Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940, 6107-6110 [E6-1575]
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Federal Register / Vol. 71, No. 24 / Monday, February 6, 2006 / Notices
a maximum of 150,000 shares of
applicant’s common stock may be
issued to Non-employee Directors as a
group. Under the Plan, no single Nonemployee Director may receive options
to purchase more than 25,000 shares of
applicant’s common stock.
4. Under the terms of the Plan, the
exercise price of an option will not be
less than 100% of the current market
value of, or if no such market value
exists, the current net asset value per
share of, applicant’s common stock on
the date of the issuance of the option.4
Options granted under the Plan will
expire ten years from the date of grant
and may not be assigned or transferred
other than by will or the laws of descent
and distribution. In the event of the
death or disability of a Non-employee
Director during such director’s service,
all such director’s unexercised options
will immediately become exercisable
and may be exercised for a period of
three years following the date of death
(by such director’s personal
representative) or one year following the
date of disability, but in no event after
the respective expiration dates of such
options. In the event of the termination
of a Non-employee Director for cause,
any unexercised options will terminate
immediately. If a Non-employee
Director’s service is terminated for any
reason other than by death, disability, or
for cause, the options may be exercised
within one year immediately following
the date of termination, but in no event
later than the expiration date of such
options.
5. Applicant’s officers and employees,
including employee directors are
eligible or have been eligible to receive
options under applicant’s six other
stock option plans under which Nonemployee Directors are not entitled to
participate (the ‘‘Employee Plans’’).
Non-employee Directors have
participated in applicant’s prior
Disinterested Director stock option plan
under which options for all available
shares have been granted (such plan
together with the Employee Plans, the
‘‘Other Plans’’). The maximum number
of applicant’s voting securities that
would result from the exercise of all
outstanding options issued or options
issuable to the directors, officers, and
employees under the Other Plans and
the Plan would be 12,240,580 shares, or
approximately 10.3% of the 118,913,029
shares of applicant’s common stock
outstanding as of December 30, 2005.
4 Under the Plan, ‘‘current market value’’ (defined
as ‘‘fair market value’’) is generally the closing sales
price of applicant’s shares as quoted on the Nasdaq
National Market, or alternatively, on the exchange
where applicant’s shares are traded, on the day the
option is granted.
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Applicant has no outstanding warrants,
options, or rights to purchase its voting
securities, other than the options
granted or to be granted to its directors,
officers, and employees under the Other
Plans and the Plan.
Applicant’s Legal Analysis
1. Section 63(3) of the Act permits a
BDC to sell its common stock at a price
below current net asset value upon the
exercise of any option issued in
accordance with section 61(a)(3) of the
Act. Section 61(a)(3)(B) of the Act
provides, in pertinent part, that a BDC
may issue to its non-employee directors
options to purchase its voting securities
pursuant to an executive compensation
plan, provided that: (a) The options
expire by their terms within ten years;
(b) the exercise price of the options is
not less than the current market value
of the underlying securities at the date
of the issuance of the options, or if no
market exists, the current net asset value
of the voting securities; (c) the proposal
to issue the options is authorized by the
BDC’s shareholders, and is approved by
order of the Commission upon
application; (d) the options are not
transferable except for disposition by
gift, will or intestacy; (e) no investment
adviser of the BDC receives any
compensation described in section
205(a)(1) of the Investment Advisers Act
of 1940, except to the extent permitted
by clause (b)(1) or (b)(2) of that section;
and (f) the BDC does not have a profitsharing plan as described in section
57(n) of the Act.
2. In addition, section 61(a)(3) of the
Act provides that the amount of the
BDC’s voting securities that would
result from the exercise of all
outstanding warrants, options, and
rights at the time of issuance may not
exceed 25% of the BDC’s outstanding
voting securities, except that if the
amount of voting securities that would
result from the exercise of all
outstanding warrants, options, and
rights issued to the BDC’s directors,
officers, and employees pursuant to an
executive compensation plan would
exceed 15% of the BDC’s outstanding
voting securities, then the total amount
of voting securities that would result
from the exercise of all outstanding
warrants, options, and rights at the time
of issuance will not exceed 20% of the
outstanding voting securities of the
BDC.
