60112 Federal Register / Vol. 62, No. 215 / Thursday, November 6, 1997 / Notices

this series; therefore it is listed as

Volume 3.

The guidance NUREG is intended for

use by applicants, licensees, registration

certificate holders, NRC license

reviewers, and other NRC personnel. It

combines and updates the guidance for

applicants and licensees previously

found in draft Regulatory Guides 10.10,

‘‘Guide for the Preparation of

Applications for Radiation Safety

Evaluation and Registration of Devices

Containing Byproduct Material,’’ and

Regulatory Guide 10.11, ‘‘Guide for the

Preparation of Applications for

Radiation Safety Evaluation and

Registration of Sealed Sources

Containing Byproduct Material,’’ and

guidance for persons reviewing such

applications found in NUREG–1550,

‘‘Standard Review Plan for Applications

for Sealed Source and Device

Evaluations and Registrations.’’ In

addition, this draft report also contains

information found in pertinent Policy

and Guidance Directives, Technical

Assistance Requests, and Information

Notices.

This draft NUREG report has been

distributed for comment to encourage

public participation in its development.

It represents the current position of the

NRC staff, which is subject to change

after the review of public comments.

Comments received will be considered

in developing the final NUREG report

that represents the official NRC staff

position. Once the final NUREG report

is published, NRC staff will use it in its

review of applications for registrations.

DATES: The comment period ends

December 17, 1997. Comments received

after that time will be considered if

practicable.

ADDRESSES: Submit written comments

to: Chief, Rules and Directives Branch,

Division of Administrative Services,

Office of Administration, U. S. Nuclear

Regulatory Commission, Washington,

DC 20555–0001. Hand deliver

comments to 11545 Rockville Pike,

Rockville, Maryland, between 7:15 a.m.

and 4:30 p.m. on Federal workdays.

Comments may also be submitted

through the Internet by addressing

electronic mail to DLM1@NRC.GOV.

Those considering public comment

may request a free single copy of draft

NUREG–1556, Volume 3, by writing to

the U.S. Nuclear Regulatory

Commission, ATTN: John W. Lubinski,

Mail Stop TWFN 8–F5, Washington, DC

20555–0001. Alternatively, submit

requests through the Internet by

addressing electronic mail to

JWL@NRC.GOV. A copy of draft

NUREG–1556, Volume 3, is also

available for inspection and/or copying

for a fee in the NRC Public Document

Room, 2120 L Street, NW. (Lower

Level), Washington, DC 20555–0001.

FOR FURTHER INFORMATION CONTACT: John

W. Lubinski, Mail Stop TWFN 8-F5,

Division of Industrial and Medical

Nuclear Safety, Office of Nuclear

Materials Safety and Safeguards, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, telephone (301)

415–7868; electronic mail address:

JWL@NRC.GOV.

Electronic Access

Draft NUREG–1556, Vol. 3 is also

available electronically by visiting

NRC’s Home Page (http://www.nrc.gov/

NRC/NUREGS/SR1556/V3/index.html).

Dated at Rockville, Maryland, this 30th day

of October, 1997.

For the Nuclear Regulatory Commission.

Frederick C. Combs,

Acting Director, Division of Industrial and

Medical Nuclear Safety, Office of Nuclear

Material Safety and Safeguards.

[FR Doc. 97–29344 Filed 11–5–97; 8:45 am]

BILLING CODE 7590–01–P

NUCLEAR WASTE TECHNICAL

REVIEW BOARD

Field trip: December 3–4, 1997—

Amargosa Valley, Nevada, GroundWater Discharge, Yucca Mountain Area

Geology, Volcanism, and Tour of

Yucca Mountain

Pursuant to its authority under

section 5051 of Public Law 100–203, the

Nuclear Waste Policy Amendments Act

of 1987, the Nuclear Waste Technical

Review Board (Board) will conduct two

field trips, December 3 and 4, 1997,

beginning at 8:30 a.m. both days. The

field trips, which are open to the public,

will focus on ground-water discharge,

geology, and volcanism in the vicinity

of Yucca Mountain on December 3 and

the Yucca Mountain site on December 4.

During the morning of December 3,

participants on the first field trip will

stop at and hear presentations on

Franklin Lake Playa (alkali flats where

water beneath Yucca Mountain is likely

to discharge), Ash Meadows (an oasis

formed by discharging groundwater),

and Devil’s Hole (a site where much

climate data has been gathered).

