Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940, 930-932 [05-129]
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Federal Register / Vol. 70, No. 3 / Wednesday, January 5, 2005 / Notices
Extensions:
Rule 701, OMB Control No. 3235–0522,
SEC File No. 270–306
Regulations 14D and 14E, OMB Control
No. 3235–0102, SEC File No. 270–114
Schedule 14D–9
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget for
extension and approval.
Securities Act Rule 701 requires when
offerings in excess of $5 million are
made under the employee benefit plan
exemptive rule, the issuers must
provide the employees with risk and
financial statement disclosures among
other things. The purpose of the Rule
701 to ensure that a basic level of
information is available to employees
and others when substantial amounts of
securities are issued in compensatory
arrangements. Approximately 300
companies annually rely on Rule 701
exemption and it takes an estimated .5
hours to prepare for a total annual
burden of 600 hours. It is estimated that
25% of the 600 total annual burden
hours (150 reporting burden hours) is
prepared by the company.
Regulations 14D and 14E and related
Schedule 14D–9 require information
important to security holders in
deciding how to respond to tender
offers. Approximately 360 companies
annually file Schedule 14D–9 and it
takes 258 hours to prepare for a total
annual burden of 92,880. It is estimated
that 25% of the 92,880 total burden
hours (23,220 reporting burden hours) is
prepared by the company.
Written comments are invited on: (a)
Whether these collections of
information are necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information 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.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Office of
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17:49 Jan 04, 2005
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Information Technology, Securities and
Exchange Commission, 450 Fifth Street,
NW., Washington, DC 20549.
Dated: December 28, 2004.
Margaret H. McFarland,
Deputy Security.
[FR Doc. 05–175 Filed 1–4–05; 8:45 am]
BILLING CODE 8010–01–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–26715]
Notice of Applications for
Deregistration Under Section 8(f) of the
Investment Company Act of 1940
December 29, 2004.
The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of December,
2004. A copy of each application may be
obtained for a fee at the SEC’s Public
Reference Branch, 450 Fifth St., NW.,
Washington, DC 20549–0102 (tel. 202–
942–8090). An order granting each
application will be issued unless the
SEC orders a hearing. Interested persons
may request a hearing on any
application by writing to the SEC’s
Secretary at the address below and
serving the relevant 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
January 24, 2005, 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 who wish to be notified of a
hearing may request notification by
writing to the Secretary, SEC, 450 Fifth
Street, NW., Washington, DC 20549–
0609.
For Further Information Contact:
Diane L. Titus at (202) 942–0564, SEC,
Division of Investment Management,
Office of Investment Company
Regulation, 450 Fifth Street, NW.,
Washington, DC 20549–0504.
General Securities, Incorporated [File
No. 811–594]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On September 30,
2004, applicant transferred its assets to
Kopp Total Quality Management Fund,
a series of Kopp Funds, Inc., based on
net asset value. Expenses of $40,700
incurred in connection with the
reorganization were paid by Robinson
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Capital Management, Inc., applicant’s
former investment adviser.
Filing Date: The application was filed
on November 17, 2004.
Applicant’s Address: 7701 France
Ave. S, Suite 500, Edina, MN 55435.
Lake Shore Family of Funds [File No.
811–8431]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On December 29,
2003, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $6,235
incurred in connection with the
liquidation were paid by Lake Shore
Fund Group, LLC, applicant’s
investment adviser.
Filing Date: The application was filed
on November 23, 2004.
Applicant’s Address: 8280
Montgomery Rd., Suite 302, Cincinnati,
OH 45236–6101.
Albemarle Investment Trust [File No.
811–5098]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On February 6,
2004, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $16,856
incurred in connection with the
liquidation were paid by Boys, Arnold
& Company, Inc., applicant’s investment
adviser.
Filing Date: The application was filed
on November 23, 2004.
Applicant’s Address: Boys, Arnold &
Company, Inc., 1272 Hendersonville
Rd., Asheville, NC 28813.
Fiduciary Capital Pension Partners
Liquidating Trust [File No. 811–6305],
Fiduciary Capital Partners Liquidating
Trust [File No. 811–6306]
Summary: Each applicant, a closedend investment company, seeks an
order declaring that it has ceased to be
an investment company. On December
31, 2003, each applicant made a final
liquidating distribution to its
shareholders, based on net asset value.