3. Applicant represents that the terms
of the Plan meet all the requirements of
section 61(a)(3)(B) of the Act. Applicant
states that the Board is actively involved
in the oversight of applicant’s affairs
and that it relies extensively on the
judgment and experience of its Board. In
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addition to their duties as Board
members generally, applicant states that
the Non-employee Directors provide
guidance and advice on operational
issues, underwriting policies, credit
policies, asset valuation and strategic
direction, as well as serving on
committees. Applicant believes that the
Plan will provide significant at-risk
incentives to Non-employee Directors to
remain on the Board and devote their
best efforts to ensure applicant’s
success. Applicant states that the
options will provide a means for the
Non-employee Directors to increase
their ownership interests in applicant,
thereby ensuring close identification of
their interests with those of applicant
and its stockholders. Applicant asserts
that by providing incentives such as
options, applicant will be better able to
maintain continuity in the Board’s
membership and to attract and retain
the highly experienced, successful and
dedicated business and professional
people who are critical to applicant’s
success as a BDC.
4. Applicant states that the maximum
number of voting securities that would
result from the exercise of all
outstanding options issued or options
issuable to the directors, officers, and
employees under the Other Plans and
the Plan would be 12,240,580 shares, or
approximately 10.3% of applicant’s
common stock outstanding as of
December 30, 2005, which is below the
percentage limitations in the Act.
Applicant asserts that, given the
relatively small amount of common
stock issuable upon the exercise of the
options under the Plan, the exercise of
options would not, absent extraordinary
circumstances, have a substantial
dilutive effect on the net asset value of
applicant’s common stock.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–1542 Filed 2–3–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–27221]
Notice of Applications for
Deregistration Under Section 8(f) of the
Investment Company Act of 1940
January 31, 2006.
The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of January,
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2006. A copy of each application may be
obtained for a fee at the SEC’s Public
Reference Branch (tel. 202–551–5850).
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 February 27, 2006, 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, U.S. Securities
and Exchange Commission, 100 F
Street, NE., Washington, DC 20549–
1090. For Further Information Contact:
Diane L. Titus at (202) 551–6810, SEC,
Division of Investment Management,
Office of Investment Company
Regulation, 100 F Street, NE.,
Washington, DC 20549–0504.
WPG Large Cap Growth Fund [File No.
811–1447]; WPG Tudor Fund [File No.
811–1745]; Weiss Peck & Greer Funds
Trust [File No. 811–4404]
Summary: Each applicant seeks an
order declaring that it has ceased to be
an investment company. On April 29,
2005, each applicant transferred its
assets to a corresponding series of the
RBB Fund, Inc., based on net asset
value. Total expenses of $667,090
incurred in connection with the
reorganizations were paid by Robeco
USA, L.L.C., applicants’ investment
adviser.
Filing Date: The applications were
filed on December 16, 2005.
Applicants’ Address: 909 Third Ave.,
31st Floor, New York, NY 10022.
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Security Municipal Bond Fund [File
No. 811–3225]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On October 14,
2005, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $14,017
incurred in connection with the
liquidation were paid by Security
Management Company, LLC, applicant’s
investment adviser.
Filing Date: The application was filed
on November 30, 2005.
Applicant’s Address: One Security
Benefit Place, Topeka, KS 66636–0001.
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Aquila Fund [File No. 811–4083]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On December 31,
2004, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $1,113
incurred in connection with the
liquidation were paid by Aquila
Investment Management LLC,
applicant’s investment adviser.
Filing Date: The application was filed
on December 19, 2005.
Applicant’s Address: 380 Madison
Ave., New York, NY 10017.
Forward Funds, Inc. [File No. 811–
8419]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On June 30, 2005,
each series of applicant transferred its
assets to corresponding series of
Forward Funds, based on net asset
value. Expenses of $580,000 incurred in
connection with the reorganization were
paid by Forward Management, LLC,
applicant’s investment adviser.
Filing Date: The application was filed
on December 12, 2005.
Applicant’s Address: 433 California
St., Suite 1100, San Francisco, CA
94104.
Oppenheimer Multi-Sector Income
Trust [File No. 811–5473]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On July 22, 2005,
applicant transferred its assets to
Oppenheimer Strategic Income Fund,
based on net asset value. Expenses of
$88,313 incurred in connection with the
reorganization were paid by applicant.
