90-4 OETF ;
Sections 4(a) and 4c and Regulation 32.11;
No-Action
The Off-Exchange Task Force granted no-action relief to Salomon Inc (SI), Salomon Brothers Inc (SBI) and Philbro Energy, Inc. (PEI) to permit the execution and performance of light sweet crude oil contracts and related crude oil transactions by SI, PEI, and the Trustee acting on behalf of the Trust (which will issue certificates of beneficial interest [Trust units] to investors, the proceeds of which will be delivered to PEI in exchange for crude oil contracts which will be deposited in the Trust), and the Advisor (engaged by the Trustee), and the offer and sale of, and secondary market transactions in, Trust units by SBI and others.