Participants will return to the Longstreet

Inn for lunch. In the afternoon,

participants will stop and hear

presentations at Steves Pass (with a

view of Crater Flat and other geologic

surroundings of Yucca Mountain), the

Lathrop Wells volcanic cone (a possible

site of evidence for predicting the

likelihood of future volcanic activity),

Lathrop Wells diatomite (a past

discharge area near Yucca Mountain),

an Amargosa Valley farming area (the

likely basis for defining the future

Yucca Mountain biosphere), Travetine

Point (another past discharge area), and,

time permitting, Death Valley.

Participants on the second field trip

(December 4) will visit the Yucca

Mountain site. Visits and presentations

will include the crest of Yucca

Mountain and the view of surrounding

volcanic cones, geologic features, and

the exploratory studies facility portals.

Other stops will include well pad UZ

7a, which offers a view of the Ghost

Dance Fault, and the large block test

facility. Following a break for lunch, the

field trip will split. One portion will go

undergound to tour the exploratory

studies facility, including the thermal

response test alcove. Due to health and

safety requirements at the site, the

number participating in this portion of

the tour will be extremely limited. The

other portion will visit the C-well

complex, the sample-management

facility, or other sites at Yucca

Mountain.

The Board will provide bus

transportation for both field trips, which

will begin and end at the Longstreet Inn

& Casino, HCR 70, Box 559, Amargosa

Valley, Nevada 89020; telephone (702)

372–1777; fax (702) 372–1280. Rooms

are available. You must mention that

you are attending the Nuclear Waste

Technical Review Board’s field trip to

receive the preferred rate.

You may register for either field trip

by telephoning Davonya Barnes or

Frank Randall at (703) 235–4473. You

will be required to provide your full

name, social security number, date of

birth, place of birth, current address,

and telephone number. To prevent

potential reservation errors, FAX and

EMAIL requests will not be honored. As

seating is limited, spaces will be filled

on a first-come/first-served basis. If

there are more requests than space

available, a waiting list will be

maintained in case there are

cancellations.

Itineraries for both field trips will be

available on or about November 19 at

the Board’s website, www.nwtrb.gov or

by fax or first class mail upon request.

For further information, contact Frank

Randall, External Affairs, 2300

Clarendon Blvd., Suite 1300, Arlington,

Virginia 22201–3367; (Tel) 703–235–

4473; (Fax) 703–235–4495; (E-mail)

info@nwtrb.gov.

The Nuclear Waste Technical Review

Board was created by Congress in the

Nuclear Waste Policy Amendments Act

of 1987 to evaluate the technical and

scientific validity of activities
Federal Register / Vol. 62, No. 215 / Thursday, November 6, 1997 / Notices 60113

1FAIF was incorporated in 1987 as ‘‘SECURAL

Mutual Funds, Inc.’’ an changed its name to ‘‘First

American Investment Funds, Inc.’’ in 1991.

2 In addition, 2 new shell series are being created

in FAIF and will constitute Acquiring Funds.

3FAF was incorporated under the name ‘‘First

American Money Fund, Inc.’’ and changed its name

to ‘‘First American Funds, Inc.’’ in 1990.

4A new series, the ‘‘Tax Free Obligations Fund,’’

is being created in FAF and will be an Acquiring

Fund.

undertaken by the DOE in its program

to manage the disposal of the nation’s

high-level radioactive waste and

commercial spent nuclear fuel. In that

same legislation, Congress directed the

DOE to characterize a site at Yucca

Mountain, Nevada, for its suitability as

a potential location for a permanent

repository for the disposal of that waste.

Dated: October 31, 1997.

William Barnard,

Executive Director, Nuclear Waste Technical

Review Board.

[FR Doc. 97–29331 Filed 11–5–97; 8:45 am]

BILLING CODE 6820–AM–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

22868; 812–10726]

First American Investment Funds, Inc.,

et al.; Notice of Application

October 30, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application under

section 17(b) of the Investment

Company Act of 1940 (the ‘‘Act’’) for an

exemption from section 17(a) of the Act.

SUMMARY OF APPLICATION: Order

requested to allow certain series of three

registered open-end investment

companies to acquire all of the assets

and liabilities of the series of another

registered open-end investment

company. Because of certain affiliations,

applicants may not rely on rule 17a–8

under the Act.

