[Federal Register Volume 77, Number 211 (Wednesday, October 31, 2012)]
[Notices]
[Pages 65920-65927]
[FR Doc No: 2012-26740]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68108; File No. SR-NYSEArca-2012-117]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of Shares of
the Pring Turner Business Cycle ETF Under NYSE Arca Equities Rule 8.600

October 25, 2012.
    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 October 17, 2012, 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, II
and III below, which Items have been prepared by the self-regulatory
organization. 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 following under NYSE
Arca Equities Rule 8.600 (``Managed Fund Shares''): The Pring Turner
Business Cycle ETF. The text of the proposed rule change is available
on the Exchange's Web site at www.nyse.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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 shares (``Shares'') of the
Pring Turner Business Cycle ETF (``Fund'') under NYSE Arca Equities
Rule 8.600, which governs the listing and trading of Managed Fund
Shares.\3\ The Shares will be offered by AdvisorShares Trust (the

``Trust'') \4\, a statutory trust organized under the laws of the State
of Delaware and registered with the Commission as an open-end
management investment company.\5\ The investment adviser to the Fund is
AdvisorShares Investments, LLC (the ``Adviser''). Pring Turner Capital
Group (``Sub-Adviser'') is the Fund's sub-adviser and provides day-to-
day portfolio management of the Fund. Foreside Fund Services, LLC (the
``Distributor'') is the principal underwriter and distributor of the
Fund's Shares. The Bank of New York Mellon (the ``Administrator'')
serves as the administrator, custodian, transfer agent and fund
accounting agent for the Fund.
---------------------------------------------------------------------------

    \3\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index or
combination thereof.
    \4\ The Trust is registered under the 1940 Act. On October 12,
2012, the Trust filed with the Commission an amendment to its
registration statement on Form N-1A under the Securities Act of 1933
(15 U.S.C. 77a), and under the 1940 Act relating to the Fund (File
Nos. 333-157876 and 811-22110) (``Registration Statement''). The
description of the operation of the Trust and the Fund herein is
based, in part, on the Registration Statement. In addition, the
Commission has issued an order granting certain exemptive relief to
the Trust under the 1940 Act. See Investment Company Act Release No.
29291 (May 28, 2010) (File No. 812-13677) (``Exemptive Order'').
    \5\ The Commission has 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. 63076 (October 12,
2010), 75 FR 63874 (October 18, 2010) (SR-NYSEArca-2010-79) (order
approving Exchange listing and trading of Cambria Global Tactical
ETF); 63802 (January 31, 2011), 76 FR 6503 (February 4, 2011) (SR-
NYSEArca-2010-118) (order approving Exchange listing and trading of
the SiM Dynamic Allocation Diversified Income ETF and SiM Dynamic
Allocation Growth Income ETF); and 65468 (October 3, 2011), 76 FR
62873 (October 11, 2011) (SR-NYSEArca-2011-51) (order approving
Exchange listing and trading of TrimTabs Float Shrink ETF).
---------------------------------------------------------------------------

    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. 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.\6\ 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.
Neither the Adviser nor the Sub-Adviser is affiliated with a broker-
dealer. 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, it 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.
---------------------------------------------------------------------------

    \6\ 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.
---------------------------------------------------------------------------

Description of the Fund
    According to the Registration Statement, the Fund's investment
objective is to seek long-term total return from capital appreciation
and income. The overriding investment goal of the Fund is to protect
the value of the Fund's portfolio during unfavorable market conditions
and to grow the value of the Fund's portfolio in favorable market
conditions. Utilizing its proprietary business cycle research, the Sub-
Adviser proactively will change the Fund's asset allocation and sector
emphasis in seeking to minimize the Fund's portfolio risk and to
optimize portfolio returns throughout the business cycle. The Sub-
Adviser will invest the Fund's portfolio in securities that provide
diversified exposure to the three primary asset classes (i.e., stocks,
bonds and commodities) across a wide range of economic sectors.
    In seeking its objective, the Fund may invest in U.S. and foreign
equity securities; debt securities; exchange-traded products
(``Underlying ETPs''); \7\ and cash and cash equivalents, as described
below. The Fund may invest in equity securities of any capitalization
range and in any market sector at any time as necessary to seek to
achieve the Fund's investment objective.
---------------------------------------------------------------------------