Filing Date: The application was filed
on December 13, 2005.
Applicant’s Address: 6803 S. Tucson
Way, Centennial, CO 80112.
Oppenheimer Capital Preservation
Fund [File No. 811–8799]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On February 10,
2005, applicant transferred its assets to
Oppenheimer Cash Reserves, based on
net asset value. Expenses of $55,563
incurred in connection with the
reorganization were paid by applicant.
Filing Date: The application was filed
on December 20, 2005.
Applicant’s Address: 6803 S. Tucson
Way, Centennial, CO 80112.
Quadrant Fund, Inc. [File No. 811–
21704]
Summary: Applicant, a closed-end
investment company, seeks an order
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declaring that it has ceased to be an
investment company. On November 3,
2005, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $75,000
incurred in connection with the
liquidation were paid by applicant and
GMAC Institutional Advisors LLC,
applicant’s investment adviser.
Applicant has retained approximately
$123,000 to pay additional accrued
expenses for which it has not yet been
billed.
Filing Date: The application was filed
on December 21, 2005.
Applicant’s Address: 116 Welsh Rd.,
Horsham, PA 19044.
Columbia National Municipal Bond
Fund, Inc. [File No. 811–7832]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On June 17, 2005,
applicant made liquidating distribution
to its shareholders, based on net asset
value. Applicant paid approximately
$27,510 in expenses incurred in
connection with the liquidation.
Filing Dates: The application was
filed on October 21, 2005 and amended
on January 11, 2006.
Applicant’s Address: One Financial
Center, Boston, MA 02110.
Tax-Free Income Trust [File No. 811–
7397]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. By October 18,
2005, applicant’s two shareholders had
redeemed all their shares at net asset
value. Expenses of $4,890 incurred in
connection with the liquidation were
paid by Ameriprise Financial, Inc.,
applicant’s investment adviser.
Filing Dates: The application was
filed on November 18, 2005, and
amended on January 18, 2006.
Applicant’s Address: 901 Marquette
Avenue South, Suite 2810, Minneapolis,
MN 55402–3268.
BQT Subsidiary Inc. [File No. 811–
10451]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On December 13,
2004, applicant made a liquidating
distribution to its shareholders based on
net asset value. Applicant incurred no
expenses in connection with the
liquidation.
Filing Date: The application was filed
on December 30, 2005.
Applicant’s Address: 100 Bellevue
Parkway, Wilmington, DE 19809.
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Sterling Capital Corporation [File No.
811–1537]
Pilgrim Silver Fund, Inc. [File No. 811–
4111]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On September 13,
2005, applicant transferred its assets to
The Gabelli Equity Trust Inc.
(‘‘Gabelli’’). Applicant’s shareholders
received .7914 newly issued shares of
Gabelli common stock for each share of
applicant, which represented a 1.4%
premium to applicant’s net asset value.
Expenses of $121,000 incurred in
connection with the reorganization were
paid by applicant. Applicant has
transferred $250,000 in cash to a
liquidating trust to pay applicant’s
remaining liabilities. Any cash
remaining after applicant’s liabilities are
paid will be distributed pro rata to
applicant’s former shareholders.
Filing Date: The application was filed
on December 15, 2005.
Applicant’s Address: 100 Wall St.,
11th Floor, New York, NY 10005.
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 23,
2001, applicant transferred its assets to
ING Precious Metals Fund, Inc.
(formerly Pilgrim Precious Metals Fund,
Inc.), based on net asset value. Expenses
of $28,135 incurred in connection with
the reorganization were paid by
applicant, the acquiring fund, and
applicant’s investment adviser, ING
Investments, LLC.
Filing Dates: The application was
filed on October 19, 2001, and amended
on September 9, 2005 and January 24,
2006.
Applicant’s Address: 7337 East
Doubletree Ranch Rd., Scottsdale, AZ
85258.
Lorent Investment Company [File No.
811–2935]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering. Applicant has fewer
than one hundred beneficial owners and
will continue to operate as private
investment vehicle in reliance on
section 3(c)(1) of the Act.
Filing Dates: The application was
filed on July 1, 2005, and amended on
August 16, 2005 and January 13, 2006.
Applicant’s Address: 500 West Harbor
Dr., Suite 1213, San Diego, CA 92101.
