80 FR 58797 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Change to the Secondary Benchmark Index Applicable to Shares of the PIMCO Global Advantage® Inflation-Linked Bond Active Exchange-Traded Fund
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 189 (September 30, 2015)
Federal Register Volume 80, Issue 189 (September 30, 2015)
| Page Range | 58797-58799 | |
| FR Document | 2015-24716 |
[Federal Register Volume 80, Number 189 (Wednesday, September 30, 2015)] [Notices] [Pages 58797-58799] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-24716] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75979; File No. SR-NYSEArca-2015-80] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Change to the Secondary Benchmark Index Applicable to Shares of the PIMCO Global Advantage[supreg] Inflation-Linked Bond Active Exchange- Traded Fund September 24, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on September 11, 2015, 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 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\ 15 U.S.C. 78a. \3\ 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 reflect a change to the secondary benchmark index applicable to shares of the PIMCO Global Advantage[supreg] Inflation-Linked Bond Active Exchange-Traded Fund. The Fund is currently listed and traded on the Exchange under NYSE Arca Equities Rule 8.600. 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 Commission has approved a proposed rule change relating to listing and trading on the Exchange of shares (``Shares'') of the PIMCO Global Advantage[supreg] Inflation-Linked Bond Active Exchange-Traded Fund (``Fund'') under NYSE Arca Equities Rule 8.600,\4\ which governs the listing and trading of Managed Fund Shares.\5\ The Shares are [[Page 58798]] offered by PIMCO ETF Trust (the ``Trust''), a statutory trust organized under the laws of the State of Delaware and registered with the Commission as an open-end management investment company.\6\ The investment manager to the Fund is Pacific Investment Management Company LLC (``PIMCO'' or the ``Adviser''). The Fund's Shares are currently listed and traded on the Exchange under NYSE Arca Equities Rule 8.600. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 66381 (February 10, 2012), 77 FR 9281 (February 16, 2012) (SR-NYSEArca-2012-09) (notice of filing of proposed rule change relating to listing and trading of Shares of the Fund on the Exchange) (``Prior Notice''); Securities Exchange Act Release No. 66670 (March 28, 2012), 77 FR 20087 (April 3, 2012) (SR-NYSEArca-2012-09) (order approving listing and trading of Shares of the Fund on the Exchange) (``Prior Order'' and, together with the Prior Notice, the ``Prior Release''). \5\ 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. \6\ The Trust is registered under the Investment Company Act of 1940 (``1940 Act''). On October 27, 2014, the Trust filed with the Commission the most recent post-effective amendment to its registration statement under the Securities Act of 1933 (15 U.S.C. 77a) (``1933 Act'') and under the 1940 Act relating to the Fund (File Nos. 333-155395 and 811-22250) (the ``Registration Statement''). The description of the operation of the Trust and the Fund herein is based, in part, on the Registration Statement. A change to the name of the Fund from PIMCO Global Advantage[supreg] Inflation-Linked Bond Exchange-Traded Fund to PIMCO Global Advantage[supreg] Inflation-Linked Bond Active Exchange-Traded Fund was reflected in such amendment to 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. 28993 (November 10, 2009) (File No. 812- 13571) (``Exemptive Order''). --------------------------------------------------------------------------- According to the Registration Statement and the Prior Release, the Fund utilizes the PIMCO Global Advantage Inflation-Linked Bond Index[supreg] as a secondary benchmark. Going forward, the Fund proposes to utilize the PIMCO Global Advantage Inflation-Linked Bond Index[supreg] (USD Partially Hedged) as the Fund's secondary benchmark. The proposal would change the secondary benchmark used by the Fund from an unhedged version of the index to one that is partially-hedged. The Adviser represents that the proposed change to the secondary benchmark index is consistent with the Fund's investment objective, and will further assist the Adviser to achieve such investment objective. The Adviser further represents that the change to the secondary benchmark index may better optimize the risk/return profile of the Fund as compared to the prior secondary benchmark index. Except for the change noted above, all other representations made in the Prior Release remain unchanged.\7\ The Fund will continue to comply with all initial and continued listing requirements under NYSE Arca Equities Rule 8.600. --------------------------------------------------------------------------- \7\ See note 4, supra. All terms referenced but not defined herein are defined in the Prior Release. --------------------------------------------------------------------------- Although the investment objective of the Fund is not changing, it will be indirectly affected by the proposed change because the Fund's investment objective is to seek ``total return which exceeds that of its benchmark indexes, consistent with prudent investment management.'' 