[Federal Register Volume 61, Number 119 (Wednesday, June 19, 1996)]
[Notices]
[Pages 31200-31201]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-15577]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22015; 811-6065]


Templeton Global Utilities, Inc.; Notice of Application

June 13, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of Application for Deregistration under the Investment 
Company Act of 1940 (the ``Act'').

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APPLICANT: Templeton Global Utilities, Inc.

RELEVANT ACT SECTION: Section 8(f).


[[Page 31201]]


SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATES: The application was filed on May 10, 1996.

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 July 8, 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, 700 Central Avenue, St. Petersburg, Florida 33701.

FOR FURTHER INFORMATION CONTACT:
Diana L. Titus, Paralegal Specialist, at (202) 942-0584, or Alison E. 
Baur, 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 a closed-end diversified management investment 
company organized as a Maryland corporation. On March 27, 1990, 
applicant registered under the Act and filed a registration statement 
on Form N-2 pursuant to section 8(b) of the Act and under the 
Securities Act of 1933 to register shares of applicant's common stock. 
The registration statement was declared effective on May 23, 1990 and 
the initial public offering of applicant's shares commenced on that 
date.
    2. On December 5, 1995, applicant's Board of Directors approved a 
plan of reorganization providing for a transfer of all or substantially 
all of applicant's assets in exchange for Class I shares of Franklin 
Global Utilities Fund (``Franklin Global''), a series of Franklin 
Strategic Series. In accordance with rule 17a-8 under the Act, which 
governs mergers of certain affiliated investment companies, the board 
determined that the reorganization was in the best interests of 
applicant and that the interests of applicant's existing shareholders 
would not be diluted as a result of the reorganization.<SUP>1
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    \1\ Although purchases and sales between affiliated persons 
generally are prohibited by section 17(a) of the Act, rule 17a-8 
provides an exemption for certain purchases and sales among 
investment companies that are affiliated persons of each other 
solely by reason of having a common investment adviser, common 
directors, and/or common officers.
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    3. On December 19, 1995, applicant filed proxy materials with the 
SEC. On or about January 19, 1996, proxy materials were sent to 
shareholders. At a meeting held on February 20, 1996, the 
reorganization was apporved by applicant's shareholders.
    4. On March 29, 1996, Franklin Global acquired all or substantially 
all of the assets of applicant in exchange in Class I shares of 
Franklin Global and the assumption by Franklin Global of certain 
identifiable liabilities of applicant. The number of full and 
fractional shares of Franklin Global that was issued to applicant's 
shareholders was determined on the basis of the relative net asset 
values per share and the aggregate net assets of Franklin Global and 
applicant as of the close of business on the New York Stock Exchange on 
that date.
    5. Expenses incurred in connection with the reorganization were 
approximately $72,537. Applicant, its adviser, Templeton Global 
Advisors Limited, Franklin Global, and its adviser, Franklin Advisors, 
Inc. shared these expenses equally. No brokerage commissions were paid 
to transfer ownership of portfolio securities by applicant to Franklin 
Global.
    6. Applicant has no remaining assets, debts, or liabilities, and 
has no securityholders.
    7. Applicant is not a party to any litigation or administrative 
proceeding. Applicant is not now engaged, and does not propose to 
engage, in any business activities other than those necessary for the 
winding up of its affairs.
    8. Applicant intends to file a certificate of dissolution in 
accordance with Maryland laws.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-15577 Filed 6-18-96; 8:45 am]
BILLING CODE 8010-01-M