Federal Register / Vol. 60, No. 74 / Tuesday, April 18, 1995 / Notices 19437

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.

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 $4,867 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. 95–9521 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20999; 811–1534]

SAFECO Growth 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 Growth 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, 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. In

1967, 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.

After the registration statements became

effective, applicant commenced the

initial public offering of its shares.

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 Growth 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 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 $39,242 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. 95–9519 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21001; 811–5541]

SAFECO High-Yield 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 High-Yield 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