26250 Federal Register / Vol. 65, No. 88 / Friday, May 5, 2000 / Notices

5. With respect to purchases of

securities by an Affiliated Portion

during the existence of an underwriting

or selling syndicate, a principal

underwriter of which is an Affiliated

Broker-Dealer, the conditions of rule

10f–3 will be satisfied except that

paragraph (b)(7) will not require the

aggregation of purchases by the

Affiliated Portion with purchases by an

Unaffiliated Portion.

6. Each Multi-Managed Portfolio will

comply with rule 12d3–1, except

paragraph (c) of that rule solely with

respect to purchases by an Unaffiliated

Portion of securities issued by a

Securities Affiliate that would be

prohibited by rule 12d3–1(c) solely

because the Securities Affiliate is an

Affiliated Subadviser, or an affiliated

person of an Affiliated Subadviser, to an

Affiliated Portion of the Multi-Managed

Portfolio.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 00–11226 Filed 5–4–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–24429]

Notice of Applications for

Deregistration Under Section 8(f) of the

Investment Company Act of 1940

April 28, 2000.

The following is a notice of

applications for deregistration under

section 8(f) of the Investment Company

Act of 1940 for the month of April 2000.

A copy of each application may be

obtained for a fee at the SEC’s Public

Reference Branch, 450 Fifth St., N.W.,

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 a 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

May 23, 2000, 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, N.W., 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, N.W.,

Washington, DC 20549–0506.

Select Advisors Trust C [File No. 811–

8404]

Summary: Applicant seeks an order

declaring that is has ceased to be an

investment company. On December 31,

1998, each series of applicant

transferred its assets to Touchstone

Series Trust (formerly known as Select

Advisors Trust A) based on net asset

value. Expenses of approximately

$218,560 incurred in connection with

the reorganization were paid by

Touchstone Advisors, Inc., applicant’s

investment adviser.

Filing Date: The application was filed

on February 7, 2000.

Applicant’s Address: 311 Pike Street,

Cincinnati, Ohio 45202.

Heritage U.S. Government Income Fund

[File No. 811–7980]

Summary: Applicant seeks an order

declaring that is has ceased to be an

investment company. On October 15,

1999, applicant transferred its assets to

Intermediate Government Fund, a series

of Heritage Income Trust, based on net

asset value. Expenses of $61,500

incurred in connection with the

reorganization were paid by applicant’s

investment adviser, Heritage Asset

Management, Inc.

Filing Date: The application was filed

on April 7, 2000.

Applicant’s Address: 800 Carillon

Parkway, St. Petersburg, Florida 33716.

The Planters Funds—Tennessee TaxFree Bond Fund [File No. 811–7065]

Summary: Applicant seeks an order

declaring that is has ceased to be an

investment company. By December 28,

1999, all shareholders of applicant had

redeemed their shares at net asset value.

No expenses were incurred in

connection with applicant’s liquidation.

Filing Dates: The application was

filed on February 17, 2000, and

amended on April 13, 2000.

Applicant’s Address: 5800 Corporate

Drive, Pittsburgh, Pennsylvania 15237–

7010.

The Rodney Square Tax-Exempt Fund

[File No. 811–4372]

The Rodney Square Fund [File No. 811–

3406]

The Rodney Square Strategic Equity

Fund [File No. 811–4808]

The Rodney Square Strategic FixedIncome Fund [File No. 811–4663]

The CRM Funds [File No. 811–9034]

Summary: Each applicant seeks an

order declaring that it has ceased to be

an investment company. On October 31,

1999, each applicant transferred its

assets to WT Mutual Fund, based on net

asset value. Approximate expenses of

$12,400; $73,540; $13,418; $7,565; and

$5,587, respectively, incurred in

connection with the reorganizations

were paid by each applicant.

Wilmington Trust Company, applicants’

investment adviser, has agreed to

reimburse The Rodney Square Strategic

Equity Fund and The Rodney Square

Strategic Fixed-Income Fund for

expenses in excess of their expense

caps.

Filing Date: Each application was

filed on April 7, 2000.

Applicants’ Address: Each of The

Rodney Square Funds: 1100 N. Market

Street, Wilmington, Delaware 19890.

The CRM Funds: 400 Bellevue Parkway,

Wilmington, Delaware 19809.

Harris & Harris Group, Inc. [File No.

811–7074]

Summary: Applicant requests an

order declaring that it ceased to be an

investment company as of July 27, 1995,

the date applicant elected to be

regulated as a business development

company.

Filing Date: The application was filed

on March 29, 2000.

Applicant’s Address: One Rockefeller

Plaza, 14 West 49th Street, New York,

New York 10020.

Life & Annuity Trust [File No. 811–

8118]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On August 5,

1999, the shareholders of applicant

voted to approve the merger of applicant

with another investment company. The

name of the fund surviving the merger

is Wells Fargo Variable Trust, and its

Investment Company Act file number is

811–9255. Expenses of $144,638 were

incurred in connection with the merger

and were paid by Wells Fargo Bank,

N.A., which has been the investment

adviser to the fund for the past five

years and is the investment adviser to

the successor fund.

Federal Register / Vol. 65, No. 88 / Friday, May 5, 2000 / Notices 26251

1The term ‘‘Contract Value’’ refers to the total

value of the Contract which includes amounts

allocated to the Subaccounts and the Fixed Account

as well as any amount set aside in the loan account

to secure loans.

Filing Date: The application was filed

on March 2, 2000.

