Wells Fargo Funds Trust, et al.; Notice of Application, 66082-66083 [E8-26488]
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66082
Federal Register / Vol. 73, No. 216 / Thursday, November 6, 2008 / Notices
sroberts on PROD1PC70 with NOTICES
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–26441 Filed 11–5–08; 8:45 am]
Office of Investment Company
Regulation).
The
following is a summary of the
application. The complete application
may be obtained for a fee at the
BILLING CODE 8011–01–P
Commission’s Public Reference Room,
100 F Street, NE., Washington, DC
20549–1520 (telephone (202) 551–5850).
SECURITIES AND EXCHANGE
Applicants’ Representations:
COMMISSION
1. The Trust is organized as a
Delaware statutory trust and is
[Investment Company Act Release No.
registered under the Act as an open-end
28482; 812–13548]
series management investment
Wells Fargo Funds Trust, et al.; Notice company. The Advisor is registered as
of Application
an investment adviser under the
Investment Advisers Act of 1940, as
October 31, 2008.
amended, and provides investment
AGENCY: Securities and Exchange
management advice and manages the
Commission (‘‘Commission’’).
business affairs of each Applicant Fund
ACTION: Notice of an application under
(as defined below). Applicants request
section 6(c) of the Investment Company an exemption from rule 12d1–2(a) under
Act of 1940 (‘‘Act’’) for an exemption
the Act to the extent necessary to permit
from rule 12d1–2(a) under the Act.
any existing or future series of the Trust
and any other registered open-end
Summary of Application: Applicants
investment company advised by the
request an order to permit funds of
Advisor or any person controlling,
funds relying on rule 12d1–2 under the
controlled by or under common control
Act to invest in certain financial
with the Advisor that operates as a
instruments.
‘‘fund of funds’’ (the ‘‘Applicant
Applicants: Wells Fargo Funds Trust
Funds’’) and invests in other Wells
(‘‘Trust’’) and Wells Fargo Funds
Fargo funds in reliance on section
Management, LLC (‘‘Advisor’’).
12(d)(1)(G) of the Act, and is also
Filing Dates: The application was
eligible to invest in securities (as
filed on July 21, 2008, and amended on
defined in section 2(a)(36) of the Act) in
October 29, 2008.
reliance on rule 12d1–2 under the Act,
Hearing or Notification of Hearing: An
to also invest, to the extent consistent
order granting the application will be
with its investment objective, policies,
issued unless the Commission orders a
strategies and limitations, in financial
hearing. Interested persons may request
instruments that may not be securities
a hearing by writing to the
within the meaning of section 2(a)(36) of
Commission’s Secretary and serving
the Act (‘‘Other Investments’’).1
applicants with a copy of the request,
2. Consistent with its fiduciary
personally or by mail. Hearing requests
obligations under the Act, each
should be received by the Commission
Applicant Fund’s board of trustees or
by 5:30 p.m. on November 25, 2008, and
directors will review the advisory fees
should be accompanied by proof of
charged by the Applicant Fund’s
service on applicants, in the form of an
investment adviser to ensure that they
affidavit or, for lawyers, a certificate of
are based on services provided that are
service. Hearing requests should state
in addition to, rather than duplicative
the nature of the writer’s interest, the
of, services provided pursuant to the
reason for the request, and the issues
advisory agreement of any investment
contested. Persons who wish to be
company in which the Applicant Fund
notified of a hearing may request
may invest.
notification by writing to the
Applicants’ Legal Analysis:
Commission’s Secretary.
1. Section 12(d)(1)(A) of the Act
ADDRESSES: Secretary, Securities and
provides that no registered investment
Exchange Commission, 100 F Street,
company (‘‘acquiring company’’) may
NE., Washington, DC 20549–1090;
acquire securities of another investment
Applicants, c/o Karin L. Brotman, Wells company (‘‘acquired company’’) if such
Fargo Funds Management, LLC, 45
securities represent more than 3% of the
Fremont Street, 26th Floor, San
acquired company’s outstanding voting
Francisco, CA 94105.