    \7\ Underlying ETPs include Investment Company Units (as
described in NYSE Arca Equities Rule 5.2(j)(3)); Index-Linked
Securities (as described in NYSE Arca Equities Rule 5.2(j)(6));
Portfolio Depositary Receipts (as described in NYSE Arca Equities
Rule 8.100); Trust Issued Receipts (as described in NYSE Arca
Equities Rule 8.200); Commodity-Based Trust Shares (as described in
NYSE Arca Equities Rule 8.201); Currency Trust Shares (as described
in NYSE Arca Equities Rule 8.202); Commodity Index Trust Shares (as
described in NYSE Arca Equities Rule 8.203); Trust Units (as
described in NYSE Arca Equities Rule 8.500); Managed Fund Shares (as
described in NYSE Arca Equities Rule 8.600), and closed-end funds.
The Underlying ETPs all will be listed and traded in the U.S. on
registered exchanges. The Fund may invest in the securities of
Underlying ETPs registered under the 1940 Act consistent with the
requirements of Section 12(d)(1) of the 1940 Act, or any rule,
regulation or order of the Commission or interpretation thereof. The
Fund will only make such investments in conformity with the
requirements of Section 817 of the Internal Revenue Code of 1986.
The Underlying ETPs in which the Fund may invest will primarily be
index-based exchange-traded funds that hold substantially all of
their assets in securities representing a specific index. While the
Fund may invest in inverse Underlying ETPs, the Fund will not invest
in leveraged (e.g., 2X, -2X, 3X or -3X) Underlying ETPs.
---------------------------------------------------------------------------

Investment Process and Portfolio Construction
    According to the Registration Statement, the Sub-Adviser will
utilize Pring Turner's ``six-stage'' business cycle strategy as its
basis for developing strategic asset allocation and sector emphasis
decisions for the Fund's portfolio. The investment strategy dynamically
allocates among stock, bond, commodity and cash segments based on a
proprietary model that accounts for the current stage of the economic
business cycle. The methodology is substantially similar to the
investment process developed and utilized by Pring Turner Capital Group
since 1988.
    In managing the Fund, the Sub-Adviser will consider multiple layers
of analysis of the three primary asset classes. The Sub-Adviser will
use a multi-step process to build and dynamically manage the Fund's
portfolio to optimize portfolio returns as financial markets
sequentially rotate through the typical four to five year business
cycle swings.
    First, the Sub-Adviser will take a broad look at each of the three
primary asset classes to determine whether each is in either a secular
bull market or a secular bear market. Next, utilizing its

robust historical business cycle research, the current condition of the
business cycle will be determined. Given the three primary asset
classes, each of which will either be in a cyclical bull or bear
market, there will be a total of six possible turning points, or ``Six
Stages'' of a business cycle. The Sub-Adviser has developed three
models or barometers, one for each asset class, constructed from a
combination of trend following, momentum, and inter-asset
relationships, in order to identify the current stage of a business
cycle. The barometers are designed to identify significant market
turning points (cyclical peaks and troughs) for each asset class as
early in a new trend as possible.
    Then the Sub-Adviser will determine the broad asset allocation
levels for the Fund's portfolio utilizing a stage analysis. Generally,
throughout the business cycle stages, the Fund's portfolio will consist
of the following allocation changes: Equity--approximately 30%-90%; \8\
bond--approximately 0%-50%; commodities--approximately 0%-20%; \9\ and
cash balances--approximately 0%-40%. In seeking to achieve the Fund's
investment objective, the Sub-Adviser will make gradual asset
allocation shifts and sector emphasis adjustments as the business cycle
progresses.
---------------------------------------------------------------------------

    \8\ U.S.-listed real estate investment trusts (``REITs'') will
be included in the Fund's equity allocation.
    \9\ The Fund will not hold physical commodities or commodity
futures. The Fund's commodity exposure may be achieved through a
combination of commodity-related Underlying ETPs and/or commodity-
related equity securities.
---------------------------------------------------------------------------

