1786 Federal Register / Vol. 62, No. 8 / Monday, January 13, 1997 / Notices

1The profit sharing plan owned approximately

97% of applicant’s shares subsequent to March 1,

1996.

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

and the basis upon which the finding

was made, will be recorded fully in the

minute books of the Parent Fund.

4. Any sales charges or service fees

charged with respect to shares of each

Parent Fund, when aggregated with any

sales charges or service fees paid by the

Parent Fund with respect to shares of

any Underlying Fund, shall not exceed

the limits set forth in Rule 2830 of the

Rules of Conduct of the National

Association of Securities Dealers, Inc.

5. Applicants will provide the

following information, in electronic

format, to the Chief Financial Analyst of

the SEC’s Division of Investment

Management: monthly average total

assets for each Parent Fund and each of

its Underlying Funds; monthly

purchases and redemptions (other than

by exchange) for each Parent Fund and

each of its Underlying Funds; monthly

exchanges into and out of each Parent

Fund and each of its Underlying Funds;

month-end allocations of each Parent

Fund’s assets among its Underlying

Funds; annual expense ratios for each

Parent Fund and each of its Underlying

Funds; and a description of any vote

taken by the shareholders of any

Underlying Fund, including a statement

of the percentage of votes cast for and

against the proposal by its Parent Fund

and by the other shareholders of the

Underlying Funds. Such information

will be provided as soon as reasonably

practicable following each fiscal yearend of the Parent Funds (unless the

Chief Financial Analyst shall notify the

Parent Funds or OFFITBANK in writing

that such information need no longer be

submitted).

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–686 Filed 1–10–97; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–22442; 811–1341]

Special Portfolios, Inc.; Notice of

Application

January 6, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Special Portfolios, Inc.

RELEVANT ACT SECTION: Order requested

under section 8(f).

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company.

FILING DATES: The application was filed

on October 31, 1996 and amended on

December 26, 1996.

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

February 10, 1997, 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 may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

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

Applicant, 500 Bielenberg Drive,

Woodbury, Minnesota 55125.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Senior Staff Attorney,

at (202) 942–0572, or Alison E. Baur,

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 from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is a registered open-end

management investment company and

is organized as a corporation under the

laws of Minnesota. Applicant registered

under the Act and filed a registration

statement on Form S–5 on March 16,

1996. At that time, applicant’s name

was ‘‘Josten Growth Fund, Inc.’’ On July

19, 1966, the registration statement was

declared effective and applicant

commenced its initial public offering.

2. Due to the relatively small size and

uneconomical nature of applicant,

applicant’s board of directors concurred

with the recommendation of applicant’s

investment adviser that shareholders be

invited to redeem their shares so that

applicant could be liquidated.

Accordingly, a letter was sent to

applicant’s shareholders. In response,

during the period from March 1, 1996

through April 8, 1996, all remaining

shareholders, including the Fortis, Inc.

Profit Sharing Plan, chose to redeem

their shares of applicant.1 All

redemptions were made at net asset

value as of the date of redemption.

3. No expenses were incurred in

connection with the redemption of

shares, other than normal shareholder

servicing expenses. Applicant’s

investment adviser has undertaken to

pay the expenses of winding up

applicant. In connection with the

redemption of shares, applicant sold its

remaining portfolio securities in normal

market transactions. No sales or

brokerage commissions were paid in

connection with such sales.

4. There are no securityholders to

whom distributions in complete

liquidation of their interests have not

been made. Applicant has retained no

assets. Applicant has no debts or other

liabilities that remain outstanding.

Applicant is not a party to any litigation

or administrative proceeding.

5. Applicant is not now engaged, nor

does it propose to engage, in any

business activities other than those

necessary for the winding up of its

affairs.

6. After the requested order is granted,

applicant intends to file a notice of

dissolution with the State of Minnesota,

followed by articles of dissolution.

Applicant anticipates that the filing of

the notice of dissolution will be

authorized by applicant’s board of

directors in accordance with Minnesota

corporation law.

For the SEC by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–687 Filed 1–10–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38123; File No. SR–Amex–

96–45]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change and

Amendment No. 1 Thereto by the

American Stock Exchange, Inc.

Relating to the Closing Time for Equity

Options and Narrow-Based Index

Options

January 6, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 2 thereunder,

notice is hereby given that on November

22, 1996, the American Stock Exchange,

Inc. (‘‘Amex’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II and III below, which Items