5614 Federal Register / Vol. 69, No. 24 / Thursday, February 5, 2004 / Notices 

For the Commission, by the Division of 

Investment Management pursuant to 

delegated authority. 

J. Lynn Taylor, 

Assistant Secretary.

[FR Doc. 04–2328 Filed 2–4–04; 8:45 am] 

BILLING CODE 8010–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–26343] 

Notice of Applications for 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940

January 30, 2004. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of January, 

2004. A copy of each application may be 

obtained for a fee at the SEC’s Public 

Reference Branch, 450 Fifth St., NW., 

Washington, DC 20549–0102 (tel. 202–

942–8090). An order granting each 

application will be issued unless the 

SEC orders a hearing. Interested persons 

may request a hearing on any 

application by writing to the SEC’s 

Secretary at the address below and 

serving the relevant applicant 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, 2004, and should be 

accompanied by proof of service on the 

applicant, 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 Secretary, SEC, 450 Fifth 

Street, NW., Washington, DC 20549–

0609. For Further Information Contact: 

Diane L. Titus at (202) 942–0564, SEC, 

Division of Investment Management, 

Office of Investment Company 

Regulation, 450 Fifth Street, NW., 

Washington, DC 20549–0504. 

CCM Advisors Fund [File No. 811–

10241] 

Summary: Applicant, a master fund in 

a master-feeder structure, seeks an order 

declaring that it has ceased to be an 

investment company. On June 30, 2003, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $25,975 

incurred in connection with the 

liquidation were paid by applicant and 

CCM Advisors LLC, applicant’s 

investment adviser. 

Filing Date: The application was filed 

on December 31, 2003. 

Applicant’s Address: 190 South 

LaSalle St., Suite 2800, Chicago, IL 

60603. 

Anchor International Bond Trust [File 

No. 811–4644] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On November 19, 

2003, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $8,786 

incurred in connection with the 

liquidation were paid by applicant’s 

investment adviser, F.L. Putnam 

Investment Management Co. 

Filing Date: The application was filed 

on December 24, 2003. 

Applicant’s Address: 579 Pleasant St., 

Suite 4, Paxton, MA 01612. 

The Willamette Funds [File No. 811–

10275] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On September 19, 

2003, applicant transferred its assets to 

The Integrity Funds, based on net asset 

value. Expenses of $109,000 incurred in 

connection with the reorganization were 

paid by applicant, the acquiring fund, 

and Integrity Money Management, Inc., 

investment adviser to the acquiring 

fund. 

Filing Dates: The application was 

filed on November 19, 2003, and 

amended on December 30, 2003. 

Applicant’s Address: 220 NW 2nd 

Ave., Suite 950, Portland, OR 97209.

State Street Research Growth Trust 

[File No. 811–985] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On February 24, 

2003, applicant transferred its assets to 

State Street Research Legacy Fund, a 

series of State Street Research Securities 

Trust, based on net asset value. 

Expenses of $45,816 incurred in 

connection with the reorganization were 

paid by applicant and the acquiring 

fund. 

Filing Dates: The application was 

filed on December 2, 2003, and 

amended on January 2, 2004. 

Applicant’s Address: One Financial 

Center, Boston, MA 02111. 

State Street Research Tax-Exempt Trust 

[File No. 811–4558] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 7, 2003, 

applicant transferred its assets to Strong 

Advisor Municipal Bond Fund, a 

separate series of Strong Income Funds, 

Inc., based on net asset value. Expenses 

of $51,104 incurred in connection with 

the reorganization were paid by 

applicant and the acquiring fund. 

Filing Dates: The application was 

filed on December 2, 2003, and 

amended on January 2, 2004. 

Applicant’s Address: One Financial 

Center, Boston, MA 02111. 

Credit Suisse Trust II [File No. 811–

7999] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. By October 21, 

2001, all shareholders of applicant had 

redeemed their shares at net asset value. 