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) \8\ 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. The proposed change to the Fund's secondary benchmark index will not adversely impact investors or Exchange trading. The proposal would change the secondary benchmark used by the Fund from an unhedged version of the index to one that is partially-hedged. The Adviser represents that the proposed change to the secondary benchmark index is consistent with the Fund's investment objective and will further assist the Adviser to achieve such investment objective. The Adviser further represents that the change to the secondary benchmark index may better optimize the risk/return profile of the Fund as compared to the prior secondary benchmark index. Except for the change noted above, all other representations made in the Prior Release remain unchanged. 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 purpose of the Act. The Exchange believes the proposed rule change will enhance competition among issues of exchange- traded funds that invest in fixed income securities. 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 Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b- 4(f)(6) thereunder.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) of the Act \11\ to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEArca-2015-80 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2015-80. This file number should be included on the subject line if email is used. To help the [[Page 58799]] 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 Section, 100 F Street NE., Washington, DC 20549 on official business days between 10 a.m. and 3 p.m. Copies of the filing will also be available for inspection and copying at the NYSE's principal office and on its Internet Web site at www.nyse.com. 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-2015-80 and should be submitted on or before October 21, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-24716 Filed 9-29-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 189 / Wednesday, September 30, 2015 / Notices 58797
‘‘Bidding Participant’’ 10).11 The same maintenance of fair and orderly markets, I. Self-Regulatory Organization’s
recusal provision exists in the second— and to remove impediments to, and Statement of the Terms of Substance of
but not the first—round of a two-round perfect the mechanisms of, a national the Proposed Rule Change
voting process by the Selection market system. By extending the The Exchange proposes to reflect a
Committee 12 to select the Plan aforementioned recusal requirement to change to the secondary benchmark
Processor from among the Shortlisted both selection rounds, Amendment No. index applicable to shares of the PIMCO
Bidders.13 The SROs state that they 2 adds an additional procedural Global Advantage® Inflation-Linked
included the recusal provision to safeguard that is designed to further the Bond Active Exchange-Traded Fund.
address potential conflicts of interest in fairness and impartiality of the Plan The Fund is currently listed and traded
selecting the Plan Processor. Processor selection. on the Exchange under NYSE Arca
In Amendment No. 2, the SROs Equities Rule 8.600. The text of the
IV. Conclusion
propose to modify the Selection Plan to proposed rule change is available on the
require that an SRO that is a Bidding For the reasons discussed above, the
Exchange’s Web site at www.nyse.com,
Participant be recused from voting in Commission finds that Amendment No.
at the principal office of the Exchange,
any round to select the Plan Processor 2 is appropriate in the public interest,
and at the Commission’s Public
in which a Bid from or including such for the protection of investors and the
Reference Room.
Bidding Participant or its Affiliate is maintenance of fair and orderly markets,
being considered.14 Amendment No. 2 and to remove impediments to, and II. Self-Regulatory Organization’s
therefore would extend to the first perfect the mechanisms of, a national Statement of the Purpose of, and
selection round the recusal requirement market system, or otherwise in Statutory Basis for, the Proposed Rule
that is currently only in place for the furtherance of the purposes of the Act. Change
second selection round and the vote, if It is therefore ordered, pursuant to In its filing with the Commission, the
any, that narrows the list of Shortlisted Section 11A of the Act,18 and the rules self-regulatory organization included
Bidders. thereunder, that Amendment No. 2 to statements concerning the purpose of,
The SROs reiterate that the Selection the Selection Plan be, and it hereby is, and basis for, the proposed rule change
Plan balances the competing goals of approved. and discussed any comments it received
ensuring all SROs participate By the Commission. on the proposed rule change. The text
meaningfully in the process of Robert W. Errett, of those statements may be examined at
developing the CAT NMS Plan and the places specified in Item IV below.