APPLICANTS: First American Investment

Funds, Inc. (‘‘FAIF’’), First American

Funds, Inc. (‘‘FAF’’), First American

Strategy Funds, Inc. (‘‘FASF’’), First

Bank National Association (the

‘‘Adviser’’), First Trust National

Association (‘‘First Trust’’), The

Qualivest Funds (the ‘‘Trust’’),

Qualivest Capital Management, Inc.

(‘‘Qualivest’’), and United States

National Bank of Oregon (‘‘U.S. Bank’’).

FILING DATES: The application was filed

on July 18, 1997. Applicants have

agreed to file an amendment, the

substance of which is included 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 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

November 20, 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 Fifth

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

Applicants: FAIF, FAF, and FASF,

Oaks, PA 19546; First Bank National

Association, First Bank Place, 601

Second Avenue South, Minneapolis,

MN 55480; First Trust National

Association, 180 East Fifth Street, St.

Paul, MN 55101; The Qualivest Funds,

3435 Stelzer Road, Columbus, OH

43219–3035; Qualivest, P.O. Box 2758,

Portland, OR 97208; and U.S. Bank, 111

S.W. Fifth Avenue, Suite T–2, Portland,

OR 97204.

FOR FURTHER INFORMATION CONTACT:

Mary T. Geffroy, Senior Counsel, at

(202) 942–0553, or Christine Y.

Greenlees, 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).

Applicants’ Representations

1. The Trust, a Massachusetts

business trust, is an open-end

management investment company

registered under the Act. The Trust

currently consists or thirteen series (the

‘‘Acquired Funds’’), Qualivest is a

subsidiary of U.S. Bank, and is the

investment adviser to the Acquired

Funds. U.S. Bank is a wholly-owned

subsidiary of U.S. Bancorp. U.S. Bank

and certain of its affiliates hold of

record more than 5% of the outstanding

shares of certain Acquired Funds. In

addition, defined benefits plans for

which Qualivest, U.S. Bank, or their

affiliates have funding obligations own

more than 5% of the outstanding shares

of certain Acquired Funds.

2. FAIF, FAF, and FASF are open-end

investment companies registered under

the Act and each offers shares in certain

series (some of which constitute the

‘‘Acquiring Funds’’). FAIF 1, a Maryland

corporation, offers shares in 20 series,

four of which are Acquiring Funds.2

FAF 3, a Minnesota corporation,

currently consists of three series, two of

which are Acquiring Funds.4 FASF, a

Minnesota corporation, offers shares in

four series, each of which is an

Acquiring Fund.

3. The Adviser is registered under the

Investment Advisers Act of 1940 and is

the investment adviser for each of the

Acquiring Funds. The Adviser and First

Trust are wholly-owned subsidiaries of

First Bank System, Inc. (‘‘FBS’’). First

Trust and certain of its affiliates hold of

record more than 5% of the outstanding

shares of certain Acquiring Funds. In

addition, defined benefit plans for

which FBS, the Adviser, First Trust, or

their affiliates have funding obligations

own more than 5% of the outstanding

shares of certain Acquiring Funds.

4. FBS and U.S. Bancorp entered into

an Agreement and Plan of Merger on

March 19, 1997, which provided that

U.S. Bancorp would merge with and

into FBS, with FBS continuing as the

surviving corporation (the ‘‘Merger’’).

The Merger was consummated on or

about September 2, 1997. At that time,

the Adviser and First Trust became

affiliated with Qualivest and U.S. Bank,

and all of those entities became part of

a common control group.

5. On June 4, 1997, the boards of

directors of FAIF, FAF, and FASF (the

‘‘First American Boards’’), including

their disinterested directors,

unanimously approved the

reorganization (the ‘‘Reorganization’’),

and on June 17, 1997, the Board of

Trustees of the Trust (the ‘‘Trustees’’)

unanimously approved the

Reorganization, including a draft

Agreement and Plan of Reorganization

(the ‘‘Reorganization Agreement’’).

Pursuant to the Reorganization

Agreement, each Acquiring Fund

proposes to acquire all of the assets and

assume all of the liabilities of its

corresponding Acquired Fund in

exchange for shares of the Acquiring

Fund based on the Funds’ relative net

asset values. The number of Acquiring

Fund shares to be issued in exchange for

each Acquired Fund share of each class

will be determined by dividing the net

asset values of one Acquiring Fund

share of the appropriate corresponding

class by the net asset value of one

Acquired Fund share of such class,

computed as of the close of trading on