Federal Register / Vol. 62, No. 53 / Wednesday, March 19, 1997 / Notices 13199

1Rule 17a–8 provides an exemption from section

17(a) for certain reorganizations among registered

investment companies that may be affiliated

persons, or affiliated persons of an affiliated person,

solely by reason of having a common investment

adviser, common directors, and/or common

officers.

Street N.W. (Lower Level), Washington

D.C. 20555–0001. A free single copy of

Draft NUREG–1560, to the extent of

supply, may be requested by writing to

Distribution Series, Printing and Mail

Services Branch, Office of

Administration, U.S. Nuclear Regulatory

Commission, Washington, DC 20555–

0001.

Any additional public comments after

the workshop are due within 30 days

after the workshop, by May 9, 1997.

Mail comments on Draft NUREG–1560

(Volumes 1 and 2) to Mary Drouin,

Office of Nuclear Regulatory Research,

Mail Stop T–10 E50, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555–0001.

FOR FURTHER INFORMATION CONTACT:

Edward Chow, Office of Nuclear

Regulatory Research, MS: T10–E50, U.S.

Nuclear Regulatory Commission,

Washington DC 20555, (301) 415–6571.

Dated at Rockville, Maryland this 13th day

of March, 1997.

For the Nuclear Regulatory Commission.

Mark Cunningham,

Chief, Probabilistic Risk Analysis Branch,

Division of Systems Technology, Office of

Nuclear Regulatory Research.

[FR Doc. 97–6883 Filed 3–18–97; 8:45 am]

BILLING CODE 7590–01–P

RAILROAD RETIREMENT BOARD

Sunshine Act Meeting

U.S. Railroad Retirement Board, Notice

of Public Meeting

Notice is hereby given that the

Railroad Retirement Board will hold a

meeting on March 26, 1997, 9:00 a.m.,

at the Board’s meeting room on the 8th

floor of its headquarters building, 844

North Rush Street, Chicago, Illinois,

60611. The agenda for this meeting

follows:

(1) Letter to Ken Apfel, Office of

Management and Budget, re Bulletin

No. 96–02, Consolidation of Agency

Data Centers.

(2) Administrative Circular REF

(RRB)–2, Committees at the Railroad

Retirement Board.

(3) Year 2000 Issues.

(4) Revision and Codification of

Consolidated Board Orders Pursuant to

Executive Order 12861.

(5) Commerce Business Daily Notice

for Procurement of Mailroom Processing

Services.

(6) Chief Information Officer

Recruitment/Selection Process.

(7) Appeal of Northeastern Railroad

Company. (8) Coverage Determinations:

A. CSX Sea-Land Terminals, Inc.

B. Triple Crown Services Company.

(9) Regulations—Part 211, Pay for

Time Lost.

(10) Labor Member Truth in

Budgeting Status Report.

The entire meeting will be open to the

public. The person to contact for more

information is Beatrice Ezerski,

Secretary to the Board, Phone No. 312–

751–4920.

Dated: March 14, 1997.

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 97–7003 Filed 3–17–97; 10:20 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

22555; 811–2392]

Bunker Hill Income Securities, Inc.;

Notice of Application

March 12, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for an

Order under the Investment Company

Act of 1940 (the ‘‘Act’’).

APPLICANT: Bunker Hill Income

Securities, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

seeks an order declaring that it has

ceased to be an investment company.

FILING DATES: The application was filed

on April 16, 1996, and amended on

February 20, 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

April 7, 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 Fifth

Street, NW., Washington, DC 20549.

Applicant, 125 West 55th Street, 11th

Floor, New York, New York 10019.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Senior Counsel at (202)

942–0572 (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 closed-end,

diversified management investment

company that was organized under the

laws of Maryland. Applicant registered

under the Act on July 10, 1973 and filed

a registration statement under the

Securities Act of 1933 on July 11, 1973.

Applicant’s registration statement under

the Securities Act of 1933 was declared

effective on October 16, 1973, and

applicant commenced a public offering

of its shares immediately thereafter.

2. On December 7, 1993, applicant’s

board of directors considered and

approved a plan of reorganization in

which applicant would transfer all of its

assets and liabilities to the Pacific

Horizon Corporate Bond Fund (the

‘‘Fund’’) in exchange for shares of the

Fund. The Fund is a series of the Pacific

Horizon Funds, Inc., a registered openend investment company. The board of

directors made the findings required by

rule 17a–8 under the Act, i.e., that the

reorganization was in the best interest of

applicant and that there would be no

dilution, by virtue of the proposed

exchange, in the value of shares held at

that time by applicant’s shareholders.1

3. In determining that applicant

should enter into the reorganization, the

directors considered, among other

things, that applicant’s ratio of total

expenses to average net assets exceeded

that of most other investment

companies with similar objectives. After

consideration of various alternatives,

including conversion of applicant to an

open-end investment company, the

directors concluded that the

reorganization would be the most

advantageous course of action of

applicant and its shareholders.

4. Definitive proxy materials were

filed with the SEC on or about February

28, 1994. On April 4, 1994, applicant

mailed proxy materials to its

shareholders. On April 11, 1994,

applicant’s shareholders approved the

reorganization.