    Once the current business cycle stage and asset allocation level is
determined, the Sub-Adviser once again will utilize historical
performance data to determine which economic sectors outperform or
underperform in the specific stage. For instance, in the deflationary
part of the business cycle consumer staples and utilities may be
appropriate sectors to emphasize, and in the inflationary part of the
cycle energy and industrials may be outperformers. Since not every
cycle is the same, historical performance data will be compared with
actual sector behavior in the current cycle. The Sub-Adviser may
utilize technical analysis tools including relative strength, trend and
chart reading to determine timely sector emphasis (and de-emphasis)
candidates.
    The Sub-Adviser then will utilize a combination of intermediate
trend (two to six month time frame) technical market indicators to
further manage risk and enhance the Fund's portfolio returns. The Sub-
Adviser will use gradual asset allocation and sector emphasis shifts to
better manage risks and generate consistent returns.
    The final step of the investment process will be the selection of
appropriate individual securities and/or Underlying ETPs to best take
advantage of the business cycle stage and preferred economic sectors.
In addition to technical analysis methods like relative strength, trend
and charting disciplines, the Sub-Adviser will utilize fundamental
analysis to determine quality, value, and income characteristics. The
Sub-Adviser will attempt to emphasize holdings in those securities that
show positive fundamental attributes and dependable income.
Fund Investments
    According to the Registration Statement, the equity securities in
which the Fund may invest include common and preferred stock, Master
Limited Partnerships, rights,\10\ U.S.- listed REITs, and depositary
receipts, including American Depositary Receipts (``ADRs''), as well as
Global Depositary Receipts (``GDRs''), which are certificates
evidencing ownership of shares of a foreign issuer. Depositary receipts
may be sponsored or unsponsored.\11\ The Fund may invest in issuers
located outside the United States, or in financial instruments that are
indirectly linked to the performance of foreign issuers. Examples of
such financial instruments include ADRs, GDRs, European Depositary
Receipts (``EDRs''), International Depository Receipts (``IDRs''),
``ordinary shares,'' and ``New York shares'' issued and traded in the
United States.\12\ The U.S. equity securities in which the Fund will
invest will be listed on a national securities exchange, except that
the Fund may invest up to 10% of total assets in ADRs that are not
listed on any national securities exchange and that are traded over-
the-counter.\13\ The Fund also may invest in equity securities of
foreign issuers; the foreign equity securities, including any
depositary receipts, in which the Fund may invest will be limited to
securities that trade in markets that are members of the Intermarket
Surveillance Group (``ISG''), which includes all U.S. national
securities exchanges and certain foreign exchanges, or are parties to a
comprehensive surveillance sharing agreement with the Exchange.\14\
---------------------------------------------------------------------------

    \10\ As described in the Registration Statement, a right is a
privilege granted to existing shareholders of a corporation to
subscribe to shares of a new issue of common stock before it is
issued. Rights normally have a short life of usually two to four
weeks, are freely transferable and entitle the holder to buy the new
common stock at a lower price than the public offering price.
Generally, rights do not carry the right to receive dividends or
exercise voting rights with respect to the underlying securities,
and do not represent any rights in the assets of the issuer. In
addition, their value does not necessarily change with the value of
the underlying securities, and they cease to have value if they are
not exercised on or before their expiration date.
    \11\ The Fund generally will invest in sponsored ADRs but it may
invest up to 10% of total assets in unsponsored ADRs.
    \12\ ADRs are U.S. dollar denominated receipts representing
interests in the securities of a foreign issuer, which securities
may not necessarily be denominated in the same currency as the
securities into which they may be converted. ADRs are receipts
typically issued by United States banks and trust companies which
evidence ownership of underlying securities issued by a foreign
corporation. Generally, ADRs in registered form are designed for use
in domestic securities markets and are traded on exchanges or over-
the-counter in the United States. GDRs, EDRs, and IDRs are similar
to ADRs in that they are certificates evidencing ownership of shares
of a foreign issuer, however, GDRs, EDRs, and IDRs may be issued in
bearer form and denominated in other currencies, and are generally
designed for use in specific or multiple securities markets outside
the U.S. EDRs, for example, are designed for use in European
securities markets while GDRs are designed for use throughout the
world. Ordinary shares are shares of foreign issuers that are traded
abroad and on a United States exchange. New York shares are shares
that a foreign issuer has allocated for trading in the United
States. ADRs, ordinary shares, and New York shares all may be
purchased with and sold for U.S. Dollars.
    \13\ See note 12, supra.
    \14\ See note 12, supra and note 29, infra.
---------------------------------------------------------------------------

    From time to time, the Sub-Adviser may invest a portion of the
Fund's portfolio in unleveraged inverse ETFs to stabilize the Fund's
portfolio values. An unleveraged inverse ETF is designed to provide a
return opposite of an index or other benchmark, typically for a single
trading day.
    The Fund may invest in debt securities. A debt security is a
security consisting of a certificate or other evidence of a debt
(secured or unsecured) on which the issuing company or governmental
body promises to pay the holder thereof a fixed, variable, or floating
rate of interest for a specified length of time, and to repay the debt
on the specified maturity date. Some debt securities, such as zero
coupon bonds, do not make regular interest payments but are issued at a
discount to their principal or maturity value. Debt securities include
a variety of fixed income obligations, including, but not limited to,
corporate debt securities, government securities, municipal securities,
convertible securities, and mortgage-backed securities. Debt securities
include investment-grade securities, non-investment-grade securities,
and unrated securities. Investments in non-investment grade debt
securities will be limited to 15% of the Fund's net assets.

