69348 Federal Register / Vol. 65, No. 222 / Thursday, November 16, 2000 / Notices

1 15 U.S.C. 78l(d).

2 17 CFR 240.12d2–2(d).

3 15 U.S.C. 78l(g).

proposed revision. First the

identification of Oversight agency will

be performed by the FAC. This

determination will be made after the

Data Collection Form is entered into the

FAC database and will be available on

the FAC website. Second, the questions

related to Cognizant agency have been

reworded for clarity.

Response: Further clarification has

been made to the instructions for

determining the cognizant agency.

Comment: A Federal awarding agency

representative asked whether the FAC

could computer generate the cognizant

agency for audit assignments the same

as the oversight.

Response: §l.400(a) of the Circular

provides the criteria used to make the

cognizant agency determination. It

explains that to provide for continuity

of cognizance, the determination of the

predominant amount of direct funding

shall be based upon direct Federal

awards expended in the recipient’s

fiscal years ending in 1995, 2000, 2005,

and every fifth year thereafter. Since the

revised Data Collection Form will apply

to entities with fiscal end dates on or

after January 1, 2001, and since the

current Data Collection Form does not

distinguish between direct and indirect

awards, it is not possible to use fiscal

year 2000 data to computer generate the

cognizant agency assignments.

Questioned Costs Detail

Comment: Two Federal awarding

agency responses stated their objections

to the elimination of questioned costs

detail by program.

Response: Questioned costs detail by

program will not be collected because of

inconsistencies in the amounts

identified by the auditor as questioned

costs and Federal agencies need to

consider questioned costs in the context

of the complete audit finding. Normally

auditors only report as questioned costs

the exceptions specifically identified

during testing (e.g., Circular A–133 does

not require the auditor to provide a

statistical projection of all questioned

costs). Auditors application of judgment

in determining the amounts to question

varies significantly. The amounts

sustained by Federal agencies as part of

audit resolution varies significantly

with the amounts questioned by the

auditor and the amount of questioned

costs is only meaningful when

considered in the context of the

complete audit finding. As proposed in

the July 11 Federal Register Notice, the

revised Data Collection Form will

identify if the audit disclosed any

questioned costs related to Federal

awards. Federal awarding agencies

receive a copy of the reporting package,

including audit findings, which

provides the more complete information

needed in resolving audit findings with

questioned costs.

Internal Control Detail

Comment: The NSAA and two State

auditors questioned the proposed

removal of collecting internal control

detail by program.

Response: The current Data Collection

Form captures internal control detail by

program. FAC research has shown that

reporting in this area is inconsistent. As

proposed in the July 11 Federal Register

Notice, the revised Data Collection Form

will identify if the audit disclosed any

reportable conditions and material

weaknesses related to the Federal

awards. Federal awarding agencies

receive a copy of the reporting package,

including audit findings, which

provides the more complete information

needed in resolving the audit finding

concerning internal control.

Electronic Submission of the Data

Collection Form

Comment: Two State auditors, the

NSAA, the AGA, and two CPAs

commented on the online Internet

submission process for filing the Data

Collection Form and the use of

electronic signatures.

Response: The online Internet

submission process does not capture

electronic signatures. Currently, the

Data Collection Form can be entered,

edited, and submitted via the Internet.

The respondents are required to print a

copy of the edited form for signature by

the auditor and auditee. The signed

copy is then attached to the reporting

package and mailed to the Federal Audit

Clearinghouse. Since only the Data

Collection Form can be filed

electronically, and non-Federal entities

are required to mail the reporting

package, the capability to capture

electronic signatures has not been built

into the online Internet submission

process. During the next year, the FAC,

in conjunction with the Federal

awarding agencies and other single

audit stakeholders, will explore the

possibility of electronic submission of

the reporting package.

Type of Entity

Comment: One State government

suggested capturing the type of entity

(nonprofit, government, hospital,

school, etc.) on the Data Collection

Form.

Response: The revised Data Collection

Form will not capture the type of entity.