Expenses of $4,000 incurred in 

connection with the liquidation were 

paid by Credit Suisse Asset 

Management, LLC, applicant’s 

investment adviser, or its affiliates. 

Filing Dates: The application was 

filed on April 1, 2003, and amended on 

January 14, 2004. 

Applicant’s Address: 466 Lexington 

Ave., New York, NY 10017. 

Van Kampen Florida Municipal 

Opportunity Trust [File No. 811–7726] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On May 18, 2001, 

applicant transferred its assets to Van 

Kampen Trust for Investment Grade 

Florida Municipals, based on net asset 

value. Holders of applicant’s auction 

preferred shares exchanged those shares 

on a one-for-one basis for auction 

preferred shares of the acquiring fund. 

Expenses of $207,288 incurred in 

connection with the reorganization were 

paid by applicant and the acquiring 

fund. 

Filing Date: The application was filed 

on January 21, 2004. 

Applicant’s Address: 1 Parkview 

Plaza, Oakbrook Terrace, IL 60181–

5555. 

New York Life Investment Management 

Institutional Funds [File No. 811–

10307] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On November 12, 

2003, applicant made a final liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $7,924 

incurred in connection with the 

liquidation were paid by New York Life 

Investment Management LLC, 

applicant’s investment adviser. 

Filing Date: The application was filed 

on January 23, 2004. 

Applicant’s Address: 169 Lackawanna 

Ave., Parsippany, NJ 07054. 

Federal Register / Vol. 69, No. 24 / Thursday, February 5, 2004 / Notices 5615

1WFCC is a Florida corporation that is licensed 

as a small business investment company (‘‘SBIC’’) 

under the Small Business Investment Act of 1958 

(the ‘‘SBIA’’) and provides long-term loans to 

borrowers whether or not they qualify as 

‘‘disadvantaged.’’ PMCIC is a Florida corporation 

that is licensed as a specialized small business 

investment company (‘‘SSBIC’’) under the SBIA. 

PMCIC provides long-term collateralized loans to 

eligible small businesses owned by 

‘‘disadvantaged’’ persons, as defined under SBA 

regulations. FW is a Florida corporation that is 

licensed as a small business lending company 

(‘‘SBLC’’) and originates variable-rate loans that are 

partially guaranteed by the SBA under its section 

7(a) loan guarantee program.

2PMC Capital is also directly or indirectly the 

sole shareholder or partner of the following noninvestment company subsidiaries: PMC Funding 

Corp., PMC Capital, L.P. 1998–1, and PMC Capital, 

L.P. 1999–1. In addition, PMC Capital and PMC 

Commercial jointly own interests in several special 

purpose entities formed in connection with 

structured loan sale transactions.

The India Growth Fund Inc. [File No. 

811–5571] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On May 30, 2003, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. As of January 21, 

2004, applicant had 68 shareholders 

who have not returned their stock 

certificates. Unclaimed assets have been 

placed with applicant’s transfer agent 

and will be held for the time period 

provided under the laws of each such 

shareholder’s state of residence, after 

which time any unclaimed assets will 

escheat to the shareholder’s state of 

residence. Expenses of $211,000 

incurred in connection with the 

liquidation were paid by applicant. 

Filing Dates: The application was 

filed on November 12, 2003 and 

amended on January 23, 2004. 

Applicant’s Address: c/o UBS Global 

Asset Management (US) Inc., 51 West 

52nd St., New York, NY 10019. 

Ayco Series Trust [File No. 811–10115] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. Shareholders 

approved the merger of applicant’s fund 

on November 25, 2003, and applicant 

distributed its assets on December 19, 

2003. The fund surviving the merger is 

the Goldman Sachs Capital Growth 

Fund, a series of Goldman Sachs 

Variable Insurance Trust. The Ayco 

Company, L.P. and Goldman Sachs 

Asset Management, L.P. paid expenses 

of $131,590.90 incurred in connection 

with the merger. 

