39350 Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–28840] 

Notice of Applications for 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

July 31, 2009. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of July, 2009. 

A copy of each application may be 

obtained via the Commission’s Web site 

by searching for the file number, or an 

applicant using the Company name box, 

at http://www.sec.gov/search/ 

search.htm or by calling (202) 551– 

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 

August 25, 2009, 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, U.S. Securities 

and Exchange Commission, 100 F 

Street, NE., Washington, DC 20549– 

1090. 

For Further Information Contact: 

Diane L. Titus at (202) 551–6810, SEC, 

Division of Investment Management, 

Office of Investment Company 

Regulation, 100 F Street, NE., 

Washington, DC 20549–4041. 

Waddell & Reed Advisors Municipal 

Bond Fund, Inc. [File No. 811–2657]; 

Waddell & Reed Advisors High Income 

Fund, Inc. [File No. 811–2907]; Waddell 

& Reed Advisors Cash Management, 

Inc. [File No. 811–2922]; Waddell & 

Reed Advisors Fixed Income Funds, 

Inc. [File No. 811–3458]; Waddell & 

Reed Advisors Municipal High Income 

Fund, Inc. [File No. 811–4427]; Waddell 

& Reed Advisors Global Bond Fund, 

Inc. [File No. 811–4520] 

Summary: Each applicant seeks an 

order declaring that it has ceased to be 

an investment company. On January 30, 

2009, each applicant transferred its 

assets to Waddell & Reed Advisors 

Funds, based on net asset value. 

Expenses of approximately $32,052, 

$66,879, $109,131, $29,201, $31,474 and 

$46,466, respectively, incurred in 

connection with the reorganizations 

were paid by each applicant. 

Filing Dates: The applications were 

filed on May 28, 2009 and amended on 

July 24, 2009. 

Applicants’ Address: 6300 Lamar 

Ave., Shawnee Mission, KS 66202– 

4200. 

Putnam High Yield Municipal Trust 

[File No. 811–5795] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On February 19, 

2008, common shares of applicant were 

exchanged for common shares of 

Putnam Managed Municipal Income 

Trust (the ‘‘Surviving Fund’’), based on 

the relative net asset values of each 

fund. Applicant’s preferred shares were 

exchanged for the preferred shares of 

the Surviving Fund based on the 

aggregate liquidation preference of each 

fund. Expenses of approximately 

$169,159 incurred in connection with 

the reorganization were paid by 

applicant. 

Filing Dates: The application was 

filed on May 28, 2009 and amended July 

20, 2009. 

Applicant’s Address: One Post Office 

Sq., Boston, MA 02109. 

First Investors Single Payment and 

Periodic Payment Plans for the 

Accumulation of Shares of First 

Investors Global Fund, Inc. [File No. 

811–575]; First Investors Single 

Payment and Periodic Payment Plans II 

for Investment in First Investors Global 

Fund, Inc. [File No. 811–1359]; First 

Investors Single Payment and Periodic 

Payment Plans for Investment in First 

Investors Fund for Income, Inc. [File 

No. 811–1472]; First Investors Single 

Payment and Periodic Payment Plans I 

for Investment in First Investors Global 

Fund, Inc. [File No. 811–1984]; First 

Investors Periodic Payment Plans for 

Investment in First Investors High; 

Yield Fund, Inc. [File No. 811–2564]; 

First Investors Single Payment and 

Periodic Payment Plans for Investment 

in First Investors Insured Tax Exempt 

Fund, Inc. [File No. 811–2691]; First 

Investors Single Payment and Periodic 

Payment Plans for Investment in First 

Investors Government Fund, Inc. [File 

No. 811–4609] 

Summary: Each applicant, a unit 

investment trust, seeks an order 

declaring that it has ceased to be an 

investment company. On or about 

February 23, 2009, each applicant made 

a liquidating distribution to its 

unitholders, based on net asset value. 

Expenses of $2,755, $1,174, $3,634, 

$252, $797, $1,551 and $1,450, 

respectively, incurred in connection 

with the liquidations were paid by 

applicants’ sponsor, First Investors 

Corporation. 

Filing Dates: The applications were 

filed on May 22, 2009 and amended on 

July 16, 2009. 

Applicants’ Address: 110 Wall St., 

New York, NY 10005. 

RMR Real Estate Fund [File No. 811– 

21241] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 17, 2009, 

applicant transferred its assets to RMR 

Real Estate Income Fund, based on net 

asset value. Each holder of applicant’s 

preferred shares received preferred 

shares of RMR Real Estate Income Fund 

having an aggregate liquidation 

preference equal to the aggregate 

liquidation preference attributable to 

applicant’s preferred shares. Expenses 

of $1,064,947 incurred in connection 

with the reorganization were paid by 

applicant. 

