Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices 36977

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–23296]

Notice of Applications for

Deregistration Under Section 8(f) of the

Investment Company Act of 1940

June 30, 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 June, 1998.

A copy of each application may be

obtained for a fee at the SEC’s Public

Reference Branch, 450 Fifth St., NW.,

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 July

27, 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, NW., Washington,

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, NW., Washington, DC 20549.

Financial Reserves Fund [File No. 811–

3476]

Summary: Applicant requests an

order declaring that it has ceased to be

an investment company. On August 30,

1994, applicant transferred its assets

and liabilities to The Financial Reserves

Portfolio (‘‘Financial’’), a series of The

Victory Funds, based on the relative net

asset values per share. The total

expenses incurred in connection with

the reorganization of applicant were

$115,211 and were paid by KeyCorp.,

the parent company of the investment

adviser for applicant and Financial.

Filing Dates: The application was

filed on September 26, 1997, and

amended on June 2, 1998.

Applicant’s Address: 3435 Stelzer

Road, Suite 1000, Columbus, Ohio

43219–8001.

Asia House Funds [File No. 811–8070]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On September 12,

1997, applicant distributed its net assets

to its shareholders at the net asset value

per share. Applicant’s investment

adviser, Asia House Investments, paid

appropriately $7,386.46, and affiliates,

ASEAN Growth Fund and Far East

Growth Fund, paid $6,084.05 and

$9,029.49, respectively, in expenses in

connection with the liquidation.

Filing Dates: The application was

filed on February 17, 1998 and amended

on June 1, 1998.

Applicant’s Address: 100 Church

Street, Suite 307B, Evanston, IL 60201.

Van Kampen American Capital

Government Target Fund [File No. 811–

6127]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On December 16,

1997, applicant made a liquidating

distribution at net asset value.

Applicant’s investment adviser, Van

Kampen American Capital Asset

Management Inc., paid all expenses in

connection with the liquidation.

Filing Dates: The application was

filed on December 29, 1997, and

amended on June 2, 1998.

Applicant’s Address: One Parkview

Plaza, Oakbrook, Terrace, IL 60181.

Triple A and Government Series—1997,

Inc. [File No. 811–6656]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On June 29, 1997,

applicant made a liquidating

distribution to its shareholders at net

asset value. Applicant has two

shareholders that have not yet

surrendered their share certificates. As

of June 5, 1998, cash amounting to

approximately $20 was being held in a

non-interest-bearing account with PNC

Bank for these shareholders in

accordance with applicable state law.

Applicant paid approximately $8,700 in

expenses related to the liquidation.

Mitchell Hutchins, applicant’s

investment adviser, will be responsible

for any additional expenses that may be

incurred with respect to the liquidation.

Filing Dates: The application was

filed on November 14, 1997, and

amended on June 12, 1998.

Applicant’s Address: 1285 Avenue of

the Americas, New York, New York

10019.

Goldman Sachs Equity Portfolios, Inc.

[File No. 811–6036]

Goldman Sachs Money market Trust

[File No. 811–2598]

Summary: Each applicant seeks an

order declaring that it has ceased to be

an investment company. On April 30,

1997, each applicant transferred all of

its assets and liabilities to the

corresponding series of Goldman Sachs

Trust (‘‘Trust’’), based on the relative

net asset values per share. The Trust

paid $687,143 in reorganization

expenses.

Filing Date: Each application was

filed on May 21, 1998.

Applicant’s Address: 4900 Sears

Tower, Chicago, IL 60606.

Schroder Asian Growth Fund, Inc. [File

No. 811–8150]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On March 20,

1998, applicant converted from a

closed-end investment company to an

open-end investment company by

transferring all of its assets and

liabilities to Schroder All-Asia Fund,

based on the relative net asset value per

share of each fund. Expenses incurred

in connection with the conversion

totaled approximately $576,000 and

were borne by applicant.

Filing Dates: The application was

filed on April 27, 1998, and amended on

June 24, 1998.

Applicant’s Address: 787 Seventh

Avenue, 34th Floor, New York, New

York 10019.

Franklin Tax-Advantaged International

Bond Fund [File No. 811–4849]

Franklin Tax-Advantaged U.S.

Government Securities Fund [File No.

811–5007]

Franklin Tax-Advantaged High Yield

Securities Fund [File No. 811–5008]

Summary: Each applicant, a

California limited partnership, seeks an

order declaring that it has ceased to be

an investment company. As of June 27,

1997, each of Franklin Tax-Advantaged

International Bond Fund and Franklin

Tax-Advantaged U.S. Government

Securities Fund had liquidated all to its

assets and distributed the proceeds pro

rata to or as directed by its partners. As

of May 30, 1997, Franklin TaxAdvantaged High Yield Securities Fund

had liquidated all of its assets and

distributed the proceeds pro rata to or

as directed by its partners. Expenses

incurred in connection with each

liquidation were approximately $7,158,

$59,181, and $46,750, respectively, and

were borne by each applicant.