Expenses of $101,393 and $102,217,
respectively, incurred in connection
with the liquidations were paid by each
applicant.
Filing Date: The applications were
filed on November 19, 2004.
Applicants’ Address: 1530 16th St.,
Suite 200, Denver, CO 80202–1468.
Pitcairn Funds [File No. 811–9943]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On July 30, 2004,
applicant transferred its assets to
Constellation Funds, based on net asset
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Federal Register / Vol. 70, No. 3 / Wednesday, January 5, 2005 / Notices
value. Expenses of $109,239 incurred in
connection with the reorganization were
paid by Pitcairn Investment
Management, applicant’s investment
adviser, and Constellation Investment
Management Company, L.P., investment
adviser to the surviving fund.
Filing Date: The application was filed
on November 24, 2004.
Applicant’s Address: One Pitcairn
Place, Suite 3000, 165 Township Line
Rd., Jenkintown, PA 19046–3593.
CommonFund Institutional Funds [File
No. 811–9555]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On July 31, 2004,
applicant made a liquidating
distribution to its shareholders based on
net asset value. Two of applicant’s
series have outstanding receivables for
certain foreign tax reclaims. Upon
receipt of any foreign tax reclaims, the
series will distribute the amount pro
rata to the shareholders of record as of
the liquidation date. Expenses of $9,879
incurred in connection with the
liquidation were paid by Commonfund
Asset Management Company, Inc.,
applicant’s investment adviser, and its
affiliates.
Filing Dates: The application was
filed on October 4, 2004, and amended
on December 3, 2004.
Applicant’s Address: 1209 Orange St.,
Wilmington, DE 19801.
The France Growth Fund, Inc. [File No.
811–5994]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On June 28, 2004,
applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of
$1,110,000 incurred in connection with
the liquidation were paid by applicant.
Applicant has retained $197,870 in
cash, which is being held in a bank
account maintained by PFPC Inc., to
fund distributions to 41 stockholders
who have not yet submitted their share
certificates. Applicant also has retained
$355,000 in cash, which is being held
by applicant’s custodian, Brown
Brothers Harriman & Co., to pay for
outstanding liabilities and estimated
expenses.
Filing Dates: The application was
filed on September 30, 2004, and
amended on November 22, 2004.
Applicant’s Address: 245 Park Ave.,
Suite 3906, New York, NY 10167.
Saffron Fund, Inc. [File No. 811–8284]
Summary: Applicant, a closed-end
investment company, seeks an order
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17:49 Jan 04, 2005
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declaring that it has ceased to be an
investment company. On November 24,
2004, applicant made a final liquidating
distribution to its shareholders, based
on net asset value. Expenses of $241,600
incurred in connection with the
liquidation were paid by applicant.
Filing Dates: The application was
filed on August 30, 2004, and amended
on November 30, 2004.
Applicant’s Address: c/o UBS Global
Asset Management (U.S.), 51 West 52nd
St., New York, NY 10019.
The Southern Africa Fund, Inc. [File
No. 811–7596]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On November 23,
2004, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $328,630
incurred in connection with the
liquidation were paid by applicant. The
Bank of New York, applicant’s
liquidating agent, is holding $317,844 in
cash for certificated shareholders who
have not surrendered their shares. The
unclaimed assets will be held for a
period of three years, after which time
any unclaimed assets will escheat to the
State of Maryland. Applicant’s
custodian, Brown Brothers Harriman &
Co., also is holding $213,258 in cash to
cover certain unpaid expenses and
liabilities.
Filing Date: The application was filed
on November 30, 2004.
Applicant’s Address: Investec Asset
Management U.S. Limited, 1055
Washington Blvd., 3rd Floor, Stamford,
CT 06901.
Orchard Series Fund [Filed No. 811–
7735]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On June 25, 2004,
applicant transferred its assets to Maxim
Series Fund, Inc., based on net asset
value. Expenses of $53,867 incurred in
connection with the reorganization were
paid by GW Capital Management, LLC,
applicant’s investment adviser.
Filing Dates: The application was
filed on October 20, 2004, and amended
on November 29, 2004.
