19436 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 transaction.

Section 16(a) with respect to periodic

elections of directors (or trustees) and

with whatever rules the Commission

may adopt with respect thereto.

10. If and to the extent Rule 6e–2 and

Rule 6e–3(T) are amended, or Rule 6e–

3 is adopted, to provide exemptive relief

from any provision of the 1940 Act or

the rules thereunder with respect to

mixed and shared funding on terms and

conditions materially different from any

exemptions granted in the order

requested, then the Insurance Products

Fund, Master Funds and/or the

Participants, as appropriate, shall take

such steps as may be necessary to

comply with Rule 6e–2 and Rule 6e–

3(T), as amended, and Rule 6e–3, as

adopted, to the extent such Rules are

applicable.

11. No less than annually, the

Participants shall submit to the Boards

such reports, materials or data as such

Boards may reasonably request so that

the Boards may fully carry out the

obligations imposed upon them by these

conditions. Such reports, materials, and

data shall be submitted more frequently

if deemed appropriate by the applicable

Boards. The obligations of the

Participants to provide these reports,

materials, and data to the Boards, when

the appropriate Board so reasonably

requests, shall be a contractual

obligation of all Participants under the

agreements governing their participation

in the Insurance Products Funds and

Master Funds.

12. If a Qualified Plan becomes an

owner of 10% or more of the assets of

an Insurance Products Fund (or Master

Fund), such Qualified Plan shareholder

will execute a participation agreement

with the applicable Fund. A Qualified

Plan shareholder will execute an

application containing an

acknowledgment of this condition upon

such Qualified Plan’s initial purchase of

shares of the Insurance Products Fund,

or beneficial interests of a Master Fund.

Conclusion

For the reasons stated above,

Applicants assert that the requested

exemptions pursuant to Section 6(c) and

Sections 9(a), 13(a), 15(a), and 15(b) of

the 1940 Act and Rules 6e–2(b)(15) and

6e–3(T)(b)(15) thereunder, are

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policy and provisions of

the 1940 Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9517 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20997; 811–3791]

SAFECO California Tax-Free 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 California Tax-Free

Income Fund, Inc.

RELEVENT 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 NW., 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. On July

1, 1983, 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 was

declared effective on October 20, 1983

and applicant’s initial public offering

commenced on that same 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 California Tax-Free

Income 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 the 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.
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