Filing Date: The application was filed 

on June 18, 2009. 

Applicant’s Address: 400 Centre St., 

Newton, MA 02458. 

Church Capital Investment Trust [File 

No. 811–21753] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 25, 

2009, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $24,328 

incurred in connection with the 

liquidation were paid by Church Capital 

Management, LLC, applicant’s 

investment adviser. 

Filing Date: The application was filed 

on July 7, 2009. 

Applicant’s Address: The PNC 

Financial Services Group, Two PNC 

Plaza, 620 Liberty Ave., Pittsburgh, PA 

15222. 

Seligman Select Municipal Fund, Inc. 

[File No. 811–5976] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On March 12, 

2009, applicant redeemed all of its 

outstanding shares of preferred stock. 

On March 27, 2009, applicant 

transferred its assets to National 

Municipal Class, a series of Seligman 

Municipal Fund Series, Inc., based on 

net asset value. Expenses of $219,836 

incurred in connection with the 

reorganization were paid by 


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Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices 39351 

RiverSource Investments, LLC, 

applicant’s investment adviser. 

Filing Date: The application was filed 

on June 10, 2009. 

Applicant’s Address: 901 Marquette 

Ave. South, Suite 2810, Minneapolis, 

MN 55402–3268. 

Morgan Stanley Nasdaq-100 Index 

Fund [File No. 811–10343]; Morgan 

Stanley Allocator Fund [File No. 811– 

21248]; Morgan Stanley Institutional 

Strategies Fund [File No. 811–21899] 

Summary: Each applicant seeks an 

order declaring that it has ceased to be 

an investment company. On June 27, 

2008, each applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of 

approximately $6,636, $4,936 and 

$2,690, respectively, incurred in 

connection with the liquidations were 

paid by Morgan Stanley Investment 

Advisors Inc., applicants’ investment 

adviser. 

Filing Date: The applications were 

filed on July 6, 2009. 

Applicants’ Address: c/o Morgan 

Stanley Investment Advisors Inc., 522 

Fifth Ave., New York, NY 10036. 

Fiduciary/Claymore Dynamic Equity 

Fund [File No. 811–21687] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On May 29, 2009, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $404,609 

incurred in connection with the 

liquidation were paid by applicant. 

Filing Date: The application was filed 

on June 29, 2009. 

Applicant’s Address: 2455 Corporate 

West Dr., Lisle, IL 60532. 

Putnam Tax Smart Funds Trust [File 

No. 811–9289] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On December 29, 

2008, applicant transferred its assets to 

Putnam Investors Fund, based on net 

asset value. Expenses of approximately 

$66,055 incurred in connection with the 

reorganization were paid by applicant. 

Filing Date: The application was filed 

on June 29, 2009. 

Applicant’s Address: One Post Office 

Sq., Boston, MA 02109. 

Putnam Municipal Bond Fund [File No. 

811–7270] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On February 22, 

2008, applicant’s preferred shares were 

exchanged for preferred shares of 

Putnam Municipal Opportunities Trust 

based on the aggregate liquidation 

preference of each fund. On February 

25, 2008, applicant transferred its assets 

to Putnam Municipal Opportunities 

Trust, based on net asset value. 

Expenses of approximately $261,103 

incurred in connection with the 

reorganization were paid by applicant. 

Filing Date: The application was filed 

on June 29, 2009. 

Applicant’s Address: One Post Office 

Sq., Boston, MA 02109. 

Morgan Stanley American Franchise 

Fund [File No. 811–21699] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. Applicant has 

never made a public offering of its 

securities and does not propose to make 

a public offering or engage in business 

of any kind. 

Filing Date: The application was filed 

on June 17, 2009. 

Applicant’s Address: c/o Morgan 

Stanley Investment Advisors Inc., 522 

Fifth Ave., New York, NY 10036. 

RMR Hospitality and Real Estate Fund 

[File No. 811–21502] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 19, 2009, 

applicant transferred its assets to RMR 

Real Estate Income Fund, based on net 

asset value. Each holder of applicant’s 

preferred shares received preferred 

shares of RMR Real Estate Income Fund 

having an aggregate liquidation 

preference equal to the aggregate 

liquidation preference attributable to 

applicant’s preferred shares. Expenses 

of $334,479 incurred in connection with 

the reorganization were paid by 

applicant. 

Filing Date: The application was filed 

on June 22, 2009. 

Applicant’s Address: 400 Centre St., 

Newton, MA 02458. 

