19440 Federal Register / Vol. 60, No. 74 / Tuesday, April 18, 1995 / Notices

1Applicant’s board of directors determined that

the Plan was in the best interests of applicant and

that the interests of applicant’s existing

shareholders would not be diluted as a result of

effecting the transactions.

legal fees, accounting fees, and printing

and mailing costs for the proxy

solicitation, were approximately

$41,699 and were paid by applicant.

7. There are no securityholders to

whom distributions in complete

liquidation of their interests have not

been made. Applicant has no debts or

other liabilities that remain outstanding.

Applicant is not a party to any litigation

or administrative proceeding.

8. Applicant filed articles of

dissolution on October 1, 1993 with the

State of Washington.

9. 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.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9524 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20994; 811–4055]

SAFECO Tax-Free Money Market Fund,

Inc.; Notice of Application

April 12, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: SAFECO Tax-Free Money

Market Fund, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

seeks an order declaring that it has

ceased to be an investment company.

FILING DATE: The application was filed

on March 31, 1995.

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

May 8, 1995, 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 SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 5th

Street, NW., Washington, DC 20549.

Applicant, SAFECO Plaza, Seattle, WA

98185.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Staff Attorney, at (202)

942–0572, or C. David Messman, 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 at the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end

diversified management investment

company that was organized as a

corporation under the laws of the State

of Washington. On June 22, 1984,

applicant registered under the Act as an

investment company, and filed a

registration statement to register its

shares under the Securities Act of 1933.

The registration statement was declared

effective on September 25, 1984, and the

initial public offering commenced on

that date.

2. On May 6, 1993, applicant’s board

of directors approved an agreement and

plan of reorganization (the ‘‘Plan’’)

between applicant and SAFECO Money

Market Trust, a registered open-end

management investment company

organized under the laws of Delaware

(the ‘‘Acquiring Fund’’).1

3. By moving its assets from a

Washington corporation to a Delaware

trust, applicant expects its shareholders

to benefit from the adoption of new

methods of operations and employment

of new technologies that are expected to

reduce costs. For example, Washington

corporations are required to hold annual

meetings, whereas Delaware trusts have

no such requirement. Further, Delaware

trusts generally have greater flexibility

than Washington corporations to

respond to future contingencies,

allowing such trusts to operate under

the most advanced and cost efficient

form of organization. For example,

Delaware law authorizes electronic or

telephonic communications between a

Delaware trust and its shareholders. In

addition, as one of several series of the

Acquiring Fund, applicant’s

shareholders should enjoy certain

expense savings through economies of

scale that would not be available to a

stand-alone entity.

4. On May 7, 1993, applicant filed

proxy materials with the SEC and

afterwards distributed such proxy

materials to its shareholders. On August

5, 1993, applicant’s shareholders

approved the reorganization.

5. Pursuant to the Plan, on September

30, 1993, applicant transferred all of its

assets to the Acquiring Fund in

exchange for shares of the Acquiring

Fund. Immediately thereafter, applicant

distributed pro rata to its shareholders

the shares it received from the

Acquiring Fund in the reorganization.

On September 30, 1993, applicant had

79,275,051.010 shares outstanding,

having an aggregate net asset value of

$79,275,051.01 and a per share net asset

value of $1.00.

6. Expenses incurred in connection

with the reorganization, consisting of

legal fees, accounting fees, and printing

and mailing costs for the proxy

solicitation, were approximately $9,174

and were paid by applicant.

7. There are no securityholders to

whom distributions in complete

liquidation of their interests have not

been made. Applicant has no debts or

other liabilities that remain outstanding.

Applicant is not a party to any litigation

or administrative proceeding.

8. Applicant filed articles of

dissolution on October 1, 1993 with the

State of Washington.

9. 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.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9525 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20996; 811–7298]

SAFECO Washington State Municipal

Bond Fund, Inc.; Notice of Application

April 12, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: SAFECO Washington State

Municipal Bond Fund, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company

under the Act.

FILING DATE: The application was filed

on March 31, 1995.
Federal Register / Vol. 60, No. 74 / Tuesday, April 18, 1995 / Notices 19441

1Applicant’s board of directors determined that

the Plan was in the best interests of applicant and

that the interests of applicant’s existing

shareholders would not be diluted as a result of

effecting the transactions.

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

May 8, 1995, 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 SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 5th

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

Applicant, SAFECO Plaza, Seattle, WA

98185.

FOR FURTHER INFORMATION CONTACT:

Felice R. Foundos, Staff Attorney, (202)

942–0571, or Robert A. Robertson,

Branch Chief, (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 at the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end

management investment company

organized as a corporation under the

laws of the State of Washington. On

September 4, 1990, applicant registered

under the Act as an investment

company and filed a registration

statement under the Securities Act of

1933 to register its shares. The

registration statement became effective

on March 18, 1993 and the initial public

offering of its shares commenced on that

date.

