1932 Federal Register / Vol. 62, No. 9 / Tuesday, January 14, 1997 / Notices

SECURITIES AND EXCHANGE

COMMISSION

Submission for OMB Review;

Comment Request

Extension:

Rule 17a–7, SEC File No. 270–238,

OMB Control No. 3235–0214

Rule 17e–1, SEC File No. 270–224,

OMB Control No. 3235–0217

Rule 19a–1, SEC File No. 270–240,

OMB Control No. 3235–0216

Rule 31a–1, SEC File No. 270–173,

OMB Control No. 3235–0178

Upon written request, copies available

from: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549.

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) has submitted to the

Office of Management and Budget

requests for approval of extension on

previously approved collections of

information:

Rule 17a–7 [17 CFR 270.17a–7] under

the Act requires registered investment

companies to keep various records in

connection with certain purchase or sale

transactions between investment

companies and certain of their affiliates.

The annual burden of meeting this

requirement is estimated to be about one

hour for each of an estimated 500

recordkeepers that enter into subject

transactions each year, for a total annual

burden of 500 hours.

Rule 17e–1 [17 CFR 270.17e–1] under

the Act governs the remuneration a

broker affiliated with an investment

company may receive in connection

with securities transactions by the

investment company. The rule requires

an investment company’s board of

directors to establish, and review, as

necessary, procedures reasonably

designed to provide that the

remuneration to an affiliated broker is a

fair amount compared to that received

by other brokers in connection with

transactions in similar securities during

a comparable period of time. Each

quarter, the board must determine that

all transactions effected pursuant to the

rule during the preceding quarter

complied with the established

procedures. Rule 17e–1(c) also requires

the investment company to (i) maintain

permanently a written copy of the

procedures adopted by the board for

complying with the requirements of the

rule; and (ii) maintain for a period of six

years a written record of each

transaction subject to the rule setting

forth the amount and source of the

commission, fee or other remuneration

received; the identity of the broker; the

terms of the transaction; and the

materials used to determine that the

transactions were effected in

compliance with the procedures

adopted by the board.

The Commission estimates that

approximately 1,462 funds rely upon

Rule 17e–1 each year. The total average

annual burden for Rule 17e–1 per

respondent is estimated to be 10 hours,

for a total annual burden of 14,620

hours.

Rule 19a–1 [17 CFR 270.19a–1] under

the Act sets forth specific requirements

for the information which must be

included in statements made pursuant

to Section 19(a) by registered

management investment companies

(funds). The rule requires that the

statement indicate what portions of the

payment are made from net income, net

profits and paid-in capital. When any

part of the payment is made from net

profits, Rule 19a–1 requires that the

statement disclose certain other

information relating to the appreciation

or depreciation of portfolio securities. If

an estimated portion is subsequently

determined to be significantly

inaccurate, a correction must be made

on a statement made pursuant to

Section 19(a) or in the first report to

shareholders following the discovery of

the inaccuracy.

It is estimated that approximately

3,000 funds are subject to the rule each

year. It is estimated that compliance

with the rule’s requirements imposes a

total annual burden per fund of

approximately 30 minutes. The total

annual burden for all funds is estimated

at 1,500 hours.

Rule 31a–1 [17 CFR 270.31a–1] under

the Act requires registered investment

companies, and every underwriter,

broker, dealer or investment adviser

which is a majority-owned subsidiary of

a registered investment company, to

maintain and keep current accounts,

books and other documents which

constitute the record forming the basis

for financial statements required to be

filed pursuant to Section 30 [15 U.S.C.

80a–29] of the Act and of the auditor’s

certificates relating thereto. The rule

lists specific records to be maintained

by registered investment companies.

The rule also requires certain

underwriters, brokers, dealers,

depositors and investment advisers to

maintain such records as they are

required to maintain under federal

securities laws.

It is estimated that Rule 31a–1

imposes an average burden of

approximately 5,260 hours annually per

investment company. It is further

estimated that approximately 5,000

investment companies are subject to the

rule each year, so that the total annual

burden for all investment companies

would be 26,300,000 hours. Most of the

records required to be maintained by the

rule are the type that generally would be

maintained as a matter of good business

practice and to prepare the investment

company’s financial statements.

General comments regarding the

estimated burden hours should be

directed to the Desk Officer for the

Securities and Exchange Commission at

the address below. Any comments

concerning the accuracy of the

estimated average burden hours for

compliance with Commission rules and

forms should be directed to Michael E.

Bartell, Associate Executive Director,

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street, N.W., Washington, D.C.

20549 and Desk Officer for the

Securities and Exchange Commission,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, Room 3208, New Executive

Office Building, Washington, D.C.

20503.

