5658 Federal Register / Vol. 62, No. 25 / Thursday, February 6, 1997 / Notices

routine use is being added to this

system that will allow the agency to

release information conained in this

system to any other federal agency for

the purpose of collection of moneys

owed to the federal government. The

amendment also makes minor technical

changes to the wording of the system

that reflect changes to the Peace Corps’

organizational structure, but do not

involve substantive change. The

Associate Director for Management

invites the general public and other

federal agencies to take this opportunity

to comment on the change to this

records system as listed below. This

change will be adopted following the

required period. A copy of the system

notice may be obtained from Brian

Sutherland, Office of Administrative

Services, United States PEACE CORPS,

1990 K Street, NW.—room 5404,

Washington, DC 20526. Mr. Sutherland

may be contacted by telephone at (202)

606–3261.

In accordance with the requirements

of the Privacy Act, the Peace Corps has

provided a report of this intended

change to this system to OMB, to the

President of the Senate, and to the

Speaker of the House of Representatives.

DATES: The revision to the system of

records published herein will become

effective 60 days from publication

(April 7, 1997), unless the Peace Corps

receives comments which would

convince us to make a contrary

determination.

Employee Pay and Leave Records

(PC–6) is amended to read as follows:

PC–6

SYSTEM NAME: Employee Pay and Leave

Records.

SYSTEM LOCATION: Office of Planning, Budget,

and Finance, Peace Corps, 1990 K Street,

NW., Washington, DC 20526.

CATEGORIES OF INDIVIDUALS COVERED BY THE

SYSTEM: Any recipient eligible for federal

disbursement from the Peace Corps.

CATEGORIES OF RECORDS IN THE SYSTEM:

Personnel actions employing, promoting and

terminating employees, savings bond

applications, advices of allotments, IRS tax

levels, notice of deduction for health

insurance, Combined Federal Campaign,

union dues withholdings applications, and

educational allowances for children of

overseas employees and records regarding

collections for overpayments and time and

attendance records.

AUTHORITY FOR MAINTENANCE OF THE SYSTEM:

GAO Policy and Procedures Manual, 31

U.S.C. 3512, and, the Budget and Accounting

Procedures Act of 1950.

PURPOSE(S): This system was established to

record moneys paid, allotments authorized,

leave earned and used, and retirement

benefits earned.

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

THE PURPOSE OF SUCH USES:

Information from these records are

routinely provided as follows:

1. To the Treasury for payroll and

savings bonds and other deduction

purposes.

2. To Internal Revenue Service with

regard to tax matters.

3. To participating insurance

companies holding policies with respect

to Federal employees employed by

Peace Corps.

4. To Federal Agency to perform

payroll services for the Peace Corps.

5. These records and information in

the records may be disclosed to any

other federal agency for the purpose of

effecting administrative offset against

the debtor to recoup a delinquent debt

to the US Government by the debtor.

This notice is issued in Washington, DC on

February 3, 1997.

Bessy Kong,

Acting Associate Director for Management.

[FR Doc. 97–2984 Filed 2–5–97; 8:45 am]

BILLING CODE 6051–01–M

SECURITIES AND EXCHANGE

COMMISSION

Submission for OMB Review;

Comment Request

Upon Written Request, Copies Available

From: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549

Extension:

Form T–1—SEC File No. 270–121—

OMB Control No. 3235–0110

Form T–2—SEC File No. 270–122—

OMB Control No. 3235–0111

Form T–3—SEC File No. 270–123—

OMB Control No. 3235–0105

Form T–4—SEC File No. 270–124—

OMB Control No. 3235–0107

Form 14f–1—SEC File No. 270–127—

OMB Control No. 3235–0108

Form 12d1–3—SEC File No. 270–

116—OMB Control No. 3235–0109

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501 et seq.), the Securities

and Exchange Commission

(‘‘Commission’’) has submitted to the

Office of Management and Budget

requests for approval of extension on

the following:

Form T–1 is a statement of eligibility

under the Trust Indenture Act of 1939

(‘‘TIA’’) of a corporation designated to

act as a trustee. It is filed by an

estimated 500 respondents for a total

estimated annual burden of 7500 hours.

Form T–2 is a statement of eligibility

under the TIA of an individual

designated to act as a trustee. It is filed

by an estimated 36 respondents for a

total estimated annual burden of 324

hours.

Form T–3 is used for applications for

the qualification of trust indentures. It is

filed by an estimated 55 respondents for

a total estimated annual burden of 2365

hours.

Form T–4 is used to apply for

exemption pursuant to Section 304(c) of

the TIA. It is filed by an estimated 3

respondents for a total estimated annual

burden of 15 hours.

Rule 14f–1 requires issuers to file

information in connection with a

change in the majority of their directors.

Rule 14f–1 submissions are filed by an

estimated 44 respondents for a total

estimated annual burden of 792 hours.

Rule 12d1–3 sets forth requirements

concerning certification that a security

has been approved by an exchange for

listing and registration pursuant to

Section 12(d) of the Securities Exchange

Act of 1934. Rule 12d1–3 submissions

are filed by an estimated 688

respondents for a total estimated annual

burden of 344 hours.

The information provided by the

above forms and submissions is needed

to ensure compliance with the

requirements of the TIA, Securities Act

of 1933 and Securities Exchange Act of

1934. Trustees and corporate issuers are

the likely respondents.

General comments regarding the

estimated burden hours should be

directed to the Desk Officer for the
Federal Register / Vol. 62, No. 25 / Thursday, February 6, 1997 / Notices 5659

1The Victory Portfolios, Investment Company Act

Release Nos. 22366 (Dec. 3, 1996) (notice) and

22432 (Dec. 31, 1996) (order).