Filing Date: The application was filed 

on January 12, 2004. 

Applicant’s Address: One Wall Street, 

Albany, NY 12203–3894.

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Jill M. Peterson, 

Assistant Secretary.

[FR Doc. 04–2455 Filed 2–4–04; 8:45 am] 

BILLING CODE 8010–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

26344; 812–13059] 

PMC Capital, Inc., et al.; Notice of 

Application 

January 30, 2004

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’).

ACTION: Notice of an application under 

section 57(c) of the Investment 

Company Act of 1940 (the ‘‘Act’’) 

requesting an exemption from section 

57(a)(2) of the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order permitting PMC 

Capital, Inc. (‘‘PMC Capital’’), a business 

development company (‘‘BDC’’), to 

merge into PMC Commercial Trust 

(‘‘PMC Commercial’’).

APPLICANTS: PMC Capital and PMC 

Commercial.

FILING DATES: The application was filed 

on January 7, 2004 and amended on 

January 29, 2004.

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 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on February 24, 2004, and 

should be accompanied by proof of 

service on the 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 

Commission’s Secretary.

ADDRESSES: Secretary, Commission, 450 

5th Street, NW., Washington, DC 20549–

0609. Applicants, 18111 Preston Road, 

Suite 600, Dallas, TX 75252.

FOR FURTHER INFORMATION CONTACT:

Marilyn Mann, Senior Counsel, at (202) 

942–0582, or Mary Kay Frech, 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 

Commission’s Public Reference Branch, 

450 5th Street, NW., Washington, DC 

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

Applicants’ Representations 

1. PMC Capital, a Florida corporation, 

is an internally managed closed-end 

diversified management investment 

company that has elected to be 

regulated as a BDC as defined in section 

2(a)(48) of the Act. PMC Capital makes 

loans principally through three 

subsidiaries, each of which is licensed 

and regulated by the Small Business 

Administration (the ‘‘SBA’’) and 

registered under the Act as a closed-end 

diversified management investment 

company (collectively, the ‘‘SBA 

Subsidiaries’’). The SBA Subsidiaries 

are Western Financial Capital 

Corporation (‘‘WFCC’’), PMC Investment 

Corporation (‘‘PMCIC’’), and First 

Western SBLC, Inc. (‘‘FW’’).1 WFCC and 

FW are wholly owned by PMC Capital. 

Because the SBA owns nonvoting 

preferred stock of PMCIC, PMCIC is not 

wholly owned by PMC Capital, although 

it is controlled by PMC Capital. PMC 

Capital, directly or through the SBA 

Subsidiaries, makes loans primarily to 

new and developing companies whose 

securities have no established public 

market. PMC Capital’s common stock 

trades on the American Stock Exchange.

2. In addition to its lending 

operations, PMC Capital earns income 

through its wholly-owned subsidiary, 

PMC Advisers, Ltd. (‘‘Advisers’’) and 

PMC Asset Management, Inc., a whollyowned subsidiary of Advisers. Advisers 

and PMC Asset Management, Inc. 

provide investment advisory and 

administrative services to PMC 

Commercial.2

3. PMC Commercial is a Texas real 

estate investment trust and primarily 

originates loans to small businesses 

collateralized by first liens on the real 

estate of the related business. In 

addition, its investments include the 

ownership of commercial properties in 

the hospitality industry. PMC 

Commercial’s loans receivable are 

primarily to borrowers in the hospitality 

industry. It also originates loans for 

commercial real estate in the service, 

retail, multi-family and manufacturing 

industries. PMC Commercial’s common 

shares trade on the American Stock 

Exchange. 

4. Applicants have proposed a merger 

(the ‘‘Merger’’) and have entered into a 

merger agreement pursuant to which 

PMC Commercial has agreed to acquire 

PMC Capital. If the Merger is completed,