SEC Open Meeting Agenda
Wednesday, December 11, 2002, 10:00 a.m.

Agenda as of the morning of December 11, 2002. Note that Open Meeting agendas are subject to last-minute changes.

Item 1:	Repeal of the Trade-Through Disclosure Rules for Options Office:  Division of Market Regulation Staff:  Robert L.D. Colby, Elizabeth K. King, Deborah L. Flynn, Patrick M. Joyce, Jennifer Lewis
Item 2:	Exemption for Certain Investment Advisers Operating Through the Internet Office:  Division of Investment Management Staff:  Robert E. Plaze, Jamey Basham, Marilyn D. Barker
Item 3:	Shareholder Reports and Quarterly Portfolio Disclosure of Registered Management Investment Companies Office:  Division of Investment Management Staff:  Susan Nash, Paul G. Cellupica, David S. Schwartz

Item 1: Repeal of the Trade-Through Disclosure Rules for Options

The Commission will consider whether to adopt the repeal of Rule 11Ac1-7 under the Securities Exchange Act of 1934. Rule 11Ac1-7 requires a broker-dealer to disclose to its customer when the customer's order for listed options is executed at a price inferior to a better published quote, and to disclose the better published quote available at that time, unless the broker-dealer effects the transaction on an exchange that participates in an approved linkage plan.

For further information, please contact Jennifer Lewis at (202) 942-7951.

Item 2: Exemption for Certain Investment Advisers Operating Through the Internet

The Commission will consider whether to adopt amendments to rule 203A-2(f) under the Investment Advisers Act of 1940 to exempt certain investment advisers that provide advisory services through the Internet from the prohibition on Commission registration.

For further information, please contact Marilyn Barker at (202) 942-0523.

Item 3: Shareholder Reports and Quarterly Portfolio Disclosure of Registered Management Investment Companies

The Commission will consider whether to propose amendments to Forms N-1A, N-2, N-3, proposed Form N-CSR, and Articles 6 and 12 of Regulation S-X as well as new rule 30b1-4 and new Form N-Q under the Investment Company Act. The proposals would (1) require a registered management investment company to file a schedule of its complete portfolio holdings with the Commission on a quarterly basis; (2) permit a registered management investment company to include a summary portfolio schedule in reports to shareholders and exempt money market funds from including a portfolio schedule in reports to shareholders, provided that the complete portfolio schedule is filed with the Commission and available to shareholders upon request; (3) require a registered management investment company to include a tabular or graphic presentation of a fund's portfolio holdings in its reports to shareholders; (4) require a mutual fund to disclose in its reports to shareholders fund expenses borne by shareholders during the reporting period; and (5) require a mutual fund to include Management's Discussion of Fund Performance in its annual report to shareholders.

For further information, please contact Paul G. Cellupica at (202) 942-0554 or David S. Schwartz at (202) 942-7967.