Federal Register / Vol. 66, No. 122 / Monday, June 25, 2001 / Notices 33721

1Management of Managers Capital Appreciation

Fund (File No. 811–3752), Investment Company Act

Rel. Nos. 23419 (Aug. 38, 1998) (notice) and 23458

(Sept. 23, 1998) (order).

of the Commission and the selfregulatory organization of which the

broker-dealer is a member.

Rule 17a–4(b)(10) under the Act

describes the record preservation

requirements for those records required

to be kept pursuant to Rule 17a–3(a)(16),

including how such records should be

kept and for how long, to be used in

monitoring compliance with the

Commission’s financial responsibility

program and antifraud and

antimanipulative rules as well as other

rules and regulations of the Commission

and the self-regulatory organizations. It

is estimated that approximately 105

active broker-dealer respondents

registered with the Commission incur

an average burden of 315 hours per year

to comply with this rule.

Under Rule 17a–4(a)(10) brokerdealers are required to retain records for

a period of not less than three years.

Compliance with the rule is mandatory.

The required records are available only

to the examination staff of the

Commission and the self-regulatory

organization of which the broker-dealer

is a member.

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless it displays a currently valid

control number.

General comments regarding the

estimated burden hours should be

directed to the following persons: (i)

Desk Officer for the Securities and

Exchange Commission, Office of

Information and Regulatory Affairs,

Office of Management and Budget,

Room 10102, New Executive Office

Building, Washington, DC 20503; and

(ii) Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, DC 20549.

Comments must be submitted to OMB

within 30 days of this notice.

Dated: June 18, 2001.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–15847 Filed 6–22–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

25006; 812–12108]

The Managers Funds and The

Managers Funds LLC; Notice of

Application

June 20, 2001.

AGENCY: Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of an application for an

order under section 38(a) of the

Investment Company Act of 1940 (the

‘‘Act’’).

SUMMARY OF APPLICATION: The Managers

Funds (‘‘Managers Funds’’) and The

Managers Funds LLC request an order to

rescind a prior order dated September

23, 1998 (the ‘‘Prior Order’’) 1 that

declared that Managers Funds had

ceased to be an investment company.

FILING DATES: The application was filed

on May 22, 2000, and amended on

October 20, 2000.

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 SEC’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 16, 2001, 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 Commission’s

Secretary.

ADDRESSES: Secretary, Commission, 450

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

20549. Applicants, 40 Richards Avenue,

Norwalk, Connecticut 06854.

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

Commission’s Public Reference Branch,

450 Fifth Street, NW., Washington, DC

20549 (telephone (202) 942–8090).

Applicants’ Representations

1. Managers Funds was organized as

a Massachusetts business trust under

the name The Management of Managers

Group of Funds (‘‘Group of Funds’’) on

November 23, 1987. Currently,

Managers Funds is a no-load mutual

fund family composed of eight series,

each having distinct investment

objectives, strategies, risks and policies.

The Managers Funds LLC (the

‘‘Manager’’), a subsidiary of Affiliated

Managers Group, Inc., is registered as an

investment adviser under the

Investment Advisers Act of 1940 and

serves as investment manager to

Managers Funds.

2. In May 1983, nine ‘‘Management of

Managers’’ funds were organized as

separate Massachusetts business trusts,

each with a single portfolio and each

registered separately under the Act. In

1986 and 1987, two other funds were

added to the complex. Also in 1987, the

Manager proposed to restructure the

Management of Managers complex so

that each of the funds in the complex

would become a series of a single

registered multi-series fund. To

facilitate the reorganization of the

eleven separate fund registrants into a

single surviving fund, Group of Funds

(later renamed Managers Funds) was

organized. On December 30, 1987,

pursuant to approval of a plan of

reorganization by the shareholders of

each fund, the assets of each of the

previously existing funds in the

Management of Managers complex were

acquired by Group of Funds (the

‘‘Reorganization’’). Group of Funds

immediately adopted the registration

statement of each predecessor registrant

under both the Act and the Securities

Act of 1933, and filed an amendment to

the Form N–1A registration statement of

each registrant declaring itself to be the

successor registrant.

3. Late in 1988, the filings made by

Group of Funds began to be recorded

under the file number that had been

assigned originally to Management of

Managers Equity Fund (later renamed

Management of Managers Capital

Appreciation Fund) (‘‘Capital

Appreciation Fund’’), one of the original

separately registered single funds that

operated as a series of Group of Funds

following the Reorganization. In

December 1988, the Commission

updated its records to change the name

of this registrant to Group of Funds, and

in 1991, the name was changed again to

its present name, Managers Funds.

4. In 1998, an application under

section 8(f) of the Act for an order or

deregistration was filed for each of the

inactive registrants. Each application

33722 Federal Register / Vol. 66, No. 122 / Monday, June 25, 2001 / Notices

2To ensure the continued registration of a

surviving multi-series fund, ten applications for

deregistration should have been filed, not eleven.

1By Commission order dated August 25, 1995

(HCAR No. 26362) (‘‘Money Pool Order’’), Cinergy

was authorized to organize and operate the Money

Pool. The Applicants do not propose to change any

of the terms and conditions governing its operation

from those approved in the Money Pool Order.