The FAC will review the Data Collection

Form and identify the type of entity.

This information will be accessible on

the FAC website. The FAC was chosen

to make this determination based on

their experience classifying

governmental entities. Also, the FAC

will use a predetermined list which

should provide for consistency within

the classifications. The FAC website

will clearly note that this determination

was made by the FAC.

Joshua Gotbaum,

Executive Associate Director and Controller.

[FR Doc. 00–29296 Filed 11–15–00; 8:45 am]

BILLING CODE 3110–01–P

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

to Withdraw From Listing and

Registration; (Ampal-American Israel

Corporation, Class A Stock, $1.00 Par

Value) File No. 1–08466

November 8, 2000.

Ampal-American Israel Corporation

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) 1 and Rule

12d2–2(d) thereunder,2 to withdraw its

Class A Stock, $1,00 par value

(‘‘Security’’), from listing and

registration on the American Stock

Exchange (‘‘Amex’’).

On May 1, 2000, the Security became

designated for quotation on the National

Market of the Nasdaq Stock Market, Inc.

(‘‘Nasdaq National Market’’), and

trading was simultaneously suspended

on the Amex. The Company hopes that

quotation on the Nasdaq National

Market will enhance the marketability

of its Security by providing greater

liquidity and visibility than it had found

through its listing on the Amex.

The Company has stated that it has

complied with the Rules of the Amex

governing the withdrawal of its Security

and that the Amex has indicated that it

has no objection to such withdrawal.

The Company’s application relates

solely to the withdrawal of the Security

from listing and registration on the

Amex and shall have no effect upon its

continuing to be designated for

quotation on the Nasdaq National

Market and registered under Section

12(g) of the Act.3

Any interested person may, on or

before December 1, 2000, submit by

letter to the Secretary of the Securities

and Exchange Commission, 450 Fifth

Federal Register / Vol. 65, No. 222 / Thursday, November 16, 2000 / Notices 69349

4 17 CFR 200.30–3(a)(1).

Street, N.W., Washington, D.C. 20549–

0609, facts bearing upon whether the

application has been made in

accordance with the rules of the Amex

and what terms, if any, should be

imposed by the Commission for the

protection of investors. The

Commission, based on the information

submitted to it, will issue an order

granting the application after the date

mentioned above, unless the

Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Jonathan G. Katz,

Secretary.

[FR Doc. 00–29288 Filed 11–15–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–24734; File No. 812–12228]

Summit Mutual Funds, Inc., et al.,

Notice of Application

November 9, 2000.

AGENCY: Securities and Exchange

Commission (the ‘‘Commission’’).

ACTION: Notice of application for an

order pursuant to Section 6(c) of the

Investment Company Act of 1940, as

amended (the ‘‘1940 Act’’) providing

exemptions from the provisions of

Sections 9(a), 13(a), 15(a), and 15(b) of

the 1940 Act, and Rules 6e–2(b)(15) and

6e–3(T)(b)(15) thereunder.

Applicants: Summit Mutual Funds,

Inc. (the ‘‘Fund’’) and Summit

Investment Partners, Inc. (the

‘‘Adviser’’).

Summary of Application: The Fund

and the Adviser seek an order

exempting them and certain life

insurance companies (‘‘Participating

Insurance Companies’’) and their

separate accounts from the provisions of

Sections 9(a), 13(a), 15(a) and 15(b) of

the Act and Rules 6e–2(b)(15) and 6e–

3(T)(b)(15) thereunder (including any

comparable provisions of a permanent

rule that replaces Ruled 6e–3(T) or Rule

6e–2, as subsequently amended) to the

extent necessary to permit series of

shares of any current or future

investment portfolio of the Fund to be

sold to and held by (a) variable annuity

and variable life insurance separate

accounts of both affiliated and

unaffiliated life insurance companies,

and (b) qualified pension and retirement

plans, including, without limitation,

those trusts, plans accounts, contracts or

annuities described in sections 401(a),

403(a), 403(b), 408(a), 408(b), 414(d),

457(b), 408(k), or 501(c)(18) of the

Internal Revenue Code of 1986, as

amended (the ‘‘Code’’) and any other

trust, plan, account, contract or annuity

that is determined to be within the

scope of Treasury Regulation

1.817.5(f)(3)(iii) outside of the separate

account context (‘‘Qualified Plans’’).