2On January 1, 1997, in reliance only on section

12(d)(1)(G) of the Act, KeyChoice Growth Fund,

KeyChoice Moderate Growth Fund, and KeyChoice

Income and Growth Fund, the initial Direct Funds,

commenced operations with investments limited to

Underlying Portfolios.

Securities and Exchange Commission at

the address below. Any comments

concerning the accuracy of the

estimated average burden hours for

compliance with Commission rules and

forms should be directed to Michael E.

Bartell, Associate Executive Director,

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549 and Desk Officer for the

Securities and Exchange Commission,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, Room 3208, New Executive

Office Building, Washington, DC 20503.

Dated: January 29, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–2911 Filed 2–5–97; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–22486; 812–10164]

SBSF Funds, Inc. d/b/a Key Mutual

Funds, et al.; Notice of Application

January 30, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption Under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: SBSF Funds, Inc. d/b/a Key

Mutual Funds (‘‘KMF’’), The Victory

Portfolios (‘‘VP’’), KeyCorp Mutual

Fund Advisers, Inc. (‘‘KMFAI’’), and

Spears, Benzak, Salomon & Farrell, Inc.

(‘‘SBS&F’’).

RELEVANT ACT SECTIONS: Order requested

under section 12(d)(1)(J) of the Act for

an exemption from sections 12(d)(1)(A)

and (B) of the Act, and under sections

6(c) and 17(b) of the Act for an

exemption from section 17(a) of the Act.

SUMMARY OF APPLICATION: Applicants

request an order that would permit them

to implement a ‘‘fund of funds’’

arrangement. In addition to the fund of

funds investing in other funds in the

same group of investment companies,

such fund of funds also may invest a

portion of its assets in funds that are not

part of the same group of investment

companies in reliance on Section

12(d)(1)(F) of the Act.

FILING DATES: The application was filed

on May 20, 1996, and amended on

January 22, 1997. Applicants have

agreed to file an amendment, the

substance of which is incorporated

herein, 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 applicants with a

copy of the request, personally or by

mail. Hearing requests should be

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

February 24, 1997, and should be

accompanied by proof of service on

applicants 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 5th

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

KMF and VP, 3435 Stelzer Road,

Columbus, OH 43219; KMFAI, 127

Public Square, Cleveland, OH 44114;

SBS&F, 45 Rockefeller Plaza, New York,

NY 10111.

FOR FURTHER INFORMATION CONTACT:

David W. Grim, Staff Attorney, at (202)

942–0571, or Mercer E. Bullard, Branch

Chief, at (202) 942–0564 (Office of

Investment Company Regulation,

Division of Investment Management).

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.

Applicants’ Representations

1. KMF is a Maryland corporation

registered under the Act as an open-end

management investment company

currently consisting of eight operating

portfolios and one inactive portfolio. VP

is a Delaware business trust registered

under the Act as an open-end

management investment company

currently consisting of 24 operating and

four inactive portfolios.

2. Applicants request relief to permit

the series of KMF, VP, and any other

investment company created in the

future that is part of the same ‘‘group of

investment companies’’ as KMF or VP,

as defined in section 12(d)(1)(G)(ii) of

the Act (the ‘‘Direct Funds’’), to

purchase shares of investment

companies or series thereof, existing or

created in the future, that are part of the

same ‘‘group of investment companies’’

(the ‘‘Underlying Portfolios’’) as the

Direct Funds, and to permit the

Underlying Portfolios to sell such shares

to, and redeem such shares from, the

Direct Funds. Some of the Underlying

Portfolios may rely upon a ‘‘manager of

managers’’ exemptive order granted by

the SEC that permits the Underlying

Portfolios to select a sub-adviser

without the approval of their

shareholders, subject to certain

conditions.1

3. The investment policies of the

Direct Funds also permit each Fund to

invest a portion of its assets in

government securities, certain shortterm obligations, and, subject to receipt

of the request exemptive relief, shares of

other investment companies that are not

part of the same ‘‘group of investment

companies’’ as KMF and VP (‘‘Other

Portfolios’’). Investments in Other

Portfolios will conform to the

requirements of section 12(d)(1)(F) of

the Act.2

4. SBS&F currently serves as

investment adviser to four of the

operating funds of KMF. SBS&F is a

wholly-owned subsidiary of KeyCorp

Asset Management Holdings, Inc.

(‘‘KAMHI’’), which is a wholly-owned

subsidiary of KeyBank National

Association, a national banking

association, which, in turn, is a whollyowned subsidiary of KeyCorp, a bank

holding company. KMFAI currently

serves as investment adviser to VP and

to four funds of KMF, including the

Direct Funds. In addition, KMFAI has

been retained to act as investment

adviser to a fund of KMF that has yet

to commence operations. KMFAI is a

wholly-owned subsidiary of KAMHI.

5. The Underlying Portfolios will pay

investment advisory fees to KMFAI and/

or SBS&F. In addition, the Underlying

Portfolios will pay fees to their various

service providers for all other services

relating to their operations. The Direct

Funds pay investment advisory fees to

their investment adviser(s), as well as

fees to the Direct Funds’ various service

providers. By investing in other

investment companies, shareholders of

the Direct Funds indirectly will pay

their proportionate share of any

Underlying Portfolio fees and expenses.

Similarly, the Direct Funds’

shareholders indirectly pay their

proportionate share of any Other

Portfolio fees and expenses.

6. The Direct Funds will pay no frontend sales loads or contingent deferred

sales charges in connection with the

purchase or redemption of shares of

either Underlying Portfolios or Other

Portfolios. In addition, sales charges,

distribution-related fees, and service