    The Fund may invest in variable and floatingrate securities.\15\
---------------------------------------------------------------------------

    \15\ Variable and floating rate instruments involve certain
obligations that may carry variable or floating rates of interest,
and may involve a conditional or unconditional demand feature. Such
instruments bear interest at rates which are not fixed, but which
vary with changes in specified market rates or indices. The interest
rates on these securities may be reset daily, weekly, quarterly, or
some other reset period, and may have a set floor or ceiling on
interest rate changes. There is a risk that the current interest
rate on such obligations may not accurately reflect excising market
interest rates. A demand instrument with a demand notice exceeding
seven days may be considered illiquid if there is no secondary
market for such security.
---------------------------------------------------------------------------

    The Fund may invest in U.S. government securities and U.S. Treasury
zero-coupon bonds. Securities issued or guaranteed by the U.S.
government or its agencies or instrumentalities include U.S. Treasury
securities, which are backed by the full faith and credit of the U.S.
Treasury and which differ only in their interest rates, maturities, and
times of issuance; U.S. Treasury bills, which have initial maturities
of one-year or less; U.S. Treasury notes, which have initial maturities
of one to ten years; and U.S. Treasury bonds, which generally have
initial maturities of greater than ten years.\16\
---------------------------------------------------------------------------

    \16\ Certain U.S. government securities are issued or guaranteed
by agencies or instrumentalities of the U.S. government including,
but not limited to, obligations of U.S. government agencies or
instrumentalities such as Fannie Mae, Freddie Mac, the Government
National Mortgage Association (``Ginnie Mae''), the Small Business
Administration, the Federal Farm Credit Administration, the Federal
Home Loan Banks, Banks for Cooperatives (including the Central Bank
for Cooperatives), the Federal Land Banks, the Federal Intermediate
Credit Banks, the Tennessee Valley Authority, the Export-Import Bank
of the United States, the Commodity Credit Corporation, the Federal
Financing Bank, the Student Loan Marketing Association, the National
Credit Union Administration and the Federal Agricultural Mortgage
Corporation (``Farmer Mac'').
---------------------------------------------------------------------------

    According to the Registration Statement, to respond to adverse
market, economic, political or other conditions, the Fund may invest
100% of its total assets, without limitation, in high-quality debt
securities and money market instruments either directly or through
Underlying ETPs. The Fund may be invested in this manner for extended
periods depending on the Sub-Adviser's assessment of market conditions.
These short-term debt instruments and money market instruments include
shares of other mutual funds, commercial paper, certificates of
deposit, bankers' acceptances, and U.S. government securities. The
Fund, in the ordinary course of business, may purchase securities on a
when-issued or delayed-delivery basis (i.e., delivery and payment can
take place between a month and 120 days after the date of the
transaction). These securities are subject to market fluctuation and no
interest accrues to the purchaser during this period. At the time the
Fund makes the commitment to purchase securities on a when-issued or
delayed-delivery basis, the Fund will record the transaction and
thereafter reflect the value of the securities, each day, in
determining the Fund's net asset value (``NAV''). The Fund will not
purchase securities on a when-issued or delayed-delivery basis if, as a
result, more than 15% of the Fund's net assets would be so invested.
    The Fund may engage in short sales transactions in which the Fund
sells a security it does not own.
    The Fund may enter into repurchase agreements with financial
institutions, which may be deemed to be loans.\17\ The Fund may enter
into reverse repurchase agreements without limit as part of the Fund's
investment strategy.\18\ However, the Fund does not expect to engage,
under normal circumstances, in reverse repurchase agreements with
respect to more than 33\1/3\% of its assets.
---------------------------------------------------------------------------