Filing Date: The application was filed

on August 21, 2000; an amendment

substantially conforming to this Notice

will be filed during the pendency of the

Notice period.

Hearing or Notification of Hearing: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the Secretary of

the Commission and serving Applicants

with a copy of the request, personally or

by mail. Hearing requests must be

received by the Commission by 5:30

p.m. on December 1, 2000, 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 requester’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 Secretary of the

Commission.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549–0609; the

Fund, P.O. Box 40409, Cincinnati, Ohio

45240–0409; and the Adviser, 312 Elm

Street, Suite 2525, Cincinnati, Ohio

45202.

FOR FURTHER INFORMATION CONTACT:

Rebecca A. Marquigny, Senior Counsel,

or Keith Carpenter, Branch Chief, Office

of Insurance Products, Division of

Investment Management, at (202) 942–

0670.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application is

available for a fee from the Public

Reference Branch of the Commission,

450 Fifth Street, NW., Washington, DC

20549–0102 (telephone (202) 942–8090).

Applicant’s Representations

1. The Fund, formerly known as

Carillon Fund, Inc., is a management

investment company with 22 separate

investment portfolios (‘‘Portfolios’’),

each with its own investment objective.

Nine of the Portfolios (the ‘‘Insurance

Portfolio’’) currently serve as funding

vehicles for registered variable annuity

contracts and registered variable life

insurance contracts issued by The

Union Central Life Insurance Company

(‘‘Union Central’’). The other 13

Portfolios (the ‘‘Public Portfolios’’) are

offered directly to the public and also

serve as funding vehicles for

unregistered variable annuity contracts

and variable life insurance policies of

Union Central. The Public Portfolios are

not used to fund registered variable

annuity contracts. None of the relief

requested here would apply to any

current or future Public Portfolios. The

Fund is registered under the Act (File

No. 811–04000), and the offering of its

shares is registered under the Securities

Act of 1933 (File No. 2–90309). The

Fund’s shares are issuable into separate

series, each series representing interests

in a separate Portfolio. In addition to the

nine current Insurance Portfolios, the

Fund may create additional Insurance

Portfolios in the future and Applicants

seek relief that would encompass both

existing Insurance Portfolios and new

Insurance Portfolios created in the

future. References herein to ‘‘Insurance

Portfolios’’ encompasses both existing

Insurance Portfolios and ones that may

be created in the future.

2. The Adviser, formerly known as

Carillon Advisers, Inc., was

incorporated under the laws of Ohio on

August 18, 1986, as successor to the

advisory business of Carillon

Investments, Inc., the investment

adviser for the Fund since 1984. The

Adviser is a wholly-owned subsidiary of

Union Central, a mutual life insurance

company organized in 1867 under the

laws of Ohio. The Adviser is registered

under the Investment Advisers Act of

1940 and serves as investment adviser

to each of the Portfolios.

3. Participating Insurance Companies

are the life insurance companies to

which shares of the Insurance Portfolios

will be offered. The Participating

Insurance Companies will establish

their own separate accounts and design

their own variable annuity and variable

life insurance contracts (‘‘Contracts’’).

Each such Contract will undoubtedly

have certain unique features and will

probably differ from other Contracts

supported by the Insurance Portfolios

with respect to insurance guarantees,

premium structure, charges, options,

distribution method, marketing

techniques, sales literature, etc.

4. Each Participating Insurance

Company will be the legal obligation of

satisfying all applicable requirements

under state and federal law. It is

anticipated that Participating Insurance

Companies will rely on Rule 6e–2 or 6e–

3(T) under the Act, although some may

rely on individual exemptive orders as

well, in connection with variable life

insurance contracts. The role of the