35274 Federal Register / Vol. 61, No. 130 / Friday, July 5, 1996 / Notices

commenced that same day. Applicant

registered shares in three additional

series: the Institutional Government

Fund (‘‘IGF’’), the Tax-Exempt Money

Market Fund (‘‘TEMMF’’), and the U.S.

Treasury Money Fund (‘‘TMMF’’). IGF

was declared effective on December 28,

1990, and TEMMF and TMMF were

declared effective on March 1, 1993. As

of January 31, 1996, IGF was applicant’s

only outstanding series.

2. On January 10, 1996, applicant’s

board of directors approved the

liquidation and dissolution and

authorized the officers of the applicant

to sell all or substantially all of the

securities held by the applicant and

other properties of the applicant for

cash at the fair market value of such

assets and properties. The board of

director’s determination to liquidate the

applicant was based upon the perceived

inability to raise assets, lack of

shareholder interest, and inefficiencies

associated with investing limited funds.

Also on January 10, 1996, applicant’s

shareholders adopted and ratified

resolutions approving and authorizing

the liquidation and dissolution of the

applicant.

3. As of January 31, 1996, there were

1,862,808.568 shares of common stock

of IGF. These shares had an aggregate

net asset value of $17,938,846.49 and a

per share net asset value of $9.63. There

were no other classes of securities of the

applicant outstanding.

4. Applicant sold all of the securities

held by it on February 1, 1996. The

proceeds from the sale of these

securities were $17,938,846.49. Such

proceeds were fully distributed in cash

to the shareholders on February 1, 1996.

Each shareholder received the net asset

value of its shares.

5. Expenses consisting of accounting,

administrative, and certain legal

expenses were incurred in connection

with the liquidation and termination of

applicant. These expenses totalled

approximately $4,200 and were borne

by BEA Associates, applicant’s

investment adviser. No brokerage

commissions were incurred in

connection with the liquidation.

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 State Department

of Taxation and Assessment of

Maryland.

For the SEC, by the Division of

Investment Management, under

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–17069 Filed 7–3–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26538]

Filings Under the Public Utility Holding

Company Act of 1935, as amended

(‘‘Act’’)

June 28, 1996.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

July 22, 1996, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or other issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

System Energy Resources, Inc., et al.

(70–8511)

Entergy Corporation (‘‘Entergy’’), P.O.

Box 61005, New Orleans, Louisiana

70161, a registered holding company,

and its subsidiary companies System

Energy Resources, Inc. (‘‘SERI’’),

Echelon One, 1340 Echelon Parkway,

Jackson, Mississippi 39213; Entergy

Arkansas, Inc., formerly Arkansas Power

& Light Company (‘‘Entergy Arkansas’’),

P.O. Box 551, Little Rock, Arkansas

72203; Entergy Louisiana, Inc., formerly

Louisiana Power & Light Company

(‘‘Entergy Louisiana’’), 639 Loyola

Avenue, New Orleans, Louisiana 70113;

Entergy Mississippi, Inc., formerly

Mississippi Power & Light Company

(‘‘Entergy Mississippi’’), P.O. Box 1640,

Jackson, Mississippi 39205; and Entergy

New Orleans, Inc., formerly New

Orleans Public Service Inc. (‘‘Entergy

New Orleans’’ and together with Entergy

Arkansas, Entergy Louisiana, and

Entergy Mississippi, ‘‘Operating

Subsidiaries’’), 639 Loyola Avenue, New

Orleans, Louisiana 70113, have filed a

post-effective amendment to their

application-declaration pursuant to

Sections 6(a), 7, 9(a), 10, 12(b) and 12(d)

of the Act and Rules 44, 45 and 54

thereunder.

By orders dated May 9, 1995 (HCAR

No. 26287) and August 18, 1995 (HCAR

No. 26358) (‘‘Orders’’), the Commission

authorized SERI, from time to time

through December 31, 1996, to (a) issue

and sell one or more series of its first

mortgage bonds (‘‘Bonds’’) and one or

more series of its debentures

(‘‘Debentures’’) in an aggregate principal

amount not to exceed $265 million, and

(b) enter into arrangements for the

issuance and sale of tax-exempt revenue

bonds (‘‘Tax-Exempt Bonds’’) in an

aggregate principal amount not to

exceed $235 million through December

31, 1996. The Commission additionally

authorized SERI through December 31,

1996 to issue and pledge one or more

new series of its first mortgage bonds

(‘‘Collateral Bonds’’) in an aggregate

principal amount not to exceed $251

million as security for the Tax-Exempt

Bonds.

In the Orders, the Commission

reserved jurisdiction over proposals by

SERI to enter into reimbursement

agreements underlying letters of credit

(‘‘Letters of Credit’’) issued to support

SERI’s obligations in connection with

the Tax-Exempt Bonds, pending

completion of the record.

SERI proposes to increase its

authorization to issue and sell one or

more series of the Bonds and/or

Debentures to a combined aggregate

principal amount not to exceed $540

million. SERI further proposes to

increase its authority to incur

obligations in connection with the

issuance and sale of Tax-Exempt Bonds

to an aggregate principal amount not to

exceed $350 million. Also, SERI

proposes to increase its authority to

issue and pledge Collateral Bonds, as

security for the Tax-Exempt Bonds, to

an aggregate principal amount not to

exceed $395 million. SERI requests

authority to extend its authorization to

enter into the above transactions

through December 31, 2000.

All other terms and conditions

authorized in the Orders will remain the

same, other than a change in the up-
Federal Register / Vol. 61, No. 130 / Friday, July 5, 1996 / Notices 35275

1EMPC anticipates that such fuels will include

those likely to be involved in transactions

concerning natural gas, such as oil and other

hydrocarbons, wood chips, wastes and other

combustible substances.