Filing Dates: Each application was

filed on March 23, 1998, and amended

on June 4, 1998.

Applicants’ Address: 777 Mariner

Island Blvd., San Mateo, California

94404.
36978 Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices

The JPM Institutional Plus Funds [File

No. 811–7900]

Summary: Applicant requests an

order declaring that it has ceased to be

an investment company. Between

January 1994 and June 1994, all of

applicant’s public shareholders

redeemed their shares at net asset value.

On March 22, 1995, applicant’s sole

remaining shareholder, SFG Investors II

Limited Partnership, redeemed its

shares at net asset value. Applicant’s

investment adviser, Morgan Guaranty

Trust Company of New York, paid

approximately $21,550 in expenses

relating to the liquidation.

Filing Dates: The application was

filed on February 21, 1997, and

amended on June 11, 1997, September

10, 1997, and May 29, 1998.

Applicant’s Address: 6 St. James

Avenue, Boston, Massachusetts 02116.

CAM Balanced Fund, Inc. [File No. 811–

7713]

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 Date: The application was filed

on May 27, 1998.

Applicant’s Address: Three Radnor

Corporate Center, Suite 300, Radnor,

Pennsylvania 19087.

Putnam Qualified Dividend Income

Fund [File No. 811–6055]

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 Date: The application was filed

on May 27, 1998.

Applicant’s Address: One Post Office

Square, Boston, Massachusetts 02109.

The Victory Funds [File No. 811–3378]

Summary of Application: Applicant

seeks an order declaring that it has

ceased to be an investment company.

One June 5, 1995, applicant transferred

all of its assets to the Victory Portfolios

(the ‘‘Acquiring Fund’’) in exchange for

securities in that company, based on

relative net asset values. Expenses

totaled $1,464,629 and were paid by the

parent company of the adviser to both

the applicant and the Acquiring Fund.

Filing Dates: The application was

filed on September 26, 1997 and

amended on June 2, 1998.

Applicant’s Address: 3435 Stelzer

Road, Ste 1000, Columbus, Ohio 43219–

8001.

Daily Cash Accumulation Fund, Inc.

[File No. 811–2346]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On November 21,

1997, applicant transferred all of its

assets to Money Market Trust, based on

the relative net asset value per share.

Applicant and Money Market Trust paid

$563,300 and $86,600, respectively, in

expenses in connection with the

transaction.

Filing Dates: The application was

filed on April 3, 1998 and amended on

June 24, 1998.

Applicant’s Address: 6803 South

Tucson Way, Englewood, Colorado

80112.

Investors Trust [File No. 811–4945]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On September 26,

1996, pursuant to the applicable

Reorganization Agreement, applicant’s

five series, Investors Trust Government

Fund, Investors Trust Value Fund,

Investors Trust Growth Fund, Investors

Trust Tax Free Fund, and Investors

Trust Adjustable Rate Fund, transferred

their assets and stated liabilities into

corresponding Acquiring Funds of the

GE Funds. Expenses totaled $906,750, of

which $809,058 was paid by GE

Investment Management Incorporated,

the adviser to the Acquiring Funds, and

$97,692 was paid by GNA Capital

Management, the adviser to the

applicant.

Filing Dates: The application was

filed on February 9, 1998 and amended

on May 28, 1998.

Address: Applicant: Suite 5600, Two

Union Square, 601 Union Street, Seattle,

WA 98101.

A. T. Ohio Municipal Money Fund [File

No. 811–4097]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On August 30,

1997, applicant transferred all of its

assets to The Ohio Municipal Money

Market Portfolio, a series of The Victory

Funds, based on the relative net asset

value per share. Keycorp, the parent of

applicant’s investment adviser, Society

Asset Management Inc., paid $115,211

in expenses in connection with the

transaction.

Filing Date: The application was filed

on September 26, 1997, and applicant

has agreed to file an amendment during

the notice period.

Applicant’s Address: 3435 Stelzer

Road, Suite 1000, Columbus, Ohio

43219–8001.

The Exchange Fund of Boston, Inc. [File

No. 811–2598]

Fiduciary Exchange Fund, Inc. [File No.

811–1409]

Second Fiduciary Exchange Fund, Inc.

[File No. 811–1453]

Diversification Fund, Inc. [File No. 811–

1003]

Capital Exchange Fund, Inc. [File No.