1 Every existing entity that currently intends to
FOR FURTHER INFORMATION CONTACT:
rely on the requested order is named as an
Lewis Reich, Senior Counsel, at (202)
applicant. Any existing or future entity that relies
551–6919, or Janet M. Grossnickle,
on the order in the future will do so only in
Assistant Director, at (202) 551–6821
accordance with the terms and condition in the
application.
(Division of Investment Management,
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19:11 Nov 05, 2008
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SUPPLEMENTARY INFORMATION:
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stock or more than 5% of the acquiring
company’s total assets, or if such
securities, together with the securities of
other investment companies, represent
more than 10% of the acquiring
company’s total assets. Section
12(d)(1)(B) of the Act provides that no
registered open-end investment
company may sell its securities to
another investment company if the sale
will cause the acquiring company to
own more than 3% of the acquired
company’s voting stock, or cause more
than 10% of the acquired company’s
voting stock to be owned by investment
companies.
2. Section 12(d)(1)(G) of the Act
provides that section 12(d)(1) will not
apply to securities of an acquired
company purchased by an acquiring
company if: (i) The acquiring company
and acquired company are part of the
same group of investment companies;
(ii) the acquiring company holds only
securities of acquired companies that
are part of the same group of investment
companies, government securities, and
short-term paper; (iii) the aggregate sales
loads and distribution-related fees of the
acquiring company and the acquired
company are not excessive under rules
adopted pursuant to section 22(b) or
section 22(c) of the Act by a securities
association registered under section 15A
of the Exchange Act or by the
Commission; and (iv) the acquired
company has a policy that prohibits it
from acquiring securities of registered
open-end management investment
companies or registered unit investment
trusts in reliance on section 12(d)(1)(F)
or (G) of the Act.
3. Rule 12d1–2 under the Act permits
a registered open-end investment
company or a registered unit investment
trust that relies on section 12(d)(1)(G) of
the Act to acquire, in addition to
securities issued by another registered
investment company in the same group
of investment companies, government
securities, and short-term paper: (1)
Securities issued by an investment
company that is not in the same group
of investment companies, when the
acquisition is in reliance on section
12(d)(1)(A) or 12(d)(1)(F) of the Act; (2)
securities (other than securities issued
by an investment company); and (3)
securities issued by a money market
fund, when the investment is in reliance
on rule 12d1–1 under the Act. For the
purposes of rule 12d1–2, ‘‘securities’’
means any security as defined in section
2(a)(36) of the Act.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction from any
provision of the Act, or from any rule
under the Act, if such exemption is
E:\FR\FM\06NON1.SGM
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66083
Federal Register / Vol. 73, No. 216 / Thursday, November 6, 2008 / Notices
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policies and
provisions of the Act.
5. Applicants state that the proposed
arrangement would comply with the
provisions of rule 12d1–2 under the Act,
but for the fact that the Applicant Funds
may invest a portion of their assets in
Other Investments. Applicants request
an order under section 6(c) of the Act
for an exemption from rule 12d1–2(a) to
allow the Applicant Funds to invest in
Other Investments. Applicants assert
that permitting the Applicant Funds to
invest in Other Investments as described
in the application would not raise any
of the concerns that the requirements of
section 12(d)(1) were designed to
address.
Applicants’ Condition:
Applicants agree that the order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Fund from investing
in Other Investments as described in the
application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–26488 Filed 11–5–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58887; File No. SR–CBOE–
2008–111]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Temporarily Increase
the Number of Additional Quarterly
Option Series in Exchange-Traded
Fund Options That May Be Listed
October 30, 2008.
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
29, 2008, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 5.5(e), Quarterly Option Series
Pilot Program, to temporarily increase
the number of additional Quarterly
Option Series (‘‘QOS’’) in exchangetraded fund (‘‘ETF’’) options from sixty
(60) to one hundred (100) that may be
added by the Exchange. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.cboe.org/Legal), at the Exchange’s
Office of the Secretary and at the
Commission.