    \17\ The Fund follows certain procedures designed to minimize
the risks inherent in such agreements. These procedures include
effecting repurchase transactions only with large, well-capitalized
and well-established financial institutions whose condition will be
continually monitored by the Sub-Adviser. In addition, the value of
the collateral underlying the repurchase agreement will always be at
least equal to the repurchase price, including any accrued interest
earned on the repurchase agreement. It is the current policy of the
Fund not to invest in repurchase agreements that do not mature
within seven days if any such investment, together with any other
illiquid assets held by the Fund, amount to more than 15% of the
Fund's net assets.
    \18\ Reverse repurchase agreements involve sales by the Fund of
portfolio assets concurrently with an agreement by the Fund to
repurchase the same assets at a later date at a fixed price.
Generally, the effect of such a transaction is that the Fund can
recover all or most of the cash invested in the portfolio securities
involved during the term of the reverse repurchase agreement, while
the Fund will be able to keep the interest income associated with
those portfolio securities. Such transactions are advantageous only
if the interest cost to the Fund of the reverse repurchase
transaction is less than the cost of obtaining the cash otherwise.
Opportunities to achieve this advantage may not always be available,
and the Fund intends to use the reverse repurchase technique only
when it will be advantageous to the Fund. The Fund will establish a
segregated account with the Trust's custodian bank in which the Fund
will maintain cash, cash equivalents or other portfolio securities
equal in value to the Fund's obligations in respect of reverse
repurchase agreements. Such reverse repurchase agreements could be
deemed to be a borrowing, but are not senior securities.
---------------------------------------------------------------------------

Investment Policies and Restrictions
    According to the Registration Statement, the Fund may not (i) with
respect to 75% of its total assets, purchase securities of any issuer
(except securities issued or guaranteed by the U.S. Government, its
agencies or instrumentalities or shares of investment companies) if, as
a result, more than 5% of its total assets would be invested in the
securities of such issuer; or (ii) acquire more than 10% of the
outstanding voting securities of any one issuer. For purposes of this
policy, the issuer of a depositary receipt will be deemed to be the
issuer of the respective underlying security.\19\
---------------------------------------------------------------------------

    \19\ The diversification standard is set forth in Section
5(b)(1) of the 1940 Act.
---------------------------------------------------------------------------

    The Fund may not invest 25% or more of its total assets in the
securities of one or more issuers conducting their principal business
activities in the same industry or group of industries. The Fund will
not invest 25% or more of its total assets in any investment company
that so concentrates. This limitation does not apply to investments in
securities issued or guaranteed by the U.S. Government, its agencies or
instrumentalities, or shares of investment companies. For purposes of
this policy the issuer of ADRs will be deemed to be the issuer of the
respective underlying security.\20\
---------------------------------------------------------------------------

    \20\ 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 may hold up to an aggregate amount of 15% of its net
assets in illiquid securities (calculated at the time of investment),
including Rule 144A securities and loan participation interests. The
Fund will monitor its portfolio liquidity on an ongoing basis to
determine whether, in light of current circumstances, an adequate level
of liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid securities. Illiquid securities include
securities subject to contractual or other restrictions on resale and
other instruments that lack readily available markets as determined in
accordance with Commission staff guidance.\21\
---------------------------------------------------------------------------

    \21\ 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 FR
14618 (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 fund. 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.

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

    According to the Registration Statement, the Fund will seek to
qualify for treatment as a Regulated Investment Company (``RIC'') under
the Internal Revenue Code.\22\
---------------------------------------------------------------------------

