 24, 2011.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2011-11904 Filed 5-11-11; 11:15 am]
BILLING CODE 8011-01-P