Applicant’s Address: 8515 East
Orchard Rd., Greenwood Village, CO
80111.
Target Income Fund, Inc. [File No. 811–
6542]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 13,
1997, applicant completed a liquidation
and sale of all of its investment assets
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931
to Concord Growth Corporation, a
commercial finance services firm
unaffiliated with applicant. On April 3,
1997, applicant completed a tender offer
were each shareholder received its pro
rata share of the aggregate net asset
value of applicant. Applicant paid
approximately $25,000 in expenses
related to the liquidation. A notice of
the filing of the application was
previously issued on November 26,
1997 (Investment Company Act Release
No. 22913).
Filing Dates: The application was
filed on July 24, 1997, and amended on
October 23, 1997.
Applicant’s Address: 26691 Plaza
Drive, Suite 222, Mission Viejo, CA
92691.
Thornburg Limited Term Municipal
Fund, Inc. [File No. 811–4302]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On June 21, 2004,
applicant transferred its assets to
Thornburg Investment Trust, based on
net asset value. Expenses of $304,047
incurred in connection with the
reorganization were paid by applicant.
Filing Date: The application was filed
on December 15, 2004.
Applicant’s Address: 119 East Marcy
St., Santa Fe, NM 87501.
GE Life & Annuity Separate Account III
[File No. 811–5054]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On July 14, 2004,
applicant transferred its assets to GE
Life & Annuity Separate Account II,
based on net asset value. Expenses of
$83,359 incurred in connection with the
merger were paid by GE Life and
Annuity Assurance Company.
Filing Dates: The application was
filed on August 7, 2004 and amended
and restated on November 10, 2004.
Applicant’s Address: 6610 West
Broad Street, Richmond, VA 23230.
GE Life & Annuity Separate Account I
[File No. 811–4016]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On July 14, 2004,
applicant transferred its assets to GE
Life & Annuity Separate Account II,
based on net asset value. Expenses of
$41,370 incurred in connection with the
merger were paid by GE Life and
Annuity Assurance Company.
Filing Dates: The application was
filed on August 4, 2004 and amended
and restated on November 10, 2004.
Applicant’s Address: 6610 West
Broad Street, Richmond, VA 23230.
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932
Federal Register / Vol. 70, No. 3 / Wednesday, January 5, 2005 / Notices
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–129 Filed 1–4–05; 8:45 am]
BILLING CODE 8010–01–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–50940; File No. SR–Amex–
2004–102]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Transaction Fees in Connection With
the iShares FTSE/Xinhua China 25
Index Fund
December 28, 2004.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
13, 2004, the American Stock Exchange
LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
items I, II, and III below, which items
have been prepared by the Exchange.
On December 23, 2004, the Exchange
filed Amendment No. 1 to the proposed
rule change.3 The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
1. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to revise
transaction fees for specialists and
registered options traders (‘‘ROTs’’) in
connection with transactions in the
iShares FTSE/Xinhua China 25 Index
Fund (‘‘FTSE/Xinhua Fund’’). The text
of the proposed rule change is available
at the office of The Secretary, Amex,
and at the Commission.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, the Exchange: (1)
Specified that the trading of the iShares FTSE/
Xinhua China 25 Index Fund commended on the
Exchane on December 20, 2004; (2) clarified that the
proposed transaction fee with respect to the
iShares FTSE/Xinhua China 25 Index Fund is not
changing; (3) made clarifying changes to the
statement of the purpose of the proposed license
fee; and (4) made technical changes to the proposed
rule text. The Commission notes that Exhibit 4 of
Amendment No. 1 included marked additions to
the Amex Exchange Traded Funds and Trust Issued
Receipts Fee Schedule that had already been
indicated in the original proposal.
2 17
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17:49 Jan 04, 2005
Jkt 205001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The proposed rule change sets forth
the manner in which the Exchange will
charge transaction fees for the FTSE/
Xinhua Fund. The Amex launched the
trading of the FTSE/Xinhua Fund on
December 20, 2004.4 Transaction
charges for specialists, ROTs, brokerdealers and customers in connection
with the FTSE/Xinhua Fund would be
billed at current rates existing for
exchange traded funds (‘‘ETFs’’) without
unreimbursed fees to a third party as set
forth in Item #7 to the Exchange’s
Equity Fee Schedule and Section 1 of
the Amex Exchange Traded Funds and
Trust Issued Receipts Fee Schedule.