2While CG&E is a utility subsidiary and will be

treated like the other utilities for all purposes under

the Money Pool, it is exempt from the filing

requirements of sections 6(a) and 7 under the Act,

under rule 52(a), as discussed below.

stated that the reason for deregistration

was the merger of the registrant into a

successor investment company and

identified that successor as Group of

Funds (file number 811–3752). Eleven

applications were filed, and, upon

filing, each was assigned one of the

eleven file numbers that had been

assigned to the original eleven

registrants in the Management of

Managers complex.2 The application for

the Capital Appreciation Fund was

assigned the file number 811–3752,

which was the file number under which

its filings were recorded prior to the

Reorganization. Because this file

number was ultimately assigned to the

filings of Group of Funds, and is the file

number under which the Managers

Funds’ filings are currently being

recorded, the Prior Order, when issued

by the Commission, effectively

deregistered Managers Funds.

5. Applicants request an order to

rescind the Prior Order to ensure that

Managers Funds is reflected on the

Commission’s records as a continuously

reporting, active registered investment

company.

Applicants’ Legal Analysis

1. Section 8(f) of the Act provides, in

relevant part, that whenever the

Commission finds that a registered

investment company has ceased to be an

investment company, it shall so declare

by order. On the effective date of the

order, the registration of the company

shall cease to be in effect.

2. Section 38(a) of the Act states, in

relevant part, that the Commission shall

have the authority to rescind an order if

necessary or appropriate to the exercise

of the powers conferred upon the

Commission by the Act.

3. The Commission issued the prior

Order in response to an application filed

under section 8(f), which sought

deregistration for the Capital

Appreciation Fund, one of the former

stand-alone funds that merged into, and

now operates as a series of, the

Managers Funds. Applicants submit that

the Prior Order was issued in error

because Managers Funds has not ceased

to be an investment company.

Applicants state that since its

organization, its acquisition of the

former stand-alone Management of

Managers funds, and its succession to

the registration statements of each of

those funds, Managers Funds has at all

times been and remained an active

investment company, operating

pursuant to the Act and the rules

thereunder and complying with the

reporting and filing requirements for

registered investment companies.

4. Applicants submit that the

requested relief is necessary to conform

the records of the Commission to the

fact that Managers Funds is an active

investment company complying with

the Act and the rules thereunder and the

reporting and filing requirements for

registered investment companies.

5. Applicants request that the

Commission rescind the Prior Order

pursuant to section 38(a) of the Act,

effective as of the date of the Prior

Order. Applicants submit that the

requested relief is necessary and

appropriate to the exercise of the

Commission’s powers under the Act.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–15944 Filed 6–22–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27420]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

June 19, 2001.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated under the Act. All

interested persons are referred to the

application(s) and/or declaration(s) for

complete statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendment(s) is/are available for

public inspection through the

Commission’s Branch of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

July 13, 2001, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549–0609, and

serve a copy on the relevant applicant(s)

and/or declarant(s) at the address(es)

specified below. Proof of service (by

affidavit or, in the case of an attorney at

law, by certificate) should be filed with

the request. Any request for hearing

should identify specifically the issues of

facts or law that are disputed. A person

who so requests will be notified of any

hearing, if ordered, and will receive a

copy of any notice or order issued in the

matter. After July 13, 2001, the

application(s) and/or declaration(s), as

filed or as amended, may be granted

and/or permitted to become effective.

Cinergy Services, Inc., et al. (70–9879)

Cinergy Services, Inc. (‘‘Services’’), a

wholly owned service company

subsidiary of Cinergy Corporation

(‘‘Cinergy’’), a registered public utility

holding company; The Cincinnati Gas &

Electric Company (‘‘CG&E’’), an electric

and gas utility subsidiary company of

Cinergy; CG&E’s utility subsidiaries,

The Union Light, Heat and Power

Company (‘‘ULH&P’’), and electric and

gas utility company, Lawrenceburg Gas

Company (‘‘Lawrenceburg’’), a gas

utility company, and Miami Power

Corporation (‘‘Miami’’), an electric

utility company; CG&E’s nonutility

subsidiaries, KO Transmission

Company (‘‘KO’’), and Tri-State

Improvement Company (‘‘Tri-State’’), all

located at 130 East Fourth Street,

Cincinnati, Ohio 45202; and PSI Energy,

Inc. (‘‘PSA’’), 1000 East Main Street,

Plainfield, Indiana 46168, an electric

utility subsidiary company of Cinergy

(‘‘Applicants’’), have filed an

application-declaration under sections

6(a), 7, 9(a) and 10 of the Act and rule

54 under the Act.

By order dated May 30, 1997 (HCAR

No. 26723) (‘‘1997 Order’’), the

Commission authorized Applicants,

through December 31, 2002, to

undertake a short-term debt financing

program. Among other things,

Applicants were authorized to continue

to operate a system money pool

(‘‘Money Pool’’) to provide short-term

cash and working capital requirements

for associate companies, other than

Cinergy.1 The 1997 Order authorized

the utility subsidiaries, ULH&P,

Lawrenceburg, Miami and PSI (‘‘Utility

Subsidiaries’’),2 to make loans to and

incur borrowings from each other under

the terms of the Money Pool. The 1997

Order also authorized Cinergy, CG&E,

Services, KO and Tri-State to make

loans to ULH&P, Lawrenceburg, Miami

and PSI through the Money Pool.

Additionally, ULH&P, Lawrenceburg,

Miami and PSI were authorized to incur

short-term bank borrowings from third