[Federal Register Volume 85, Number 172 (Thursday, September 3, 2020)]
[Proposed Rules]
[Pages 54970-54976]
[FR Doc No: 2020-19171]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 300

[EPA-HQ-SFUND-2000-0007, EPA-HQ-OLEM-2020-0394, 0395, 0396 and 0397;
FRL-10012-70-OLEM]

National Priorities List

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Comprehensive Environmental Response, Compensation, and
Liability Act (``CERCLA'' or ``the Act''), as amended, requires that
the National Oil and Hazardous Substances Pollution Contingency Plan
(``NCP'') include a list of national priorities among the known
releases or threatened releases of hazardous substances, pollutants or
contaminants throughout the United States. The National Priorities List
(``NPL'') constitutes this list. The NPL is intended primarily to guide
the Environmental Protection Agency (``EPA'' or ``the agency'') in
determining which sites warrant further investigation. These further
investigations will allow the EPA to assess the nature and extent of
public health and environmental risks associated with the site and to
determine what CERCLA-financed remedial action(s), if any, may be
appropriate. This rule proposes to add four sites to the General
Superfund section of the NPL and withdraws a previous proposal for NPL
addition.

DATES: Comments regarding any of these proposed listings must be
submitted (postmarked) on or before November 2, 2020.

ADDRESSES: Identify the appropriate docket number from the table below.

                                      Docket Identification Numbers by Site
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              Site name                   City/county, state                      Docket ID No.
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Cherokee Zinc--Weir Smelter..........  Weir, KS...............  EPA-HQ-OLEM-2020-0394
Billings PCE.........................  Billings, MT...........  EPA-HQ-OLEM-2020-0395
Pioneer Metal Finishing Inc..........  Franklinville, NJ......  EPA-HQ-OLEM-2020-0396
Northwest Odessa Groundwater.........  Odessa, TX.............  EPA-HQ-OLEM-2020-0397
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    You may send comments, identified by the appropriate docket number,
by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov/
(our preferred method). Follow the online instructions for submitting
comments.
     Agency Website: https://www.epa.gov/superfund/current-npl-updates-new-proposed-npl-sites-and-new-npl-sites.
    Scroll down to the site for which you would like to submit comments
and click the ``Comment Now'' link.
     Mail: U.S. Environmental Protection Agency, EPA Docket
Center, Superfund Docket, Mail Code 28221T, 1200 Pennsylvania Avenue
NW, Washington, DC 20460.
     Hand Delivery or Courier (by scheduled appointment only):
EPA Docket Center, WJC West Building, Room 3334, 1301 Constitution
Avenue NW, Washington, DC 20004. The Docket Center's hours of
operations are 8:30 a.m.-4:30 p.m., Monday-Friday (except Federal
Holidays).
    Instructions: All submissions received must include the appropriate
Docket ID No. for site(s) for which you are submitting comments.
Comments received may be posted without change to https://www.regulations.gov/, including any personal information provided. For
detailed instructions on sending comments and additional information on
the rulemaking process, see the ``Public Review/Public Comment''
heading of the SUPPLEMENTARY INFORMATION section of this document. Out
of an abundance of caution for members of the public and our staff, the
EPA Docket Center and Reading Room are closed to the public, with
limited exceptions, to reduce the risk of transmitting COVID-19. Our
Docket Center staff will continue to provide remote customer service
via email, phone, and webform. We encourage the public to submit
comments via https://www.regulations.gov/ or email, as there may be a
delay in processing mail and faxes. Hand deliveries and couriers may be
received by scheduled appointment only. For further information on EPA
Docket Center services and the current status, please visit us online
at https://www.epa.gov/dockets.

FOR FURTHER INFORMATION CONTACT: Terry Jeng, phone:<PHONE_NUMBER>,
email<EMAIL_ADDRESS>Assessment and Remediation Division, Office
of Superfund Remediation and Technology Innovation, Mail Code 5204P,
Environmental Protection Agency, 1200 Pennsylvania Avenue NW,
Washington, DC 20460; or the Superfund Hotline, phone<PHONE_NUMBER> or
(703) 412-9810 in the Washington, DC, metropolitan area.

SUPPLEMENTARY INFORMATION:

Table of Contents

I. Public Review/Public Comment
    A. May I review the documents relevant to this proposed rule?
    B. How do I access the documents?
    C. What documents are available for public review at the EPA
Headquarters docket?
    D. What documents are available for public review at the EPA
regional dockets?
    E. How do I submit my comments?
    F. What happens to my comments?
    G. What should I consider when preparing my comments?
    H. May I submit comments after the public comment period is
over?
    I. May I view public comments submitted by others?
    J. May I submit comments regarding sites not currently proposed
to the NPL?
II. Background
    A. What are CERCLA and SARA?
    B. What is the NCP?
    C. What is the National Priorities List (NPL)?
    D. How are sites listed on the NPL?
    E. What happens to sites on the NPL?
    F. Does the NPL define the boundaries of sites?
    G. How are sites removed from the NPL?
    H. May the EPA delete portions of sites from the NPL as they are
cleaned up?
    I. What is the Construction Completion List (CCL)?
    J. What is the Sitewide Ready for Anticipated Use measure?
    K. What is state/tribal correspondence concerning NPL listing?
III. Contents of This Proposed Rule
    A. Proposed Additions to the NPL
    B. Withdrawal of Previous Proposal for NPL Addition
IV. Statutory and Executive Order Reviews
    A. Executive Order 12866: Regulatory Planning and Review and
Executive Order 13563: Improving Regulation and Regulatory Review
    B. Executive Order 13771: Reducing Regulation and Controlling
Regulatory Costs
    C. Paperwork Reduction Act (PRA)
    D. Regulatory Flexibility Act (RFA)
    E. Unfunded Mandates Reform Act (UMRA)
    F. Executive Order 13132: Federalism
    G. Executive Order 13175: Consultation and Coordination With
Indian Tribal Governments
    H. Executive Order 13045: Protection of Children From
Environmental Health and Safety Risks
    I. Executive Order 13211: Actions That Significantly Affect
Energy Supply, Distribution, or Use
    J. National Technology Transfer and Advancement Act (NTTAA)
    K. Executive Order 12898: Federal Actions To Address
Environmental Justice in Minority Populations and Low-Income
Populations

I. Public Review/Public Comment

A. May I review the documents relevant to this proposed rule?

    Yes, documents that form the basis for the EPA's evaluation and
scoring of the sites in this proposed rule are contained in public
dockets located both at the EPA Headquarters in Washington, DC, and in
the regional offices. These documents are also available by electronic
access at https://www.regulations.gov (see instructions in the
Addresses section above).

B. How do I access the documents?

    The EPA is temporarily suspending its Docket Center and Reading
Room for public visitors, with limited exceptions, to reduce the risk
of transmitting COVID-19. Our Docket Center staff will continue to
provide remote customer service via email, phone, and webform. We
encourage the public to submit comments via https://www.regulations.gov/ as there may be a delay in processing mail and
faxes. Hand deliveries or couriers will be received by scheduled
appointment only. For further information and updates on EPA Docket
Center services, please visit us online at https://www.epa.gov/dockets.
    The EPA continues to carefully and continuously monitor information
from the Centers for Disease Control and Prevention (CDC), local area
health departments, and our Federal partners so that we can respond
rapidly as conditions change regarding COVID-19.
    The following is the contact information for the EPA Dockets: Mail
comments to the EPA Headquarters as detailed at the beginning of this
preamble.)
    The contact information for the regional dockets is as follows:
     Holly Inglis, Region 1 (CT, ME, MA, NH, RI, VT), U.S. EPA,
Superfund Records and Information Center, 5 Post Office Square, Suite
100, Boston, MA 02109-3912; 617/918-1413.
     James Desir, Region 2 (NJ, NY, PR, VI), U.S. EPA, 290
Broadway, New York, NY 10007-1866; 212/637-4342.
     Lorie Baker (ASRC), Region 3 (DE, DC, MD, PA, VA, WV),
U.S. EPA, Library, 1650 Arch Street, Mailcode 3HS12, Philadelphia, PA
19103; 215/814-3355.
     Sandra Harrigan, Region 4 (AL, FL, GA, KY, MS, NC, SC,
TN), U.S. EPA, 61 Forsyth Street SW, Mailcode 9T25, Atlanta, GA 30303;
404/562-8926.
     Todd Quesada, Region 5 (IL, IN, MI, MN, OH, WI), U.S. EPA
Superfund Division Librarian/SFD Records Manager SRC-7J, Metcalfe
Federal