811–1339]

Depositors Fund Of Boston, Inc. [File

No. 811–1295]

Summary: Each applicant seeks an

order declaring that it has ceased to be

an investment company. On October 31,

1997, each applicant transferred all of

its assets and liabilities to

corresponding series of Eaton Vance

Series Trust (‘‘Trust’’), based on the

relative net asset values per share.

Applicant paid approximately $6,000 in

reorganization expenses.

Filing Date: Each application was

filed on May 22, 1998, and Fiduciary

Exchange Fund, Inc. has agreed to file

an amendment during the notice period.

Applicants’ Address: 24 Federal

Street, Boston, MA 02110.

Society’s Collective Investment

Retirement Fund [File No. 811–4895]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On December 18,

1994, pursuant to an Agreement and

Plan of Reorganization, applicant’s two

series, the Balanced Portfolio Series and

the U.S. Government Portfolio Series,

transferred their assets into

corresponding series of the Victory

Portfolios based on relative net asset

values per share. Expenses totaled

$49,951 and were paid by the parent

company of the adviser to both the

applicant and the Victory Portfolios.

Filing Dates: The application was

filed on October 1, 1997 and amended

on June 2, 1998.

Address: Applicant, 3435 Stelzer

Road, Ste 1000, Columbus, Ohio 43219–

8001.

Putnam Information Sciences Trust [File

No. 811–3672]

Putnam Intermediate Government

Income Trust [File No. 811–5556]

Summary: Each applicant seeks an

order declaring that it has ceased to be

an investment company. On March 23,

1992, Putnam Information Sciences

Trust transferred all of its assets and

liabilities to Putnam New Opportunities

Fund (‘‘New Opportunities Fund’’),
Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices 36979

1See Letter from Robert E. Aber, Vice President

and General Counsel, Nasdaq, to Jonathan G. Katz,

Secretary, Commission, dated June 30, 1998 (‘‘June

1998 Extension Request’’). The June 1998 Extension

Request also requests the Commission continue to

provide exemptive relief, previously granted in

connection with the Plan on a temporary basis,

from Rules 11Ac1–2 and 11Aa3–1 under the

Securities Exchange Act of 1934, as amended

(‘‘Act’’). 15 U.S.C. 78a et seq. The signatories to the

Plan are the Participants for purposes of this

release, however, the BSE joined the Plan as a

‘‘limited participant’’ and reports quotation

information and transaction reports only in Nasdaq/

NM securities listed on the BSE. Originally, the

American Stock Exchange, Inc. (‘‘Amex’’) was a

Participant but withdrew its participation from the

Plan in August 1994.

2Section 12 of the Act generally requires an

exchange to trade only those securities that the

exchange lists, except that Section 12(f) of the Act

permits unlisted trading privileges (‘‘UTP’’) under

certain circumstances. For example, Section 12(f),

among other things, permits exchanges to trade

certain securities that are traded over-the-counter

(‘‘OTC/UTP’’), but only pursuant to a Commission

order or rule. The present order fulfills this Section

12(f) requirement. For a more complete discussion

of the Section 12(f) requirement, see November

1995 Extension Order, infra note 8.

3On March 18, 1996, the Commission solicited

comment on a revenue sharing agreement among

the Participants. See March 1996 Extension Order,

infra note 8. Thereafter the Participants submitted

certain technical revisions to the revenue sharing

agreement (‘’Revised Amendment No. 9’’). See

Letter from Robert E. Aber, Vice President and

General Counsel, Nasdaq, to Jonathan G. Katz,

Secretary, Commission, dated September 13, 1996.

See also September 1996 Extension Order, infra

note 8.

4See Section 12(f)(2) of the Act.

5See Securities Exchange Act Release No. 28146

(June 26, 1990), 55 FR 27917 (July 6, 1990) (‘‘1990

Plan Approval Order’’).

6See letter from David T. Rusoff, Foley & Lardner,

to Betsy Prout, Division of Market Regulation

(‘‘Division’’), SEC, dated May 9, 1994.

7See Securities Exchange Act Release No. 34371

(July 13, 1994), 59 FR 37103 (July 20, 1994);

Securities Exchange Act Release No. 35221 (January

11, 1995), 60 FR 3886 (January 19, 1995); Securities

Exchange Act Release No. 36102 (August 14, 1995),

60 FR 43626 (August 22, 1995); Securities Exchange

Act Release No. 36226 (September 13, 1995), 60 FR

49029 (September 21, 1995); Securities Exchange

Act Release No. 36368 (October 13, 1995), 60 FR

54091 (October 19, 1995); Securities Exchange Act

Release No. 36481 (November 13, 1995), 60 FR

58119 (November 24, 1995) (‘‘November 1995

Extension Order’’); Securities Exchange Act Release

Continued

based on the relative net asset values

per share. Applicant and New

Opportunities Fund paid approximately

$108,400 and $25,600, respectively, in

expenses related to the reorganization.

