19438 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.

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:

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 May 25, 1988,

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 7, 1988, 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 Taxable

Bond 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

3,068,197.248 shares outstanding,

having an aggregate net asset value of

$28,290,701.59 and a per share net asset

value of $9.22.

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 $6,776

and were paid by applicant.

7. There are no security holders 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. 95–9518 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20998; 811–1760]

SAFECO Income 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 Income 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.

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, DC 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. In

1969, applicant filed a registration

statement pursuant to section 8(b) of the

Act and a registration statement

pursuant to the Securities Act of 1933

to register its shares of common stock.

The registration statements became

effective on July 17, 1969 and the initial

public offering of its shares commenced

that same date.

2. On May 6, 1993, applicant’s board

of directors approved a plan of

reorganization (the ‘‘Plan’’) between

applicant and SAFECO Common Stock

Trust (the ‘‘Trust) on behalf of its series

SAFECO Income Fund (the ‘‘Acquiring
Federal Register / Vol. 60, No. 74 / Tuesday, April 18, 1995 / Notices 19439

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.

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.

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 Fund on September 30, 1993, in

exchange for shares of the 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 $48,203 and were paid

by applicant.

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. 95–9523 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20995; 811–3239]

SAFECO Municipal Bond 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 Municipal Bond

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, N.W., Washington, D.C. 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 August 10, 1981,

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 November 25, 1981, 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 TaxExempt Bond Trust, a registered openend 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. 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

39,409,779.448 shares outstanding,

having an aggregate net asset value of

$578,335,623.90 and a per share net

asset value of $14.67.

6. Expenses incurred in connection

with the reorganization, consisting of