24836 Federal Register / Vol. 63, No. 86 /Tuesday, May 5, 1998 / Notices

3The Relationship Funds do not pay any advisory

fees and no calculation will be necessary for such

Funds.

4The Relationship Funds do not pay any advisory

fees and no calculation will be necessary for such

Funds.

5See, e.g., SIFE Trust Fund (pub. avail. Feb. 17,

1982).

Trust Management Fee rate charged by

the Adviser, will be waived in the

calculation of the overall advisory fees

paid by such Fund.3

6. The Trust will comply with the

prohibitions on affiliated transactions

set forth in sections 17(a), (d), and (e) of

the Act, except to the extent necessary

to permit the Funds to invest

Uninvested Cash and Cash Collateral in

the Trust as described in the

application. The Trust will also comply

with the prohibitions against leveraging

and issuing senior securities set forth in

section 18 of the Act and the

requirements of section 22(e) of the Act

which governs rights of redemption.

Applicants thus argue that permitting

the Funds to invest Uninvested Cash

and Cash Collateral in Shares of the

Trust will enable the Funds to invest in

a vehicle that is similar to a registered

investment company in terms of

liquidity, diversity, and quality of its

investments at a cost that is expected to

be significantly lower than the cost

typically incurred when investing in a

registered investment company.

Applicants’ Conditions

Applicants agree that any order

granting the requested relief will be

subject to the following conditions:

1. A majority of the board of directors

or trustees of a Fund (including a

majority of the directors or trustees who

are not ‘‘interested persons’’ of the Fund

within the meaning of section 2(a)(19) of

the Act) will initially and at least

annually thereafter determine that the

investment of Uninvested Cash and

Cash Collateral in Shares of the Trust is

in the best interests of the Fund and its

shareholders.

2. With respect to any Fund that

invests in the Trust, the Adviser will

reduce its Advisory Fees 4 charged to

such Fund by an amount (the

‘‘Reduction Amount’’) equal to the net

asset value of such Fund’s holdings in

the Trust multiplied by the rate at

which advisory fees are charged by the

Adviser to the Trust. Any fees remitted

or waived pursuant to this condition

will not be subject to recoupment by the

Adviser or its affiliated persons at a later

date.

3. If the Adviser waives any portion

of its fees or bears any portion of the

expenses of a Fund (an ‘‘Expense

Waiver’’), the adjusted fees for such

Fund (gross fees less Expense Waiver)

will be calculated with reference to the

Reduction Amount. Adjusted fees then

will be reduced by the Reduction

Amount. If the Reduction Amount

exceeds adjusted fees, the Adviser will

reimburse such Fund in an amount

equal to such excess.

4. Investment in Shares will be in

accordance with each Fund’s respective

investment restrictions and will be

consistent with its policies as recited in

its registration statement and

prospectus.

5. Each Fund will invest Uninvested

Cash in, and hold Shares of, the Trust

only to the extent that the Fund’s

aggregate investment of Uninvested

Cash in the Trust does not exceed 25%

of the Fund’s total assets.

6. The Trust will comply with the

requirements of sections 17(a), 17(d),

and 18 of the Act as if the Trust were

a registered open-end management

investment company. With respect to all

redemption requests made by a Fund,

the Trust will comply with section 22(e)

of the Act. The Trust’s Board will adopt

procedures designed to ensure that the

Trust complies with sections 17(a),

17(d), 17(e), 18, and 22(e) of the Act.

The Trust’s Board will also periodically

review and periodically update as

appropriate such procedures and will

maintain books and records describing

such procedures, and maintain the

records required by rules 31a–1(b)(1),

31a–1(b)(2)(ii), and 31a–1(b)(9) under

the Act. All books and records required

to be made pursuant to this condition

will be maintained and preserved for a

period of not less than six years from

the end of the fiscal year in which any

transaction occurred, the first two years

in an easily accessible place, and will be

subject to examination by the SEC and

its staff.

7. Each of the Trust Series which will

sell its Shares to investment companies

registered under the Act will comply

with rule 2a–7 under the Act. For each

such Trust Series, the Trust will value

the Shares, as of the close of business on

each business day, using the ‘‘amortized

cost method,’’ as defined in rule 2a–7

under the Act, to determine the net asset

value per share of such Trust Series. For

each such Trust Series, the Trust will,

subject to approval by the Board, adopt

the monitoring procedures described in

rule 2a–7(c)(6) under the Act and the

Adviser will comply with such

procedures and take such other actions

as are required to be taken pursuant to

such procedures.

