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
24344 Federal Register / Vol. 61, No. 94 / Tuesday, May 14, 1996 / Notices

7Currently, NSCC members obtain fund price and

rate information in a variety of ways including

paper transmittals, facsimile, and telephone.

8Once submitted, price and rate information

cannot be deleted but can be corrected.

9Pursuant to Section 19(b)(3)(A) of the Act, NSCC

will be required to file with the Commission

proposed rule changes regarding all future phases

of MFPS prior to the implementation of each such

phase, which will be effective upon filing, as long

as implementation and use of subsequent MFPS

phases will occur as described in this order. Any

deviations in the manner of implementation or in

the use of subsequent MFPS phases will require

proposed rule changes to be filed in accordance

with Section 19(b)(2) of the Act.

10NSCC will file with the Commission an

appropriate rule change proposal to implement fees

and charges for MFPS.

11 15 U.S.C. § 78q–1(b)(3)(F) (1988).

12 15 U.S.C. § 78q–1(a)(1)(C) (1988). 13 17 CFR 200.30–3(a)(12) (1995).

of funds.7 After MFPS data providers

deliver the daily price and rate data to

NSCC, NSCC will consolidate all such

information into a daily price and rate

file and will distribute such file to

MFPS data receivers.8 This file also will

report price and rate corrections as they

are identified by data providers.

MFPS data receivers also may elect to

receive a file containing prices received

from the National Association of

Securities Dealers (‘‘NASD’’) for the

current day. This file will include the

net asset value for approximately 6,000

funds. NSCC will maintain historical

data other than NASD price information

within the database for a period of

ninety days. NASD price information

will be maintained for thirty days.

Other components of MFPS will be

implemented in one or more phases

after approval of the daily price and rate

file.9 These other components will

include (i) the ‘‘member profile’’ which

will maintain for each NSCC member

participating in MFPS data such as

personnel contacts, telephone numbers,

addresses, commissions payment

procedures, processing capabilities and

information regarding NSCC members

which act as agents for other NSCC

members; (ii) the ‘‘security issue

profile’’ which will maintain on each

individual fund included in the profile

information such as minimum purchase

or maintenance requirements, fund

features, and various fund processing

characteristics; and (iii) the

‘‘distribution declaration information

profile’’ which will include projected

and/or actual record dates, ex-dates,

reinvestment dates, and payable dates

for fund dividend and capital gain

payments and also may include Rule

12b–1 plan and other commission

payout information. Member profile

information and security issue profile

information will be distributed only to

specific NSCC members or to all NSCC

members, depending on the instructions

of the MFPS data provider. Due to the

limited number of initial MFPS users

and the limited value of the initial

services, NSCC will not charge fees for

MFPS at this time.10

II. Discussion

Section 17A(b)(3)(F) 11 of the Act

requires that the rules of a clearing

agency be designed to foster cooperation

and coordination with persons engaged

in the clearance and settlement of

securities transactions and to remove

impediments to and perfect the

mechanism of a national system for the

prompt and accurate clearance and

settlement of transactions. Furthermore,

Section 17A(a)(1)(C) of the Act 12 sets

forth a Congressional finding that new

data processing and communications

techniques create the opportunity for

more efficient, effective, and safe

procedures for clearance and settlement.

As discussed below, the Commission

believes that NSCC’s proposed rule

change is consistent with NSCC’s

obligations under the Act.

Implementation of MFPS will allow

NSCC participants to have access to upto-date information on mutual fund

daily prices and dividend accrual rates.

This should assist NSCC participants in

the timely processing of mutual fund

transactions. The Commission believes

that the use of MFPS should thus aid in

the overall processing efficiency of

mutual fund transactions and thereby

should help remove impediments to and

enhance the mechanism of a national

market system for the clearance and

settlement of securities transactions.

Furthermore, automation and

standardization of mutual fund

information should help to reduce

processing difficulties resulting from the

use of inaccurate or incomplete mutual

fund information. MFPS also should

improve the flow of mutual fund

information among participating NSCC

members as the current methods of

obtaining such information tend to be

time consuming, labor intensive, and

prone to error. This should assist in

fostering cooperation and coordination

among persons engaged in the clearance

and settlement of securities

transactions.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with the requirements of the

Act and in particular with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

NSCC–96–04) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.13

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–12037 Filed 5–13–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No. 03/73–0203]

Blue Rock Capital, L.P.; Notice of

Issuance of a Small Business

Investment Company License

On Wednesday, December 6, 1995, a

notice was published in the Federal

Register (Vol. 60, No. 234, FR 62525)

stating that an application had been

filed by Blue Rock Capital, L.P., at 511

Twaddell Mill Road, Wilmington,

Delaware, 19807, with the Small

Business Administration (SBA)

pursuant to Section 107.102 of the

Regulations governing small business

investment companies (13 C.F.R.

107.102 (1995)) for a license to operate

as a small business investment

company.

Interested parties were given until

close of business Thursday, December

21, 1995 to submit their comments to

SBA. No comments were received.

Notice is hereby given that, pursuant

to Section 301(c) of the Small Business

Investment Act of 1958, as amended,

after having considered the application

and all other pertinent information, SBA

issued License No. 03/73–0203 on

Friday, April 19, 1996, to Blue Rock

Capital, L.P. to operate as a small

business investment company.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: May 8, 1996.

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 96–11952 Filed 5–13–96; 8:45 am]

BILLING CODE 8025–01–U

[License No. 03/03–0204]

CoreStates Enterprise Capital, Inc.;

Notice of Issuance of a Small Business

Investment Company License

On Wednesday, December 6, 1995, a

notice was published in the Federal