Building, 77 West Jackson Boulevard, Chicago, IL 60604; 312/886-4465.
     Michelle Delgado-Brown, Region 6 (AR, LA, NM, OK, TX),
U.S. EPA, 1201 Elm Street, Suite 500, Mailcode SED, Dallas, TX 75270;
214/665-3154.
     Kumud Pyakuryal, Region 7 (IA, KS, MO, NE), U.S. EPA,
11201 Renner Blvd., Mailcode SUPRSTAR, Lenexa, KS 66219; 913/551-7956.
     Victor Ketellapper, Region 8 (CO, MT, ND, SD, UT, WY),
U.S. EPA, 1595 Wynkoop Street, Mailcode 8EPR-B, Denver, CO 80202-1129;
303/312-6578.
     Eugenia Chow, Region 9 (AZ, CA, HI, NV, AS, GU, MP), U.S.
EPA, 75 Hawthorne Street, Mailcode SFD 6-1, San Francisco, CA 94105;
415/972-3160.
     Ken Marcy, Region 10 (AK, ID, OR, WA), U.S. EPA, 1200 6th
Avenue, Suite 155, Mailcode 12-D12-1, Seattle, WA 98101; 206/890-0591.
    You may also request copies from the EPA Headquarters or the
regional dockets. An informal request, rather than a formal written
request under the Freedom of Information Act, should be the ordinary
procedure for obtaining copies of any of these documents. Please note
that due to the difficulty of reproducing oversized maps, oversized
maps may be viewed only in-person; since the EPA dockets are not
equipped to both copy and mail out such maps or scan them and send them
out electronically.
    You may use the docket at https://www.regulations.gov to access
documents in the Headquarters docket. Please note that there are
differences between the Headquarters docket and the regional dockets
and those differences are outlined in this preamble below.

C. What documents are available for public review at the EPA
Headquarters docket?

    The Headquarters docket for this proposed rule contains the
following for the sites proposed in this rule: HRS score sheets;
documentation records describing the information used to compute the
score; information for any sites affected by particular statutory
requirements or the EPA listing policies; and a list of documents
referenced in the documentation record.

D. What documents are available for public review at the EPA regional
dockets?

    The regional dockets for this proposed rule contain all of the
information in the Headquarters docket plus the actual reference
documents containing the data principally relied upon and cited by the
EPA in calculating or evaluating the HRS score for the sites. These
reference documents are available only in the regional dockets.

E. How do I submit my comments?

    Follow the online instructions detailed above in the ADDRESSES
section for submitting comments. Once submitted, comments cannot be
edited or removed from the docket. The EPA may publish any comment
received to its public docket. Do not submit electronically any
information you consider to be Confidential Business Information (CBI)
or other information whose disclosure is restricted by statute.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. The EPA
will generally not consider comments or comment contents located
outside of the primary submission (i.e. on the web, cloud, or other
file sharing system). For additional submission methods, the full EPA
public comment policy, information about CBI or multimedia submissions,
and general guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets.

F. What happens to my comments?

    The EPA considers all comments received during the comment period.
Significant comments are typically addressed in a support document that
the EPA will publish concurrently with the Federal Register document
if, and when, the site is listed on the NPL.

G. What should I consider when preparing my comments?

    Comments that include complex or voluminous reports, or materials
prepared for purposes other than HRS scoring, should point out the
specific information that the EPA should consider and how it affects
individual HRS factor values or other listing criteria (Northside
Sanitary Landfill v. Thomas, 849 F.2d 1516 (D.C. Cir. 1988)). The EPA
will not address voluminous comments that are not referenced to the HRS
or other listing criteria. The EPA will not address comments unless
they indicate which component of the HRS documentation record or what
particular point in the EPA's stated eligibility criteria is at issue.

H. May I submit comments after the public comment period is over?

    Generally, the EPA will not respond to late comments. The EPA can
guarantee only that it will consider those comments postmarked by the
close of the formal comment period. The EPA has a policy of generally
not delaying a final listing decision solely to accommodate
consideration of late comments.

I. May I view public comments submitted by others?

    During the comment period, comments are placed in the Headquarters
docket and are available to the public on an ``as received'' basis. A
complete set of comments will be available for viewing in the regional
dockets approximately one week after the formal comment period closes.
    All public comments, whether submitted electronically or in paper
form, will be made available for public viewing in the electronic
public docket at https://www.regulations.gov as the EPA receives them
and without change, unless the comment contains copyrighted material,
confidential business information (CBI) or other information whose
disclosure is restricted by statute. Once in the public dockets system,
select ``search,'' then key in the appropriate docket ID number.

J. May I submit comments regarding sites not currently proposed to the
NPL?

    In certain instances, interested parties have written to the EPA
concerning sites that were not at that time proposed to the NPL. If
those sites are later proposed to the NPL, parties should review their
earlier concerns and, if still appropriate, resubmit those concerns for
consideration during the formal comment period. Site-specific
correspondence received prior to the period of formal proposal and
comment will not generally be included in the docket.

II. Background

A. What are CERCLA and SARA?

    In 1980, Congress enacted the Comprehensive Environmental Response,
Compensation, and Liability Act, 42 U.S.C. 9601-9675 (``CERCLA'' or
``the Act''), in response to the dangers of uncontrolled releases or
threatened releases of hazardous substances, and releases or
substantial threats of releases into the environment of any pollutant
or contaminant that may present an imminent or substantial danger to
the public health or welfare. CERCLA was amended on October 17, 1986,
by the Superfund Amendments and Reauthorization Act (``SARA''), Public
Law 99-499, 100 Stat. 1613 et seq.

B. What is the NCP?

    To implement CERCLA, the EPA promulgated the revised National Oil
and Hazardous Substances Pollution Contingency Plan (``NCP''), 40 CFR
part 300, on July 16, 1982 (47 FR 31180), pursuant to CERCLA section
105 and Executive Order 12316 (46 FR 42237, August 20, 1981). The NCP
sets guidelines and procedures for responding to releases and
threatened releases of hazardous substances or releases or substantial
threats of releases into the environment of any pollutant or
contaminant that may present an imminent or substantial danger to the
public health or welfare. The EPA has revised the NCP on several
occasions. The most recent comprehensive revision was on March 8, 1990
(55 FR 8666).
    As required under section 105(a)(8)(A) of CERCLA, the NCP also
includes ``criteria for determining priorities among releases or
threatened releases throughout the United States for the purpose of
taking remedial action and, to the extent practicable taking into
account the potential urgency of such action, for the purpose of taking
removal action.'' ``Removal'' actions are defined broadly and include a
wide range of actions taken to study, clean up, prevent or otherwise
address releases and threatened releases of hazardous substances,
pollutants or contaminants (42 U.S.C. 9601(23)).

