19614 Federal Register / Vol. 60, No. 75 / Wednesday, April 19, 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.

1934 (15 U.S.C. §§ 78a et seq.), which

imposes sales practice requirements on

broker-dealers who recommend

purchases of certain low-priced, nonNASDAQ OTC securities to persons

other than established customers of the

broker-dealers. It is estimated that

approximately 400 respondents will

incur an average burden of 78 hours per

year to comply with this rule, for a total

annual burden of 31,200 hours.

Direct general comments to the

Clearance Officer for the Securities and

Exchange Commission at the address

below. Direct any comments concerning

the accuracy of the estimated average

burden hours for compliance with the

Commission rules and forms to David T.

Copenhafer, Acting Director, Office of

Information Technology, Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, D.C. 20549 and the

Clearance Officer for the Securities and

Exchange Commission, Paperwork

Project Number 3235–0385, Office of

Management and Budget, Room 3208,

New Executive Office Building,

Washington, D.C. 20503.

Dated: April 12, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9670 Filed 4–18–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21005; 811–4662]

SAFECO U.S. Government Securities

Fund, Inc.; Notice of Application

April 13, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: SAFECO U.S. Government

Securities 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:

Mary Kay Frech, Senior Attorney, at

(202) 942–0579, 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 6, 1986,

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 July 15, 1986, 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

6,252,370.373 shares outstanding,

having an aggregate net asset value of

$62,719,739.85 and a per share net asset

value of $10.03.

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

$12,068 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 with the State of

Washington on October 1, 1993.

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. 95–9671 Filed 4–18–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC—21006; 811–7296]

SAFECO Intermediate-Term Municipal

Bond Fund, Inc.; Notice of Application

April 13, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: SAFECO Intermediate-Term

Municipal Bond Fund, Inc.
Federal Register / Vol. 60, No. 75 / Wednesday, April 19, 1995 / Notices 19615

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.

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:

Mary Kay Frech, Senior Attorney, at

(202) 942–0579, 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 October 21, 1992,

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 March 18, 1993, 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. 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

716,492.424 shares outstanding, having

an aggregate net asset value of

$7,642,305.23 and a per share net asset

value of $10.67.

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 $4,417

and were paid by SAFECO Asset

Management Company, applicant’s

former investment adviser.

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 with the State of

Washington on October 1, 1993.

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. 95–9672 Filed 4–18–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21007; 811–278]

SAFECO Equity Fund, Inc.; Notice of

Application

April 13, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: SAFECO Equity 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:

Mary Kay Frech, Senior Attorney, at

(202) 942–0579, 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.