Federal Register / Vol. 60, No. 29 / Monday, February 13, 1995 / Notices 8265

‘‘policies and procedures placed in

operation’’ in accordance with

Statements on Auditing Standards

(‘‘SAS’’) No. 70. ‘‘Reports on the

Processing of Transactions by Service

Organizations,’’ of the American

Institute of Certified Public Accountants

(‘‘AICPA’’). Ongoing reports will be

reports on ‘‘policies and procedures

placed in operation and tests of

operating effectiveness’’ prepared in

accordance with SAS No. 70 of the

AICPA, as it may be amended from time

to time, or in similar auditing standards

as may be adopted by the AICPA from

time to time.

10. Applicants have adequate

facilities in place to ensure

implementation of the methodology and

procedures for calculating the net asset

value and dividends/distributions of the

various classes of shares and the proper

allocation of expenses among the classes

of shares and this representation has

been concurred with by the Expert in

the initial report referred to in condition

9, above, and will be concurred with by

the Expert or an appropriate substitute

Expert on an ongoing basis, at least

annually, in the ongoing reports referred

to in that condition. Applicants will

take immediate corrective action if the

Expert, or appropriate substitute Expert,

does not so concur in the ongoing

reports.

11. The prospectuses of each class of

a Fund will include a statement to the

effect that a salesperson and any other

person entitled to receive compensation

for selling or servicing shares may

receive different compensation with

respect to one particular class of shares

over another in the Fund.

12. The conditions pursuant to which

the exemptive order is granted and the

duties and responsibilities of the

Trustees with respect to the Multi-Class

System will be set forth in guidelines to

be furnished to the Trustees.

13. Each Fund will disclose the

respective expenses, performance data,

distribution arrangements, exchange

privileges, services, Shareholder

Administrator Fees, and Services Fees

applicable to each class of shares, other

than Institutional Shares, in every

prospectus, regardless of whether all

classes of shares are offered through

each prospectus. Institutional Shares

will be offered solely pursuant to

separate prospectuses. The prospectus

for a class of Institutional Shares will

disclose the existence of the Fund’s

other classes, and a prospectus for a

non-Institutional share class will

disclose the existence of Institutional

Shares and will identify the persons

eligible to purchase Institutional Shares.

The Fund will disclose the respective

expenses and performance data

applicable to all classes of shares in

every shareholder report. The

shareholder reports will contain, in the

statement of assets and liabilities and

statement of operations, information

related to the Fund as a whole generally

and not on a per class basis. Each

Fund’s per share data, however, will be

prepared on a per class basis with

respect to all classes of shares of such

Fund. To the extent any advertisement

or sales literature describes the expenses

or performance data applicable to any

class of shares, it will also disclose the

respective expenses and/or performance

data applicable to all classes of shares,

except Institutional Shares. Advertising

materials reflecting the expenses or

performance data for a class of

Institutional Shares will be available

only to those persons eligible to

purchase that class of Institutional

Shares. The information provided by

applicants for publication in any

newspaper or similar listing of the

Fund’s net asset value and public

offering price will present each class of

shares, except Institutional Shares,

separately.

14. Applicants acknowledge that the

grant of the requested exemptive order

does not imply Commission approval,

authorization of, or acquiescence in, any

particular level of payments that a Fund

may make to organizations pursuant to

any Plan in reliance on the exemptive

order.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–3459 Filed 2–10–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No.: 09/79–0402]

AVI Capital L.P.; Notice of Issuance of

a Small Business Investment Company

License

On September 15, 1994, a notice was

published in the Federal Register (59

FR 47366) stating that an application

had been filed by AVI Capital, L.P., One

First Street, Suite 12, Los Altos, CA

94022, with the Small Business

Administration (SBA) pursuant to

§ 107.102 of the Regulations governing

small business investment companies

(13 CFR 107.102 (1994)) for a license to

operate as a small business investment

company.

An additional limited partner of AVI

III, Nynex Corporation, is expected to

indirectly own 10 percent or more of the

capital of Applicant. Also, AVI Partners

Growth Fund II, L.P. (AVI PGF II) will

not be providing capital to the

Applicant. Accordingly, the Applicant

will begin operations with private

capital of $21.9 million solely from

Associated Ventures III, L.P. (AVI III)

and AVI Silicon Valley Partners, L.P.

(AVI SVP).

Interested parties were given until

close of business September 30, 1994 to

submit their comments to SBA. No

comments were received.

Notice is hereby given that, pursuant

to section 301(c) of the Small Business

Investment Act of 1958, as amended,

after having considered the application

and all other pertinent information, SBA

issued License No.: 09/79–0402 on

February 6, 1995, to AVI Capital, L.P. to

operate as a small business investment

company.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: February 7, 1995.

Robert D. Stillman,

Associate Administrator for Investment.

[FR Doc. 95–3523 Filed 2–10–95; 8:45 am]

BILLING CODE 8025–01–M

[License No. 05/05–0222]

Norwest Equity Partners V; Notice of

Issuance of a Small Business

Investment Company License

On December 5, 1994, a notice was

published in the Federal Register (59

FR 62439) stating that an application

had been filed by Norwest Equity

Partners V, L.P., 2800 Piper Jaffrey

Tower, 222 South Ninth Street,

Minneapolis, Minnesota 55402, with the

Small Business Administration (SBA)

pursuant to § 107.102 of the Regulations

governing small business investment

companies (13 CFR 107.102 (1994)) for

a license to operate as a non-leveraged

small business investment company.

Interested parties were given until

close of business December 19, 1994 to

submit their comments to SBA. No

comments were received.

Notice is hereby given that, pursuant

to Section 301(c) of the Small Business

Investment Act of 1958, as amended,

after having considered the application

and all other pertinent information, SBA

issued License No. 05/05–0222 on

February 6, 1995, to Norwest Equity

Partners V to operate as a small business

investment company.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)