    \22\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    Consistent with the Exemptive Order, the Fund will not invest in
options contracts, futures contracts or swap agreements. The Fund's
investments will be consistent with the Fund's investment objective and
will not be used to enhance leverage.
Net Asset Value
    The Fund will calculate its NAV by: (i) taking the current market
value of its total assets; (ii) subtracting any liabilities; and (iii)
dividing that amount by the total number of shares owned by
shareholders.
    The Fund will calculate NAV once each business day as of the
regularly scheduled close of normal trading on the New York Stock
Exchange, LLC (the ``NYSE'') (normally, 4:00 p.m., Eastern Time).
    In calculating NAV, the Fund generally will value its investment
portfolio at market prices. For exchange-traded Fund assets, the Fund
will use closing prices from the applicable exchanges; for non-
exchange-traded Fund assets, the Fund will use market data vendor
quotations or a valuation agent. If market prices are unavailable or
the Fund believes that they are unreliable, or when the value of a
security has been materially affected by events occurring after the
relevant market closes, the Fund will price those securities at fair
value as determined in good faith using methods approved by the Trust's
Board of Trustees.
Creation and Redemption of Shares
    According to the Registration Statement, the Fund will issue and
redeem Shares on a continuous basis at the NAV only in a large
specified number of Shares called a ``Creation Unit.'' The Shares of
the Fund that trade on the Exchange will be ``created'' at their NAV by
market makers, large investors and institutions only in block-size
Creation Units of at least 25,000 Shares. A ``creator'' will enter into
an authorized participant agreement with the Distributor or use a
Depository Trust Company participant who has executed such a
participant agreement, and will deposit into the Fund a portfolio of
securities closely approximating the holdings of the Fund and a
specified amount of cash, together totaling the NAV of the Creation
Unit(s), in exchange for at least 25,000 Shares of the Fund (or
multiples thereof).
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Fund through the Administrator and only on a business day. The Trust
will not redeem Shares in amounts less than Creation Units. Unless cash
redemptions are available or specified for the Fund, the redemption
proceeds for a Creation Unit generally consist of ``Fund Securities''--
as announced by the Administrator on the business day of the request
for redemption received in proper form--plus cash in an amount equal to
the difference between the NAV of the Shares being redeemed, as next
determined after a receipt of a request in proper form, and the value
of the Fund Securities, less a redemption transaction fee. The
Administrator, through the National Securities Clearing Corporation,
will make available immediately prior to the opening of business on the
Exchange (currently 9:30 a.m., Eastern Time) on each business day, the
Fund Securities that will be applicable to redemption requests received
in proper form on that day.
    According to the Registration Statement, if it is not possible to
effect deliveries of the Fund Securities, the Trust may in its
discretion exercise its option to redeem such Shares in cash, and the
redeeming beneficial owner will be required to receive its redemption
proceeds in cash. In addition, an investor may request a redemption in
cash which the Fund may, in its sole discretion, permit.\23\ In either
case, the investor will receive a cash payment equal to the NAV of its
Shares based on the NAV of Shares of the Fund next determined after the
redemption request is received in proper form (minus a redemption
transaction fee and additional charge for requested cash redemptions,
as described in the Registration Statement). The Fund may also, in its
sole discretion, upon request of a shareholder, provide such redeemer a
portfolio of securities which differs from the exact composition of the
Fund Securities but does not differ in NAV. Redemptions of Shares for
Fund Securities will be subject to compliance with applicable federal
and state securities laws and the Fund (whether or not it otherwise
permits cash redemptions) reserves the right to redeem Creation Units
for cash to the extent that the Fund could not lawfully deliver
specific Fund Securities upon redemptions or could not do so without
first registering the Fund Securities under such laws. An authorized
participant or an investor for which it is acting subject to a legal
restriction with respect to a particular stock included in the Fund
Securities applicable to the redemption of a Creation Unit may be paid
an equivalent amount of cash.
---------------------------------------------------------------------------

    \23\ The Adviser represents that, to the extent the Trust
effects the redemption of Shares in cash, such transactions will be
effected in the same manner for all authorized participants.
---------------------------------------------------------------------------

    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Adviser will implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio. The Exchange represents that, for
initial and/or continued listing, the Fund will be in compliance with
Rule 10A-3 \24\ under the Exchange Act, 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
as defined in NYSE Arca Equities Rule 8.600(c)(2) will be made
available to all market participants at the same time.
---------------------------------------------------------------------------

    \24\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Availability of Information
    The Fund's Web site (www.advisorshares.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 Fund's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (the ``Bid/Ask
Price''),\25\ 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 on the Exchange, the Fund will disclose on its
Web site the Disclosed Portfolio that will form the basis for the
Fund's calculation of NAV at the end of the business day.\26\
---------------------------------------------------------------------------

    \25\ The Bid/Ask Price of the Fund is determined using the mid-
point of the highest bid and the lowest offer on the Exchange as of
the time of calculation of the Fund's NAV. The records relating to
Bid/Ask Prices will be retained by the Fund and its service
providers.
    \26\ 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''). 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.
---------------------------------------------------------------------------

    On a daily basis, the Adviser will disclose for each portfolio
security and other financial instrument of the Fund the following
information: ticker symbol (if applicable); name and, when available,
the individual identifier (CUSIP) of the security and/or financial
instrument; number of shares and dollar value of securities and
financial instruments held in the portfolio; and percentage weighting
of the security and financial instrument in the portfolio. The Web site
information will be publicly available at no charge.
    In addition, a basket composition file (i.e., the Fund Securities),
which includes the security names and share quantities(as applicable)
required to be delivered in exchange for Fund Shares, together with
estimates and actual cash components, will be publicly disseminated
daily prior to the opening of the NYSE via the National Securities
Clearing Corporation. The basket will represent one Creation Unit of
the Fund.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports will be available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's Web site at www.sec.gov. Information
regarding market price and trading volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. Information
regarding 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
(``CTA'') high-speed line, and, for the underlying securities that are
exchange-listed, will be available from the national securities
exchange on which they are listed. In addition, the Portfolio
Indicative Value, as defined in NYSE Arca Equities Rule 8.600 (c)(3),
will be widely disseminated at least every 15 seconds during the Core
Trading Session by one or more major market data vendors.\27\ 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 will provide a
close estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \27\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Portfolio Indicative Values taken from CTA or other data feeds.
---------------------------------------------------------------------------