C. What is the National Priorities List (NPL)?

    The NPL is a list of national priorities among the known or
threatened releases of hazardous substances, pollutants or contaminants
throughout the United States. The list, which is appendix B of the NCP
(40 CFR part 300), was required under section 105(a)(8)(B) of CERCLA,
as amended. Section 105(a)(8)(B) defines the NPL as a list of
``releases'' and the highest priority ``facilities'' and requires that
the NPL be revised at least annually. The NPL is intended primarily to
guide the EPA in determining which sites warrant further investigation
to assess the nature and extent of public health and environmental
risks associated with a release of hazardous substances, pollutants or
contaminants. The NPL is only of limited significance, however, as it
does not assign liability to any party or to the owner of any specific
property. Also, placing a site on the NPL does not mean that any
remedial or removal action necessarily need be taken.
    For purposes of listing, the NPL includes two sections, one of
sites that are generally evaluated and cleaned up by the EPA (the
``General Superfund section''), and one of sites that are owned or
operated by other Federal agencies (the ``Federal Facilities
section''). With respect to sites in the Federal Facilities section,
these sites are generally being addressed by other Federal agencies.
Under Executive Order 12580 (52 FR 2923, January 29, 1987) and CERCLA
section 120, each Federal agency is responsible for carrying out most
response actions at facilities under its own jurisdiction, custody or
control, although the EPA is responsible for preparing a Hazard Ranking
System (``HRS'') score and determining whether the facility is placed
on the NPL.

D. How are sites listed on the NPL?

    There are three mechanisms for placing sites on the NPL for
possible remedial action (see 40 CFR 300.425(c) of the NCP): (1) A site
may be included on the NPL if it scores sufficiently high on the HRS,
which the EPA promulgated as appendix A of the NCP (40 CFR part 300).
The HRS serves as a screening tool to evaluate the relative potential
of uncontrolled hazardous substances, pollutants or contaminants to
pose a threat to human health or the environment. On December 14, 1990
(55 FR 51532), the EPA promulgated revisions to the HRS partly in
response to CERCLA section 105(c), added by SARA. On January 9, 2017
(82 FR 2760), a subsurface intrusion component was added to the HRS to
enable the EPA to consider human exposure to hazardous substances or
pollutants and contaminants that enter regularly occupied structures
through subsurface intrusion when evaluating sites for the NPL. The
current HRS evaluates four pathways: Ground water, surface water, soil
exposure and subsurface intrusion, and air. As a matter of agency
policy, those sites that score 28.50 or greater on the HRS are eligible
for the NPL. (2) Pursuant to 42 U.S.C. 9605(a)(8)(B), each state may
designate a single site as its top priority to be listed on the NPL,
without any HRS score. This provision of CERCLA requires that, to the
extent practicable, the NPL include one facility designated by each
state as the greatest danger to public health, welfare or the
environment among known facilities in the state. This mechanism for
listing is set out in the NCP at 40 CFR 300.425(c)(2). (3) The third
mechanism for listing, included in the NCP at 40 CFR 300.425(c)(3),
allows certain sites to be listed without any HRS score, if all of the
following conditions are met:
     The Agency for Toxic Substances and Disease Registry
(ATSDR) of the U.S. Public Health Service has issued a health advisory
that recommends dissociation of individuals from the release.
     The EPA determines that the release poses a significant
threat to public health.
     The EPA anticipates that it will be more cost-effective to
use its remedial authority than to use its removal authority to respond
to the release.
    The EPA promulgated an original NPL of 406 sites on September 8,
1983 (48 FR 40658) and generally has updated it at least annually.

E. What happens to sites on the NPL?

    A site may undergo remedial action financed by the Trust Fund
established under CERCLA (commonly referred to as the ``Superfund'')
only after it is placed on the NPL, as provided in the NCP at 40 CFR
300.425(b)(1). (``Remedial actions'' are those ``consistent with
permanent remedy, taken instead of or in addition to removal actions. *
* *'' 42 U.S.C. 9601(24).) However, under 40 CFR 300.425(b)(2) placing
a site on the NPL ``does not imply that monies will be expended.'' The
EPA may pursue other appropriate authorities to respond to the
releases, including enforcement action under CERCLA and other laws.

F. Does the NPL define the boundaries of sites?

    The NPL does not describe releases in precise geographical terms;
it would be neither feasible nor consistent with the limited purpose of
the NPL (to identify releases that are priorities for further
evaluation), for it to do so. Indeed, the precise nature and extent of
the site are typically not known at the time of listing.
    Although a CERCLA ``facility'' is broadly defined to include any
area where a hazardous substance has ``come to be located'' (CERCLA
section 101(9)), the listing process itself is not intended to define
or reflect the boundaries of such facilities or releases. Of course,
HRS data (if the HRS is used to list a site) upon which the NPL
placement was based will, to some extent, describe the release(s) at
issue. That is, the NPL site would include all releases evaluated as
part of that HRS analysis.
    When a site is listed, the approach generally used to describe the
relevant release(s) is to delineate a geographical area (usually the
area within an installation or plant boundaries) and identify the site
by reference to that area. However, the NPL site is not necessarily
coextensive with the boundaries of the installation or plant, and the
boundaries of the installation or plant are not necessarily the
``boundaries'' of the site. Rather, the site

consists of all contaminated areas within the area used to identify the
site, as well as any other location where that contamination has come
to be located, or from where that contamination came.
    In other words, while geographic terms are often used to designate
the site (e.g., the ``Jones Co. Plant site'') in terms of the property
owned by a particular party, the site, properly understood, is not
limited to that property (e.g., it may extend beyond the property due
to contaminant migration), and conversely may not occupy the full
extent of the property (e.g., where there are uncontaminated parts of
the identified property, they may not be, strictly speaking, part of
the ``site''). The ``site'' is thus neither equal to, nor confined by,
the boundaries of any specific property that may give the site its
name, and the name itself should not be read to imply that this site is
coextensive with the entire area within the property boundary of the
installation or plant. In addition, the site name is merely used to
help identify the geographic location of the contamination; and is not
meant to constitute any determination of liability at a site. For
example, the name ``Jones Co. Plant site,'' does not imply that the
Jones Company is responsible for the contamination located on the plant
site.
    The EPA regulations provide that the remedial investigation
(``RI'') ``is a process undertaken . . . to determine the nature and
extent of the problem presented by the release'' as more information is
developed on site contamination, and which is generally performed in an
interactive fashion with the feasibility Study (``FS'') (40 CFR 300.5).
During the RI/FS process, the release may be found to be larger or
smaller than was originally thought, as more is learned about the
source(s) and the migration of the contamination. However, the HRS
inquiry focuses on an evaluation of the threat posed and therefore the
boundaries of the release need not be exactly defined. Moreover, it
generally is impossible to discover the full extent of where the
contamination ``has come to be located'' before all necessary studies
and remedial work are completed at a site. Indeed, the known boundaries
of the contamination can be expected to change over time. Thus, in most
cases, it may be impossible to describe the boundaries of a release
with absolute certainty.
    Further, as noted previously, NPL listing does not assign liability
to any party or to the owner of any specific property. Thus, if a party
does not believe it is liable for releases on discrete parcels of
property, it can submit supporting information to the agency at any
time after it receives notice it is a potentially responsible party.
    For these reasons, the NPL need not be amended as further research
reveals more information about the location of the contamination or
release.

G. How are sites removed from the NPL?

    The EPA may delete sites from the NPL where no further response is
appropriate under Superfund, as explained in the NCP at 40 CFR
300.425(e). This section also provides that the EPA shall consult with
states on proposed deletions and shall consider whether any of the
following criteria have been met:
    (i) Responsible parties or other persons have implemented all
appropriate response actions required;
    (ii) All appropriate Superfund-financed response has been
implemented and no further response action is required; or
    (iii) The remedial investigation has shown the release poses no
significant threat to public health or the environment and taking of
remedial measures is not appropriate.

H. May the EPA delete portions of sites from the NPL as they are
cleaned up?

    In November 1995, the EPA initiated a policy to delete portions of
NPL sites where cleanup is complete (60 FR 55465, November 1, 1995).
Total site cleanup may take many years, while portions of the site may
have been cleaned up and made available for productive use.

I. What is the Construction Completion List (CCL)?

    The EPA also has developed an NPL construction completion list
(``CCL'') to simplify its system of categorizing sites and to better
communicate the successful completion of cleanup activities (58 FR
12142, March 2, 1993). Inclusion of a site on the CCL has no legal
significance.
    Sites qualify for the CCL when: (1) Any necessary physical
construction is complete, whether or not final cleanup levels or other
requirements have been achieved; (2) the EPA has determined that the
response action should be limited to measures that do not involve
construction (e.g., institutional controls); or (3) the site qualifies
for deletion from the NPL. For more information on the CCL, see the
EPA's internet site at https://www.epa.gov/superfund/construction-completions-national-priorities-list-npl-sites-number.