Accordingly, specialists would be
charged a transaction fee of $.0033 per
share ($0.33 per 100 shares), capped at
$300 per trade (90,909 shares) while
ROTs would be charged a transaction
fee of $.0036 per share ($0.36 per 100
shares), capped at $300 per trade
(83,333 shares). Transaction charges for
specialists would be capped at $400,000
per month per specialist unit. Off-floor
orders (i.e., customer and broker-dealer)
would be charged a transaction fee of
$.006 per share ($.60 per 100 shares),
capped at $100 per trade (16,667
shares). These fees are not changing.
In addition to the transaction charges
set forth above, the Exchange would
charge specialists and ROTs a license
fee of $0.06 per 100 shares in
connection with transactions in shares
of the FTSE/Xinhua Fund. Thus, the
total proposed fee for transactions in
shares of the FTSE/Xinhua Fund is: (1)
For specialists, $.0039 per share ($0.39
per 100 shares), capped at $300 per
trade (76,923 shares); (2) for ROTs,
4 See Securities Exchange Act Release No. 50800
(December 6, 2004), 69 FR 72228 (December 13,
2004) (SR–Amex–2004–85).
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$.0042 per share ($0.42 per 100 shares),
capped at $300 per trade (71,428
shares); and (3) for customers and
brokers-dealers, $.006 per share ($0.60
per 100 shares), capped at $100 per
trade (16,667 shares).
The purpose of the proposed license
fee is for the Exchange to recoup its
costs in connection with the index
license fee for the trading of shares of
the FTSE/Xinhua Fund. The proposed
licensing fee will be collected on every
transaction of the FTSE/Xinhua Fund in
which the specialist or ROT is a party.
The Exchange believes that requiring
the payment of a per contract licensing
fee by those specialists units and ROTs
that are the beneficiaries of the
Exchange’s index license agreements is
justified and consistent with the rules of
the Exchange. In addition, passing along
the license fee (on a per contract basis)
to the specialist allocated to the FTSE/
Xinhua Fund and those ROTs trading
such product is efficient and consistent
with the intent of the Exchange to pass
on its non-reimbursed costs to those
market participants that are the
beneficiaries.
The Exchange notes that in recent
years it has increased a number of
member fees to better align Exchange
fees with the actual cost of delivering
services and reduce Exchange subsidies
of such services.5 Implementation of
this proposal is consistent with the
reduction and/or elimination of theses
subsidies.
The Exchange submits that the
proposed license fee is intended to
recoup the costs associated with the
trading of the FTSE/Xinhua Fund. The
Exchange will monitor the revenue
generated in connection with the FTSE/
Xinhua Fund license fee. In the event
the revenue generated is greater than the
Exchange’s cost to the index provider,
the Exchange will seek to rebate the
difference back to the affected
specialists and ROTs. The Amex
believes that this fee will help to
allocate to those specialists and ROTs
transacting in FTSE/Xinhua Fund
shares a fair share of the related costs of
offering such ETFs. Accordingly, the
Exchange believes that the proposed fee
is reasonable.
2. Statutory Basis
The proposed fee change is consistent
with section 6(b)(4) of the Act 6
regarding the equitable allocation of
reasonable dues, fees, and other charges
5 See Securities Exchange Act Release Nos. 45360
(January 29, 2002), 67 FR 5626 (February 6, 2002)
(SR–Amex–2001–102) and 44286 (May 9, 2001), 66
FR 27187 (May 16, 2001) (SR–Amex–2001–22).
6 15 U.S.C. 78f(b)(4).
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]]>Agencies
[Federal Register Volume 70, Number 3 (Wednesday, January 5, 2005)]
[Notices]
[Pages 930-932]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-129]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. IC-26715]
Notice of Applications for Deregistration Under Section 8(f) of
the Investment Company Act of 1940
December 29, 2004.
