24342 Federal Register / Vol. 61, No. 94 / Tuesday, May 14, 1996 / Notices

customer’s rights and remedies in cases of fraud or

abuse in connection with transactions in penny

stocks; and certain other significant information.

exempt transaction in a ‘‘penny stock.’’

The rule requires broker-dealers to

obtain written acknowledgment from

the customer that he or she has received

the required risk disclosure document.

The rule also requires broker-dealers to

maintain a copy of the customer’s

written acknowledgment for at least

three years following the date on which

the risk disclosure document was

provided to the customer, the first two

years in an accessible place.

Approximately 270 broker-dealers are

subject to Rule 15g–2, and each one of

these firms will process an average of

approximately 156 risk disclosure

documents per year. The total ongoing

respondent burden is approximately 4

minutes per response, or an aggregate

total of 624 minutes per respondent.

Since there are 270 respondents, the

annual burden 2808 hours.

In addition, 270 broker-dealers will

incur a recordkeeping burden of

approximately one minute per response.

Thus, respondents as a group will incur

an aggregate annual recordkeeping

burden of 702 hours. The total annual

hour burden is 3510 hours.

The total cost of ongoing compliance

for the respondents and recordkeepers is

$70,200.

Written comments are invited on: (a)

whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information shall have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the proposed collection

of information; (c) way to enhance the

quality, utility, and clarity of the

information to be collected; and (d)

ways to minimize the burden of the

collection of information on

respondents, including through the use

of automated collection techniques or

other forms of information technology.

Consideration will be given to

comments and suggestions submitted in

writing within 60 days of this

publication.

Direct your written comments to

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 5th Street, NW.,

Washington, DC 20549.

Dated: May 3, 1996.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–12036 Filed 5–13–96; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Horizon Mental Health

Management, Inc., Common Stock,

$.01 Par Value) File No. 1–13626

May 9, 1996.

The Horizon Mental Health

Management, Inc. (‘‘Company’’) has

filed an application with the Securities

and Exchange Commission

(‘‘Commission’’), pursuant to Section

12(d) of the Securities Exchange Act of

1934 (‘‘Act’’) and Rule 12d2–2(d)

promulgated thereunder, to withdraw

the above specified security (‘‘Security’’)

from listing and registration on the

American Stock Exchange, Inc.

(‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, its Board

of Directors unanimously approved

resolutions on March 21, 1996 to

withdraw the Security from listing and

registration on the Amex and to list the

Security on the Nasdaq/NMS. The

decision of the Board was based upon

the belief that listing of the Security on

the Nasdaq/NMS will be beneficial to

the stockholders of the Company by:

(a) increasing the liquidity of the

Security;

(b) capitalizing on a screen based

market offered by the Nasdaq/NMS as

opposed to the more site specific

auction type market afforded by Amex;

and

(c) increasing the visibility of the

Security.

Any interested person may, on or

before June 3, 1996, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

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

bearing upon whether the application

has been made in accordance with the

rules of the Amex and what terms, if

any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–12039 Filed 5–13–96; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

21943; 811–8258]

Warburg, Pincus Managed Bond Trust;

Notice of Application

May 8, 1996.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT.Warburg, Pincus Managed

Bond Trust.

RELEVANT ACT SECTION: Order requested

under section 8(f).

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company.

FILING DATE: The application was filed

on March 18, 1996 and amended on

May 1, 1996.

HEARING OR NOTIFICATION OF HEARING: An

order granting the applications 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

June 3, 1996, and should be

accompanied by proof of service on the

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 Fifth

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

Applicant, 466 Lexington Avenue, New

York, N.Y. 10017–3147.

FOR FURTHER INFORMATION CONTACT:

Christine Y. Greenlees, Senior Counsel,

at (202) 942–0581, or Robert A.

Robertson, 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 from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end

investment company organized as a

business trust under the laws of the

Commonwealth of Massachusetts on

December 23, 1993. On December 30,

1993, applicant filed a notification of

registration on Form N–8A under

section 9(a) of the Act. On the same day,
Federal Register / Vol. 61, No. 94 / Tuesday, May 14, 1996 / Notices 24343

1 15 U.S.C. § 78s(b)(1) (1988).

2Letter from Julie Beyers, Associate Counsel,

NSCC, to Christine Sibille, Division of Market

Regulation, Commission (February 23, 1996).

3Securities Exchange Act Release No. 36942

(March 7, 1996), 61 FR 10831.

4Mutual funds and fund complexes are likely to

be MFPS data providers but in many cases also may

participate as MFPS data receivers. MFPS data

receivers most likely will consist of broker-dealers

or service bureaus.

5NSCC will accept batch input files between 4:00

a.m. and 8:00 p.m. E.S.T. Interactive participants

can input data between 4:00 a.m. and 9:00 p.m.

E.S.T. The system will be available Monday through

Friday.

6For single and multibatch participants, NSCC

will make available MFPS output every two hours

between 6:00 a.m. and 4:00 p.m. E.S.T. and hourly

from 4:00 p.m. to 9:00 p.m. E.S.T. Between 5:00

p.m. and 8:00 p.m. E.S.T., MFPS output also will

be made available every half hour. Interactive

participants will receive output as soon as it has

been processed by the system.

applicant filed a registration statement

on Form N–1A to register an indefinite

number of share of beneficial interest

under section 8(b) of the Act and the

Securities Act of 1933. The registration

statement was declared effective on

September 30, 1994, and applicant’s

initial public offering commenced on

October 3, 1994. Applicant consisted of

one series, Warburg, Pincus Short-Term

Tax-Advantage Bond Fund (‘‘Fund’’),

which was composed of two separate

classes of shares, Institutional shares

and Gamma shares.