J. What is the Sitewide Ready for Anticipated Use measure?

    The Sitewide Ready for Anticipated Use measure (formerly called
Sitewide Ready-for-Reuse) represents important Superfund
accomplishments and the measure reflects the high priority the EPA
places on considering anticipated future land use as part of the remedy
selection process. See Guidance for Implementing the Sitewide Ready-
for-Reuse Measure, May 24, 2006, OSWER 9365.0-36. This measure applies
to final and deleted sites where construction is complete, all cleanup
goals have been achieved, and all institutional or other controls are
in place. The EPA has been successful on many occasions in carrying out
remedial actions that ensure protectiveness of human health and the
environment for current and future land uses, in a manner that allows
contaminated properties to be restored to environmental and economic
vitality. For further information, please go to https://www.epa.gov/superfund/about-superfund-cleanup-process#tab-9.

K. What is state/tribal correspondence concerning NPL listing?

    In order to maintain close coordination with states and tribes in
the NPL listing decision process, the EPA's policy is to determine the
position of the states and tribes regarding sites that the EPA is
considering for listing. This consultation process is outlined in two
memoranda that can be found at the following website: https://www.epa.gov/superfund/statetribal-correspondence-concerning-npl-site-listing.
    The EPA has improved the transparency of the process by which state
and tribal input is solicited. The EPA is using the Web and where
appropriate more structured state and tribal correspondence that (1)
explains the concerns at the site and the EPA's rationale for
proceeding; (2) requests an explanation of how the state intends to
address the site if placement on the NPL is not favored; and (3)
emphasizes the transparent nature of the process by informing states
that information on their responses will be publicly available.
    A model letter and correspondence between the EPA and states and
tribes where applicable, is available on the EPA's website at https://www.epa.gov/superfund/statetribal-correspondence-concerning-npl-site-listing.

III. Contents of This Proposed Rule

A. Proposed Additions to the NPL

    In this proposed rule, the EPA is proposing to add four sites to
the NPL,

all to the General Superfund section. All of the sites in this rule are
being proposed for NPL addition based on an HRS score of 28.50 or
above.
    The sites are presented in the table below.

                        General Superfund Section
------------------------------------------------------------------------
      State                Site name                  City/county
------------------------------------------------------------------------
KS..............  Cherokee Zinc--Weir         Weir.
                   Smelter.
MT..............  Billings PCE..............  Billings.
NJ..............  Pioneer Metal Finishing     Franklinville.
                   Inc.
TX..............  Northwest Odessa            Odessa.
                   Groundwater.
------------------------------------------------------------------------

B. Withdrawal of Previous Proposal for NPL Addition

    The EPA is withdrawing its previous proposal to add the Capitol
City Plume (also sometimes spelled Capital City Plume) site in
Montgomery, Alabama to the NPL because the cleanup is proceeding under
an agreement with the State. The City of Montgomery, Montgomery County,
Montgomery Water Works and Sanitary Sewer Board, the State of Alabama
and the Montgomery Advertiser formed the Downtown Environmental
Alliance to complete the investigation, risk assessment and develop a
remedial action plan (Institutional Controls Plan) to address the
Capitol City Plume under an agreement with the Alabama Department of
Environmental Management (ADEM). The EPA has also entered into a
Memorandum of Agreement with the ADEM formally deferring the oversight
lead to the State. The selected remedy at the site includes groundwater
monitoring and land use controls that restrict the use of groundwater
in the downtown area under a city ordinance, and land use for certain
specific areas in the downtown area by environmental covenants and city
ordinance.
    The rule proposing to add this site to the NPL can be found at 65
FR 30489 (May 11, 2000). Refer to the Docket ID number EPA-HQ-SFUND-
2000-0007 for supporting documentation regarding this action.
Additional information regarding this site can be found on the
Montgomery, Alabama website at https://www.montgomeryal.gov/live/capital-city-plume-information.

IV. Statutory and Executive Order Reviews

    Additional information about these statutes and Executive orders
can be found at https://www.epa.gov/laws-regulations/laws-and-executive-orders.

A. Executive Order 12866: Regulatory Planning and Review and Executive
Order 13563: Improving Regulation and Regulatory Review

    This action is not a significant regulatory action and was
therefore not submitted to the Office of Management and Budget (OMB)
for review.

B. Executive Order 13771: Reducing Regulation and Controlling
Regulatory Costs

    This action is not expected to be an Executive Order 13771
regulatory action because this action is not significant under
Executive Order 12866.

C. Paperwork Reduction Act (PRA)

    This action does not impose an information collection burden under
the PRA. This rule does not contain any information collection
requirements that require approval of the OMB.

D. Regulatory Flexibility Act (RFA)

    I certify that this action will not have a significant economic
impact on a substantial number of small entities under the RFA. This
action will not impose any requirements on small entities. This rule
listing sites on the NPL does not impose any obligations on any group,
including small entities. This rule also does not establish standards
or requirements that any small entity must meet and imposes no direct
costs on any small entity. Whether an entity, small or otherwise, is
liable for response costs for a release of hazardous substances depends
on whether that entity is liable under CERCLA 107(a). Any such
liability exists regardless of whether the site is listed on the NPL
through this rulemaking.

E. Unfunded Mandates Reform Act (UMRA)

    This action does not contain any unfunded mandate as described in
UMRA, 2 U.S.C. 1531-1538, and does not significantly or uniquely affect
small governments. This action imposes no enforceable duty on any
state, local or tribal governments or the private sector. Listing a
site on the NPL does not itself impose any costs. Listing does not mean
that the EPA necessarily will undertake remedial action. Nor does
listing require any action by a private party, state, local or tribal
governments or determine liability for response costs. Costs that arise
out of site responses result from future site-specific decisions
regarding what actions to take, not directly from the act of placing a
site on the NPL

F. Executive Order 13132: Federalism

    This rule does not have federalism implications. It will not have
substantial direct effects on the states, on the relationship between
the National Government and the states, or on the distribution of power
and responsibilities among the various levels of government.

G. Executive Order 13175: Consultation and Coordination With Indian
Tribal Governments

    This action does not have tribal implications as specified in
Executive Order 13175. Listing a site on the NPL does not impose any
costs on a tribe or require a tribe to take remedial action. Thus,
Executive Order 13175 does not apply to this action.

H. Executive Order 13045: Protection of Children From Environmental
Health and Safety Risks

    The EPA interprets Executive Order 13045 as applying only to those
regulatory actions that concern environmental health or safety risks
that the EPA has reason to believe may disproportionately affect
children, per the definition of ``covered regulatory action'' in
section 2-202 of the Executive order. This action is not subject to
Executive Order 13045 because this action itself is procedural in
nature (adds sites to a list) and does not, in and of itself, provide
protection from environmental health and safety risks. Separate future
regulatory actions are required for mitigation of environmental health
and safety risks.

I. Executive Order 13211: Actions That Significantly Affect Energy
Supply, Distribution, or Use

    This action is not subject to Executive Order 13211, because it is
not a significant regulatory action under Executive Order 12866.

J. National Technology Transfer and Advancement Act (NTTAA)

    This rulemaking does not involve technical standards.

K. Executive Order 12898: Federal Actions To Address Environmental
Justice in Minority Populations and Low-Income Populations

    The EPA believes the human health or environmental risk addressed
by this action will not have potential disproportionately high and
adverse human health or environmental effects on minority, low-income
or indigenous populations because it does not affect the level of
protection provided to human health or the environment. As discussed in
Section I.C. of the preamble to this action, the NPL is a list of
national priorities. The NPL is intended primarily to guide the EPA in

determining which sites warrant further investigation to assess the
nature and extent of public health and environmental risks associated
with a release of hazardous substances, pollutants or contaminants. The
NPL is of only limited significance as it does not assign liability to
any party. Also, placing a site on the NPL does not mean that any
remedial or removal action necessarily need be taken.