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
Exchange 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this proposed rule
change is to temporarily increase the
number of additional QOS in ETF
options from sixty (60) to one hundred
sroberts on PROD1PC70 with NOTICES
ETF
10/27/08
10/13/08
28.69
44.86
80.26
83.95
35.13
56.98
95.03
101.35
QQQQ ......................................................................................................
IWM ..........................................................................................................
DIA ...........................................................................................................
SPY ..........................................................................................................
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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4 17
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(100) that may be added by the
Exchange. To effect this change, the
Exchange is proposing to add new
subparagraph (7) to Rule 5.5(e).
Because of the current, unprecedented
market conditions, the Exchange has
received requests from market
participants to add lower priced strikes
for QOS in the Energy Select Sector
SPDR (‘‘XLE’’), the DIAMONDS Trust,
Series 1 (‘‘DIA’’) and the Standard and
Poor’s Depositary Receipts/SPDRs
(‘‘SPY’’). For example, for December
2008 expiration, there is demand for
strikes (a) ranging from $20 up through
and including $40 for XLE, (b) ranging
from $60 up through and including $75
for DIA, and (c) ranging from $74 up
through and including $85 for SPY.
These strikes are much lower than those
currently listed for which there is open
interest.
However, under current Rule
5.5(e)(4), the Exchange cannot honor
these requests because the maximum
number of additional series, sixty (60),
has already been listed. The Exchange is
therefore seeking to temporarily
increase the number of additional QOS
that may be added to one hundred (100).
The increase of additional series would
be permitted immediately for expiration
months currently listed and for
expiration months added throughout the
last quarter of 2008, including the new
expiration month added after December
2008 expiration. The Exchange believes
that this proposal is reasonable and will
allow for more efficient risk
management. The Exchange believes
this proposal will facilitate the
functioning of the Exchange’s market
and will not harm investors or the
public interest.
The Exchange believes that user
demand and the recent downward price
movements in the underlying ETFs
warrants a temporary increase in the
number of strikes for all QOS in ETF
options. Currently, the Exchange list
QOS in five ETF options: (1) Nasdaq100 Index Tracking Stock (‘‘QQQQ’’); (2)
iShares Russell 2000 Index Fund
(‘‘IWM’’); (3) DIA; (4) SPY; and (5) XLE.
The below chart provides the historical
closing prices of these ETFs over the
past couple of months:
10/6/08
9/30/08
34.86
59.72
99.90
104.72
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
Frm 00074
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E:\FR\FM\06NON1.SGM
06NON1
38.91
68.00
108.36
115.99
8/29/08
46.12
73.87
115.45
128.79
7/31/08
45.46
71.32
113.70
126.83
]]>Agencies
[Federal Register Volume 73, Number 216 (Thursday, November 6, 2008)]
[Notices]
[Pages 66082-66083]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-26488]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 28482; 812-13548]
Wells Fargo Funds Trust, et al.; Notice of Application
October 31, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a)
under the Act.
-----------------------------------------------------------------------
Summary of Application: Applicants request an order to permit funds
of funds relying on rule 12d1-2 under the Act to invest in certain
financial instruments.
Applicants: Wells Fargo Funds Trust (``Trust'') and Wells Fargo
Funds Management, LLC (``Advisor'').
Filing Dates: The application was filed on July 21, 2008, and
amended on October 29, 2008.
Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on November 25, 2008, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.
ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants, c/o Karin L. Brotman, Wells
Fargo Funds Management, LLC, 45 Fremont Street, 26th Floor, San
Francisco, CA 94105.
FOR FURTHER INFORMATION CONTACT: Lewis Reich, Senior Counsel, at (202)
551-6919, or Janet M. Grossnickle, Assistant Director, at (202) 551-
6821 (Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549-1520 (telephone (202) 551-5850).
