Federal Register / Vol. 63, No. 125 /Tuesday, June 30, 1998 / Notices 35623

1 ‘‘Successor in interest’’ is limited to entities that

result from a reorganization into another

jurisdiction or a change in the type of business

organization.

2All existing investment companies that

currently intend to rely on the requested order

named as applicants, and any New Fund that

subsequently relies on the order will comply with

the terms and conditions of the application.

Questions regarding this matter

should be directed to Spiros Droggitis,

Office of State Programs, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555 (INTERNET Address:

SCD@NRC.GOV) or at (301) 415–2367.

Dated at Rockville, Maryland, this 18th day

of June 1998.

For the Nuclear Regulatory Commission.

Richard L. Bangart,

Director, Office of State Programs.

[FR Doc. 98–16912 Filed 6–29–98; 8:45 am]

BILLING CODE 7590–01–P

SECUTITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

23265; 812–10936]

Bond Fund Series, et al.; Notice of

Application

June 23, 1998.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for an

order under section 12(d)(1)(J) of the

Investment Company Act of 1940 (the

‘‘Act’’) for an exemption for section

12(d)(1)(G)(i)(II).

SUMMARY OF THE APPLICATION:

Applicants seek an order that would

permit a fund of funds relying on

section 12(d)(1)(G) of the Act to make

investments in securities and other

instruments.

APPLICANTS: Bond Fund Series,

Centennial America Fund, L.P.,

Centennial California Tax Exempt Trust,

Centennial Government Trust,

Centennial Money Market Trust,

Centennial New York Tax Exempt Trust,

Centennial Tax Exempt Trust,

Oppenheimer California Municipal

Fund, Oppenheimer Capital

Appreciation Fund, Oppenheimer Cash

Reserves, Oppenheimer Champion

Income Fund, Oppenheimer Core Equity

Fund, Oppenheimer Developing

Markets Fund, Oppenheimer Discovery

Fund, Oppenheimer Enterprise Fund,

Oppenheimer Equity Income Fund,

Oppenheimer Global Fund,

Oppenheimer Global Growth & Income

Fund, Oppenheimer Gold & Special

Minerals Fund, Oppenheimer Growth

Fund, Oppenheimer High Yield Fund,

Oppenheimer Integrity Funds,

Oppenheimer International Bond Fund,

Oppenheimer International Growth

Fund, Oppenheimer International Small

Company Fund, Oppenheimer Large

Cap Growth Fund, Oppenheimer Large

Cap Value Fund, Oppenheimer LimitedTerm Government Fund, Oppenheimer

Main Street Funds, Inc., Oppenheimer

MidCap Fund, Oppenheimer Money

Market Fund, Inc., Oppenheimer MultState Municipal Trust, Oppenheimer

Multiple Strategies Fund, Oppenheimer

Municipal Bond Fund, Oppenheimer

Municipal Fund, Oppenheimer New

York Municipal Fund, Oppenheimer

Quest Capital Value Fund, Inc.,

Oppenheimer Quest for Value Funds,

Oppenheimer Quest Global Value Fund,

Inc., Oppenheimer Quest Value Fund,

Inc., Oppenheimer Real Asset Fund,

Oppenheimer Series Fund Inc.,

Oppenheimer Stable Value Fund,

Oppenheimer Strategic Income Fund,

Oppenheimer Total Return Fund, Inc.,

Oppenheimer U.S. Government Trust,

Oppenheimer Variable Account Funds,

Oppenheimer World Bond Fund,

Panorama Series Fund, Inc., Rochester

Fund Municipals, and Rechester

Portfolio Series (Collectively, the

‘‘Existing Funds’’), Oppenheimer Funds,

Inc. (‘‘OFI’’), Oppenheimer Real Asset

Management (‘‘ORAM’’), Centennial

Asset Management Corporation

(‘‘CAMC’’) (collectively, the

‘‘Advisers’’), and Oppenheimer Funds

Distributor, Inc. (‘‘OFDI’’), including

each applicant’s successor in interest.1.