8. The Shares will not be subject to a

sales load, redemption fee, asset-based

sales charge, or service fee (as defined

in rule 2830(b)(9) of the Conduct Rules

of the National Association of Securities

Dealers, Inc.).

9. Each Fund will purchase and

redeem Shares of a Trust Series as of the

same time and at the same price, and

will receive dividends and bear its

proportionate share of expenses on the

same basis, as other shareholders of the

Trust Series. A separate account will be

established in the shareholder records of

the Trust for the account of each Fund.

10. Each Fund, the Trust, and any

future registered management

investment company that may rely on

the order will be advised by the Adviser

or a person controlling, controlled by, or

under common control with the

Adviser.

11. A majority of the directors or

trustees of each Fund will not be

‘‘interested persons’’ as that term is

defined in section 2(a)(19) of the Act.

12. The Trust will not acquire

securities of any other investment

company in excess of the limits

contained in section 12(d)(1)(A) of the

Act.

13. The securities lending program of

each Fund will comply with all present

and future applicable SEC and SEC staff

positions regarding securities lending

arrangements (including, without

limitation, the type and amount of

collateral, voting of loaned securities,

limitations on the percentage of

portfolio securities on loan, prospectus

disclosure, termination of loans, receipt

of dividends or other distributions, and

compliance with fundamental

policies).5

14. The net asset value per share with

respect to Shares of the Trust will be

determined separately for each Trust

Fund Series, less the liabilities of the

Trust Series, by the number of Shares

outstanding with respect to Trust.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–11847 Filed 5–4–98; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Information Collection Activities;

Comment Requests

This notice lists information

collection packages that will require

submission to the Office of Management

and Budget (OMB), as well as

information collection packages

submitted to OMB for clearance, in

compliance with PL. 104–13 effective

October 1, 1995, The Paperwork

Reduction Act of 1995. The information
Federal Register / Vol. 63, No. 86 /Tuesday, May 5, 1998 / Notices 24837

collection(s) listed below have been

submitted to OMB:

1. Nursing Home Reporting

Requirements Related to Supplemental

Security Income (SSI) Recipients—

0960–New. Public Law 103–387 requires

long term, intermediate care and

nursing home administrators to report

SSI recipient admissions to SSA. SSA

uses the information to determine

whether SSI benefits should be reduced.

The respondents are long term,

intermediate care and nursing home

administrators.

Number of Respondents: 16,000.

Frequency of Response: 2 per year.

Average Burden Per Response: 15

minutes.

Estimated Annual Burden: 8,000

hours.

2. Survey of Interest in International

Social Security Agreements—0960–

NEW. Section 233 of the Social Security

Act authorizes the U.S. to enter into

agreements with foreign countries for

the purpose of eliminating double social

security coverage and taxation and

closing gaps in benefit protection for

workers who have divided their careers

between the U.S. and another country.

SSA negotiates these agreements for the

U.S. SSA is now planning its agreement

negotiating agenda for the next several

years. Since U.S. businesses with

overseas operations are primary stakeholders in these agreements, SSA needs

to survey these companies to determine

which countries they believe would be

good candidates for new Social Security

agreements. SSA uses the information,

together with estimates of potential

foreign tax savings and benefit

payments, to determine priorities for

new Totalization agreement negotiations

for fiscal years 1999 through 2003. The

respondents are U.S. businesses with

overseas operations who have requested

certificates of U.S. coverage from SSA.

Number of Respondents: 600.

Frequency of Response: 1.

Average Burden Per Response: 15

minutes.

Estimated Annual Burden: 150 hours.

Written comments and

recommendations regarding the

information collection(s) should be

directed within 30 days to the OMB

Desk Officer and SSA Reports Clearance

Officer at the following addresses:

(OMB) Office of Management and

Budget, OIRA, Attn: Laura Oliven,

New Executive Office Building, Room

10230, 725 17th St., NW, Washington,

D.C. 20503, and

(SSA) Social Security Administration,

DCFAM, Attn: Nicholas E. Tagliareni,

1–A–21 Operations Bldg., 6401

Security Blvd., Baltimore, MD 21235.