Applicants' Representations:
1. The Trust is organized as a Delaware statutory trust and is
registered under the Act as an open-end series management investment
company. The Advisor is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended, and provides investment
management advice and manages the business affairs of each Applicant
Fund (as defined below). Applicants request an exemption from rule
12d1-2(a) under the Act to the extent necessary to permit any existing
or future series of the Trust and any other registered open-end
investment company advised by the Advisor or any person controlling,
controlled by or under common control with the Advisor that operates as
a ``fund of funds'' (the ``Applicant Funds'') and invests in other
Wells Fargo funds in reliance on section 12(d)(1)(G) of the Act, and is
also eligible to invest in securities (as defined in section 2(a)(36)
of the Act) in reliance on rule 12d1-2 under the Act, to also invest,
to the extent consistent with its investment objective, policies,
strategies and limitations, in financial instruments that may not be
securities within the meaning of section 2(a)(36) of the Act (``Other
Investments'').\1\
---------------------------------------------------------------------------
\1\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any existing or future
entity that relies on the order in the future will do so only in
accordance with the terms and condition in the application.
---------------------------------------------------------------------------
2. Consistent with its fiduciary obligations under the Act, each
Applicant Fund's board of trustees or directors will review the
advisory fees charged by the Applicant Fund's investment adviser to
ensure that they are based on services provided that are in addition
to, rather than duplicative of, services provided pursuant to the
advisory agreement of any investment company in which the Applicant
Fund may invest.
Applicants' Legal Analysis:
1. Section 12(d)(1)(A) of the Act provides that no registered
investment company (``acquiring company'') may acquire securities of
another investment company (``acquired company'') if such securities
represent more than 3% of the acquired company's outstanding voting
stock or more than 5% of the acquiring company's total assets, or if
such securities, together with the securities of other investment
companies, represent more than 10% of the acquiring company's total
assets. Section 12(d)(1)(B) of the Act provides that no registered
open-end investment company may sell its securities to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or cause more than
10% of the acquired company's voting stock to be owned by investment
companies.
2. Section 12(d)(1)(G) of the Act provides that section 12(d)(1)
will not apply to securities of an acquired company purchased by an
acquiring company if: (i) The acquiring company and acquired company
are part of the same group of investment companies; (ii) the acquiring
company holds only securities of acquired companies that are part of
the same group of investment companies, government securities, and
short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not
excessive under rules adopted pursuant to section 22(b) or section
22(c) of the Act by a securities association registered under section
15A of the Exchange Act or by the Commission; and (iv) the acquired
company has a policy that prohibits it from acquiring securities of
registered open-end management investment companies or registered unit
investment trusts in reliance on section 12(d)(1)(F) or (G) of the Act.
3. Rule 12d1-2 under the Act permits a registered open-end
investment company or a registered unit investment trust that relies on
section 12(d)(1)(G) of the Act to acquire, in addition to securities
issued by another registered investment company in the same group of
investment companies, government securities, and short-term paper: (1)
Securities issued by an investment company that is not in the same
group of investment companies, when the acquisition is in reliance on
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (2) securities (other
than securities issued by an investment company); and (3) securities
issued by a money market fund, when the investment is in reliance on
rule 12d1-1 under the Act. For the purposes of rule 12d1-2,
``securities'' means any security as defined in section 2(a)(36) of the
Act.
4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction from any provision of the Act, or
from any rule under the Act, if such exemption is
[[Page 66083]]
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the
policies and provisions of the Act.
5. Applicants state that the proposed arrangement would comply with
the provisions of rule 12d1-2 under the Act, but for the fact that the
Applicant Funds may invest a portion of their assets in Other
Investments. Applicants request an order under section 6(c) of the Act
for an exemption from rule 12d1-2(a) to allow the Applicant Funds to
invest in Other Investments. Applicants assert that permitting the
Applicant Funds to invest in Other Investments as described in the
application would not raise any of the concerns that the requirements
of section 12(d)(1) were designed to address.
Applicants' Condition:
Applicants agree that the order granting the requested relief will
be subject to the following condition:
Applicants will comply with all provisions of rule 12d1-2 under the
Act, except for paragraph (a)(2) to the extent that it restricts any
Fund from investing in Other Investments as described in the
application.
For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-26488 Filed 11-5-08; 8:45 am]
BILLING CODE 8011-01-P