List of Subjects in 40 CFR Part 300

    Environmental protection, Air pollution control, Chemicals,
Hazardous substances, Hazardous waste, Intergovernmental relations,
Natural resources, Oil pollution, Penalties, Reporting and
recordkeeping requirements, Superfund, Water pollution control, Water
supply.

    Dated: August 24, 2020.
Peter Wright,
Assistant Administrator, Office of Land and Emergency Management.
    For the reasons set forth in the preamble, EPA proposes to amend 40
CFR part 300 as follows:

PART 300--NATIONAL OIL AND HAZARDOUS SUBSTANCES POLLUTION
CONTINGENCY PLAN

0
1. The authority citation for part 300 is revised to read as follows:

    Authority: 33 U.S.C. 1251 et seq.; 42 U.S.C. 9601-9657; E.O.
13626, 77 FR 56749, 3 CFR, 2013 Comp., p. 306; E.O. 12777, 56 FR
54757, 3 CFR, 1991 Comp., p. 351; E.O. 12580, 52 FR 2923, 3 CFR,
1987 Comp., p. 193.

0
2. Table 1 of appendix B to part 300 is amended by adding the entries
for ``KS,'' ``Cherokee Zinc--Weir Smelter'', ``MT,'' ``Billings PCE'',
``NJ,'' ``Pioneer Metal Finishing Inc'' and ``TX'', ``Northwest Odessa
Groundwater'' in alphabetical order by state to read as follows:

Appendix B to Part 300--National Priorities List

                                       Table 1--General Superfund Section
----------------------------------------------------------------------------------------------------------------
             State                      Site name               City/county                   Notes a
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
KS.............................  Cherokee Zinc--Weir      Weir...................
                                  Smelter.

                                                  * * * * * * *
MT.............................  Billings PCE...........  Billings...............

                                                  * * * * * * *
NJ.............................  Pioneer Metal Finishing  Franklinville..........
                                  Inc.

                                                  * * * * * * *
TX.............................  Northwest Odessa         Odessa.................
                                  Groundwater.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
a A = Based on issuance of health advisory by Agency for Toxic Substances and Disease Registry (if scored, HRS
  score need not be greater than or equal to 28.50).

* * * * *
[FR Doc. 2020-19171 Filed 9-2-20; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 76, Number 112 (Friday, June 10, 2011)]
[Notices]
[Pages 34112-34118]
[FR Doc No: 2011-14415]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64608; File No. SR-NYSEArca-2011-31]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade the Shares of the WisdomTree
Dreyfus Euro Debt Fund Under NYSE Arca Equities Rule 8.600

June 6, 2011.
    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 May 24, 2011, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade the shares (``Shares'') of
the following fund of the WisdomTree Trust (the ``Trust'') under NYSE
Arca Equities Rule 8.600 (``Managed Fund Shares''): WisdomTree Dreyfus
Euro Debt Fund. The text of the proposed rule change is available at
the Exchange, the Commission's Public Reference Room, and http://www.nyse.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to list and trade the Shares of the
WisdomTree Dreyfus Euro Debt Fund (``Fund'') under NYSE Arca Equities
Rule 8.600, which governs the listing and trading of Managed Fund
Shares on the Exchange.\3\ The Shares will be offered

by the Trust, which was established as a Delaware statutory trust on
December 15, 2005. The Trust is registered with the Commission as an
investment company and the Fund has filed a registration statement on
Form N-1A (``Registration Statement'') with the Commission. The Fund is
currently known as the ``WisdomTree Dreyfus Euro Fund'' and is an
actively managed exchange-traded fund. The Commission approved listing
and trading on the Exchange of the WisdomTree Dreyfus Euro Fund
pursuant to Section 19(b)(2) of the Exchange Act on May 8, 2008 (``May
2008 Order'').\4\ On April 14, 2011, the WisdomTree Dreyfus Euro Fund
filed a supplement to its Registration Statement (the ``Supplement'')
pursuant to Rule 497 under the Securities Act of 1933.\5\ As stated in
the Supplement, the WisdomTree Dreyfus Euro Fund, effective on or after
June 27, 2011, will change its investment objective and strategy and
will be renamed the ``WisdomTree Dreyfus Euro Debt Fund.'' \6\ The
WisdomTree Dreyfus Euro Fund's new name, investment objective, and
investment strategies, which are not reflected in the May 2008 Order,
are described below. Shareholders of the WisdomTree Dreyfus Euro Fund
who wish to remain in the Fund do not need to take any action.
Shareholders who do not wish to remain invested in the Fund may sell
their Shares at any time.
---------------------------------------------------------------------------

    \3\ The Commission approved NYSE Arca Equities Rule 8.600 and
the listing and trading of certain funds of the PowerShares Actively
Managed Funds Trust on the Exchange pursuant to Rule 8.600 in
Securities Exchange Act Release No. 57619 (April 4, 2008), 73 FR
19544 (April 10, 2008) (SR-NYSEArca-2008-25). The Commission also
previously approved listing and trading on the Exchange of a number
of actively managed funds under Rule 8.600. See, e.g., Securities
Exchange Act Release Nos. 57801 (May 8, 2008), 73 FR 27878 (May 14,
2008) (SR-NYSEArca-2008-31) (order approving Exchange listing and
trading of twelve actively managed funds of the WisdomTree Trust);
58564 (September 17, 2008), 73 FR 55194 (September 24, 2008) (SR-
NYSEArca-2008-86) (order approving Exchange listing and trading of
WisdomTree Dreyfus Emerging Currency Fund); 62604 (July 30, 2010),
75 FR 47323 (August 5, 2010) (SR-NYSEArca-2010-49) (order approving
listing and trading of WisdomTree Emerging Markets Local Debt Fund);
62623 (August 2, 2010), 75 FR 47652 (August 6, 2010) (SR-NYSEArca-
2010-51) (order approving listing and trading of WisdomTree Dreyfus
Commodity Currency Fund); 63598 (December 22, 2010), 75 FR 82106
(December 29, 2010) (SR-NYSEArca-2010-98) (order approving listing
and trading of WisdomTree Managed Futures Strategy Fund); and 63919
(February 16, 2011), 76 FR 10073 (February 23, 2011) (SR-NYSEArca-
2010-116) (order approving listing and trading of WisdomTree Asia
Local Debt Fund).
    \4\ See Securities Exchange Act Release No. 57801 (May 8, 2008),
73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order approving
Exchange listing and trading of twelve actively managed funds of the
WisdomTree Trust).
    \5\ 15 U.S.C. 77a et seq.
    \6\ See Form 497, Supplement to Registration Statement on Form
N-1A for the Trust, dated April 14, 2011 (File Nos. 333-132380 and
811-21864). The descriptions of the Fund and the Shares contained
herein are based, in part, on information in the Supplement and the
Registration Statement.
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Description of the Shares and the Fund
    WisdomTree Asset Management, Inc. (``WisdomTree Asset Management'')
is the investment adviser (``Adviser'') to the Fund.\7\ The Dreyfus
Corporation serves as sub-adviser for the Fund (``Sub-Adviser'').\8\
The Bank of New York Mellon is the administrator, custodian and
transfer agent for the Trust. ALPS Distributors, Inc. serves as the
distributor for the Trust.\9\
---------------------------------------------------------------------------

