30524 Federal Register / Vol. 63, No. 107 /Thursday, June 4, 1998 / Notices

1WPSR also owns, through Public Service,

approximately a 33% interest in Wisconsin River

Power Company (‘‘WRPC’’), which is an electric

utility company that sells the output of its

generating resources at cost to its owners. The other

owners of WRPC are Consolidated Water Power

Company and Wisconsin Power & Light Company.

WRPC is not subject to the ratemaking jurisdiction

of the Public Service Commission of Wisconsin.

Peninsula Energy Corporation

(‘‘UPEN’’), an exempt public-utility

holding company under section 3(a)(1)

of the Act, and its utility subsidiary,

Upper Peninsula Power Company

(‘‘UPPCo’’)

WPSR and UPEN have entered into an

Agreement and Plan of Merger, dated as

of July 10, 1997, which provides, among

other things, for the merger of UPEN

with and into WPSR (the ‘‘Merger’’).

Following the Merger, the separate

corporate existence of UPEN will cease,

and WPSR will be the surviving

corporation. Each share of UPEN

Common Stock will be converted into

the right to receive 0.9 shares of WPSR

Common Stock.

The boards of directors of WPSR and

UPEN approved the Merger at meetings

held on July 10, 1997. The shareholders

of UPEN approved the Merger at a

special meeting held on January 29,

1998. WPSR states that shareholder

approval of the Merger is not required.

WPSR’s principal utility subsidiary,

Wisconsin Public Service Corporation

(‘‘Public Service’’), serves

approximately 374,000 electric and

218,000 gas retail customers in

northeastern Wisconsin and the

southern portion of Michigan’s upper

peninsula.1 UPPCo serves

approximately 48,000 electric retail

customers entirely in Michigan’s upper

peninsula. The service territories of

Public Service and UPPCo are not

contiguous, being separated by the

service territory of Wisconsin Electric

Power Company.

Public Service is subject to the retail

ratemaking jurisdiction of both the

Public Service Commission of

Wisconsin and the Michigan Public

Service Commission. UPPCo is also

subject to the retail ratemaking

jurisdiction of the Public Service

Commission of Wisconsin.

WPSR has three direct nonutility

subsidiaries, WPS Energy Services, Inc.

(‘‘ESI’’), WPS Development, Inc.

(‘‘PDI’’), and WPS Visions, Inc.

(‘‘Visions’’). ESI offers electric and gas

marketing, energy management, project

management and energy consulting

services to wholesale and retail

customers. PDI offers acquisition and

investment analysis, project

development, engineering, management,

operations and maintenance services for

the power generation industry. PDI also

owns a 662⁄3% interest in Mid-American

Power LLC, an exempt wholesale

generator. Visions serves a business

research and development vehicle for

WPSR.

In addition, Public Service has two

nonutility subsidiaries, Wisconsin

Valley Improvement Company (‘‘WV’’)

and Public Service Leasing, Inc. (‘‘PS

Leasing’’). WV operates a system of

dams and water reservoirs on the

Wisconsin River and tributary streams,

and charges water tolls to users,

primarily power plant owners. PS

Leasing is engaged in the financing of

specific utility projects.

UPEN has two nonutility subsidiaries,

Upper Peninsula Development

Company, which holds title to UPPCo’s

corporate headquarters, and PENVEST,

Inc., which explores investment

opportunities in telecommunications,

engineering services, and other nonregulated businesses.

WPSR states it intends to claim an

exemption under rule 2 under the Act

following the Merger.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–14825 Filed 6–3–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–23226]

Notice of Applications for

Deregistration Under Section 8(f) of the

Investment Company Act of 1940

May 29, 1998.

The following is a notice of

applications for deregistration under

section 8(f) of the Investment Company

Act of 1940 for the month of May, 1998.

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 (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 the 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

June 23, 1998, 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.

For further information, contact: Diane

L. Titus, at (202) 942–0564, SEC,

Division of Investment Management,

Office of Investment Company

Regulation, Mail Stop 5–6, 450 Fifth

Street, N.W., Washington, DC 20549.

Farrell Alpha Strategies [File No. 811–

9048]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On December 29,

1997, applicant completed a liquidating

distribution to its shareholders at net

asset value. Expenses incurred in

connection with the liquidation were

under $5,000 and were paid by

applicant’s investment adviser, FarrellWako Global Investment Management,

Inc.

Filing Dates: The application was

filed on March 16, 1998, and amended

on May 5, 1998.

Applicant’s Address: 780 Third

Avenue, 38th Floor, New York, New

York 10017.

Franklin Templeton Japan Fund [File

No. 811–6664]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On March 26,

1998, applicant made a liquidating

distribution to its shareholders based on

the net assets of applicant. Expenses

incurred in connection with the

liquidation totaled approximately

$49,379, and were borne equally by

applicant and Templeton Investment

Counsel, Inc., applicant’s investment

adviser.

Filing Dates: The application was

filed on March 31, 1998 and amended

on May 1, 1998.

Applicant’s Address: 100 Fountain

Parkway, P.O. Box 33030, St.

Petersburg, Florida 33733–8030.

Panther Partners, L.P. [File No. 811–

6559]

Summary: Applicant, a Delaware

limited partnership, seeks an order

declaring that it has ceased to be an

investment company. On June 30, 1997,

applicant distributed 97% of the

amount in each partner’s capital

account to each partner in cash or in

kind, based on that partner’s election.

