[Federal Register Volume 61, Number 29 (Monday, February 12, 1996)]
[Notices]
[Page 5432]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-3049]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21732; 811-2660]
National Securities Tax Exempt Bonds, Inc.; Notice of Application
February 5, 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: National Securities Tax Exempt Bonds, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATE: The application was filed on July 3, 1995 and amended on
January 11, 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 March 1, 1996,
and should be accompanied by proof of service on 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 5th Street, N.W., Washington, D.C.
20549. Applicant, One American Row, Hartford, Connecticut 06115.
FOR FURTHER INFORMATION CONTACT:
Deepak T. Pai, Staff Attorney, at (202) 942-0574, 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 at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end management investment company organized
as a Maryland corporation. On September 6, 1976, applicant registered
under the Act as an investment company and filed a registration
statement under the Securities Act of 1933. The registration statement
was declared effective, and applicant's initial public offering
commenced, on November 5, 1976.
2. On June 30, 1993, applicant's Board of Directors and the Board
of Trustees of the Phoenix Multi-Portfolio Fund unanimously approved an
agreement and plan of reorganization (the ``Plan''), in accordance with
rule 17a-8 of the Act, whereby applicant would transfer all of its
assets and liabilities to the Phoenix Tax-Exempt Bond Portfolio (the
``Tax-Exempt Portfolio'') of the Phoenix Multi-Portfolio Fund, a
Massachusetts business trust.\1\ Proxy materials were filed with the
SEC and were distributed on September 16, 1993. At a special meeting
held on November 4, 1993, applicant's shareholders approved the Plan.
\1\ Applicant and the Phoenix Multi-Portfolio Fund may be deemed
to be affiliated persons of each other by reason of having a common
investment adviser, common directors, and/or common officers.
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 one another solely by reason of
having a common investment adviser, common directors, and/or common
officers.
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3. On November 12, 1993 (the ``Closing Date''), applicant
transferred all of its assets to the Tax-Exempt Portfolio. Accordingly,
securityholders of applicant became securityholders of the Tax-Exempt
Portfolio. In consideration for the transfer, the Tax-Exempt Portfolio
assumed all of applicant's liabilities and delivered to applicant full
and fractional shares of beneficial interest of the Tax-Exempt
Portfolio equal to that number of full and fractional Tax-Exempt
Portfolio shares as determined based on the relative net asset values
per share of applicant and the Tax-Exempt Portfolio as of the close of
trading of the New York Stock Exchange on the Closing Date. Applicant
distributed such Tax-Exempt Portfolio shares pro rata to its
securityholders and simultaneously applicant's shares held by its
securityholders were canceled.
4. Phoenix Investment Counsel, Inc., an affiliate of applicant,
paid all of the direct and indirect expenses of the reorganization,
including any brokerage fees relating to transactions resulting from
the reorganization.
5. At the time of the application, applicant had no shareholders,
assets, or liabilities. Applicant is not a party to any litigation or
administrative proceeding.
6. Applicant is not now engaged, nor does it propose to engage, in
any business activities other than those necessary for the winding up
of its affairs. Applicant filed Articles of Dissolution to terminate
its existence as a Maryland corporation and was dissolved on June 16,
1995.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-3049 Filed 2-9-96; 8:45 am]
BILLING CODE 8010-01-M