Deputy Secretary.
mitigating potential conflicts of interest The Exchange has prepared summaries,
[FR Doc. 2015–24717 Filed 9–29–15; 8:45 am]
related to the involvement of a bidding set forth in sections A, B, and C below,
SRO through information barriers and BILLING CODE 8011–01–P
of the most significant parts of such
the voting limitations.15 The SROs state statements.
that, based on their experience with
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
these existing measures, the Selection
COMMISSION Statement of the Purpose of, and the
Plan adequately addresses the potential
conflicts of interest related to bidding [Release No. 34–75979; File No. SR– Statutory Basis for, the Proposed Rule
SROs.16 Nonetheless, the SROs explain NYSEArca–2015–80] Change
that requiring recusal in all rounds of 1. Purpose
the selection process will further the Self-Regulatory Organizations; NYSE
SROs’ goal of ensuring the fair and Arca, Inc.; Notice of Filing and The Commission has approved a
impartial consideration and selection of Immediate Effectiveness of Proposed proposed rule change relating to listing
the CAT Plan Processor.17 Rule Change Relating to a Change to and trading on the Exchange of shares
the Secondary Benchmark Index (‘‘Shares’’) of the PIMCO Global
III. Discussion Applicable to Shares of the PIMCO Advantage® Inflation-Linked Bond
After careful review, the Commission Global Advantage® Inflation-Linked Active Exchange-Traded Fund (‘‘Fund’’)
finds that Amendment No. 2 is Bond Active Exchange-Traded Fund under NYSE Arca Equities Rule 8.600,4
appropriate in the public interest, for which governs the listing and trading of
September 24, 2015. Managed Fund Shares.5 The Shares are
the protection of investors and the
Pursuant to Section 19(b)(1) 1 of the
10 The Selection Plan defines ‘‘Bidding Securities Exchange Act of 1934 (the 4 See Securities Exchange Act Release No. 66381
Participant’’ as a Participant that: (1) Submits a Bid; ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 (February 10, 2012), 77 FR 9281 (February 16, 2012)
(2) is an Affiliate of an entity that submits a Bid; notice is hereby given that, on (SR–NYSEArca–2012–09) (notice of filing of
or (3) is included, or is an Affiliate of an entity that proposed rule change relating to listing and trading
September 11, 2015, NYSE Arca, Inc. of Shares of the Fund on the Exchange) (‘‘Prior
is included, as a Material Subcontractor as part of
a Bid. See Notice of Selection Plan, supra note 3, (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed Notice’’); Securities Exchange Act Release No.
Exhibit A, at 2. with the Securities and Exchange 66670 (March 28, 2012), 77 FR 20087 (April 3,
11 See Order Approving Amendment No. 1, supra Commission (the ‘‘Commission’’) the 2012) (SR–NYSEArca–2012–09) (order approving
note 8. listing and trading of Shares of the Fund on the
proposed rule change as described in Exchange) (‘‘Prior Order’’ and, together with the
12 The Selection Committee is composed of one
Items I and II below, which Items have Prior Notice, the ‘‘Prior Release’’).
senior officer from each Participant. See Section
V.A of the Selection Plan. been prepared by the self-regulatory 5 A Managed Fund Share is a security that
13 This two-round voting process would take organization. The Commission is represents an interest in an investment company
registered under the Investment Company Act of
mstockstill on DSK4VPTVN1PROD with NOTICES
place after any further narrowing of the Shortlisted publishing this notice to solicit 1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
Bids, if such narrowing were to occur pursuant to comments on the proposed rule change an open-end investment company or similar entity
Amendment No. 1. See Order Approving
Amendment No. 1, supra note 8, at 36029 & n.21.
