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Federal Register / Vol. 71, No.

222 / Friday, November 17, 2006 / Notices 66993

2. Section 6(c) of the Act provides that discretion of the then-existing 9. The requested order will expire on
the Commission may exempt any Independent Trustees. the effective date of rule 15a–5 under
person, security, or transaction or any 4. The Adviser will not enter into a the Act, if adopted.
class or classes of persons, securities, or Subadvisory Agreement with any For the Commission, by the Division of
transactions from any provision of the Affiliated Subadviser without that Investment Management, under delegated
Act, or from any rule thereunder, if and agreement, including the compensation authority.
to the extent that such exemption is to be paid thereunder, being approved Nancy M. Morris,
necessary or appropriate in the public by the shareholders of the applicable Secretary.
interest and consistent with the Fund. [FR Doc. E6–19441 Filed 11–16–06; 8:45 am]
protection of investors and the purposes 5. When a Subadviser change is BILLING CODE 8011–01–P
fairly intended by the policies and proposed for a Fund with an Affiliated
provisions of the Act. Applicants Subadviser, the Board, including a
believe that their requested relief meets majority of the Independent Trustees, SECURITIES AND EXCHANGE
this standard. will make a separate finding, reflected COMMISSION
3. Applicants state that the Funds’ in the Board minutes, that the change is
shareholders rely on the Adviser, in the best interests of the Fund and its Sunshine Act Meeting
subject to oversight by the Board, to shareholders and does not involve a
select the Subadvisers best suited to Federal Register Citation of Previous
conflict of interest from which the
achieve a Fund’s investment objectives. Announcement: [71 FR 66352,
Adviser or the Affiliated Subadviser
Applicants assert that from the November 14, 2006].
derives an inappropriate advantage.
perspective of the investor, the role of 6. Within 90 days of the hiring of a STATUS: Closed Meeting.
the Subadvisers is comparable to that of new Subadviser, the Adviser will PLACE: 100 F Street, NE., Washington,
individual portfolio managers employed furnish shareholders of the affected DC.
by traditional investment advisory Fund with all information about the DATE AND TIME OF PREVIOUSLY ANNOUNCED
firms. Applicants contend that requiring new Subadviser that would be included
shareholder approval of Subadvisory MEETING: Monday, November 20, 2006 at
in a proxy statement. The Adviser will 2 p.m.
Agreements would impose costs and meet this condition by providing
unnecessary delays on the Funds and CHANGE IN THE MEETING: Time Change.
shareholders of the applicable Fund The Closed Meeting scheduled for
may preclude the Adviser from acting
with an information statement meeting Monday, November 20, 2006 at 2 p.m.
promptly in a manner considered
the requirements of Regulation 14C, has been changed to Monday, November
advisable by the Board. Applicants also
Schedule 14C and Item 22 of Schedule 20, 2006 at 10 a.m.
note that the Advisory Agreement will
14A under the Securities Exchange Act At times, changes in Commission
remain subject to the shareholder
of 1934. priorities require alterations in the
approval requirements in section 15(a)
of the Act and rule 18f–2 under the Act. 7. The Adviser will provide general scheduling of meeting items. For further
Applicants’ Conditions: management services to each Fund, information and to ascertain what, if
Applicants agree that any order including overall supervisory any, matters have been added, deleted
granting the requested relief will be responsibility for the general or postponed, please contact the Office
subject to the following conditions: management and investment of the of the Secretary at (202) 551–5400.
1. Before a Fund may rely on the Fund’s assets, and, subject to review Dated: November 15, 2006.
order requested in the application, the and approval by the Board, will (i) set
Nancy M. Morris,
operation of the Fund in the manner the Fund’s overall investment strategies,
described in the application will be (ii) evaluate, select and recommend
Subadvisers to manage all or a part of [FR Doc. 06–9269 Filed 11–15–06; 11:00 am]
approved by a majority of the Fund’s
the Fund’s assets, (iii) allocate and, BILLING CODE 8011–01–P
outstanding voting securities, as defined
in the Act, or, in the case of a Fund when appropriate, reallocate the Fund’s
whose public shareholders purchase assets among multiple Subadvisers, (iv)
shares on the basis of a prospectus monitor and evaluate the performance
containing the disclosure contemplated of the Subadvisers, and (v) implement
by condition 2 below, by the sole initial procedures reasonably designed to [Release No. 34–54739; File No. SR–Amex–
shareholder before offering the Fund’s ensure that the Subadvisers comply 2006–78]
shares to the public. with each Fund’s investment objective,
policies and restrictions. Self-Regulatory Organizations;
2. Each Fund will disclose in its
8. No trustee or officer of the Funds, American Stock Exchange LLC; Order
prospectus the existence, substance, and
or director or officer of the Adviser will Granting Accelerated Approval to
effect of any order granted pursuant to
own directly or indirectly (other than Proposed Rule Change and
this application. In addition, each Fund
through a pooled investment vehicle Amendment No. 1 Thereto and Notice
will hold itself out to the public as
that is not controlled by such person) of Filing and Order Granting
employing the management structure
any interest in a Subadviser, except for Accelerated Approval to Amendment
described in the application. The
(a) ownership of interests in the Adviser No. 2 Thereto Relating to Generic
prospectus will prominently disclose
or any entity that controls, is controlled Listing Standards for Series of
that the Adviser has ultimate
by, or is under common control with the Portfolio Depositary Receipts and
responsibility, subject to oversight by
Adviser, or (b) ownership of less than Index Fund Shares Based on
the Board, to oversee the Subadvisers
1% of the outstanding securities of any International or Global Indexes
and recommend their hiring,
jlentini on PROD1PC65 with NOTICES

termination and replacement. class of equity or debt of a publicly- November 9, 2006.

3. At all times, at least a majority of traded company that is either a
the Board will be Independent Trustees, Subadviser or an entity that controls, is I. Introduction
and the nomination of new or additional controlled by or is under common On August 18, 2006, the American
Independent Trustees will be at the control with a Subadviser. Stock Exchange LLC (‘‘Amex’’ or

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