43382 Federal Register / Vol. 62, No. 156 / Wednesday, August 13, 1997 / Notices

or calling 202–326–4040. (For TTY and

TDD, call 800–877–8339 and request

connection to 202–326–4040). The

premium payment regulation can be

accessed on the PBGC’s home page at

http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, or Deborah C. Murphy,

Attorney, Office of the General Counsel,

Pension Benefit Guaranty Corporation,

1200 K Street, NW., Washington, DC

20005–4026, 202–326–4024. (For TTY

and TDD, call 800–877–8339 and

request connection to 202–326–4024).

SUPPLEMENTARY INFORMATION: Section

4007 of Title IV of the Employee

Retirement Income Security Act of 1974

(‘‘ERISA’’) requires the Pension Benefit

Guaranty Corporation (‘‘PBGC’’) to

collect premiums from pension plans

covered under Title IV pension

insurance programs. Pursuant to ERISA

section 4007, the PBGC has issued its

regulation on Payment of Premiums (29

CFR part 4007). Section 4007.3 of the

premium payment regulation requires

plans, in connection with the payment

of premiums, to file certain forms

prescribed by the PBGC, and § 4007.10

requires plans to retain and make

available to the PBGC records

supporting or validating the

computation of premiums paid.

The forms prescribed are PBGC Form

1–ES and Form 1 and (for singleemployer plans only) Schedule A to

Form 1. Form 1–ES is issued, with

instructions, in the PBGC’s Estimated

Premium Payment Package. Form 1 and

Schedule A are issued, with

instructions, in the PBGC’s Annual

Premium Payment Package.

The premium forms are needed to

determine the amount and record the

payment of PBGC premiums, and the

submission of forms and retention and

submission of records are needed to

enable the PBGC to perform premium

audits. The plan administrator of each

pension plan covered by Title IV of

ERISA is required to file one or more of

the premium payment forms each year.

The PBGC uses the information on the

premium payment forms to identify the

plans paying premiums and to verify

whether plans are paying the correct

amounts. That information and the

retained records are used for audit

purposes.

In addition, section 4011 of ERISA

and the PBGC’s regulation on Disclosure

to Participants (29 CFR part 4011)

require plan administrators of certain

underfunded single-employer pension

plans to provide an annual notice to

plan participants and beneficiaries of

the plans’ funding status and the limits

on the Pension Benefit Guaranty

Corporation’s guarantee of plan benefits.

The participant notice requirement only

applies (subject to certain exemptions)

to plans that must pay a variable rate

premium. In order to monitor

compliance with Part 4011, plan

administrators must indicate on

Schedule A to Form 1 that the

participant notice requirements have

been complied with. The PBGC has also

conducted surveys of plan

administrators to assess compliance.

The collection of information under

the regulation on Payment of Premiums,

including Form 1–ES, Form 1, and

Schedule A to Form 1, and related

instructions has been approved by OMB

under control number 1212–0009

through February 28, 1998. This

collection of information also includes

the certification and surveys of

compliance with the participant notice

requirements (but not the participant

notices themselves). The PBGC intends

to request that OMB extend its approval

of this collection of information for

another three years. (The participant

notices constitute a different collection

of information that has been separately

approved by OMB.)

Under the Retirement Protection Act

of 1994, certain special premium rules

for regulated public utility company

plans cease to apply for plan years

beginning after 1997. The premium

forms and instructions are being revised

for 1998 to reflect this change. The

revised forms and instructions will also

include provisions regarding the use of

electronic funds transfers as an optional

form of payment for premiums and for

PBGC payment of premium refunds, and

will permit plan administrators whose

filings are prepared by consultants to

request that the PBGC no longer send

them unneeded forms packages. Other

appropriate revisions (e.g., clarifying

and editorial changes) are also being

made.

The PBGC estimates that it receives

responses annually from about 49,500

plan administrators and that the total

annual burden of the collection of

information is about 4,043 hours and

$11,236,125.

