UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 34-55665 / April 25, 2007

Administrative Proceeding File No. 3-12068

Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. § 201.1103, that the Division of Enforcement has submitted to the Commission a proposed plan ("Distribution Plan") for the distribution of monies placed into a Fair Fund in the above-captioned matter.

On September 30, 2005, the Commission issued an Order ("September Order") instituting settled administrative and cease-and-desist proceedings against International Equity Advisors, LLC ("IEA") and Richard Roger Lund ("Lund"). On December 23, 2005, the Commission issued an Order ("December Order") that authorized the establishment of a Fair Fund, comprised of disgorgement, prejudgment interest and civil monetary penalties paid by IEA and Lund, for distribution to certain mutual funds injured by the market timing trading activity pursuant to a distribution plan.

OPPORTUNITY FOR COMMENT

Pursuant to this Notice, all interested parties are advised that they may print a copy of the proposed Distribution Plan from the Commission's public website, http://www.sec.gov. Interested parties may also obtain a written copy of the proposed Distribution Plan by submitting a written request to Peter J. Diskin, United States Securities and Exchange Commission, 3475 Lenox Road, Suite 500, Atlanta, Georgia 30326. All persons who desire to comment on the Distribution Plan may submit their comments, in writing, no later than May 25, 2007:

1. to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street, N.E., Washington, DC 20549-1090;
    
2. by using the Commission's Internet comment form (http://www.sec.gov/litigation/admin.shtml); or
    
3. by sending an e-mail to rule-comments@sec.gov.

Comments submitted by e-mail or via the Commission's website should include the Administrative Proceeding File Number (3-12068) in the subject line. Comments received will be publicly available. Persons should submit only information that they wish to make publicly available.

DISTRIBUTION PLAN

The Distribution Plan provides for distribution of the disgorgement, prejudgment interest and civil monetary penalties paid by IEA and Lund in connection with the September Order. Under the Distribution Plan, funds will be distributed to those mutual funds that have been harmed by the illegal market timing activities described in the September Order. Eligible mutual funds will not need to go through a claims process.

For the Commission, by its Secretary, pursuant to delegated authority.

See also Proposed Distribution Plan

http://www.sec.gov/litigation/admin/2007/34-55665.htm