    Additional information regarding the Trust and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included in the Registration Statement. All terms relating
to the Fund that are referred to, but not defined in, this proposed
rule change are defined in the Registration Statement.
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.\28\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also 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 NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
---------------------------------------------------------------------------

    \28\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

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 include 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 ISG from other
exchanges that are members of ISG or with which the Exchange has
entered into a comprehensive surveillance sharing agreement.\29\ In
addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
---------------------------------------------------------------------------

    \29\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. All Underlying ETPs
and securities in which the Fund may invest will be listed on
securities exchanges, all of which are members of ISG or are parties
to a comprehensive surveillance sharing agreement with the Exchange,
provided that the Fund may invest up to 10% of total assets in ADRs
traded over-the-counter. See note 12, supra.
---------------------------------------------------------------------------

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 4:00 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) \30\ 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.
---------------------------------------------------------------------------

    \30\ 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. Neither the Adviser nor the Sub-Adviser is affiliated with a
broker-dealer. All Underlying ETPs and securities in which the Fund may
invest will be listed on securities exchanges, all of which are members
of ISG or have entered into a comprehensive surveillance sharing
agreement with the Exchange, provided that the Fund may invest up to
10% of total assets in ADRs that are not listed on any national
securities exchange and are traded over-the-counter. The Fund may not
purchase or hold illiquid securities if, in the aggregate, more than
15% of its net assets would be invested in illiquid securities. The
Fund will not invest in leveraged (e.g., 2X, -2X, 3X or -3X) Underlying
ETPs. Consistent with the Exemptive Order, the Fund will not invest in
options contracts, futures contracts or swap agreements. The Fund's
investments will be consistent with the Fund's investment objective and
will not be used to enhance leverage.
    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. Quotation and last sale
information for the Shares will be available via the CTA high-speed
line. In addition, the Portfolio Indicative Value will be widely
disseminated by the Exchange at least every 15 seconds during the Core
Trading Session. The Fund's Web site will include a form of the
prospectus for the Fund that may be downloaded, as well as additional
quantitative information updated on a daily basis. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, the Fund will disclose on its Web site the
Disclosed Portfolio that will form the basis for the Fund's calculation
of NAV at the end of the business day. On a daily basis, the Adviser
will disclose for each portfolio security or other financial instrument
of the Fund the following information: ticker symbol, name and, when
available, the individual identifier (CUSIP) of the security and/or
financial instrument; number of shares or dollar value of securities
and financial instruments held in the portfolio; and percentage
weighting of the security and/or financial instrument in the portfolio.
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. 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 will:
    (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 email to<EMAIL_ADDRESS>Please
include File Number SR-NYSEArca-2012-117 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-2012-117.
This file number should be included on the subject line if email 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 Web site
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 10:00 a.m. and 3:00 p.m. Copies of the filing also will 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 Number SR-
NYSEArca-2012-117 and should be submitted on or before November 21,
2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
---------------------------------------------------------------------------

    \31\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-26740 Filed 10-30-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 219 (Thursday, November 13, 2014)]
[Notices]
[Pages 67427-67428]
[FR Doc No: 2014-26755]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following electric
corporate filings:
    Docket Numbers: EC15-19-000.
    Applicants: Seiling Wind, LLC, Seiling Wind II, LLC, Seiling Wind
Interconnection Services, LLC, Palo Duro Wind Energy, LLC, Palo Duro
Wind Interconnection Services.
    Description: Application for Authorization Under Section 203 of the
Federal Power Act and Request for Expedited Action of Seiling Wind,
LLC, et al.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5329.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: EC15-20-000.
    Applicants: ALLETE Clean Energy, Inc.
    Description: Joint Application Under Section 203 of the Federal
Power Act of Storm Lake Power Partners and ALLETE Clean Energy, Inc.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5332.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: EC15-21-000.
    Applicants: Rising Tree Wind Farm LLC, Rising Tree Wind Farm II
LLC.
    Description: Application for Authorization for Disposition of
Jurisdictional Facilities and Request for Expedited Action of Rising
Tree Wind Farm LLC, et. al.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5339.
    Comments Due: 5 p.m. ET 11/21/14.