    \7\ WisdomTree Investments, Inc. (``WisdomTree Investments'') is
the parent company of WisdomTree Asset Management.
    \8\ The Sub-Adviser is responsible for day-to-day management of
the Fund and, as such, typically makes all decisions with respect to
portfolio holdings. The Adviser has ongoing oversight
responsibility.
    \9\ The Commission has issued an order granting certain
exemptive relief to the Trust under the Investment Company Act of
1940 (15 U.S.C. 80a-1) (``1940 Act''). See Investment Company Act
Release No. 28171 (October 27, 2008) (File No. 812-13458). In
compliance with Commentary .05 to NYSE Arca Equities Rule 8.600,
which applies to Managed Fund Shares based on an international or
global portfolio, the Trust's application for exemptive relief under
the 1940 Act states that the Fund will comply with the federal
securities laws in accepting securities for deposits and satisfying
redemptions with redemption securities, including that the
securities accepted for deposits and the securities used to satisfy
redemption requests are sold in transactions that would be exempt
from registration under the Securities Act of 1933 (15 U.S.C. 77a).
---------------------------------------------------------------------------

    Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the Investment Company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such Investment Company portfolio.\10\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. Commentary .06 to
Rule 8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .06 in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds. The
Adviser is not affiliated with any broker-dealer. The Sub-Adviser is
affiliated with multiple broker-dealers and has implemented a ``fire
wall'' with respect to such broker-dealers regarding access to
information concerning the composition and/or changes to the Fund's
portfolio. In addition, Sub-Adviser personnel who make decisions
regarding the Fund's portfolio are subject to procedures designed to
prevent the use and dissemination of material nonpublic information
regarding the Fund's portfolio. In the event (a) the Adviser or the
Sub-Adviser becomes newly affiliated with a broker-dealer, or (b) any
new adviser or sub-adviser becomes affiliated with a broker-dealer,
they [sic] will implement a fire wall with respect to such broker-
dealer regarding access to information concerning the composition and/
or changes to the portfolio, and will be subject to procedures designed
to prevent the use and dissemination of material non-public information
regarding such portfolio.
---------------------------------------------------------------------------

    \10\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and Sub-Adviser and their related
personnel are subject to the provisions of Rule 204A-1 under the
Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
---------------------------------------------------------------------------

WisdomTree Dreyfus Euro Debt Fund
    As noted above, effective on or after June 27, 2011, the WisdomTree
Dreyfus Euro Fund will change its investment objective and investment
strategies and be renamed the ``WisdomTree Dreyfus Euro Debt Fund.''
Upon implementation of the change, the Fund's new investment objective
will be to seek a high level of total returns consisting of both income
and capital appreciation and its investment strategies will be changed
as described below.\11\
---------------------------------------------------------------------------

    \11\ The Adviser represents that the Supplement has been sent to
existing Shareholders of the Fund to notify them of the planned
change. The Supplement and additional information have been posted
on the Fund's website at http://www.wisdomtree.com.
---------------------------------------------------------------------------

Euro-Denominated Debt
    Under normal circumstances, the Fund will invest at least 80% of
its net assets in Fixed Income Securities denominated in Euros.\12\ For
purposes of this proposed rule change, Fixed Income Securities include
bonds, notes or other debt obligations, such as government or corporate
bonds, denominated in Euros, including issues denominated in Euros that
are issued by ``supranational issuers,'' such as the European
Investment Bank, International Bank for Reconstruction and Development,
and the International Finance Corporation, or other regional

development banks, as well as development agencies supported by other
national governments. Under normal circumstances, the Fund may invest
up to 20% of its assets in Fixed Income Securities denominated in U.S.
dollars. The Fund may invest in Money Market Securities and derivative
and other instruments, as described below.\13\
---------------------------------------------------------------------------

    \12\ The term ``under normal market circumstances'' includes,
but is not limited to, the absence of extreme volatility or trading
halts in the fixed income markets or the financial markets
generally; operational issues causing dissemination of inaccurate
market information; or force majeure type events such as systems
failure, natural or man-made disaster, act of God, armed conflict,
act of terrorism, riot or labor disruption or any similar
intervening circumstance.
    \13\ As of February 17, 2011, the amount of Euro-denominated
debt outstanding exceeded US$19.2 trillion. Source: Deutsche
Bundesbank, at http://www.bundesbank.de/statistik/statistik_eszb_neuesfenster_tabelle.php?stat=debt_securities⟨=.en.
---------------------------------------------------------------------------

    The Fund intends to focus its investments on ``Sovereign Debt.''
For these purposes, Sovereign Debt means Fixed Income Securities issued
by governments, government agencies and government-sponsored
enterprises of countries in the European Union (``EU'') that are
denominated in Euros.\14\ This includes inflation-linked bonds designed
to provide protection against increases in general inflation rates. The
Fund may invest up to 20% of its net assets in corporate debt of
companies organized in EU countries or that have significant economic
ties to EU countries. The Fund will invest only in corporate bonds that
the Adviser or Sub-Adviser deems to be sufficiently liquid. Generally,
a corporate bond must have $200 million or more par amount outstanding
and significant par value traded to be considered as an eligible
investment. Economic and other conditions may, from time to time, lead
to a decrease in the average par amount outstanding of bond issuances.
Therefore, although the Fund does not intend to do so, the Fund may
invest up to 5% of its net assets in corporate bonds with less than
$200 million par amount outstanding if (i) the Adviser or Sub-Adviser
deems such security to be sufficiently liquid based on its analysis of
the market for such security (based on, for example, broker-dealer
quotations or its analysis of the trading history of the security or
the trading history of other securities issued by the issuer), (ii)
such investment is consistent with the Fund's goal of providing
exposure to a broad range of Fixed Income Securities denominated in
Euros, and (iii) such investment is deemed by the Adviser or Sub-
Adviser to be in the best interest of the Fund.
---------------------------------------------------------------------------

    \14\ As of February 17, 2011, the amount of sovereign Euro-
denominated debt outstanding exceeded US$8.02 trillion. Source:
Deutsche Bundesbank, at http://www.bundesbank.de/statistik/statistik_eszb_neuesfenster_tabelle.php?stat=debt_securities⟨=.en.
---------------------------------------------------------------------------

    The Fund intends to provide broad exposure to countries in the EU.
As a general matter, the Fund will invest a higher percentage of its
assets in countries with larger and more liquid debt markets. The
Fund's exposure to any single country generally will be limited to 20%
of the Fund's assets. The percentage of Fund assets invested in a
specific country or issuer will change from time to time.
    The universe of Euro-denominated Fixed Income Securities currently
includes securities that are rated ``investment grade'' as well as
``non-investment grade.'' As the Fund intends to provide broad-based
exposure to Euro-denominated Fixed Income Securities, the Fund will
invest in both investment-grade and non-investment-grade securities.
Securities rated investment grade generally are considered to be of
higher credit quality and subject to lower default risk. Although
securities rated below investment grade may offer the potential for
higher yields, they generally are subject to a higher potential risk of
loss. The Fund expects to have 75% or more of its assets invested in
investment grade bonds, though this percentage may change from time to
time in accordance with market conditions and the debt ratings assigned
to countries and issuers.
    Because the debt ratings of issuers will change from time to time,
the exact percentage of the Fund's investments in investment grade and
non-investment grade Fixed Income Securities will change from time to
time in response to economic events and changes to the credit ratings
of such issuers. Within the non-investment grade category some issuers
and instruments are considered to be of lower credit quality and at
higher risk of default. In order to limit its exposure to these more
speculative credits, the Fund will not invest more than 10% of its
assets in securities rated BB or below by Moody's, or equivalently
rated by S&P or Fitch. The Fund does not intend to invest in unrated
securities. However, it may do so to a limited extent, such as where a
rated security becomes unrated, if such security is determined by the
Adviser and Sub-Adviser to be of comparable quality. In determining
whether a security is of ``comparable quality,'' the Adviser or Sub-
Adviser will consider, for example, current information about the
credit quality of the issuer and whether or not the issuer of the
security has issued other rated securities.
    The Fund attempts to limit interest rate risk by maintaining an
aggregate portfolio duration of between two and eight years under
normal market conditions. Aggregate portfolio duration is important to
investors as an indication of the Fund's sensitivity to changes in
interest rates. Funds with higher durations generally are subject to
greater interest rate risk. An aggregate portfolio duration of between
two and eight years generally would be considered to be
``intermediate.'' The Fund's actual portfolio duration may be longer or
shorter depending upon market conditions. The Fund may also invest in
short-term Money Market Securities (as defined below) denominated in
the currencies of countries in which the Fund invests.
    The Fund intends to invest in Fixed Income Securities of at least
13 non-affiliated issuers. The Fund will not concentrate 25% or more of
the value of its total assets (taken at market value at the time of
each investment) in any one industry, as that term is used in the 1940
Act (except that this restriction does not apply to obligations issued
by the U.S. government, or any non-U.S. government, or their respective
agencies and instrumentalities or government-sponsored
enterprises).\15\
---------------------------------------------------------------------------

