Securities and Exchange Commission May 2014 – Federal Register Recent Federal Regulation Documents

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is proposing recordkeeping, reporting, and notification requirements applicable to security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), securities count requirements applicable to certain SBSDs, and additional recordkeeping requirements applicable to broker- dealers to account for their security-based swap and swap activities. The Commission also is proposing an additional capital charge provision that would be added to the proposed capital rule for certain SBSDs. Finally, the Commission is proposing technical amendments to the broker-dealer recordkeeping, reporting, and notification requirements.

Applicant seeks an order declaring that it has ceased to be an investment company. Applicant transferred its assets to Vanguard Long-Term Tax-Exempt Fund, a series of Vanguard Municipal Bond Funds, and on July 26, 2013, made a distribution to its shareholders based on net asset value. Expenses of approximately $28,356 incurred in connection with the reorganization were paid by applicant. Filing Date: The application was filed on March 31, 2014. Applicant's Address: P.O. Box 876, Valley Forge, PA 19482.