97-11246. The Victory Funds, et al.; Notice of Application  

  • [Federal Register Volume 62, Number 84 (Thursday, May 1, 1997)]
    [Notices]
    [Pages 23818-23819]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 97-11246]
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    
    [Release No. IC-22636; 812-10628]
    
    
    The Victory Funds, et al.; Notice of Application
    
    April 24, 1997.
    AGENCY: Securities and Exchange Commission (``SEC'').
    
    ACTION: Notice of Application for Exemption under the Investment 
    Company Act of 1940 (the ``Act'').
    
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    APPLICANTS: The Victory Funds (formerly known as The Society Funds), 
    The Highmark Group, The Parkstone Group of Funds, The Conestoga Family 
    of Funds, The AmSouth Funds (formerly known as The ASO Outlook Group), 
    The Sessions Group, American Performance Funds, the Coventry Group, 
    BB&T Mutual Funds Group (the foregoing are referred to herein 
    collectively as the ``Original Funds'') and any other registered 
    investment companies for which BISYS Fund Services Limited Partnership 
    (formerly known as The Winsbury Company) (``BISYS'') or any person 
    directly or indirectly controlling, controlled by, or under common 
    control with BISYS, now or in the future serves as principal 
    underwriter and for which the Advisers (as defined below), or any 
    person directly or indirectly controlling, controlled by, or under 
    common control with the Advisers, now or in the future serve as 
    investment adviser (the ``Funds''); Society Asset Management, Inc., 
    Union Bank of California, N.A. (formerly known as The Bank of 
    California),\1\ First of America Investment Corporation, Meridian 
    Investment Company, AmSouth Bank of Alabama (formerly known as AmSouth 
    Bank, N.A.), National Bank of Commerce, BancOklahoma Trust Company, AMR 
    Investment Services, Inc., Boatmen's Trust Company, AMCORE Capital 
    Management, Inc., and Branch Banking and Trust Company (the foregoing 
    are referred to herein collectively as the ``Original Advisers''); 
    BISYS; BISYS Fund Services Ohio, Inc. (formerly known as The Winsbury 
    Service Corporation) (all of the foregoing are referred to herein 
    collectively as the ``Original Applicants''); Martindale Andres & 
    Company, Inc. and 1st Source Bank (the ``New Advisers,'' which, 
    together with the Original Advisers, are referred to herein 
    collectively as the ``Advisers''); and BISYS Fund Services, Inc. 
    (together with the New Advisers are referred to herein as the ``New 
    Applicants'').
    
        \1\ As a part of the merger of their respective bank holding 
    companies, The Bank of California, N.A. merged with and into Union 
    Bank of California, N.A. on April 1, 1996.
    
    RELEVANT ACT SECTIONS: Order requested under sections 6(c) and 17(b) 
    for an exemption from sections 12(d)(1) and 17(a), and pursuant to 
    section 17(d) and rule 17d-1 thereunder to permit certain joint 
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    transactions.
    
    SUMMARY OF APPLICATION: Applicants seek to amend a prior order that 
    permits non-money market series of a Fund to purchase shares of one or 
    more of the money market series of such Fund by adding the New Advisers 
    as applicants.
    
    FILING DATE: The application was filed on April 2, 1997.
    
    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 
    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 May 29, 1997, 
    and should be accompanied by proof of service on applicants, 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 SEC's 
    Secretary.
    
    ADDRESSES: Secretary, SEC, 450 5th Street, NW., Washington, DC 20549. 
    Applicants: Kristin H. Ives, Esq., Baker
    
    [[Page 23819]]
    
    & Hostetler LLP, 65 East State Street--Suite 2100, Columbus, Ohio 
    43215.
    
    FOR FURTHER INFORMATION CONTACT:
    Joseph B. McDonald, Jr., Senior Counsel, at (202) 942-0533, or Mary Kay 
    Frech, 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.
    
    Applicants' Representations
    
        1. On October 5, 1993, the SEC issued an order \2\ under sections 
    6(c) and 17(b) of the Act that exempts the Original Applicants from the 
    provisions of sections 12(d)(1)(A) and 17(a) of the Act and that 
    permits, pursuant to rule 17d-1, certain joint transactions in 
    accordance with section 17(d) and rule 17d-1 thereunder. The Order 
    permits: (i) The non-money market series of a Fund to utilize the cash 
    reserves that have not been invested in portfolio securities 
    (``Uninvested Cash'') to purchase shares of one or more of the money 
    market series (collectively, the ``Money Market Series'') of such Fund; 
    and (ii) the sale of their shares by the Money Market Series of a Fund 
    to the non-Money Market Series of such Fund, and the purchase (or 
    redemption) of their shares by the Money Market Series of the Fund from 
    the non-Money Market Series of such Fund.
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        \2\ Investment Company Act Release Nos. 19695 (Sept. 9, 1993) 
    (notice) and 19759 (Oct. 5, 1993) (order) (``Order'').
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        2. The New Advisers serve as the investment adviser to one or more 
    series of The Sessions Group, one of the Original Applicants. BISYS 
    Fund Services, Inc. is the parent corporation of BISYS Fund services 
    Ohio, Inc. and the corporate general partner of BISYS. The New 
    Applicants consent to the conditions set forth in the original 
    application and agree to be bound by the terms and provisions of the 
    Order to the same extent as the Original Applicants.
        3. The New Applicants seek to have the exemptive relief granted 
    under the Order extended to include them so as to permit: (a) The non-
    Money Market Series of The Sessions Group which are advised by a New 
    Adviser to utilize the Uninvested Cash to purchase shares of one or 
    more of the Money Market Series of The Sessions Group which are advised 
    by such New Adviser; and (b) the sale of their shares by the Money 
    Market Series of The Sessions Group which are advised by a New Adviser 
    to the non-Money Market Series of The Sessions Group which are advised 
    by such New Adviser, and the purchase (or redemption) of their shares 
    by such Money Market Series of The Sessions Group from the non-Money 
    Market Series of The Sessions Group.
        4. The New Applicants believe that adding the New Applicants to the 
    Order so that they may invest in affiliated money market series in the 
    manner and under the circumstances described in the Order would be fair 
    and in the best interest of shareholders of New Advisers' advised 
    series. Thus, the New Applicants believe that granting the requested 
    order is appropriate in the public interest and consistent with the 
    protection of investors and the purposes fairly intended by the policy 
    and provisions of the Act.
    
        For the Commission, by the Division of Investment Management, 
    under delegated authority.
    Margaret H. McFarland,
    Deputy Secretary.
    [FR Doc. 97-11246 Filed 4-30-97; 8:45 am]
    BILLING CODE 8010-01-M
    
    
    

Document Information

Published:
05/01/1997
Department:
Securities and Exchange Commission
Entry Type:
Notice
Action:
Notice of Application for Exemption under the Investment Company Act of 1940 (the ``Act'').
Document Number:
97-11246
Dates:
The application was filed on April 2, 1997.
Pages:
23818-23819 (2 pages)
Docket Numbers:
Release No. IC-22636, 812-10628
PDF File:
97-11246.pdf