    \15\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund intends to qualify each year as a regulated investment
company (a ``RIC'') under Subchapter M of the Internal Revenue Code of
1986, as amended.\16\ The Fund will invest its assets, and otherwise
conduct its operations, in a manner that is intended to satisfy the
qualifying income, diversification and distribution requirements
necessary to establish and maintain RIC qualification under Subchapter
M. The Subchapter M diversification tests generally require that (i)
the Fund invest no more than 25% of its total assets in securities
(other than securities of the U.S. government or other RICs) of any one
issuer or two or more issuers that are controlled by the Fund and that
are engaged in the same, similar or related trades or businesses, and
(ii) at least 50% of the Fund's total assets consist of cash and cash
items, U.S. government securities, securities of other RICs and other
securities, with investments in such other securities limited in
respect of any one issuer to an amount not greater than 5% of the value
of the Fund's total assets and 10% of the outstanding voting securities
of such issuer.
---------------------------------------------------------------------------

    \16\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    In addition to satisfying the above referenced RIC diversification
requirements, no portfolio security held by the Fund (other than U.S.
government securities and non-U.S. government securities) will
represent

more than 30% of the weight of the Fund's portfolio and the five
highest weighted portfolio securities of the Fund (other than U.S.
government securities and/or non-U.S. government securities) will not
in the aggregate account for more than 65% of the weight of the Fund's
portfolio. For these purposes, the Fund may treat repurchase agreements
collateralized by U.S. government securities or non-U.S. government
securities as U.S. or non-U.S. government securities, as applicable.
Money Market Securities
    Assets not invested in Fixed Income Securities generally will be
invested in Money Market Securities. The Fund intends to invest in
Money Market Securities in order to help manage cash flows in and out
of the Fund, such as in connection with payment of dividends or
expenses, and to satisfy margin requirements, to provide collateral or
to otherwise back investments in derivative instruments. For these
purposes, Money Market Securities include: short-term, high-quality
obligations issued or guaranteed by the U.S. Treasury or the agencies
or instrumentalities of the U.S. government; short-term, high-quality
securities issued or guaranteed by non-U.S. governments, agencies and
instrumentalities; repurchase agreements backed by short-term U.S.
government securities or non-U.S. government securities; money market
mutual funds; and deposits and other obligations of U.S. and non-U.S.
banks and financial institutions. All Money Market Securities acquired
by the Fund will be rated investment grade, except that the Fund may
invest in unrated Money Market Securities that are deemed by the
Adviser or Sub-Adviser to be of comparable quality to Money Market
Securities rated investment grade. In determining whether a security is
of ``comparable quality,'' the Adviser or Sub-Adviser will consider,
for example, current information about the credit quality of the issuer
and whether or not the issuer of the security has issued other rated
securities.
Derivative Instruments and Other Investments
    The Fund may use derivative instruments as part of its investment
strategies. Examples of derivative instruments include listed futures
contracts,\17\ forward currency contracts, non-deliverable forward
currency contracts, currency and interest rate swaps, currency options,
options on futures contracts, swap agreements and credit-linked
notes.\18\ The Fund's use of derivative instruments (other than credit-
linked notes) will be collateralized or otherwise backed by investments
in short term, high-quality U.S. Money Market Securities. Under normal
circumstances, the Fund will invest no more than 20% of the value of
the Fund's net assets in derivative instruments. Such investments will
be consistent with the Fund's investment objective and will not be used
to enhance leverage.
---------------------------------------------------------------------------

    \17\ The listed futures contracts in which the Fund will invest
may be listed on exchanges in the U.S. or in London, Hong Kong or
Singapore. Each of the United Kingdom's primary financial markets
regulator, the Financial Services Authority, Hong Kong's primary
financial markets regulator, the Securities and Futures Commission,
and Singapore's primary financial markets regulator, the Monetary
Authority of Singapore, are signatories to the International
Organization of Securities Commissions (``IOSCO'') Multilateral
Memorandum of Understanding (``MMOU''), which is a multi-party
information sharing arrangement among major financial regulators.
Both the Commission and the Commodity Futures Trading Commission are
signatories to the IOSCO MMOU.
    \18\ The Fund may invest in credit-linked notes. A credit linked
note is a type of structured note whose value is linked to an
underlying reference asset. Credit linked notes typically provide
periodic payments of interest as well as payment of principal upon
maturity. The value of the periodic payments and the principal
amount payable upon maturity are tied (positively or negatively) to
a reference asset such as an index, government bond, interest rate
or currency exchange rate. The ongoing payments and principal upon
maturity typically will increase or decrease depending on increases
or decreases in the value of the reference asset. The Fund's
investments in credit-linked notes will be limited to notes
providing exposure to Fixed Income Securities denominated in Euros.
The Fund's overall investment in credit-linked notes will not exceed
25% of the Fund's assets.
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    With respect to certain kinds of derivative transactions entered
into by the Fund that involve obligations to make future payments to
third parties, including, but not limited to, futures, forward
contracts, swap contracts, the purchase of securities on a when-issued
or delayed delivery basis, or reverse repurchase agreements, the Fund,
in accordance with applicable federal securities laws, rules, and
interpretations thereof, will ``set aside'' liquid assets to ``cover''
open positions with respect to such transactions.\19\
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    \19\ See 15 U.S.C. 80a-18. See also Investment Company Act
Release No. 10666 (April 18, 1979), 44 FR 25128 (April 27, 1979);
Dreyfus Strategic Investing, Commission No-Action Letter (June 22,
1987); Merrill Lynch Asset Management, L.P., Commission No-Action
Letter (July 2, 1996).
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    The Fund may engage in foreign currency transactions, and may
invest directly in foreign currencies in the form of bank and financial
institution deposits, certificates of deposit, and bankers acceptances
denominated in a specified non-U.S. currency. The Fund may enter into
forward currency contracts in order to ``lock in'' the exchange rate
between the currency it will deliver and the currency it will receive
for the duration of the contract.
    The Fund may enter into swap agreements, including interest rate
swaps and currency swaps (e.g., Euro vs. U.S. dollar), and may buy or
sell put and call options on foreign currencies, either on exchanges or
in the over-the-counter market. The Fund may enter into repurchase
agreements with counterparties that are deemed to present acceptable
credit risks, and may enter into reverse repurchase agreements, which
involve the sale of securities held by the Fund subject to its
agreement to repurchase the securities at an agreed upon date or upon
demand and at a price reflecting a market rate of interest.
    The Fund may invest in the securities of other investment companies
(including money market funds and exchange-traded funds (``ETFs'')).
The Fund may invest up to an aggregate amount of 15% of its net assets
in (a) illiquid securities and (b) Rule 144A securities. Illiquid
securities include securities subject to contractual or other
restrictions on resale and other instruments that lack readily
available markets.\20\
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    \20\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73
14617 (March 18, 2008), footnote 34. See also Investment Company Act
Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the ETF. See Investment Company Act Release No. 14983 (March 12,
1986), 51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (April
23, 1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under
the Securities Act of 1933).
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    The Fund will not invest in non-U.S. equity securities.
The Shares
    The Fund issues and redeems Shares on a continuous basis at net
asset value (``NAV'') \21\ only in large blocks of Shares (``Creation
Units'') in transactions with authorized participants. Creation Units

generally will consist of 100,000 Shares, though this may change from
time to time. Creation Units are not expected to consist of less than
50,000 Shares. The Fund generally will issue and redeem Creation Units
in exchange for a portfolio of Fixed Income Securities closely
approximating the holdings of the Fund and/or a designated amount of
cash in U.S. dollars. Once created, Shares of the Fund will trade on
the secondary market in amounts less than a Creation Unit. Shares may
be redeemed from the Fund only in Creation Unit aggregations. Upon
delivery and settlement of the Shares upon redemption, the Fund will
deliver to the redeeming authorized participant a designated basket of
Fixed Income Securities and an amount of cash. Together, such Fixed
Income Securities and amount of cash constitute the ``Redemption
Payment.'' The Redemption Payment may consist entirely of cash at the
discretion of the Fund.
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    \21\ The NAV of the Fund's Shares generally is calculated once
daily Monday through Friday as of the close of regular trading on
the New York Stock Exchange, generally 4:00 p.m. Eastern time (the
``NAV Calculation Time''). NAV per Share is calculated by dividing
the Fund's net assets by the number of Fund Shares outstanding. For
more information regarding the valuation of Fund investments in
calculating the Fund's NAV, see the Registration Statement.
---------------------------------------------------------------------------