The following is a notice of applications for deregistration under
section 8(f) of the Investment Company Act of 1940 for the month of
December, 2004. A copy of each application may be obtained for a fee at
the SEC's Public Reference Branch, 450 Fifth St., NW., Washington, DC
20549-0102 (tel. 202-942-8090). An order granting each application will
be issued unless the SEC orders a hearing. Interested persons may
request a hearing on any application by writing to the SEC's Secretary
at the address below and serving the relevant 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 January 24, 2005, 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 who wish to be notified of a hearing may
request notification by writing to the Secretary, SEC, 450 Fifth
Street, NW., Washington, DC 20549-0609.
For Further Information Contact: Diane L. Titus at (202) 942-0564,
SEC, Division of Investment Management, Office of Investment Company
Regulation, 450 Fifth Street, NW., Washington, DC 20549-0504.
General Securities, Incorporated [File No. 811-594]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On September 30, 2004, applicant transferred
its assets to Kopp Total Quality Management Fund, a series of Kopp
Funds, Inc., based on net asset value. Expenses of $40,700 incurred in
connection with the reorganization were paid by Robinson Capital
Management, Inc., applicant's former investment adviser.
Filing Date: The application was filed on November 17, 2004.
Applicant's Address: 7701 France Ave. S, Suite 500, Edina, MN
55435.
Lake Shore Family of Funds [File No. 811-8431]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On December 29, 2003, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of $6,235 incurred in connection with the liquidation were
paid by Lake Shore Fund Group, LLC, applicant's investment adviser.
Filing Date: The application was filed on November 23, 2004.
Applicant's Address: 8280 Montgomery Rd., Suite 302, Cincinnati, OH
45236-6101.
Albemarle Investment Trust [File No. 811-5098]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On February 6, 2004, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of $16,856 incurred in connection with the liquidation were
paid by Boys, Arnold & Company, Inc., applicant's investment adviser.
Filing Date: The application was filed on November 23, 2004.
Applicant's Address: Boys, Arnold & Company, Inc., 1272
Hendersonville Rd., Asheville, NC 28813.
Fiduciary Capital Pension Partners Liquidating Trust [File No. 811-
6305], Fiduciary Capital Partners Liquidating Trust [File No. 811-6306]
Summary: Each applicant, a closed-end investment company, seeks an
order declaring that it has ceased to be an investment company. On
December 31, 2003, each applicant made a final liquidating distribution
to its shareholders, based on net asset value. Expenses of $101,393 and
$102,217, respectively, incurred in connection with the liquidations
were paid by each applicant.
Filing Date: The applications were filed on November 19, 2004.
Applicants' Address: 1530 16th St., Suite 200, Denver, CO 80202-
1468.
Pitcairn Funds [File No. 811-9943]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On July 30, 2004, applicant transferred its
assets to Constellation Funds, based on net asset
[[Page 931]]
value. Expenses of $109,239 incurred in connection with the
reorganization were paid by Pitcairn Investment Management, applicant's
investment adviser, and Constellation Investment Management Company,
L.P., investment adviser to the surviving fund.
Filing Date: The application was filed on November 24, 2004.
Applicant's Address: One Pitcairn Place, Suite 3000, 165 Township
Line Rd., Jenkintown, PA 19046-3593.
CommonFund Institutional Funds [File No. 811-9555]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On July 31, 2004, applicant made a
liquidating distribution to its shareholders based on net asset value.
Two of applicant's series have outstanding receivables for certain
foreign tax reclaims. Upon receipt of any foreign tax reclaims, the
series will distribute the amount pro rata to the shareholders of
record as of the liquidation date. Expenses of $9,879 incurred in
connection with the liquidation were paid by Commonfund Asset
Management Company, Inc., applicant's investment adviser, and its
affiliates.
Filing Dates: The application was filed on October 4, 2004, and
amended on December 3, 2004.
Applicant's Address: 1209 Orange St., Wilmington, DE 19801.
The France Growth Fund, Inc. [File No. 811-5994]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On June 28,
2004, applicant made a liquidating distribution to its shareholders,
based on net asset value. Expenses of $1,110,000 incurred in connection
with the liquidation were paid by applicant. Applicant has retained
$197,870 in cash, which is being held in a bank account maintained by
PFPC Inc., to fund distributions to 41 stockholders who have not yet
submitted their share certificates. Applicant also has retained
$355,000 in cash, which is being held by applicant's custodian, Brown
Brothers Harriman & Co., to pay for outstanding liabilities and
estimated expenses.