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Pilgrim Government Securities Income
Fund, Inc. [File No. 811–4031]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On February 23,
2001, applicant transferred its assets to
ING GNMA Income Fund, Inc. (formerly
Pilgrim GNMA Income Fund, Inc.),
based on net asset value. Expenses of
$106,385 incurred in connection with
the reorganization were paid by
applicant, the acquiring fund, and
applicant’s investment adviser, ING
Investments, LLC.
Filing Dates: The application was
filed on October 19, 2001, and amended
on September 9, 2005 and January 24,
2006.
Applicant’s Address: 7337 East
Doubletree Ranch Rd., Scottsdale, AZ
85258.
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Pilgrim SmallCap Asia Growth Fund,
Inc. [File No. 811–7287]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 23,
2001, applicant transferred its assets to
ING Asia-Pacific Equity Fund, a series
of ING Advisory Funds, Inc. (formerly
Pilgrim Advisory Funds, Inc.), based on
net asset value. Expenses of $19,892
incurred in connection with the
reorganization were paid by applicant,
the acquiring fund, and applicant’s
investment adviser, ING Investments,
LLC.
Filing Dates: The application was
filed on October 19, 2001, and amended
on September 9, 2005, and January 24,
2006.
Applicant’s Address: 7337 East
Doubletree Ranch Rd., Scottsdale, AZ
85258.
Pilgrim Global Technology Fund, Inc.
[File No. 811–9649]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 23,
2001, applicant transferred its assets to
ING Global Information Technology
Fund, a series of ING Funds Trust
(formerly Pilgrim Funds Trust), based
on net asset value. Expenses of $20,972
incurred in connection with the
reorganization were paid by applicant,
the acquiring fund, and applicant’s
investment adviser, ING Investments,
LLC.
Filing Dates: The application was
filed on October 19, 2001, and amended
on September 9, 2005 and January 24,
2006.
Applicant’s Address: 7337 East
Doubletree Ranch Rd., Scottsdale, AZ
85258.
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Pilgrim High Yield Fund III [File No.
811–5496]; Pilgrim Global Income
Fund, Inc. [File No. 811–4675]; Pilgrim
Global Corporate Leaders Fund, Inc.
[File No. 811–5113]; Pilgrim Worldwide
Emerging Markets Fund, Inc. [File No.
811–1838]
Summary: Each applicant seeks an
order declaring that it has ceased to be
an investment company. On March 31,
2000, February 23, 2001, February 23,
2001 and April 27, 2001, respectively,
each applicant transferred its assets to a
corresponding series of ING Mutual
Funds (formerly Pilgrim Mutual Funds),
based on net asset value. Expenses
incurred in connection with the
reorganizations were paid by applicants,
the acquiring funds, and applicants’
investment adviser, ING Investments,
LLC.
Filing Dates: The applications were
filed on October 19, 2001, and amended
on September 9, 2005 and January 24,
2006.
Applicants’ Address: 7337 East
Doubletree Ranch Rd., Scottsdale, AZ
85258.
Acacia Variable Annuity Separate
Account (formerly Acacia National
Variable Annuity Separate Account II)
[File No. 811–07627]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. Substantially all
the assets of Applicant were transferred
by Acacia National Life Insurance
Company (Acacia National) to Ameritas
Variable Life Insurance Company
(Ameritas) under an assumption and
reinsurance agreement transaction
approved by the Securities and
Exchange Commission in Release No.
IC–25763, dated October 4, 2002. The
Board of Directors of the parent of
Acacia National approved the transfer of
assets to Ameritas on December 3, 2001,
and Applicant completed the transfer of
its assets effective November 1, 2004.
Shareholder approval of the transfer was
not required. The fund surviving the
transfer is Ameritas Variable Separate
Account VA. Ameritas paid all the
expenses incurred in connection with
the transfer.
Filing Date: The application was filed
on November 29, 2005, as amended.
Applicant’s Address: 7315 Wisconsin
Avenue, Bethesda, MD 20814.
Acacia Variable Life Separate Account
(formerly Acacia National Variable Life
Separate Account 1) [File No. 811–
08998]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. Substantially all
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the assets of Applicant were transferred
by Acacia National Life Insurance
Company (Acacia National) to Ameritas
Variable Life Insurance Company
(Ameritas) under an assumption and
reinsurance agreement transaction
approved by the Securities and
Exchange Commission in Release No.