2. On February 8, 1996, applicant’s

board of trustees discussed whether to

terminate applicant after being advised

by its investment adviser, Warburg,

Pincus Counsellors, Inc.

(‘‘Counsellors’’), that applicant was no

longer economically viable and that

applicant’s continuation was not in the

best interests of its shareholders. Shortly

thereafter, each of the Fund’s existing

shareholders was contacted by the

Fund’s distributor or another Fund

agent to discuss with them their various

options. By unanimous written consent

dated February 27, 1996, the board

approved a Plan of Dissolution,

Liquidation, and Termination (‘‘Plan’’)

providing for the liquidation, on

February 27, 1996 (‘‘Closing Date’’), of

all of applicant’s assets and the

distribution of all of the proceeds of the

liquidation, in cash form, less an

amount provided for applicant’s

outstanding obligations, taxes and other

accrued or contingent liabilities, to

applicant’s sole shareholder,

Counsellors.

3. On the Closing Date, final monthly

dividends of $.0260 per Institutional

share and $.0242 per Gamma share were

paid to all shareholders of record as of

February 26, 1996, which, together with

all previous such dividends, had the

effect of distributing to applicant’s

shareholders all of its investment

company taxable income for the taxable

year ended on or prior to the Closing

Date. In addition, applicant distributed

on the Closing Date all of its net capital

gain realized in the taxable period

ended on or prior to the Closing Date,

which amounted to $.0724 per share for

both Institutional and Gamma shares.

The proceeds of applicant’s liquidation

were distributed on the Closing Date to

applicant’s sole shareholder in

accordance with the Plan. All of the

applicant’s other shareholders redeemed

their shares at net asset value on or prior

to the Closing Date. Net asset value was

determined by dividing applicant’s

assets, less liabilities, by the total

number of its outstanding shares.

4. On February 14, 1996, applicant

had 2,740,987 shares of beneficial

interest of the Fund outstanding

(2,575,021 of which were Institutional

shares and 165,966 of which were

Gamma shares), having an aggregate net

asset value of $27,557,387 and a per

share net asset value of $10.05 for

Institutional shares and $10.06 for

Gamma shares. All portfolio securities

sold in connection with the liquidation

were publicly traded debt instruments

for which fair market value was

received. As of the Closing Date, there

were no shares of beneficial interest

outstanding.

5. Certain expenses were incurred in

connection with the liquidation,

consisting of auditing and legal

expenses. The expenses totalled

approximately $18,500 and were borne

by the applicant’s investment adviser.

No brokerage commissions were

incurred in connection with the

liquidation. No redemption fee was

imposed in connection with the Plan. At

the time of its liquidation, applicant had

amortized all but approximately

$137,340.67 of its organization

expenses, which amount was absorbed

by the investment adviser.

6. As of the date of the application,

applicant had no shareholders, assets, or

liabilities, and was not a party to any

litigation or administrative proceeding.

Applicant is neither engaged, nor does

it propose to engage, in any business

activities other than those necessary for

the winding-up of its affairs.

7. Applicant intends to file a notice of

termination with the Office of the

Secretary of the Commonwealth of

Massachusetts to effect its termination

as a Massachusetts business trust.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–12038 Filed 5–13–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37171; File No. SR–NSCC–

96–04]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Order Approving a

Proposed Rule Change To Establish

the Daily Price and Rate File Phase of

the Mutual Fund Profile Service

May 8, 1996.

On January 19, 1996, the National

Securities Clearing Corporation

(‘‘NSCC’’) filed with the Securities and

Exchange Commission (‘‘Commission’’)

a proposed rule change (File No. SR–

NSCC–96–04) pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’) to establish the daily

price and rate file phase of the mutual

fund profile service.1 On February 27,

1996, NSCC filed an amendment to the

proposed rule change.2 Notice of the

proposal was published in the Federal

Register on March 15, 1996.3 No

comment letters were received. For the

reasons discussed below, the

Commission is approving the proposed

rule change.

I. Description

Under the rule change, NSCC will

establish a mutual fund profile service

(‘‘MFPS’’) for use by participating NSCC

members and will implement the first

phase of MFPS, the daily price and rate

file. MFPS is intended to provide an

automated method of transmitting and

receiving information pertaining to

mutual funds through a centralized and

standardized facility.

NSCC members will join the MFPS

either as MFPS data providers, MFPS

data receivers, or both.4 MFPS data

providers will transmit electronically

MFPS data to NSCC in a format

developed by NSCC.5 MFPS data

providers will have the option as to the

amount of data pertaining to them to

include in MFPS. NSCC then will group

and consolidate MFPS data to fit the

format developed for distribution and

will transmit the data to MFPS data

receivers.6 MFPS data will be

transmitted between NSCC and MFPS

users through mainframe and/or

personal computer interfaces based on

users’ preferences, needs, and

capabilities.

To ensure that MFPS users are

capable of adequately using the service,

NSCC proposes to limit initially the

scope of the MFPS data to include only

daily prices and dividend accrual rates