2. On May 6, 1993, applicant’s board

of directors approved a plan of

reorganization (the ‘‘Plan’’) between

applicant and SAFECO Tax-Exempt

Bond Trust (the ‘‘Trust’’) on behalf of its

series, SAFECO Washington State

Municipal Bond Fund (the ‘‘Acquiring

Fund’’).1 The Trust is an investment

company organized under the laws of

Delaware.

3. By moving its assets from a

Washington corporation to a Delaware

trust, applicant expects its shareholders

to benefit from the adoption of new

methods of operations and employment

of new technologies that are expected to

reduce costs. For example, Washington

corporations are required to hold annual

meetings, whereas a series of the Trust

has no such requirement. Further,

Delaware trusts generally have greater

flexibility than Washington corporations

to respond to future contingencies,

allowing such trusts to operate under

the most advanced and cost efficient

form of organization. For example,

Delaware law authorizes electronic or

telephonic communications between a

Delaware trust and its shareholders. In

addition, as one of several series of the

Trust, applicant’s shareholders should

enjoy certain expense savings through

economies of scale that would not be

available to a stand-alone entity.

4. On May 7, 1993, applicant filed

proxy materials with the SEC relating to

the proposed reorganization and

afterwards distributed such proxy

materials to its shareholders.

Applicant’s shareholders approved the

reorganization at a meeting held on

August 5, 1993.

5. Pursuant to the Plan, applicant

transferred all of its assets and liabilities

to the Acquiring Fund on September 30,

1993, in exchange for shares of the

Acquiring Fund. The exchange was

based on the relative net asset value of

applicant and the Acquiring Fund.

Immediately thereafter, applicant

distributed pro rata to its shareholders

the Acquiring Fund shares it received in

the reorganization. No brokerage

commissions were incurred in this

reorganization.

6. The total expenses incurred in

connection with the reorganization,

consisting of legal fees, accounting fees,

and printing and mailing costs of proxy

materials, were $120. Applicant’s

former investment adviser, SAFECO

Asset Management Company, paid these

expenses.

7. As of the date of the application,

applicant had no assets, debts or

liabilities, and was not a party to any

litigation or administrative proceeding.

8. Applicant has filed a certificate of

dissolution with the State of

Washington on October 1, 1993.

9. Applicant is neither engaged in nor

proposes to engage in any business

activities other than those necessary for

the winding up of its affairs.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9522 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Application No. 99000164]

Capital for Entrepreneurs, Inc.; Notice

of Filing of an Application for a

License To Operate as a Specialized

Small Business Investment Company

Notice is hereby given of the filing of

an application with the Small Business

Administration (SBA) pursuant to

Section 107.102 of the Regulations

governing small business investment

companies (13 CFR 107.102 (1995)) by

Capital for Entrepreneurs, Inc., 4747

Troost Avenue, Kansas City, Missouri

64110, for a license to operate as a

specialized small business investment

company (SSBIC) under the Small

Business Investment Act of 1958, as

amended (15 U.S.C. et. seq.), and the

Rules and Regulations promulgated

thereunder. Capital for Entrepreneurs,

Inc. is a Missouri corporation.

The Applicant will be wholly owned

by the Center for Business Innovation,

located at the same address as the

applicant. The officers and directors of

Capital for Entrepreneurs, Inc. are:

Name and Title

Robert J. Sherwood, President, Manager

Patti J. Klinko, Vice President, Secretary

Bertram E. Berkley, Director

Tension Envelope, 819 E. 19 Street,

Kansas City, MO 64108

David M. Brain, Director

KPMG Peat Marwick, 1600 Commerce

Bank Building, Kansas City, MO

64106

Terrence P. Dunn, Director

J.E. Dunn Construction Company, 929

Holmes, Kansas City, MO 64106

Tom D. Harmon, Director

Central Mortgage Bancshares, Inc.,

4435 Main Street, Kansas City, MO

64111

Walter J. Rychlewski III, Director

Resume Expert Systems, 1201 E. West

College, Liberty, MO 64068

Mr. Sherwood and Ms. Klinko have

offices at 4747 Troost Avenue, Kansas

City, Missouri.

The applicant will have total

committed capital of $2.9 million. It

will be a source of debt and equity

financings for qualified small business

concerns, and will invest primarily in

the Kansas City area.

Matters involved in SBA’s

consideration of the application include

the general business reputation and

character of the proposed owners and

management, and the probability of

successful operations of the new

company under their management,

including profitability and financial

soundness in accordance with the Act

and Regulations.