IC–25763, dated October 4, 2002. The
Board of Directors of the parent of
Acacia National approved the transfer of
assets to Ameritas on December 3, 2001,
and Applicant completed the transfer of
its assets effective November 1, 2004.
Shareholder approval of the transfer was
not required. The fund surviving the
transfer is Ameritas Variable Separate
Account VL. Ameritas paid the
expenses incurred in connection with
the transfer.
Filing Date: The application was filed
on November 29, 2005, as amended.
Applicant’s Address: 7315 Wisconsin
Avenue, Bethesda, MD 20814.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Nancy M. Morris,
Secretary.
[FR Doc. E6–1575 Filed 2–3–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. PA–35; File No. S7–04–06]
Privacy Act of 1974: Establishment of
a New System of Records: Automated
Emergency Notification System (SEC–
53)
Securities and Exchange
Commission.
ACTION: Notice of the establishment of a
new system of records.
AGENCY:
In accordance with the
requirements of the Privacy Act of 1974,
as amended, 5 U.S.C. 552a, the
Securities and Exchange Commission
gives notice of a proposed Privacy Act
system of records: ‘‘Automated
Emergency Notification System (SEC–
53).’’ This system will contain
emergency contact information for
current members, employees, and
selected contractors of the Commission.
DATES: The new system will become
effective March 20, 2006 unless further
notice is given. The Commission will
publish a new notice if the effective date
is delayed to review comments or if
changes are made based on comment
received. To be assured of
consideration, comments should be
received on or before March 8, 2006.
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SUMMARY:
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Comments may be
submitted by any of the following
methods:
ADDRESSES:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/other.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number S7–04–06 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number S7–04–06. This file number
should be included on the subject line
if e-mail is used. To help us process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov/rules/other.shtml).
Comments are also available for public
inspection and copying in the
Commission’s Public Reference Room,
100 F Street, NE., Washington, DC
20549. All comments received will be
posted without change; we do not edit
personal identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
FOR FURTHER INFORMATION CONTACT:
Barbara A. Stance, Chief Privacy Officer,
U.S. Securities and Exchange
Commission, Operations Center, 6432
General Green Way, Mail Stop 0–7,
Alexandria, VA 22312–2413, (202) 551–
7209.
SUPPLEMENTARY INFORMATION: The
Commission gives notice of the
proposed establishment of a new system
of records, entitled ‘‘Automated
Emergency Notification System (SEC–
53).’’ The new system will contain
emergency contact information for
current members, employees, and
selected contractors of the Commission.
The Commission has submitted a
report of the new system of records to
the Senate Committee on Homeland
Security and Governmental Affairs, the
House Committee on Government
Reform, and the Office of Management
and Budget, pursuant to 5 U.S.C. 552a(r)
of the Privacy Act of 1974, as amended,
and Appendix I to OMB Circular A–130,
‘‘Federal Agency Responsibilities for
Maintaining Records About
Individuals,’’ as amended on February
20, 1996 (61 FR 6435).
Accordingly, the Commission is
adding a new system of records to read
as follows:
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SEC–53
SYSTEM NAME:
Automated Emergency Notification
System.
SYSTEM LOCATION:
Securities and Exchange Commission,
100 F Street, NE, Washington, DC
20549.
CATEGORIES OF INDIVIDUALS COVERED BY THE
SYSTEM:
Members and employees of the
Commission, and selected contractors.
CATEGORIES OF RECORDS IN THE SYSTEM:
Name, Commission division or office,
home zip code, work and personal
electronic mail addresses, work, home
and cellular telephone numbers, and
Blackberry PIN numbers.
AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
5 U.S.C. 301 and Executive Order
12656 of Nov. 18, 1988 on Assignment
of Emergency Preparedness
Responsibilities.
PURPOSE(S):
The purpose of this system of records
is to maintain emergency contact
information for current members,
employees and selected contractors of
the Commission. The system provides
for high-speed message delivery that
reaches all Commission personnel in
response to threat alerts issued by the
Department of Homeland Security,
weather related emergencies or other
critical situations that disrupt the
operations and accessibility of a
worksite. The system also provides for
personnel accountability during an
emergency, through personnel sign-in
and rapid alert and notification.