FILING DATES: The application was filed

on December 30, 1997, and amended on

March 10, 1998. Applicants have agreed

to file an additional amendment, the

substance of which is incorporated in

this notice, during the notice period.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC order a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving the applicants

with a copy of the request, personally or

mail. Hearing requests should be

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

20, 1998, and should be accompanied

by proof of service on the applicants, in

the form of an affidavit, or, for lawyers,

a certificate of service. Hearing requests

should state the nature of the writer’s

interests, the reason for the request, and

the issues contested. Persons may

request notification by writing to the

SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW., Washington DC 20549.

Applicants, Two World Trade Center,

34th Floor, New York, New York

10048–0203.

FOR FURTHER INFORMATION CONTACT: J.

Amanda Machen, Senior Counsel, at

(202) 942–7120, or Christine Y.

Greenlees, 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, 450 Fifth

Street, NW., Washington, DC 20549

(telephone (202) 942–8090).

Applicants’ Representations

1. Each of the Existing Funds is

organized as either a Maryland

corporation, a Massachusetts business

trust, or a Delaware limited partnership,

and is an open-end management

investment company registered under

the Act. Several of the Existing Funds

are organized as series companies.

Applicants request that the relief apply

to any registered open-end management

investment company or series thereof

which in the future is part of the same

‘‘group of investment companies,’’ as

defined in section 12(d)(1)(G)(ii) of the

Act, as the Existing Funds, and for

which OFDI, CAMC, or any entity

controlled by OFDI or CAMC, acts as

principal underwriter, or for which OFI,

ORAM, CAMC, or any entity controlled

by OFI, ORAM, or CAMC, acts as

investment adviser (together with any

future series of Existing Funds, the

‘‘New Funds’’). 2 The New Funds and

the Existing Funds are collectively

referred to as the ‘‘Funds’’ and

individually as a ‘‘Fund.’’

2. The Funds will be designated as

either Mixed Funds or Core Funds. Each

Mixed Fund will invest in a

combination of Core Funds and,

pursuant to the relief requested in the

application, in other securities that are

consistent with the Fund’s stated

investment objectives and policies

(‘‘Additional Portfolio Investments’’).

Applicants want to have the flexibility

to invest in Additional Portfolio

Investments so that the Mixed Funds

can take advantage of available

investment opportunities as well as

make investments in the Core Funds.

OFI or one of its subsidiaries, CAMC, or

ORAM, each an investment adviser

registered under the Investment

Advisers Act of 1940, will serve as

investment adviser to the Funds.

Applicants’ Legal Analysis

1. Section 12(d)(1)(A) of the Act

provides that no registered investment

company may acquire securities of

another investment company if such
35624 Federal Register / Vol. 63, No. 125 /Tuesday, June 30, 1998 / Notices

securities represent more than 3% of the

acquired company’s outstanding voting

stock, more than 5% of the acquiring

company’s total assets, or if such

securities, together with the securities of

other investment companies, represent

more than 10% of the acquiring

company’s total assets. Section

12(d)(1)(B) provides that no registered

open-end investment company may sell

its securities to another investment

company if the sale will cause the

acquiring company to own more than

3% of the acquired company’s voting

stock to be owned by investment

companies.

2. Section 12(d)(1)(G) of the Act

provides that section 12(d)(1) will not

apply to securities of an acquired

company purchased by an acquiring

company if: (a) the acquiring company

and the acquired company are part of

the same group of investment

companies; (b) the acquiring company

holds only securities of acquired

companies that are part of the same

group of investment companies,

government securities, and short-term

paper; (c) the aggregate sales loads and

distribution-related fees of the acquiring

company and the acquired company are

limited; and (d) the acquired company

has a policy that prohibits it from

acquiring securities of registered openend investment companies or registered

unit investment trusts in reliance on

section 12(d)(1) (F) or (G).

3. Applicants state that the

investment by the Mixed Funds in the

Core Funds will comply with section

12(d)(1)(G) of the Act, with the

exception of the requirement in section

12(d)(1)(G)(i)(II) that the Mixed Funds

limit their other investments to

Government securities and short-term

paper.