from interested persons. that invests in a portfolio of securities selected by
14 Notice of Amendment No. 2, supra note 4, at
its investment adviser consistent with its
investment objectives and policies. In contrast, an
36007. 18 15 U.S.C. 78k–1. open-end investment company that issues
15 Id. 1 15 U.S.C.78s(b)(1). Investment Company Units, listed and traded on
16 Id. 2 15 U.S.C. 78a.
the Exchange under NYSE Arca Equities Rule
17 Id. 3 17 CFR 240.19b–4. Continued
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![Federal Register / Vol. 80, No. 189 / Wednesday, September 30, 2015 / Notices 58799
Commission process and review your of 1934 (‘‘Act’’) 1 and Rule 19b–4 Exchange has made the following
comments more efficiently, please use thereunder,2 a proposed rule change to representations and statements in
only one method. The Commission will list and trade shares (‘‘Shares’’) of the 1– describing the Fund and its investment
post all comments on the Commission’s 3 Month Enhanced Short Duration ETF strategy, including the Fund’s portfolio
Internet Web site (http://www.sec.gov/ (‘‘Fund’’), a series of Plus Trust holdings and investment restrictions.7
rules/sro.shtml). Copies of the (‘‘Trust’’). The proposed rule change
A. Exchange’s Description of the Fund’s
submission, all subsequent was published for comment in the
Principal Investments
amendments, all written statements Federal Register on August 19, 2015.3
with respect to the proposed rule The Commission received no comments The Fund’s investment objective is to
change that are filed with the on the proposed rule change. This order seek current income consistent with
Commission, and all written grants approval of the proposed rule preservation of capital and daily
communications relating to the change. liquidity. Under normal market
proposed rule change between the conditions,8 the Fund will invest
II. Description of the Proposed Rule substantially all of its net assets
Commission and any person, other than
Change (exclusive of collateral with respect to
those that may be withheld from the
public in accordance with the The Exchange proposes to list and securities lending, repurchase, and
provisions of 5 U.S.C. 552, will be trade Shares of the Fund, an actively reverse repurchase agreement
available for Web site viewing and managed exchange-traded fund (‘‘ETF’’), transactions) in U.S. Treasury securities,
printing in the Commission’s Public under NASDAQ Rule 5735, which which include bills, notes, and bonds
Reference Section, 100 F Street NE., governs the listing and trading of issued by the U.S. Treasury, that have
Washington, DC 20549 on official ‘‘Managed Fund Shares’’ on the remaining maturities of greater than or
business days between 10 a.m. and 3 Exchange. The Shares will be offered by equal to one month and less than three
p.m. Copies of the filing will also be the Trust, which was established as a months.9 U.S. Treasury bills, notes, and
available for inspection and copying at Delaware statutory trust on December bonds are direct obligations of the U.S.
the NYSE’s principal office and on its 10, 2014.4 The Exchange states that the Treasury. U.S. Treasury bills have initial
Internet Web site at www.nyse.com. All Trust is registered with the Commission maturities of one year or less, U.S.
comments received will be posted as an investment company and has filed Treasury notes have initial maturities
without change; the Commission does a registration statement on Form N–1A from two to 10 years, and U.S. Treasury
not edit personal identifying (‘‘Registration Statement’’) with the bonds have initial maturities of more
information from submissions. You Commission.5 New York Alaska ETF than 10 years. While U.S. Treasury
should submit only information that Management, LLC will be the securities are supported by the full faith
you wish to make available publicly. All investment adviser (‘‘Adviser’’) to the and credit of the U.S. government, such
submissions should refer to File Fund.6 Foreside Fund Services, LLC securities are nonetheless subject to
Number SR–NYSEArca–2015–80 and will be the principal underwriter and credit risk, albeit minimal (i.e., the risk
should be submitted on or before distributor of the Fund’s Shares. The that the U.S. government may be, or
October 21, 2015. Bank of New York Mellon (‘‘BNY may be perceived to be, unable to make
For the Commission, by the Division of Mellon’’) will act as the administrator, interest and principal payments).