ROUTINE USES OF RECORDS MAINTAINED IN THE
SYSTEM, INCLUDING CATEGORIES OF USERS AND
THE PURPOSE OF SUCH USES:
In addition to the conditions of
disclosure under 5 U.S.C. 552a(b),
Commission staff may provide these
records to any Federal government
authority for the purpose of
coordinating and reviewing agency
continuity of operations plans or
emergency contingency plans developed
for responding to Department of
Homeland Security threat alerts,
weather related emergencies or other
critical situations.
POLICIES AND PRACTICES FOR STORING,
RETRIEVING, ACCESSING, RETAINING, AND
DISPOSING OF RECORDS IN THE SYSTEM:
STORAGE:
Records are maintained in a
computerized database and on paper.
Paper documents are kept in filing
cabinets in secured facilities.
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]]>Agencies
[Federal Register Volume 71, Number 24 (Monday, February 6, 2006)]
[Notices]
[Pages 6107-6110]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-1575]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. IC-27221]
Notice of Applications for Deregistration Under Section 8(f) of
the Investment Company Act of 1940
January 31, 2006.
The following is a notice of applications for deregistration under
section 8(f) of the Investment Company Act of 1940 for the month of
January,
[[Page 6108]]
2006. A copy of each application may be obtained for a fee at the SEC's
Public Reference Branch (tel. 202-551-5850). 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 February 27, 2006, 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, U.S. Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090. For Further Information Contact: Diane L.
Titus at (202) 551-6810, SEC, Division of Investment Management, Office
of Investment Company Regulation, 100 F Street, NE., Washington, DC
20549-0504.
WPG Large Cap Growth Fund [File No. 811-1447]; WPG Tudor Fund [File No.
811-1745]; Weiss Peck & Greer Funds Trust [File No. 811-4404]
Summary: Each applicant seeks an order declaring that it has ceased
to be an investment company. On April 29, 2005, each applicant
transferred its assets to a corresponding series of the RBB Fund, Inc.,
based on net asset value. Total expenses of $667,090 incurred in
connection with the reorganizations were paid by Robeco USA, L.L.C.,
applicants' investment adviser.
Filing Date: The applications were filed on December 16, 2005.
Applicants' Address: 909 Third Ave., 31st Floor, New York, NY
10022.
Security Municipal Bond Fund [File No. 811-3225]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On October 14, 2005, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of $14,017 incurred in connection with the liquidation were
paid by Security Management Company, LLC, applicant's investment
adviser.
Filing Date: The application was filed on November 30, 2005.
Applicant's Address: One Security Benefit Place, Topeka, KS 66636-
0001.
Aquila Fund [File No. 811-4083]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On December 31, 2004, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of $1,113 incurred in connection with the liquidation were
paid by Aquila Investment Management LLC, applicant's investment
adviser.
Filing Date: The application was filed on December 19, 2005.
Applicant's Address: 380 Madison Ave., New York, NY 10017.
Forward Funds, Inc. [File No. 811-8419]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On June 30, 2005, each series of applicant
transferred its assets to corresponding series of Forward Funds, based
on net asset value. Expenses of $580,000 incurred in connection with
the reorganization were paid by Forward Management, LLC, applicant's
investment adviser.
Filing Date: The application was filed on December 12, 2005.
Applicant's Address: 433 California St., Suite 1100, San Francisco,
CA 94104.
Oppenheimer Multi-Sector Income Trust [File No. 811-5473]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On July 22,
2005, applicant transferred its assets to Oppenheimer Strategic Income
Fund, based on net asset value. Expenses of $88,313 incurred in
connection with the reorganization were paid by applicant.
Filing Date: The application was filed on December 13, 2005.
Applicant's Address: 6803 S. Tucson Way, Centennial, CO 80112.
Oppenheimer Capital Preservation Fund [File No. 811-8799]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On February 10, 2005, applicant transferred
its assets to Oppenheimer Cash Reserves, based on net asset value.
Expenses of $55,563 incurred in connection with the reorganization were
paid by applicant.
Filing Date: The application was filed on December 20, 2005.
Applicant's Address: 6803 S. Tucson Way, Centennial, CO 80112.