The PBGC is soliciting public

comments to—

• Evaluate whether the collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information will have practical utility;

• Evaluate the accuracy of the

agency’s estimate of the burden of the

collection of information, including the

validity of the methodology and

assumptions used;

• Enhance the quality, utility, and

clarity of the information to be

collected; and

• Minimize the burden of the

collection of information on those who

are to respond, including through the

use of appropriate automated,

electronic, mechanical, or other

technological collection techniques or

other forms of information technology,

e.g., permitting electronic submission of

responses.

Issued in Washington, DC, this 8th day of

August, 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–21404 Filed 8–12–97; 8:45 am]

BILLING CODE 7708–01–P

OFFICE OF PERSONNEL

MANAGEMENT

Submission for OMB Review;

Comment Request for Review of a

Revised Information Collection:

Federal Employees Health Benefits

(FEHB) Annuitant Express Open

Season Interactive Voice Response

System (IVR)

AGENCY: Office of Personnel

Management.

ACTION: Notice.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (Pub.

L. 104–13, May 22, 1995), this notice

announces that the Office of Personnel

Management (OPM) has submitted to

the Office of Management and Budget a

request for review of a revised

information collection. FEHB Annuitant

Express Open Season IVR is used by

retirees and survivors to collect

information for changing FEHB

enrollments, requesting plan brochures,

requesting a change of address,

requesting cancellation or suspension of

FEHB benefits, requesting payment

directly to OPM where the FEHB

payment is greater than the monthly

annuity amount, or requesting a copy of

the FEHB Customer Satisfaction Survey

results. We are replacing the OPM 2809

EZ1 and OPM 2809 EZ2 with the IVR

technology to improve our response

time to our customers.

We estimate 109,600 requests will be

completed annually. Each request takes

approximately 10 minutes to complete.

The annual estimated burden is 18,167

hours. For copies of this proposal,

contact Jim Farron on (202) 418–3208,

or E-mail to jmfarron@opm.gov

DATES: Comments on this proposal

should be received on or before

September 12, 1997.
Federal Register / Vol. 62, No. 156 / Wednesday, August 13, 1997 / Notices 43383

1The Current Portfolios presently invest in shares

of open-end investment companies. Applicant

expects to add an additional series, the

International Portfolio, which will invest in shares

of registered closed-end investment companies and

unit investment trusts as well as shares of registered

open-end investment companies. As of the date of

applicant’s last amended application, the shares of

this Portfolio were not being offered to the public.

ADDRESSES: Send or deliver comments

to—

Lorraine E. Dettman, Chief, Operations

Support Division, Retirement and

Insurance Service, U.S. Office of

Personnel Management, 1900 E Street,

NW, Room 3349, Washington, DC

20415

and

Joseph Lackey, OPM Desk Officer,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, New Executive Office

Building, NW, Room 10235,

Washington, DC 20503.

FOR INFORMATION REGARDING

ADMINISTRATIVE COORDINATION CONTACT:

Mary Beth Smith-Toomey, Management

Services Division, (202) 606–0623.

Office of Personnel Management.

James B. King,

Director.

[FR Doc. 97–21355 Filed 8–12–97; 8:45 am]

BILLING CODE 6325–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–22782; 812–10506]

FundManager Portfolios; Notice of

Application

August 7, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

SUMMARY OF APPLICATION: Applicant

requests an order under section

12(d)(1)(J) of the Act that would permit

a fund of funds relying on section

12(d)(1)(F) to offer its shares to the

public with a sales load that exceeds the

1.5% limit of section 12(d)(1)(F)(ii).

FILING DATE: The application was filed

on January 21, 1997, and amendments

to the application were filed on April

24, 1997, and June 23, 1997. Applicant

has agreed to file an additional

amendment, the substance of which is

incorporated in this notice, during the

notice period.