Dated: December 30, 1996.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–863 Filed 1–13–97; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

22444; 811–8302]

Master Investment Trust, Series II;

Notice of Application

January 7, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Master Investment Trust,

Series II.

RELEVANT ACT SECTION: Order requested

under section 8(f) of the Act.

FILING DATE: The application was filed

on September 23, 1996 and amended on

December 19, 1996.

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company.

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
Federal Register / Vol. 62, No. 9 / Tuesday, January 14, 1997 / Notices 1933

1Prior to 1996, the Company advanced certain

expenses incurred by the former officers and

Continued

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

February 3, 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 Fifth

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

Applicant, 3435 Stelzer Road,

Columbus, Ohio 43219.

FOR FURTHER INFORMATION CONTACT:

Kathleen L. Knisely, Staff Attorney, at

(202) 942–0517, 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 an open-end

diversified management investment

company organized as a Delaware

business trust. Applicant is comprised

of a single series, the National

Municipal Bond Fund.

2. On January 21, 1994, applicant

filed a Notification of Registration on

Form N–8A pursuant to section 8(a)

under the Act and a registration

statement on Form N–1A pursuant to

section 8(b) of the Act. No registration

statement was filed under the Securities

Act of 1933.

3. On April 23–24, 1996, at the regular

Board of Trustees meeting, the Board of

Trustees approved, effective upon the

withdrawal of the investment of the

Feeder Fund from the applicant, the

termination of the applicant’s

investment advisory and other service

agreements. The board also authorized

the taking of all actions necessary to

effect the deregistration of applicant.

4. Prior to July 1, 1996, the National

Municipal Bond Fund of Pacific

Horizon Funds, Inc. (the ‘‘Feeder

Fund’’) invested all of its investable

assets in applicant’s National Municipal

Bond Fund. The Feeder Fund was the

sole interest holder of applicant’s

National Municipal Bond Fund. On July

1, 1996, applicant’s sole interest holder

gave notice that it wanted to redeem its

entire holdings, and on the same day

complete redemption distributions were

paid to the interest holder based on net

asset value. Such distributions

effectively liquidated applicant.

5. Bank of America National Trust

and Savings Association, applicant’s

investment adviser, has undertaken to

pay applicant’s expenses in connection

with the liquidation.

6. Applicant has no security holders,

liabilities or assets. Applicant is not a

party to any litigation or administrative

proceeding. 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.

7. Applicant intends to file the

necessary documentation with the State

of Delaware to effect its dissolution as

a Delaware business trust.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–805 Filed 1–13–97; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

22443; 812–10452]

United Financial Group, Inc.; Notice of

Application

January 7, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: United Financial Group, Inc.

(the ‘‘Company’’).

RELEVANT ACT SECTION: Order requested

under sections 6(c) and 6(e) of the Act

granting an exemption from all

provisions of the Act.

SUMMARY OF APPLICATION: Applicant

requests an order that would exempt it

from all provisions of the Act until

December 30, 1997. The requested relief

would extend an exemption originally

granted until December 30, 1990, and

extended by subsequent orders until

December 30, 1991, December 30, 1992,

December 30, 1993, December 30, 1994,

December 30, 1995, and December 30,

1996.

FILING DATE: The application was filed

on December 5, 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 3, 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, 5847 San Felipe, Suite 2600,

Houston, Texas 77057.

FOR FURTHER INFORMATION CONTACT:

Diane L. Titus, Paralegal Specialist, at

(202) 942–0584, or Mary Kay Frech,

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. The Company was a savings and

loan holding company whose primary

asset and source of income was the

United Savings Association of Texas

(‘‘USAT’’). As a result of the recession

in Texas beginning in 1986, USAT’s

financial condition deteriorated, and on

December 30, 1988 it was placed into

receivership. The assets of USAT were

sold to an unaffiliated third party and

the Company received no consideration

for the loss of its primary subsidiary,

thereby generating a substantial tax loss.

In light of this tax loss, the Company

determined not to liquidate, but instead

to acquire an operating business.

2. The Company’s efforts to acquire an

operating business have been

substantially hindered due to claims

asserted against it by the Federal

Deposit Insurance Corporation (the

‘‘FDIC’’) and the Office of Thrift

Supervision (the ‘‘OTS’’). The FDIC

asserted an approximately $534 million

claim against the Company in January

1989 for failure to maintain the net

worth of USAT (the ‘‘Net Worth Claim’’)

and an approximately $14 million claim

concerning certain tax refunds alleged

to have been received by the Company

(together with the Net Worth Claim, the

‘‘FDIC Claims’’). In addition, the FDIC

has asserted the existence of possible

other claims (the ‘‘Indemnified Claims’’)

against the Company and certain former

officers and directors of the Company

and USAT. The Company may have

indemnification obligations to these

former officers and directors.1 The FDIC