Quadrant Fund, Inc. [File No. 811-21704]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On November
3, 2005, applicant made a liquidating distribution to its shareholders,
based on net asset value. Expenses of $75,000 incurred in connection
with the liquidation were paid by applicant and GMAC Institutional
Advisors LLC, applicant's investment adviser. Applicant has retained
approximately $123,000 to pay additional accrued expenses for which it
has not yet been billed.
Filing Date: The application was filed on December 21, 2005.
Applicant's Address: 116 Welsh Rd., Horsham, PA 19044.
Columbia National Municipal Bond Fund, Inc. [File No. 811-7832]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On June 17, 2005, applicant made liquidating
distribution to its shareholders, based on net asset value. Applicant
paid approximately $27,510 in expenses incurred in connection with the
liquidation.
Filing Dates: The application was filed on October 21, 2005 and
amended on January 11, 2006.
Applicant's Address: One Financial Center, Boston, MA 02110.
Tax-Free Income Trust [File No. 811-7397]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. By October 18, 2005, applicant's two
shareholders had redeemed all their shares at net asset value. Expenses
of $4,890 incurred in connection with the liquidation were paid by
Ameriprise Financial, Inc., applicant's investment adviser.
Filing Dates: The application was filed on November 18, 2005, and
amended on January 18, 2006.
Applicant's Address: 901 Marquette Avenue South, Suite 2810,
Minneapolis, MN 55402-3268.
BQT Subsidiary Inc. [File No. 811-10451]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On December
13, 2004, applicant made a liquidating distribution to its shareholders
based on net asset value. Applicant incurred no expenses in connection
with the liquidation.
Filing Date: The application was filed on December 30, 2005.
Applicant's Address: 100 Bellevue Parkway, Wilmington, DE 19809.
[[Page 6109]]
Sterling Capital Corporation [File No. 811-1537]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On September
13, 2005, applicant transferred its assets to The Gabelli Equity Trust
Inc. (``Gabelli''). Applicant's shareholders received .7914 newly
issued shares of Gabelli common stock for each share of applicant,
which represented a 1.4% premium to applicant's net asset value.
Expenses of $121,000 incurred in connection with the reorganization
were paid by applicant. Applicant has transferred $250,000 in cash to a
liquidating trust to pay applicant's remaining liabilities. Any cash
remaining after applicant's liabilities are paid will be distributed
pro rata to applicant's former shareholders.
Filing Date: The application was filed on December 15, 2005.
Applicant's Address: 100 Wall St., 11th Floor, New York, NY 10005.
Lorent Investment Company [File No. 811-2935]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering. Applicant has fewer than one hundred beneficial
owners and will continue to operate as private investment vehicle in
reliance on section 3(c)(1) of the Act.
Filing Dates: The application was filed on July 1, 2005, and
amended on August 16, 2005 and January 13, 2006.
Applicant's Address: 500 West Harbor Dr., Suite 1213, San Diego, CA
92101.
Pilgrim Government Securities Income Fund, Inc. [File No. 811-4031]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On February 23, 2001, applicant transferred
its assets to ING GNMA Income Fund, Inc. (formerly Pilgrim GNMA Income
Fund, Inc.), based on net asset value. Expenses of $106,385 incurred in
connection with the reorganization were paid by applicant, the
acquiring fund, and applicant's investment adviser, ING Investments,
LLC.
Filing Dates: The application was filed on October 19, 2001, and
amended on September 9, 2005 and January 24, 2006.
Applicant's Address: 7337 East Doubletree Ranch Rd., Scottsdale, AZ
85258.
Pilgrim Silver Fund, Inc. [File No. 811-4111]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On March 23, 2001, applicant transferred its
assets to ING Precious Metals Fund, Inc. (formerly Pilgrim Precious
Metals Fund, Inc.), based on net asset value. Expenses of $28,135
incurred in connection with the reorganization were paid by applicant,
the acquiring fund, and applicant's investment adviser, ING
Investments, LLC.
Filing Dates: The application was filed on October 19, 2001, and
amended on September 9, 2005 and January 24, 2006.
Applicant's Address: 7337 East Doubletree Ranch Rd., Scottsdale, AZ
85258.