Trading and Markets, pursuant to delegated accounting agent, custodian, and In order to enhance income, the Fund
authority.12 transfer agent to the Fund. The intends to enter into securities lending,
Robert W. Errett, repurchase agreement, and/or reverse
1 15 U.S.C. 78s(b)(1).
Deputy Secretary. 2 17 CFR 240.19b–4. 7 The Commission notes that additional
[FR Doc. 2015–24716 Filed 9–29–15; 8:45 am] 3 See Securities Exchange Act Release No. 75694
information regarding the Fund, the Trust, and the
BILLING CODE 8011–01–P (August 13, 2015), 80 FR 50358 (‘‘Notice’’). Shares, including investment strategies, risks,
4 The Exchange represents that the Trust has creation and redemption procedures, fees, portfolio
obtained certain exemptive relief under the holdings disclosure policies, calculation of net asset
SECURITIES AND EXCHANGE Investment Company Act of 1940 (‘‘1940 Act’’). See value (‘‘NAV’’), distributions, and taxes, among
Investment Company Act Release No. 31709 (July other things, can be found in the Notice and the
COMMISSION 8, 2015). The Exchange further represents that the Registration Statement, as applicable. See Notice
[Release No. 34–75975; File No. SR– Trust’s application for exemptive relief under the and Registration Statement, supra notes 3 and 5,
1940 Act states that the Fund will comply with the respectively.
NASDAQ–2015–089]
federal securities laws in accepting securities for 8 The term ‘‘under normal market conditions’’
deposits and satisfying redemptions with includes, but is not limited to, the absence of
Self-Regulatory Organizations; The redemption securities, including that the securities extreme volatility or trading halts in the fixed
NASDAQ Stock Market LLC; Order accepted for deposits and the securities used to income markets or the financial markets generally;
Granting Approval of Proposed Rule satisfy redemption requests are sold in transactions operational issues causing dissemination of
Change Relating to the Listing and that would be exempt from registration under the inaccurate market information; or force majeure
Securities Act of 1933. type events such as systems failure, natural or man-
Trading of the 1–3 Month Enhanced 5 See Registration Statement on Form N–1A for made disaster, act of God, armed conflict, act of
Short Duration ETF, a Series of Plus the Trust filed on January 23, 2015 (File Nos. 333– terrorism, riot or labor disruption, or any similar
Trust 201658 and 811–23019). intervening circumstance. In response to adverse
6 The Exchange represents that the Adviser is not market, economic, political, or other conditions, the
September 24, 2015. registered as a broker-dealer and is not affiliated Fund reserves the right to invest in cash, without
with a broker-dealer. In the event (a) the Adviser limitation, as determined by the Adviser. In the
I. Introduction becomes newly affiliated with a broker-dealer or event the Fund engages in these temporary
registers as a broker-dealer, or (b) any new adviser defensive strategies that are inconsistent with its
mstockstill on DSK4VPTVN1PROD with NOTICES
On July 29, 2015, The NASDAQ Stock investment strategies, the Fund’s ability to achieve
or sub-adviser is a registered broker-dealer or
Market LLC (‘‘Exchange’’ or becomes affiliated with a broker-dealer, it will its investment objectives may be limited.
‘‘NASDAQ’’), filed with the Securities implement a fire wall with respect to its relevant 9 The U.S. Treasury securities in which the Fund
and Exchange Commission personnel and/or such broker-dealer affiliate, if may invest will include variable rate U.S. Treasury
(‘‘Commission’’), pursuant to section applicable, regarding access to information securities, whose rates are adjusted daily (or at such
concerning the composition and/or changes to the other increment as may later be determined by the
19(b)(1) of the Securities Exchange Act portfolio and will be subject to procedures designed Department of the U.S. Treasury) to correspond
to prevent the use and dissemination of material with the rate paid on one-month or three-month
12 17 CFR 200.30–3(a)(12). non-public information regarding such portfolio. U.S. Treasury securities, as applicable.
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Document Created: 2015-12-15 09:31:55
Document Modified: 2015-12-15 09:31:55
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 58797 |
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