Filing Dates: The application was filed on September 30, 2004, and
amended on November 22, 2004.
Applicant's Address: 245 Park Ave., Suite 3906, New York, NY 10167.
Saffron Fund, Inc. [File No. 811-8284]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On November
24, 2004, applicant made a final liquidating distribution to its
shareholders, based on net asset value. Expenses of $241,600 incurred
in connection with the liquidation were paid by applicant.
Filing Dates: The application was filed on August 30, 2004, and
amended on November 30, 2004.
Applicant's Address: c/o UBS Global Asset Management (U.S.), 51
West 52nd St., New York, NY 10019.
The Southern Africa Fund, Inc. [File No. 811-7596]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On November
23, 2004, applicant made a liquidating distribution to its
shareholders, based on net asset value. Expenses of $328,630 incurred
in connection with the liquidation were paid by applicant. The Bank of
New York, applicant's liquidating agent, is holding $317,844 in cash
for certificated shareholders who have not surrendered their shares.
The unclaimed assets will be held for a period of three years, after
which time any unclaimed assets will escheat to the State of Maryland.
Applicant's custodian, Brown Brothers Harriman & Co., also is holding
$213,258 in cash to cover certain unpaid expenses and liabilities.
Filing Date: The application was filed on November 30, 2004.
Applicant's Address: Investec Asset Management U.S. Limited, 1055
Washington Blvd., 3rd Floor, Stamford, CT 06901.
Orchard Series Fund [Filed No. 811-7735]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On June 25, 2004, applicant transferred its
assets to Maxim Series Fund, Inc., based on net asset value. Expenses
of $53,867 incurred in connection with the reorganization were paid by
GW Capital Management, LLC, applicant's investment adviser.
Filing Dates: The application was filed on October 20, 2004, and
amended on November 29, 2004.
Applicant's Address: 8515 East Orchard Rd., Greenwood Village, CO
80111.
Target Income Fund, Inc. [File No. 811-6542]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On March 13, 1997, applicant completed a
liquidation and sale of all of its investment assets to Concord Growth
Corporation, a commercial finance services firm unaffiliated with
applicant. On April 3, 1997, applicant completed a tender offer were
each shareholder received its pro rata share of the aggregate net asset
value of applicant. Applicant paid approximately $25,000 in expenses
related to the liquidation. A notice of the filing of the application
was previously issued on November 26, 1997 (Investment Company Act
Release No. 22913).
Filing Dates: The application was filed on July 24, 1997, and
amended on October 23, 1997.
Applicant's Address: 26691 Plaza Drive, Suite 222, Mission Viejo,
CA 92691.
Thornburg Limited Term Municipal Fund, Inc. [File No. 811-4302]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On June 21, 2004, applicant transferred its
assets to Thornburg Investment Trust, based on net asset value.
Expenses of $304,047 incurred in connection with the reorganization
were paid by applicant.
Filing Date: The application was filed on December 15, 2004.
Applicant's Address: 119 East Marcy St., Santa Fe, NM 87501.
GE Life & Annuity Separate Account III [File No. 811-5054]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On July 14, 2004, applicant transferred its
assets to GE Life & Annuity Separate Account II, based on net asset
value. Expenses of $83,359 incurred in connection with the merger were
paid by GE Life and Annuity Assurance Company.
Filing Dates: The application was filed on August 7, 2004 and
amended and restated on November 10, 2004.
Applicant's Address: 6610 West Broad Street, Richmond, VA 23230.
GE Life & Annuity Separate Account I [File No. 811-4016]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On July 14, 2004, applicant transferred its
assets to GE Life & Annuity Separate Account II, based on net asset
value. Expenses of $41,370 incurred in connection with the merger were
paid by GE Life and Annuity Assurance Company.
Filing Dates: The application was filed on August 4, 2004 and
amended and restated on November 10, 2004.
Applicant's Address: 6610 West Broad Street, Richmond, VA 23230.
[[Page 932]]
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05-129 Filed 1-4-05; 8:45 am]
BILLING CODE 8010-01-M