Claymore/Raymond James SB–1 Equity 

Fund [File No. 811–21863] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On September 3, 

2008, applicant transferred its assets to 

Claymore/Raymond James SB–1 Equity 

ETF, a series of Claymore ExchangeTraded Fund Trust, based on net asset 

value. Expenses of $390,462 incurred in 

connection with the reorganization were 

paid by applicant and Claymore 

Advisors, LLC, applicant’s investment 

adviser. 

Filing Dates: The application was 

filed on July 2, 2009 and amended on 

July 10, 2009. 

Applicant’s Address: 2455 Corporate 

West Dr., Lisle, IL 60532. 

Skyhawk Funds Trust [File No. 811– 

21957] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On May 15, 2009, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of 

approximately $1,300 incurred in 

connection with the liquidation were 

paid by Skyhawk Capital Management, 

LLC, applicant’s investment adviser. 

Filing Date: The application was filed 

on July 15, 2009. 

Applicant’s Address: 8000 Town 

Centre Dr., Suite 400, Broadview 

Heights, OH 44147. 

Hatteras Global Private Equity 

Partners, LLC [File No. 811–22237]; 

Hatteras Global Private Equity Partners 

Master Fund, LLC [File No. 811–22256] 

Summary: Each applicant, a closedend investment company, seeks an 

order declaring that it has ceased to be 

an investment company. Applicants 

have never made a public offering of 

their securities and do not propose to 

make a public offering or engage in 

business of any kind. 

Filing Date: The applications were 

filed on July 15, 2009. 

Applicants’ Address: 8540 Colonnade 

Center Dr., Suite 401, Raleigh, NC 

27615. 

Cash Management Trust of America 

[File No. 811–2380]; U.S. Treasury 

Money Fund of America [File No. 811– 

6235] 

Summary: Each applicant seeks an 

order declaring that it has ceased to be 

an investment company. On July 10, 

2009, each applicant transferred its 

assets to American Funds Money 

Market Fund, based on net asset value. 

Expenses of $1,317,159 and $260,568, 

respectively, incurred in connection 

with the reorganizations were paid by 

each applicant. 

Filing Date: The applications were 

filed on July 13, 2009. 

Applicants’ Address: 333 South Hope 

St., Los Angeles, CA 90071. 

Morgan Stanley Multi-Asset Class Fund 

[File No. 811–8283] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On July 25, 2008, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $30,445 


jlentini on DSKJ8SOYB1PROD with NOTICES
39352 Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices 

1 15 U.S.C. 80b–4(b). 

2 Designation of NASD Regulation, Inc., to 

Establish and Maintain the Investment Adviser 

Registration Depository; Approval of IARD Fees, 

Investment Advisers Act Release No. 1888 (July 28, 

2000) [65 FR 47807 (Aug. 3, 2000)]. FINRA was 

formerly known as the National Association of 

Securities Dealers, Inc. 

3Electronic Filing by Investment Advisers; 

Amendments to Form ADV, Investment Advisers 

Act Release No. 1897 (Sept. 12, 2000) [65 FR 57438 

(Sept. 22, 2000)]. 

4The IARD system is used by both advisers 

registering or registered with the SEC and advisers 

registered or registering with one or more state 

securities authorities. NASAA represents the state 

securities administrators in setting IARD filing fees 

for state-registered advisers. 

5Approval of Investment Adviser Registration 

Depository Filing Fees, Investment Advisers Act 

Release No. 2439 (Oct. 7, 2005) [70 FR 59789 (Oct. 

13, 2005)]. 

6Approval of Investment Adviser Registration 

Depository Filing Fees, Investment Advisers Act 

Release Nos. 2564 (Oct. 26, 2006) and 2806 (Oct. 

30, 2008) [73 FR 65900 (Nov. 5, 2008)]. 

incurred in connection with the 

liquidation were paid by Morgan 

Stanley Investment Advisors, Inc., 

applicant’s investment adviser. 

Filing Date: The application was filed 

on July 6, 2009. 

Applicant’s Address: c/o Morgan 

Stanley Investment Advisors Inc., 522 

Fifth Ave., New York, NY 10036. 

Old RMR Asia Pacific Real Estate Fund 

[File No. 811–21856]; RMR Asia Real 

Estate Fund [File No. 811–22007] 

Summary: Each applicant, a closedend investment company, seeks an 

order declaring that it has ceased to be 

an investment company. On June 16, 

2009, each applicant transferred its 

assets to RMR Asia Pacific Real Estate 

Fund, based on net asset value. 

Expenses of $76,184 and $196,584, 

respectively, incurred in connection 

with the reorganizations were paid by 

applicants. 