On January 26, 1998, Putnam

Intermediate Government Income Trust

transferred all of its assets and liabilities

to Putnam Mater Intermediate Income

Trust (the ‘‘Master Fund’’), based on the

relative net asset values per share.

Applicant and the Master Fund paid

approximately $310,696 and $360,303,

respectively, in expenses related to the

reorganization.

Filing Date: Each application was

filed on May 27, 1998.

Applicants’ Address: One Post Office

Square, Boston, Massachusetts 02109.

Dean Witter Managers’ Select Fund [File

No. 811–8053]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On April 27,

1998, applicant distributed its assets to

Dean Witter InterCapital, Inc. (‘‘Dean

Witter’’), applicant’s investment adviser

and sole shareholder. Applicant never

made a public offering of its shares and

does not propose to make a public

offering or engage in any business

activities.

Filing Date: The application was filed

on May 8, 1998.

Applicant’s Address: Two World

Trade Center, New York, New York

10048.

Oppenheimer Fund [File No. 811–847]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On June 20, 1997,

applicant transferred all of its assets to

Oppenheimer Multiple Strategies Fund

(the ‘‘Strategies Fund’’) at net asset

value. Applicant and Strategies Fund

bore $56,000 and $28,000, respectively,

in expenses in connection with the

transaction.

Filing Dates: The application was

filed on April 21, 1998 and amended on

June 12, 1998.

Applicant’s Address: Two World

Trade Center, New York, New York

10048–0203.

Oppenheimer Global Emerging Growth

Fund [File No. 811–5381]

Summary: Applicant seeks an order

declaring that it has ceased to be an

investment company. On June 20, 1997,

applicant transferred all of its assets to

Oppenheimer Global Fund (the ‘‘Global

Fund’’) at net asset value. Applicant and

Global Fund paid $66,754 and $27,923,

respectively, in expenses in connection

with the transaction.

Filing Dates: The application was

filed on April 21, 1998 and amended on

June 12, 1998.

Applicant’s Address: Two World

Trade Center, New York, New York

10048–0203.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–18004 Filed 7–7–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40151; File No. S7–24–89]

Joint Industry Plan; Solicitation of

Comments and Order Approving

Request to Extend Temporary

Effectiveness of Reporting Plan for

Nasdaq/National Market Securities

Traded on an Exchange on an Unlisted

or Listed Basis, Submitted by the

National Association of Securities

Dealers, Inc., the Boston Stock

Exchange, Inc., the Chicago Stock

Exchange, Inc., and the Philadelphia

Stock Exchange, Inc.

July 1, 1998.

I. Introduction

On June 30, 1998, the National

Association of Securities Dealers, Inc.

(‘‘NASD’’), on behalf of itself and the

Boston Stock Exchange, Inc. (‘‘BSE’’),

the Chicago Stock Exchange, Inc.

(‘‘CHX’’), and the Philadelphia Stock

Exchange, Inc. (‘‘Phlx’’) submitted to the

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) a proposal to

extend the operation of a joint

transaction reporting plan (‘‘Plan’’) 1 for

Nasdaq/National Market (‘‘Nasdaq/

NM’’) (previously referred to as Nasdaq/

NMS) securities traded on an exchange

on an unlisted or listed basis.2 The

proposal would extend the effectiveness

of the Plan, as amended by Revised

Amendment No. 9, as defined in

footnote 3, through December 31, 1998.3

The Commission also is extending

certain exemptive relief as described

below. The June 1998 Extension Request

also requests that the Commission

approve the Plan, as amended, on a

permanent basis on or before December

31, 1998. During the six-month

extension of the Plan, the Commission

will consider whether to approve the

proposed Plan, as amended, on a

permanent basis.

II. Background

The Plan governs the collection,

consolidation and dissemination of

quotation and transaction information

for Nasdaq/NM securities listed on an

exchange or traded on an exchange

pursuant to a grant of UTP.4 The

Commission approved trading pursuant

to the Plan on a one-year pilot basis,

with the pilot period to commence

when transaction reporting pursuant to

the Plan commenced. The Commission

originally approved the Plan on June 26,

1990.5 Accordingly, the pilot period

commenced on July 12, 1993 and was

scheduled to expire on July 12, 1994.6

The Plan has since been in operation on

an extended pilot basis.7