    Additional information regarding the Shares and the Fund, including
investment strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, distributions and taxes is
included in the Registration Statement.
Availability of Information
    The Fund's Web site (http://www.wisdomtree.com), which will be
publicly available prior to the public offering of Shares, will include
a form of the Prospectus for the Fund that may be downloaded. The
website will include additional quantitative information updated on a
daily basis, including, for the Fund: (1) The prior business day's
reported NAV, mid-point of the bid/ask spread at the time of
calculation of such NAV (the ``Bid/Ask Price''),\22\ and a calculation
of the premium and discount of the Bid/Ask Price against the NAV; and
(2) data in chart format displaying the frequency distribution of
discounts and premiums of the daily Bid/Ask Price against the NAV,
within appropriate ranges, for each of the four previous calendar
quarters. On each business day, before commencement of trading in
Shares in the Core Trading Session \23\ on the Exchange, the Trust will
disclose on its website the identities and quantities of the portfolio
of securities and other assets (the ``Disclosed Portfolio'') held by
the Fund that will form the basis for the Fund's calculation of NAV at
the end of the business day.\24\ The Disclosed Portfolio will include,
as applicable, the names, quantity, percentage weighting and market
value of Fixed Income Securities, and other assets held by the Fund and
the characteristics of such assets. The website and information will be
publicly available at no charge.
---------------------------------------------------------------------------

    \22\ The Bid/Ask Price of the Fund is determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of such Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Fund and its service
providers.
    \23\ The Core Trading Session is 9:30 a.m. to 4 p.m. Eastern
time.
    \24\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Notwithstanding the
foregoing, portfolio trades that are executed prior to the opening
of the Exchange on any business day may be booked and reflected in
NAV on such business day. Accordingly, the Fund will be able to
disclose at the beginning of the business day the portfolio that
will form the basis for the NAV calculation at the end of the
business day.
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    In addition, for the Fund, an estimated value, defined in Rule
8.600 as the ``Portfolio Indicative Value,'' that reflects an estimated
intraday value of the Fund's portfolio, will be disseminated. The
Portfolio Indicative Value will be based upon the current value for the
components of the Disclosed Portfolio and will be updated and
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session on the Exchange. In addition,
during hours when the markets for Fixed Income Securities in the Fund's
portfolio are closed, the Portfolio Indicative Value will be updated at
least every 15 seconds during the Core Trading Session to reflect
currency exchange fluctuations.
    The dissemination of the Portfolio Indicative Value, together with
the Disclosed Portfolio, will allow investors to determine the value of
the underlying portfolio of the Fund on a daily basis and to provide a
close estimate of that value throughout the trading day.
    Information regarding market price and volume of the Shares is and
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. The
previous day's closing price and trading volume information for the
Shares will be published daily in the financial section of newspapers.
Quotation and last sale information for the Shares will be available
via the Consolidated Tape Association high-speed line.
    Intra-day and end-of-day prices are readily available through major
market data providers and broker-dealers for the Fixed Income
Securities, Money Market Securities and derivative instruments held by
the Fund.
Initial and Continued Listing
    The Shares will be subject to Rule 8.600, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and/or continued
listing, the Fund must be in compliance with Rule 10A-3 under the
Exchange Act,\25\ as provided by NYSE Arca Equities Rule 5.3. A minimum
of 100,000 Shares will be outstanding at the commencement of trading on
the Exchange. The Exchange will obtain a representation from the issuer
of the Shares that the NAV per Share will be calculated daily and that
the NAV and the Disclosed Portfolio will be made available to all
market participants at the same time.
---------------------------------------------------------------------------

    \25\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund. Shares of the Fund will be halted if
the ``circuit breaker'' parameters in NYSE Arca Equities Rule 7.12 are
reached. Trading may be halted because of market conditions or for
reasons that, in the view of the Exchange, make trading in the Shares
inadvisable. These may include: (1) The extent to which trading is not
occurring in the securities and/or the financial instruments comprising
the Disclosed Portfolio of the Fund; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. Trading in the Shares will be subject
to Rule 8.600(d)(2)(D), which sets forth circumstances under which
Shares of the Fund may be halted.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. Eastern time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.

Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which includes Managed
Fund Shares) to monitor trading in the Shares. The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members of
the ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.\26\
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    \26\ For a list of the current members of ISG, see http://www.isgportal.org. The Exchange notes that not all of the components
of the Disclosed Portfolio for the Fund may trade on exchanges that
are members of the ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares. Specifically, the Bulletin will discuss the
following: (1) The procedures for purchases and redemptions of Shares
in Creation Unit aggregations (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (4) how information regarding the
Portfolio Indicative Value is disseminated; (5) the requirement that
ETP Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4 p.m. Eastern time each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \27\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Exchange may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. According to the Registration Statement, under normal
circumstances, the Fund will invest at least 80% of its net assets in
Fixed Income Securities denominated in Euros. The Fund intends to focus
its investments on Sovereign Debt, as described above. The Fund will
invest up to 20% of its net assets only in corporate bonds that the
Adviser or Sub-Adviser deems to be sufficiently liquid. Generally a
corporate bond must have $200 million or more par amount outstanding
and significant par value traded to be considered as an eligible
investment. The Fund expects to have 75% or more of its assets invested
in investment grade bonds, though this percentage may change from time
to time in accordance with market conditions and the debt ratings
assigned to countries and issuers. Under normal circumstances, the Fund
will invest no more than 20% of the value of the Fund's net assets in
derivative instruments. Such investments will be consistent with the
Fund's investment objective and will not be used to enhance leverage.
The Fund will not invest in non-U.S. equity securities.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. The Fund's portfolio holdings
will be disclosed on its website daily after the close of trading on
the Exchange and prior to the opening of trading on the Exchange the
following day. Moreover, the Portfolio Indicative Value will be
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Core Trading Session. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, the Fund will disclose on its website the
Disclosed Portfolio that will form the basis for the Fund's calculation
of NAV at the end of the business day. Information regarding market
price and trading volume of the Shares is and will be continually
available on a real-time basis throughout the day on brokers' computer
screens and other electronic services, and quotation and last sale
information will be available via the CTA high-speed line. The website
for the Fund will include a form of the Prospectus for the Fund and
additional data relating to NAV and other applicable quantitative
information. Moreover, prior to the commencement of trading, the
Exchange will inform its ETP Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Trading in Shares of the Fund will be halted if the circuit breaker
parameters in NYSE Arca Equities Rule 7.12 have been reached or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of the Fund may be halted. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, the Portfolio Indicative
Value, the Disclosed

Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Fund's holdings,
the Portfolio Indicative Value, the Disclosed Portfolio, and quotation
and last sale information for the Shares.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission shall:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2011-31 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2011-31. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for website
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing will also be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File No. SR-
NYSEArca-2011-31 and should be submitted on or before July 1, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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    \28\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-14415 Filed 6-9-11; 8:45 am]
BILLING CODE 8011-01-P