5. On April 25, 1994, applicant

transferred all of its assets and liabilities

to the Fund in exchange for shares of
13200 Federal Register / Vol. 62, No. 53 / Wednesday, March 19, 1997 / Notices

1 It is common practice in the South African

equity markets for placing my issuers to be offered

to large institutional holders of their shares at a

discount to the market price.

the Fund. Applicant received shares of

common stock of the Fund with a net

asset value equal to the net value of the

assets and liabilities of applicant

transferred to the Fund. The shares of

the Fund received by applicant were

distributed to the shareholders of

applicant, pro rata. As of April 22, 1994,

there were 2,774,788 shares of applicant

outstanding with a net asset value of

$42,673,139.53 and a per share value of

$15.38.

6. The expenses incurred in

connection with the liquidation and

dissolution of applicant, including legal

and accounting fees, custodian and

transfer agent commissions, and taxes,

totaled approximately $285,576, all of

which were borne by applicant’s

investment adviser, Bank of America

National Trust and Savings Association.

No brokerage fees were paid in

connection with the reorganization.

7. Applicant was liquidated and

dissolved under the laws of the State of

Maryland on April 12, 1994.

8. 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.

9. 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.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–6834 Filed 3–18–97; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–22557; International Series Rel.

No. 1063; 812–10338]

Old Mutual South Africa Equity Trust,

et al.; Notice of Application

March 12, 1997.

AGENCY: Securities and Exchange

Commission (the ‘‘SEC’’ or the

‘‘Commission’’).

ACTION: Notice of application for

exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: Old Mutual South Africa

Equity Trust (the ‘‘Trust’’) and Old

Mutual Global Assets Fund Limited

(‘‘Old Global’’).

RELEVANT ACT SECTIONS: Order requested

under section 17(b) of the Act to exempt

applicants from the provisions of

section 17(a).

SUMMARY OF APPLICATION: Applicants

seek an order to permit Old Global to

sell certain shares of Investec Bank Ltd.

(‘‘Investec’’) to the Trust.

FILING DATES: The application was filed

on September 11, 1996, and amended

on December 18, 1996, and March 7,

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 applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

April 7, 1997, 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 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.

Applicants, Clarendon House, 2 Church

Street, Hamilton, Bermuda.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Senior Counsel, at

(202) 942–0572, or Elizabeth G.

Osterman, Assistant Director, 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.

Applicants’ Representations

1. The Trust is a registered open-end

management investment company

organized as a trust under

Massachusetts law. The investment

objective of the Trust is long-term total

return in excess of that of the

Johannesburg Stock Exchange (the

‘‘JSE’’) Actuaries All share Index

through investment in equity securities

of South African issuers that are listed

on a securities exchange. Beneficial

interests in the Trust are issued solely

in private placement transactions to

investment companies, common or

commingled trust funds, or similar

entities which are ‘‘accredited

investors’’ within the meaning of

Regulation D under the Securities Act of

19332, as well as to certain investment

funds organized outside the United

States. As of December 4, 1996, 91.21%

of the voting securities of the Trust was

owned by a wholly-owned subsidiary of

the south African Mutual Life

Assurance Society (‘‘Old Mutual’’).

2. The Global Fund is a mutual fund

organized under the laws of Bermuda

that invests in a portfolio of South

African and international securities. A

wholly-owned subsidiary of Old Mutual

is the sole shareholder of the Global

Fund. The Global Fund is not required

to be registered under the Act because

its securities are not owned by United

States residents. The Trust and the

Global Fund are managed by Old

Mutual Asset Managers (Bermuda)

Limited (the ‘‘Adviser’’), a whollyowned subsidiary of Old Mutual.

3. Investec is a South African

registered bank. Its ordinary shares and

convertible debentures are listed on the

JSE. In July of 1996 Investec conducted

a private placement of its ordinary

shares for the purpose of funding two

acquisitions. Old Mutual received an

offer from Investec to purchase 1.6

million Investec ordinary shares at

U.S.$19.52. Consistent with practice in

South Africa,1 the price was a 9.46%

discount to the shares’ closing market

price on the trade date. Old Mutual

allocated the 1.6 million shares among

various portfolios and funds managed

by Old Mutual and its affiliates. The

Adviser originally wanted the Trust to

participate in the Investec placement

and informed Old Mutual that it wished

to purchase 685,000 shares of Investec

for the Trust. However, the Trust was

not allocated shares because such an

allocation might have violated section

17(a) of the Act and instead the shares

were allocated to the Global Trust (the

‘‘Investec Shares’’).

4. The purchase of the Investec Shares

by the Global Fund was originally

scheduled to close on July 23, 1996 at

a purchase price of U.S.$19.52 per share

(the ‘‘July Price’’). Investec agreed to

defer the settlement date to December 2,

1996 (the ‘‘Initial Purchase Settlement

Date’’). In consideration of Investec’s

agreement to defer the settlement date,

the Global Fund agreed to purchase the

Investec Shares from Investec on the

Initial Purchase Settlement Date at the

July Price, which represented a 16.20%

discount from the market price per

share, plus carrying costs of $.40 per

share. The carrying costs were

calculated at a rate of overnight dollar

LIBOR from July 23, 1996 through

September 30, 1996, and thereafter at a