Federal Register / Vol. 69, No. 218 / Friday, November 12, 2004 / Notices 65477

1Section 3(c)(1) generally excepts from the 

definition of investment company under the 

Investment Company Act any issuer whose 

outstanding securities are beneficially owned by not 

more than 100 persons and which is not making, 

and does not presently propose to make, a public 

offering of its securities.

particularly from remote terminals. 

Specific files containing SGI–M will be 

password protected to preclude access 

by an unauthorized individual. The 

National Institute of Standards and 

Technology (NIST) maintains a listing of 

all validated encryption systems at 

http://csrc.nist.gov/cryptval/140–1/

1401val.htm. SGI–M files may be 

transmitted over a network if the file is 

encrypted. In such cases, the licensee 

will select a commercially available 

encryption system that NIST has 

validated as conforming to Federal 

Information Processing Standards 

(FIPS). SGI–M files shall be properly 

labeled as ‘‘Safeguards Information—

Modified Handling’’ and saved to 

removable media and stored in a locked 

file drawer or cabinet. 

Telecommunications 

SGI–M may not be transmitted by 

unprotected telecommunications 

circuits except under emergency or 

extraordinary conditions. For the 

purpose of this requirement, emergency 

or extraordinary conditions are defined 

as any circumstances that require 

immediate communications in order to 

report, summon assistance for, or 

respond to a security event (or an event 

that has potential security significance). 

This restriction applies to telephone, 

telegraph, teletype, facsimile circuits, 

and to radio. Routine telephone or radio 

transmission between site security 

personnel, or between the site and local 

police, should be limited to message 

formats or codes that do not disclose 

facility security features or response 

procedures. Similarly, call-ins during 

transport should not disclose 

information useful to a potential 

adversary. Infrequent or non-repetitive 

telephone conversations regarding a 

physical security plan or program are 

permitted provided that the discussion 

is general in nature. 

Individuals should use care when 

discussing SGI–M at meetings or in the 

presence of others to insure that the 

conversation is not overheard by 

persons not authorized access. 

Transcripts, tapes or minutes of 

meetings or hearings that contain SGI–

M shall be marked and protected in 

accordance with these requirements. 

Destruction 

Documents containing SGI–M should 

be destroyed when no longer needed. 

They may be destroyed by tearing into 

small pieces, burning, shredding or any 

other method that precludes 

reconstruction by means available to the 

public at large. Piece sizes one half inch 

or smaller composed of several pages or 

documents and thoroughly mixed 

would be considered completely 

destroyed.

[FR Doc. 04–25170 Filed 11–10–04; 8:45 am] 

BILLING CODE 7590–01–P

POSTAL RATE COMMISSION

Sunshine Act Meetings

NAME OF AGENCY: Postal Rate 

Commission.

TIME AND DATE: Tuesday, November 16, 

2004, at 2:30 p.m.

PLACE: Commission conference room, 

1333 H Street, NW., Suite 300, 

Washington, DC 20268—0001.

STATUS: Closed.

MATTERS TO BE CONSIDERED: 

Consideration of Docket No. MC2004–3, 

Rate and Service Changes to Implement 

Functionally Equivalent Negotiated 

Service Agreement with Bank One 

Corporation.

CONTACT PERSON FOR MORE INFORMATION:

Stephen L. Sharfman, General Counsel, 

Postal Rate Commission, Suite 300, 

1333 H Street, NW., Washington, DC 

20268–0001, 202–789–6820.

Dated: November 8, 2004. 

Steven W. Williams, 

Secretary.

[FR Doc. 04–25297 Filed 11–9–04; 12:57 pm] 

BILLING CODE 7710–FW–M

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IA–2321/803–178] 

The Charles Talbot Fund; Notice of 

Application 

November 5, 2004.

AGENCY: Securities and Exchange 

Commission (‘‘SEC’’).

ACTION: Notice of Application for 

Exemption under the Investment 

Advisers Act of 1940 (‘‘Advisers Act’’ or 

‘‘Act’’). 

APPLICANT: The Charles Talbot Fund (the 

‘‘Fund’’ or ‘‘Applicant’’).

RELEVANT ADVISERS ACT SECTIONS:

Exemption requested under section 

205(e) of the Advisers Act from section 

205(a)(1) of that Act.

SUMMARY OF APPLICATION: Applicant 

requests an order under section 205(e) 

of the Advisers Act to permit registered 

investment advisers to charge it 

performance-based advisory fees 

notwithstanding the prohibition set 

forth in section 205(a)(1) of the Act.

FILING DATES: The application was filed 

on October 28, 2003, and amended on 

March 12, 2004, and amended further 

on May 7, 2004.

HEARING OR NOTIFICATION OF HEARING: An 

order granting the application will be 

issued unless the SEC orders a hearing. 

Interested persons may request a 

hearing by writing to the SEC’s 

Secretary and serving the Applicant 

with a copy of the request, either 

personally or by mail. Hearing requests 

should be received by the SEC by 5:30 

p.m., on November 30, 2004, and should 

be accompanied by proof of service on 

Applicant, 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 may request notification of a 

hearing by writing to the SEC’s 

Secretary.

ADDRESSES: Secretary: SEC, 450 Fifth 

Street, NW., Washington, DC 20549. 

Applicant: The Charles Talbot Fund, 

46775 Ann Arbor Trail, Plymouth, 

Michigan, 48170.

FOR FURTHER INFORMATION CONTACT:

Marilyn Barker, Senior Counsel, or 

Jennifer L. Sawin, Assistant Director, 

Division of Investment Management, 

Office of Investment Adviser 

Regulation, at (202) 942–0719.

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained for a fee at the SEC’s 

Public Reference Branch. 

Applicant’s Representations 

1. Applicant is a Michigan limited 

partnership formed in 1978 for general 

investment purposes so as to facilitate 

and simplify the investment of assets 

owned by the Talbot family. Applicant 

represents that the Fund is the Talbot 

family’s principal investment vehicle, 

and is exempt from registration as an 

investment company under section 

3(c)(1) of the Investment Company Act 

of 1940 (the ‘‘Investment Company 

Act’’).1

2. Charles F. Talbot, Jr., is the Fund’s 

general partner. Mr. Talbot is 

compensated for services as general 

partner by pro rata participation in the 

gain or loss of the partnership. He is 

reimbursed for actual hours spent in the 

partnership business such as 

accounting. The Fund has no other 

executives or employees.