The remaining 3% of each account was

distributed in cash to all partners on

September 15 and October 1, 1997 upon

completion of the fund’s final audit.
Federal Register / Vol. 63, No. 107 /Thursday, June 4, 1998 / Notices 30525

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

2 17 CFR 240.19b–4.

Expenses incurred in connection with

the liquidation were borne by Tiger

Management L.L.C., an affiliate of

applicant’s investment adviser.

Filing Dates: The application was

filed on March 25, 1998, and amended

on May 11, 1998.

Applicant’s Address: 101 Park

Avenue, New York, New York 10178.

Merrill Lynch KECALP Growth

Investments Limited Partnership 1983

[File No. 811–3389] and Merrill Lynch

KECALP L.P. 1984 [File No. 811–3909]

Summary: Each applicant seeks an

order declaring that it has ceased to be

an investment company. On December

23, 1997, each applicant distributed its

assets to its securityholders at the net

asset value per share. Expenses of

approximately $30,000 are expected to

be incurred in connection with each

applicant’s liquidation and will be

borne by KECALP, Inc., the general

partner of applicants.

Filing Dates: Each application was

filed on February 23, 1998, and

amended on April 29, 1998.

Applicants’ Address: South Tower,

World Financial Center, 225 Liberty

Street, New York, New York 10080.

The Laidlaw Covenant Fund [811–7602]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On December 20,

1996, applicant transferred all of its

assets and liabilities to Value Fund, a

series of The Vintage Funds, based on

the relative net asset values per share.

Laidlaw Holdings Asset Management,

Inc., applicant’s investment adviser,

incurred expenses in connection with

the merger of $25,000, with any

expenses exceeding that amount borne

by Vintage Advisers, Inc., The Vintage

Funds’ investment adviser.

Filing Dates: The application was

filed on November 18, 1997 and

amended on May 14, 1998.

Applicant’s Address: 100 Park

Avenue, New York, NY 10017.

Allmerica Funds [File No. 811–6308]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On October 31,

1997, applicant made a liquidating

distribution to its sole shareholder at net

asset value. No expenses were incurred

in connection with the liquidation.

Applicant retained $9,201 to cover

outstanding liabilities relating to

advisory fees, printing fees, custody fees

and tax services.

Filing Dates: The application was

filed on November 12, 1997, and

amended on May 19, 1998.

Applicant’s Address: 440 Lincoln

Street, Worcester, Massachusetts 06153.

Putnam Adjustable Rate U.S.

Government Fund [File No. 81–4531]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On November 8,

1996, applicant transferred its assets

and liabilities to the Putnam

Intermediate U.S. Government Income

Fund (‘‘Putnam Intermediate’’) based on

the relative net asset values per share.

Applicant paid approximately $78,604

in expenses related to the

reorganization. Putnam Intermediate

paid approximately $41,620 in

reorganization expenses.

Filing Dates: The application was

filed on March 17, 1998 and amended

on May 11, 1998.

Applicant’s Address: One Post Office

Square, Boston, MA 02109.

Consultants Trust [811–7542]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. Applicant

abandoned its intention to operate

before it received any assets. Applicant

never issued securities.

Filing Dates: The application was

filed on April 21, 1998 and applicant

has agreed to file an amendment during

the notice period.

Applicant’s Address: 2303 Yorktown

Avenue, Lynchburg, Virginia 24501.

Midcap Growth Portfolio [811–7638]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. Applicant has

never made a public offering of its

securities and does not propose to make

a public offering or engage in business

of any kind.

Filing Dates: The application was

filed on May 11, 1998 and applicant has

agreed to file an amendment during the

notice period.

Applicant’s Address: 777 Mariners

Island Blvd., P.O. Box 7777, San Mateo,

CA 94403–7777.

John Hancock Sovereign Investors

Fund, Inc. [File No. 811–115]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On December 2,

1996, applicant, on behalf of John

Hancock Sovereign Investors Fund (the

‘‘Fund’’), a series of applicant,

transferred all of the Fund’s assets and

liabilities to John Hancock Sovereign

Investors Fund, a series of John Hancock

Investment Trust, based on the relative

net asset values per share. Applicant

bore approximately $266,103 in

reorganization expenses. John Hancock

Investment Trust bore approximately

$307,727 in reorganization expenses.

Filing Dates: The application was

filed on October 6, 1997 and amended

on May 22, 1998.

Applicant’s Address: 101 Huntington

Avenue, Boston, MA 02199–7603.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–14826 Filed 6–3–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40041; File No. SR–CBOE–

98–15]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Board Options Exchange,

Inc. to Update and Reorganize Its

Rules Relating to Designated Primary

Market-Makers

May 28, 1998.

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

Securities Exchange Act of 1934

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

hereby given that on April 22, 1998, the

Chicago Board Options Exchange, Inc.

(‘‘CBOE’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) the proposed

rule change as described in Items I, II

and III below, which Items have been

prepared by the CBOE. The Commission

is publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The CBOE proposes to update and

reorganize the Exchange’s rules relating

to designated primary market-makers

(‘‘DPMs’’). Below is the text of the

proposed rule change. Proposed new

language is in italics; proposed

deletions are in brackets.

Chapter III—Membership

* * * * *

Rule 3.27 Membership Options Trading

Permits

* * * * *

(c) DPMs. The DPM trading system

described in Section C of Chapter VIII

[Modified Trading System established

in Rule 8.80] will be employed in NYSE

Options. Each specialist firm to which