Federal Register / Vol. 62, No. 157 / Thursday, August 14, 1997 / Notices 43561

1Section 4982 of the Code requires an investment

company each year to distribute 98% of its capital

gain net income for the one-year period ending on

October 31 of that year. Because applicant’s fiscal

year ends on September 30, it is possible that

applicant may need to make a distribution of net

long-term capital gains realized during October in

a given year in order to avoid the excise tax under

Section 4982.

SECURITIES AND EXCHANGE

COMMISSION

Proposed Collection; Comment

Request

Upon Written Request, Copies Available

From: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549

Extension:

Rule 30d–1, SEC File No. 270–21,

OMB Control No. 3235–0025

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501 et seq.) the Securities

and Exchange Commission

(‘‘Commission’’) is soliciting comments

on the collection of information

summarized below. The Commission

plans to submit the existing collection

of information to the Office of

Management and Budget for extension

and approval.

Rule 30d–1, under the Investment

Company Act of 1940, ‘‘Reports to

Stockholders of Management

Companies’’ prescribes the minimum

content of reports to shareholders that

every registered investment company

must send at least semi-annually,

containing the information specified by

the statute or its equivalent as the

Commission may determine to be in the

interest of the investors. The reports are

required in order to inform current

shareholders of the status of the

company. The rule requires

approximately 602 hours annually for

each of the 3,850 respondents equalling

2,317,700 total annual burden hours.

The estimates of burden hours set

forth above are made solely for the

purposes of the Paperwork Reduction

Act and are not derived from a

comprehensive or even representative

survey or study of the cost of SEC rules

and forms.

Written comments are invited on: (a)

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information will have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collection of

information on respondents, including

through the use of automated collection

techniques or other forms of information

technology. Consideration will be given

to comments and suggestions submitted

in writing within 60 days of this

publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

N.W., Washington, D.C. 20549.

Dated: August 7, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–21447 Filed 8–13–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–22784; 812–10546]

Alliance All-Market Advantage Fund,

Inc.; Notice of Application

August 8, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

SUMMARY OF APPLICATION: Applicant

requests an order under section 6(c) of

the Act granting an exemption from

section 19(b) of the Act and rule 19b–

1 to permit it to make up to five

distributions of long-term capital gains

in any one taxable year, so long as it

maintains in effect a distribution policy

calling for quarterly distributions of a

fixed percentage of its net asset value.

FILING DATE: The application was filed

on March 7, 1997, and amended on July

8, 1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving 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

September 3, 1997, and should be

accompanied by proof of service on

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 may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 5th

Street, N.W., Washington, D.C. 20549.

Applicant, 1345 Avenue of the

Americas, New York, New York 10105.

FOR FURTHER INFORMATION CONTACT: John

K. Forst, Attorney-Advisor, at (202)

942–0569, or Mary Kay French, 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 SEC’s

Public Reference Branch, 450 5th Street

NW., Washington, D.C. 20549 (tel. 202–

942–8090).

Applicant’s Representations

1. Applicant is a closed-end nondiversified management investment

company organized as a Maryland

corporation. Applicant’s investment

objective is to seek long-term growth of

capital through all market conditions.

2. Applicant currently has a

‘‘Quarterly Distribution Policy’’

pursuant to which it makes quarterly

distributions of 2% of applicant’s net

asset value, determined as of the

beginning of the quarter, for each of the

first three calendar quarters of each

year. Applicant’s fourth calendar

quarter distribution for each year is an

amount equal to at least 2% of

applicant’s net asset value determined

as of the beginning of that quarter. If,

with respect to any quarterly

distribution, net investment income and

net realized short-term capital gains are

less than the amount of the distribution,

the difference is distributed from other

assets. Applicant’s final distribution for

each calendar year includes any

remaining net investment income and

net realized short-term capital gains

deemed, for federal income tax

purposes, undistributed during the year,

as well as any net long-term capital

gains realized during the year. If, for any

fiscal year, the total distributions exceed

net investment income and net realized

capital gains, the excess, distributed

from other assets, is treated as a return

of capital.

3. Applicant’s fiscal year ends on

September 30. To avoid the excise tax

under Section 4982 of the Internal

Revenue Code of 1986, as amended, (the

‘‘Code’’) applicant may need to make a

fifth distribution of net long term capital

gains in a taxable year.1

Applicant’s Legal Analysis

1. Section 19(b) of the Act provides

that a registered investment company

may not, in contravention of such rules,

regulations, or orders as the SEC may