Applicant’s Address: 111 Center

Street, Little Rock, Arkansas 72201.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 00–11225 Filed 5–4–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Security Benefit Life Insurance

Company, et al.

April 28, 2000.

AGENCY: Securities and Exchange

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

ACTION: Notice of Application for an

order under section 6(c) of the

Investment Company Act of 1940

(‘‘1940 Act’’), as amended granting

exemptions from the provisions of

Sections 2(a)(32), 22(c), and 27(i)(2)(A)

of the 1940 Act and Rule 22c–1

thereunder to permit the recapture of

credit enhancements applied to the

contract value of certain flexible

premium deferred variable annuity

contracts.

Summary of Application: Applicants

seek an order under Section 6(c) of the

1940 Act, to permit, under specified

circumstances, the recapture of certain

credit enhancements (‘‘Credit

Enhancements’’) applied to: (i) The

Variflex Extra Credit contract (‘‘Variflex

Credit’’ or ‘‘Contract’’), a flexible

premium deferred variable annuity

contract that Security Benefit issues

through the Variflex Account: and (ii)

other variable contracts and future

variable contracts offered by the SBL

Insurers and funded by the Separate

Accounts or a Future Account (‘‘Future

Variable Contracts’’), provided that the

Future Variable Contract is substantially

similar in all material respects to the

Contract.

Applicants: Security Benefit Life

Insurance Company (‘‘Security

Benefit’’); First Security Benefit Life

Insurance and Annuity Company of

New York (‘‘First Security Benefit’’);

SBL Variable Annuity Account VIII

(Variflex Extra Credit) (‘‘Variflex

Account,’’ and, together with any other

separate account of Security Benefit or

First Security Benefit supporting

variable annuity contracts, collectively

referred to as the ‘‘Separate Accounts’’);

any other separate account that will be

established in the future by Security

Benefit or First Security Benefit to

support variable annuity contracts

(‘‘Future Accounts’’) issued by Security

Benefit or First Security Benefit

(collectively, the ‘‘SBL Insurers’’); and

Security Distributors, Inc. (‘‘SDI’’),

(collectively referred to herein as

‘‘Applicants’’).

Filing Dates: The Application was

filed with the Commission on January

27, 2000, and amended and restated on

March 22, 2000 and April 27, 2000.

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 May 23, 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 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, Securities and

Exchange Commission, 450 Fifth Street

NW., Washington, DC 20549–0609.

Applicants, c/o Amy J. Lee, Esq.,

Associate General Counsel, Security

Benefit Life Insurance Company, 700

Harrison Street, Topeka, KS 66636–

0001.

FOR FURTHER INFORMATION CONTACT:

Ronald A. Holinsky, Attorney, or Susan

M. Olson, 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

may be obtained for a fee from the

Public Reference Branch of the SEC, 450

Fifth Street NW Washington, DC 20549–

0102 (tel. (202) 942–8090).

Applicant’s Representations

1. Security Benefit is a stock life

insurance company organized under the

laws of the state of Kansas. Security

Benefit offers life insurance policies and

annuity contracts, as well as financial

and retirement services. It is authorized

to conduct life insurance and annuity

business in the District of Columbia and

all states except New York. Together

with its subsidiaries, Security Benefit

has total funds under management of

approximately $8 billion.

2. First Security Benefit is a stock life

insurance company organized under the

laws of the State of New York. First

Security Benefit offers variable annuity

contracts in New York and is admitted

to do business in that state. First Benefit

is a wholly-owned subsidiary of

Security Benefit Group, Inc. (‘‘Security

Benefit Group’’), a financial services

holding company which is whollyowned by Security Benefit.

3. Variflex Account was established

on September 12, 1994 as a segregated

asset account of Security Benefit and is

registered with the Commission as a

unit investment trust (File No. 811–

8836). Security Benefit is the legal

owner of the assets in Variflex Account.

Variflex Account currently has 17

subaccounts. Each subaccount invests

exclusively in shares of a specific series

of the SBL Fund, an open-end

management investment company for

which Security Management Company,

LLC, a wholly-owned subsidiary of

Security Benefit, serves as investment

adviser. Variflex Account funds the

variable benefits available under

Variflex Credit. Security Benefit has

filed a registration statement on Form

N–4 under the 1940 Act and the

Securities Act of 1933, as amended (the

‘‘1993 Act’’) to register interests in the

Variflex Account under Variflex Credit

(File No. 333–93947).

4. SDI, an affiliate of Security Benefit,

serves as the principal underwriter for

the Variable Contracts issued by

Security Benefit, including Variflex

Credit. SDI is registered with the

Commission as a broker-dealer under

the Securities Exchange Act of 1934, as

amended, and is a member of the NASD.

SDI is a wholly-owned subsidiary of

Security Benefit Group.

5. Variflex Credit is a flexible

premium deferred variable annuity

contract. Variflex Credit may be

purchased as a non-tax qualified

retirement plan for an individual, or on

an individual basis, in connection with

a retirement plan qualified under

sections 403(b), 408, or 408A, of the

Internal Revenue Code of 1986, as

amended.

6. Variflex Credit offers a ‘‘Credit

Enhancement’’ feature under which

Security Benefit may add an amount to

each contractholder’s ‘‘Contract Value’’ 1

at the time of any purchase payment.

Credit Enhancements are allocated

among the subaccounts in the same

proportion that the applicable purchase

payment is allocated. The amount of

any Credit Enhancement is based on the

total purchase payments made into