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

    Docket Numbers: ER11-4633-002.
    Applicants: Madison Gas and Electric Company.
    Description: Madison Gas & Electric Company submits a notice of
non-material change in status regarding the joint venture and potential
acquisition of interest in generation facilities.
    Filed Date: 10/27/14.
    Accession Number: 20141030-0001.
    Comments Due: 5 p.m. ET 11/17/14.

    Docket Numbers: ER14-2419-002.
    Applicants: ISO New England Inc.
    Description: Compliance filing per 35: Two-Settlement Market Design
Compliance Filing to be effective 6/1/2018.
    Filed Date: 11/3/14.
    Accession Number: 20141103-5032.
    Comments Due: 5 p.m. ET 11/24/14.

    Docket Numbers: ER14-2708-002.
    Applicants: Seiling Wind, LLC.
    Description: Notice of Change in Status of Seiling Wind, LLC.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5328.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-286-000.
    Applicants: South Eastern Electric Development Corp.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Revised
Market Based Rate Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5251.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-287-000.
    Applicants: South Eastern Generating Corp.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Revised
Market Based Rate Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5252.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-288-000.
    Applicants: Utility Contract Funding II, L.L.C.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Revised
MBR Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5253.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-289-000.
    Applicants: TAQA Gen X LLC.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Revised
MBR Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5254.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-290-000.
    Applicants: NorthWestern Corporation.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): SA 605
Third Revised--NITSA with Bonneville Power Administration to be
effective 1/1/2015.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5255.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-291-000.
    Applicants: California Independent System Operator Corporation.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): 2014-
10-31_CopperMountain4_UFA to be effective 10/29/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5256.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-292-000.
    Applicants: NaturEner Glacier Wind Energy 2, LLC.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Market
Based Rate Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5267.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-293-000.
    Applicants: NaturEner Montana Wind Energy, LLC.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Market
Based Rate Tariff to be effective 11/1/2014.

    Filed Date: 10/31/14.
    Accession Number: 20141031-5268.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-294-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Air
Liquide NITSA SA No 693 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5269.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-295-000.
    Applicants: Black Hills/Colorado Electric Utility Company, LP.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Joint
Dispatch Transmission Service to be effective 1/1/2015.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5270.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-296-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): BELM CS
Orchard NITSA No 709 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5271.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-297-000.
    Applicants: LDVF1 TEP LLC.
    Description: Initial rate filing per 35.12: Market Based Rate
Filing to be effective 1/1/2015.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5272.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-298-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): BELM CS
Roeder NITSA SA No 706 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5273.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-299-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Boeing
NITSA SA No 677 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5274.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-300-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Intel
NITSA SA No 688 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5276.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-301-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Initial rate filing per 35.12: Port of Seattle NITSA
SA No 484 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5277.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-302-000.
    Applicants: Puget Sound Energy, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Tesoro
NITSA SA No 703 to be effective 10/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5278.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-303-000.
    Applicants: PJM Interconnection, L.L.C., American Transmission
Systems, Incorporation.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): ATSI
submits revisions to OATT Att H-21, H-21A and H-21B to be effective 1/
1/2015.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5279.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-304-000.
    Applicants: Power Contract Financing II, L.L.C.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Revised
MBR Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5288.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-305-000.
    Applicants: NaturEner Glacier Wind Energy 1, LLC.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Market
Based Rate Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5292.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-306-000.
    Applicants: NaturEner Power Watch, LLC.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): MBR
Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5294.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-307-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii):
Revisions to Attachment J--Section III to be effective 1/1/2015.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5295.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-308-000.
    Applicants: NaturEner Rim Rock Wind Energy, LLC.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): MBR
Tariff to be effective 11/1/2014.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5299.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-309-000.
    Applicants: Idaho Power Company.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Amended
BPA USBR NITSA Jan 2015 Filing to be effective 12/31/9998.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5305.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-310-000.
    Applicants: Ameren Transmission Company of Illinois.
    Description: Request for Approval of Updated Depreciation Accrual
Rates of Ameren Transmission Company of Illinois.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5331.
    Comments Due: 5 p.m. ET 11/21/14.

    Docket Numbers: ER15-311-000.
    Applicants: PacifiCorp.
    Description: Notice of Termination of PacifiCorp-SMUD Rate Schedule
No. 250.
    Filed Date: 10/31/14.
    Accession Number: 20141031-5338.
    Comments Due: 5 p.m. ET 11/21/14.

    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 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: November 3, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-26755 Filed 11-12-14; 8:45 am]
BILLING CODE 6717-01-P