4. Section 12(d)(1)(J) provides that the

SEC may exempt persons or transactions

from any provision of section 12(d)(1) if

and to the extent that the exemption is

consistent with the public interest and

the protection of investors. Applicants

request relief under section 12(d)(1)(J)

from section 12(d)(1)(G)(i)(II) to permit

the Mixed Funds to invest in Additional

Portfolio Investments as described in

the application. Applicants believe that

the Mixed Funds’ proposed investments

in Additional Portfolio Investments do

not raise any of the concerns that the

requirements of section 12(d)(1)(G) were

designed to address.

Applicants’ Conditions

Applicants agree that the order

granting the requested relief will be

subject to the following conditions:

1. Applicants will comply with all

provisions of section 12(d)(1)(G), except

for section 12(d)(1)(G)(i)(II) to the extent

that it restricts the Mixed Funds from

investing in the Additional Portfolio

Investments as described in the

application.

2. Before approving any investment

advisory contract for a Mixed Fund, the

directors of the Mixed Fund, including

a majority of the directors who are not

‘‘interested persons’’ as defined in

section 2(a)(19) of the Act, will find that

the advisory fee, if any, charged under

the contract is based on services

provided that are in addition to, rather

than duplicative of, services provided

under the contracts of any Core Fund in

which the Mixed Fund may

invest.These findings and their basis

will be recorded fully in the minute

books of the Mixed Fund.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–17295 Filed 6–29–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

23268; 812–11064]

The Emerging Germany Fund Inc.;

Notice of Application

June 24, 1998.

AGENCY: Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of an application for an

order under section 6(c) of the

Investment Company Act of 1940 (the

‘‘Act’’) for an exemption from section

19(b) of the Act and rule 19b–1 under

the Act.

Summary of Application: Applicant,

The Emerging Germany Fund, Inc., a

registered closed-end management

investment company, requests an order

to permit it to make up to four

distributions of net long-term capital

gains in any one taxable year, so long as

it maintains in effect a distribution

policy with respect to its common stock

calling for quarterly distributions of a

fixed percentage of its net asset value.

Filing Date: The application was filed

on March 13, 1998 and amended on

May 28, 1998. Applicant has agreed to

file an amendment during the notice

period, the substance of which is

reflected in this notice.

Hearing or Notification of Hearing: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the

Commission’s Secretary and serving

applicant with a copy of the request,

personally or by mail. Hearing requests

should be received by the Commission

by 5:30 p.m. on July 20, 1998 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 Commission’s Secretary.

ADDRESSES: Secretary, Commission, 450

5th Street, NW., Washington, DC 20549.

Applicant, Four Embarcadero Center,

San Francisco, CA 94111–4189,

Attention: Robert J. Goldstein.

FOR FURTHER INFORMATION CONTACT:

Lawrence W. Pisto, Senior Counsel, at

(202) 942–0527, or George J. Zornada,

Branch Chief at (202) 942–0564, Office

of Investment Company Regulation,

Division of Investment Management.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee at the

Commission’s Public Reference Branch,

450 5th Street NW., Washington, DC

20549 (tel. 202–942–8090).

Applicant’s Representations

1. Applicant is registered under the

Act as a closed-end management

investment company and is organized as

a Maryland Corporation. Applicant’s

investment objective is long-term capital

appreciation, which applicant seeks to

obtain by investing primarily in equity

and equity-linked securities of German

companies. Applicant’s investment

adviser is Dresdner RCM Global

Investors LLC, an investment adviser

registered under the Investment

Advisers Act of 1940.

2. On February 12, 1998, applicant’s

board of directors adopted a distribution

policy with respect to applicant’s

common stock that calls for quarterly

distributions of approximately 2.5% of

applicant’s average weekly net asset

value, for an annual total of at least 10%

of its average weekly net asset value (the

‘‘Distribution Policy’’).

3. Applicant states that the

Distribution Policy will provide a steady

cash flow to its shareholders, and,

during periods when its per share net

asset value is increasing, a means for

shareholders to receive on a regular

basis some of the appreciation in value

of their shares. Applicant also believes

that the Distribution Policy plays a role

in reducing the discount from net asset

value at which applicant’s shares

typically trade.