2 In the future, EPMC may help electric utilities

find the best way to meet Clean Air Act

requirements through a combination of new gas

technologies, emission credits, cross-fuel

management and wholesale electricity purchases

and sales.

front fees that may be paid for any Letter

of Credit to up to one percent of the face

amount of such Letter of Credit. These

terms and conditions include, inter alia,

assignments by SERI of contractual

rights held be SERI under certain

agreements entered into among SERI,

Entergy and the Operating Subsidiaries

as additional security for holders of any

series of Bonds or in connection with

the issuance of Tax-Exempt Bonds.

Entergy Corporation, et al. (70–8863)

Entergy Corporation (‘‘Entergy’’), 639

Loyola Avenue, New Orleans, Louisiana

70113, a registered holding company,

and Entergy Power Marketing

Corporation (‘‘EPMC’’), 900 South

Shackleford Road, Suite 210, Little

Rock, Arkansas 72211, a proposed

wholly owned nonutility subsidiary

company of Entergy, have filed an

application-declaration under sections

6(a), 7, 9(a), 10, 12(b) and 13(b) of the

Act and rules 45, 54, 87(b)(1), 90 and 91

thereunder.

Presently, EPMC has an order from

the Federal Energy Regulatory

Commission (‘‘FERC’’) certifying it as an

exempt wholesale generator (‘‘EWG’’) in

accordance with the requirements of the

Act. Entergy, which owns 100% of the

authorized and issued common stock of

EPMC, has invested in EPMC and

complied with the applicable

requirements of section 32 and rule 53,

of the Act, However, due to the

uncertainty surrounding the

requirement that EWGs be engaged

solely and exclusively in the business of

owning and/or operating eligible

facilities and selling electric energy at

wholesale, EPMC states that it will elect

to decertify, and not maintain its status

as a EWG.

As a result thereof, Entergy now

proposes to finance EPMC, as a wholly

owned nonutility subsidiary company,

and EPMC will engage in wholesale

brokering and marketing of energy

commodities. EPMC will not own any

utility assets, not will it own or operate

any electric or gas utility company, as

defined under the Act.

Specifically, EPMC proposes to

provide, on behalf of associate and

nonassociate companies, choices to

major customers with respect to the

purchase, sale, borrowing and lending

of electricity, natural gas and other

fuels, and the management of their

operations. In connection with these

activities, EPMC will purchase, sell,

supply, market, broker, or otherwise

trade electricity, gas or other fuels,1

provide electricity or fuel management

services, and engage in activities or

perform services, related to the

foregoing. In addition, EPMC proposes

to provide instantaneous supply and

sales options to electric generators; help

customers manage price changes in

electricity and fuel relative to time and

location; and assist electric utilities and

nonutility generators by managing fuel

supply and transportation contracts,

banking electricity until needed and

providing price and deliver flexibility.2

EPMC also anticipates that it may

engage in fuel delivery or fuel

conversion, activities, whereby EPMC

would deliver fuel supplies to a utility

or non-utility generator for the

conversion of such fuel into electric

energy which then would be delivered

to EPMC for resale. With respect to

traditional power brokering activities,

EPMC will act as an agent or broker for

utilities, non-utility generators and

other power marketers, to effectuate

such parties’ sales and purchases of

electric energy at wholesale. With

respect to retail activities, the applicants

request that the Commission reserve

jurisdiction pending completion of the

record.

In order top finance the abovementioned activities, Entergy seeks

authority to make capital contributions

to EPMC in an amount up to $20

million, and to provide up to $150

million in credit support, in the form of

guarantees, for certain of EPMC’s

proposed transactions. Entergy’s

investment in EPMC will constitute

EPMC’s total capitalization.

EPMC proposes to engage in risk

management transactions, including

swaps, options and futures contracts

that will assist its customers in hedging

against adverse price impacts, However,

EPMC will employ risk-reduction

measures to limit potential losses that

could be incurred through its activities.

Specifically, EPMC will: (1) Seek to

minimize the financial exposure of

Entergy through its guarantees; and (2)

not engage in speculative trading in the

energy market and will use market

hedging measures solely to minimize

risk and will limit hedging activity to no

more than the total amount of its

commodities subject to market price

fluctuation.

EPMC proposes to enter into a service

contract with Entergy Enterprises, Inc.

(‘‘EEI’’), whereby EEI will provide

EPMC with administrative services,

including maintaining books and

records and preparing corporate filings.

EEI will provide such services on an atcost basis in accordance with rules 90

and 91 of the Act.

For the Commission, by the Division

of Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–17151 Filed 7–3–96; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–22045; No. 812–9988]

Royce Capital Trust, et al.

June 27, 1996.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘1940 Act’’).

APPLICANTS: Royce Capital Trust

(‘‘Trust’’) and Quest Advisory Corp.

(‘‘Quest’’).

RELEVANT 1940 ACT SECTIONS: Order

requested under Section 6(c) granting

exemptions from 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.

SUMMARY OF APPLICATION: Applicants

seek an order permitting shares of any

current or future series of the Trust and

shares of any other investment company

that is designed to fund variable

insurance products and for which Quest

or its affiliates may in the future serve

as investment adviser, administrator,

manager, principal underwriter or

sponsor (collectively with the Trust,

‘‘Funds’’), to be sold to and held by: (1)

variable annuity and variable life

insurance separate accounts of both

affiliated and unaffiliated insurance

companies (‘‘Participating Insurance

Companies’’); and (2) qualified pension

and retirement plans outside of the

separate account context (‘‘Plans’’).

FILING DATE: The application was filed

on February 9, 1996.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the Secretary of

the Commission and serving Applicants

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

22, 1996 and should be accompanied by

proof of service on Applicants in the

form of an affidavit or, for lawyers, a