Pilgrim SmallCap Asia Growth Fund, Inc. [File No. 811-7287]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On March 23, 2001, applicant transferred its
assets to ING Asia-Pacific Equity Fund, a series of ING Advisory Funds,
Inc. (formerly Pilgrim Advisory Funds, Inc.), based on net asset value.
Expenses of $19,892 incurred in connection with the reorganization were
paid by applicant, the acquiring fund, and applicant's investment
adviser, ING Investments, LLC.
Filing Dates: The application was filed on October 19, 2001, and
amended on September 9, 2005, and January 24, 2006.
Applicant's Address: 7337 East Doubletree Ranch Rd., Scottsdale, AZ
85258.
Pilgrim Global Technology Fund, Inc. [File No. 811-9649]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On March 23, 2001, applicant transferred its
assets to ING Global Information Technology Fund, a series of ING Funds
Trust (formerly Pilgrim Funds Trust), based on net asset value.
Expenses of $20,972 incurred in connection with the reorganization were
paid by applicant, the acquiring fund, and applicant's investment
adviser, ING Investments, LLC.
Filing Dates: The application was filed on October 19, 2001, and
amended on September 9, 2005 and January 24, 2006.
Applicant's Address: 7337 East Doubletree Ranch Rd., Scottsdale, AZ
85258.
Pilgrim High Yield Fund III [File No. 811-5496]; Pilgrim Global Income
Fund, Inc. [File No. 811-4675]; Pilgrim Global Corporate Leaders Fund,
Inc. [File No. 811-5113]; Pilgrim Worldwide Emerging Markets Fund, Inc.
[File No. 811-1838]
Summary: Each applicant seeks an order declaring that it has ceased
to be an investment company. On March 31, 2000, February 23, 2001,
February 23, 2001 and April 27, 2001, respectively, each applicant
transferred its assets to a corresponding series of ING Mutual Funds
(formerly Pilgrim Mutual Funds), based on net asset value. Expenses
incurred in connection with the reorganizations were paid by
applicants, the acquiring funds, and applicants' investment adviser,
ING Investments, LLC.
Filing Dates: The applications were filed on October 19, 2001, and
amended on September 9, 2005 and January 24, 2006.
Applicants' Address: 7337 East Doubletree Ranch Rd., Scottsdale, AZ
85258.
Acacia Variable Annuity Separate Account (formerly Acacia National
Variable Annuity Separate Account II) [File No. 811-07627]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. Substantially all the assets of Applicant
were transferred by Acacia National Life Insurance Company (Acacia
National) to Ameritas Variable Life Insurance Company (Ameritas) under
an assumption and reinsurance agreement transaction approved by the
Securities and Exchange Commission in Release No. IC-25763, dated
October 4, 2002. The Board of Directors of the parent of Acacia
National approved the transfer of assets to Ameritas on December 3,
2001, and Applicant completed the transfer of its assets effective
November 1, 2004. Shareholder approval of the transfer was not
required. The fund surviving the transfer is Ameritas Variable Separate
Account VA. Ameritas paid all the expenses incurred in connection with
the transfer.
Filing Date: The application was filed on November 29, 2005, as
amended.
Applicant's Address: 7315 Wisconsin Avenue, Bethesda, MD 20814.
Acacia Variable Life Separate Account (formerly Acacia National
Variable Life Separate Account 1) [File No. 811-08998]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. Substantially all
[[Page 6110]]
the assets of Applicant were transferred by Acacia National Life
Insurance Company (Acacia National) to Ameritas Variable Life Insurance
Company (Ameritas) under an assumption and reinsurance agreement
transaction approved by the Securities and Exchange Commission in
Release No. IC-25763, dated October 4, 2002. The Board of Directors of
the parent of Acacia National approved the transfer of assets to
Ameritas on December 3, 2001, and Applicant completed the transfer of
its assets effective November 1, 2004. Shareholder approval of the
transfer was not required. The fund surviving the transfer is Ameritas
Variable Separate Account VL. Ameritas paid the expenses incurred in
connection with the transfer.
Filing Date: The application was filed on November 29, 2005, as
amended.
Applicant's Address: 7315 Wisconsin Avenue, Bethesda, MD 20814.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Nancy M. Morris,
Secretary.
[FR Doc. E6-1575 Filed 2-3-06; 8:45 am]
BILLING CODE 8010-01-P