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 applicant with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

September 2, 1997, 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 who wish to be notified of a

hearing may request notification by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, N.W., Washington, D.C. 20549.

Applicant, One Beacon Street, Boston,

Massachusetts 02108.

FOR FURTHER INFORMATION CONTACT:

Deepak T. Pai, Staff Attorney, at (202)

942–0574, or Mercer E. Bullard, Branch

Chief, at (202) 942–0564 (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 SEC’s

Public Reference Branch, 450 Fifth

Street, N.W., Washington, D.C. 20549

(tel. 202–942–8090).

Applicant

FundManager Portfolios (the ‘‘Trust’’),

on behalf of its current series, the

FundManager Aggressive Growth

Portfolio, FundManager Growth

Portfolio, FundManager Growth with

Income Portfolio, FundManager Bond

Portfolio and FundManager Managed

Total Return Portfolio (the ‘‘Current

Portfolios’’), and any series of the Trust

created in the future (together with the

Current Portfolios, the ‘‘Portfolios’’).

Applicant’s Representations

1. The Trust is a registered, open-end

management investment company

organized in 1995 as a Delaware

business trust. The Trust currently

consists of five diversified series with

differing investment objectives.1 Prior to

February, 1995, the Current Portfolios

were series of the Republic Funds,

which is also an open-end management

investment company. Prior to April,

1987, the Current Portfolios were series

of two separate investment companies,

FundVest and FundTrust Tax Free

Trust. The Current Portfolios have been

in existence either as series of the Trust,

the Republic Funds, or their

predecessors for more than 10 years

(except for the Managed Total Return

Portfolio which was established in

1988) and have operated pursuant to

section 12(d)(1)(F) of the Act since their

inception. Freedom Capital

Management Corporation (the

‘‘Adviser’’), through its M.D. Hirsch

Division, acts as investment adviser to

the Trust. For the fiscal year ended

September 30, 1996, each of the Current

Portfolios paid the Adviser a fee at the

annual rate of 0.50% of net assets.

2. Each Portfolio will be designed to

provide investors with a practical, costefficient means of investing in a

diversified pool of investment

companies’ securities. Each Portfolio

will invest in shares of other registered

investment companies or series thereof

(the ‘‘Underlying Funds’’). Each

Portfolio will seek to achieve its

investment objective by investing in

approximately ten to fifteen Underlying

Funds, although it may invest up to

25% of its total assets in any one

Underlying Fund. Each of the

Underlying Funds will be unaffiliated

with the Portfolios and will be

registered as an investment company.

3. Each Portfolio will invest in both

load and no-load Underlying Funds.

With respect to load funds, a Portfolio

will purchase such shares pursuant to

(a) letters of intent, permitting the

Portfolio to pay reduced sales charges

by aggregating its intended purchase

over time; (b) rights of accumulation,

permitting the Portfolio to pay reduced

sales charges as it purchases additional

shares of an Underlying Fund; and (c)

the right to pay reduced sales charges by

aggregating its purchases of several

Underlying Funds within a family of

Underlying Funds. Utilizing these

techniques, the majority of the

Underlying Fund shares purchased by

the Current Portfolios during the past

two years have been purchased without

any sales load.

4. Each of the Current Portfolios offers

two classes of shares, the Financial

Adviser Class shares and the No-Load

Class shares, except for the Managed

Total Return Portfolio, which offers only

Financial Adviser Class shares.

Currently, no sales or service charge is

imposed on the No-Load Class shares.

The only sales or service charges

imposed on the Financial Adviser Class

shares are (1) distribution fees pursuant

to rule 12b–1 under the Act of up to

.50% and (2) fees to service

organizations of up to .25% for

administrative services provided to

Financial Adviser Class shareholders.

Applicant requests relief from the sales

load restriction of section 12(d)(1)(F)(ii)

to permit each Portfolio to offer its

shares with a sales load in excess of

1.5%. Applicant will comply with all

other provisions of section 12(d)(1)(F).