To receive a copy of any of the forms

or clearance packages, call the SSA

Reports Clearance Officer on (410) 965–

4125 or write to him at the address

listed above.

Dated: April 27, 1998.

Nicholas E. Tagliareni,

Reports Clearance Officer, Social Security

Administration.

[FR Doc. 98–11944 Filed 5–4–98; 8:45 am]

BILLING CODE 4190–29–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

[USCG–1998–3797]

Office of Vessel Traffic Management

AGENCY: Coast Guard, DOT.

ACTION: Notice of public meeting.

SUMMARY: The Coast Guard is holding a

public meeting to invite ideas,

comments, questions, and interest by

individuals and operations on the Port

and Waterways Safety Systems

(PAWSS) port risk analyses, Vessel

Traffic Service (VTS) using Automatic

Identification Systems (AIS), and

public-private partnerships for

operating VTS’s. The first public

meetings on these topics were held from

January to March of 1997. This

additional meeting is meant to discuss

progress to date and future plans for the

PAWSS project.

DATES: The meeting will be held on May

20, 1998, from 9 a.m. to 5 p.m.;

however, the meeting may be concluded

early if its business is finished. Anyone

planning to attend the meeting and

intending to express views is

encouraged to arrive early and make

that intention known to Mr. Mike

Sollosi at the telephone number or

address provided under FOR FURTHER

INFORMATION CONTACT.

ADDRESSES: The meeting will be held at

the Marine Board of the National

Academy of Sciences, 2001 Wisconsin

Avenue, NW., Washington, DC 20007.

The Docket Management Facility

maintains the public docket for this

notice. Comments and documents as

indicated in this notice, will become

part of this docket and will be available

for inspection or copying at room PL–

401, located on the Plaza Level of the

Nassif Building at 400 Seventh Street

SW., Washington, DC 20590–0001

between 10 a.m. and 5 p.m., Monday

through Friday, except Federal holidays.

You may electronically access the

public docket for this notice on the

Internet at <http://dms.dot.gov>.

FOR FURTHER INFORMATION CONTACT:

For information concerning PAWSS or

VTS, contact Mr. Mike Sollosi, Coast

Guard Office of Vessel Traffic

Management, telephone 202–267–1539.

You may also contact Mr. Peter Johnson,

Marine Board, National Academy of

Sciences, about the meeting, telephone

202–334–3157. For questions on the

public docket for this notice, contact

Ms. Carol Kelly, Coast Guard Dockets

Team Leader, or Ms. Paulette Twine,

Chief, Documentary Services Division,

Department of Transportation,

telephone 202–366–9329.

SUPPLEMENTARY INFORMATION:

Background Information

As a part of its Ports and Waterways

Safety System (PAWSS) project, the

Coast Guard is developing a port risk

assessment tool to determine which

ports require a Vessel Traffic Service

(VTS) and to identify the minimum

capabilities a VTS must have to meet

the needs of a given port or waterway.

This port analysis tool is intended to

evaluate various risk criteria such as

traffic density, prevailing weather, port

geography, and environmental concerns.

The tool will also evaluate the

effectiveness of risk mitigation factors,

such as VTS.

The PAWSS project is based on a VTS

that uses the automatic identification

system (AIS) and that takes advantage of

readily available, off-the-shelf and open

architecture systems that are

inexpensive and easy to build and

operate. Further, the Coast Guard is

developing a proposal for public-private

partnerships in the VTS/Vessel Traffic

Information Service arena. The Coast

Guard is seeking stakeholder validation

before this proposal is published in a

notice of proposed rulemaking.

Public Meeting

Attendance is open to the public.

With advance notice, and as time

permits, members of the public may

make oral presentations during the

meeting. Persons wishing to make oral

presentations should notify the persons

listed under FOR FURTHER INFORMATION

CONTACT no later than the day before the

meeting.

Information on Service for Individuals

with Disabilities

For information on facilities or

services for individuals with

disabilities, or to request special

assistance at the meeting, contact Mr.

Mike Sollosi at the address or phone

number under FOR FURTHER INFORMATION

CONTACT as soon as possible.