Filing Dates: The applications were 

filed on June 17, 2009. 

Applicants’ Address: 400 Centre St., 

Newton, MA 02458. 

JNLNY Variable Fund I LLC [File No. 

811–9357] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. At a meeting held 

August 21 and August 22, 2007, 

Applicant’s Board of Managers 

approved the liquidation and 

deregistration of Applicant after all of 

Applicant’s assets had previously been 

distributed pursuant to a merger of each 

series of Applicant into a series of 

another fund. Applicant has no 

remaining shareholders. Applicant’s 

adviser, Jackson National Asset 

Management, LLC, paid all expenses 

incurred in connection with the 

liquidation and deregistration. 

Filing Dates: The application was 

filed on January 22, 2009 and amended 

on June 23, 2009. 

Applicant’s Address: JNLNY Variable 

Fund I LLC, 1 Corporate Way, Lansing, 

MI 48951. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–18765 Filed 8–5–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IA–2909] 

Approval of Investment Adviser 

Registration Depository Filing Fees 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Order. 

SUMMARY: The Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) 

is, for five months, waiving Investment 

Adviser Registration Depository annual 

and initial filing fees for investment 

advisers. 

DATES: Effective Date: The order will 

become effective on August 1, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Keith Kanyan, IARD System Manager, at 

202–551–6737, Daniel S. Kahl, Branch 

Chief, at 202–551–6730, or 

Iarules@sec.gov, Office of Investment 

Adviser Regulation, Division of 

Investment Management, Securities and 

Exchange Commission, 100 F Street, 

NE., Washington, DC 20549–8549. 

SUPPLEMENTARY INFORMATION: Section 

204(b) of the Investment Advisers Act of 

1940 (‘‘Advisers Act’’) authorizes the 

Commission to require investment 

advisers to file applications and other 

documents through an entity designated 

by the Commission, and to pay 

reasonable costs associated with such 

filings.1 In 2000, the Commission 

designated the Financial Industry 

Regulatory Authority Regulation 

(‘‘FINRA’’) as the operator of the 

Investment Adviser Registration 

Depository (‘‘IARD’’) system. At the 

same time, the Commission approved, 

as reasonable, filing fees.2 The 

Commission later required advisers 

registered or registering with the SEC to 

file Form ADV through the IARD.3 Over 

11,000 advisers now use the IARD to 

register with the SEC and make state 

notice filings electronically through the 

Internet. 

Commission staff, representatives of 

the North American Securities 

Administrators Association, Inc. 

(‘‘NASAA’’),4 and representatives of 

FINRA periodically hold discussions on 

IARD system finances. In the early years 

of operations, SEC-associated IARD 

revenues exceeded projections while 

SEC-associated IARD expenses were 

lower than estimated, resulting in a 

surplus. In 2005, FINRA wrote a letter 

to SEC staff recommending a waiver of 

annual fees for a one-year period. The 

Commission concluded that this was 

appropriate and waived the annual 

fees.5 In 2006 and 2008, FINRA wrote to 

the staff again, this time recommending 

a two-year waiver and a nine-month 

waiver, respectively, of all fees to 

continue to reduce the surplus. The 

Commission agreed and issued another 

two orders waiving all IARD fees.6 As a 

result of these three waivers, the surplus 

was reduced from $9 million in 2005 to 

approximately $3 million today. 

FINRA has again written to 

Commission staff, recommending that 

the waiver of annual IARD fees and the 

waiver of initial IARD filing fees for 

SEC-registered advisers be extended for 

an additional five months to December 

31, 2009. Based on projections of 

expected SEC-associated IARD revenues 

and SEC-associated IARD expenses for 

the next five months, the Commission 

believes that the current SEC-associated 

surplus exceeds the amount needed for 

operations and system enhancements 

during this period, and accordingly 

believes that an extension of the current 

waiver of both annual and initial filing 

fees through December 31, 2009 is 

appropriate in order to continue 

reducing the SEC-associated surplus. 

This action is expected to waive 

approximately $300,000 in IARD system 

fees that SEC-registered advisers would 

incur, and should reduce the SECassociated surplus to approximately $2 

million. The fee waiver will apply to all 

annual updating amendments filed by 

SEC-registered advisers from August 1, 

2009 through December 31, 2009 and to 

all initial applications for registration 

filed by advisers applying for SEC 

registration from August 1, 2009 

through December 31, 2009. 

It is therefore ordered, pursuant to 

sections 204(b) and 206(A) of the 

Investment Advisers Act of 1940, that: 

For annual updating amendments to 

Form ADV filed from August 1, 2009 


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