[Federal Register Volume 60, Number 114 (Wednesday, June 14, 1995)]
[Notices]
[Page 31343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14540]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21125; 811-5513]
Vision Fiduciary Funds, Inc.; Notice of Application
June 8, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Deregistration under the Investment
Company Act of 1940 (the ``Act'').
-----------------------------------------------------------------------
APPLICANT: Vision Fiduciary Funds, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATES: The application was filed on March 7, 1995, and amended
on May 26, 1995.
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 July 3, 1995,
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 who wish to be
notified of a hearing may request notification by writing to the SEC's
Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Applicant, Federated Investors Tower, Pittsburgh, PA 15222-3779.
FOR FURTHER INFORMATION CONTACT: James M. Curtis, Senior Counsel, at
(202) 942-0563, or C. David Messman, Branch Chief, (202) 942-0564
(Office of Investment Company Regulation, Division of Investment
Management).
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 that was
organized as a corporation under the laws of Maryland. On March 14,
1988, applicant filed a notice of registration on Form N-8A pursuant to
section 8(a) of the Act. Also on March 14, 1988, applicant filed a
registration statement under section 8(b) of the Act and under the
Securities Act of 1933 on Form N-1A to issue an indefinite number of
shares. Applicant's registration statement was declared effective on
May 26, 1988, and applicant commenced its initial public offering on
June 1, 1988. Manufacturers and Traders Trust Company is applicant's
investment adviser (the ``Bank'').
2. Applicant was created as a separate investment vehicle for
fiduciary accounts of the Bank. The Bank later determined that, under
certain circumstances, banking law permitted the joint investment of
the Bank's fiduciary accounts with its non-fiduciary accounts in a
portfolio of Vision Group of Funds, Inc., that was created for the
general public rather than in a separate investment company portfolio.
3. On November 8, 1994, applicant's board of directors authorized
the dissolution of applicant, conditioned on the redemption of all
applicant's shares.
4. As of December 27, 1994, applicant had 88,342,953.98 shares
outstanding at a net asset value of $1.00 per share. Applicant's
portfolio securities were sold to the Vision Group Money Market Fund
pursuant to rule 17a-7 on or before December 28, 1994, and no brokerage
commissions were paid. On December 28, 1994, all shares were
voluntarily redeemed by applicant's shareholders. Each shareholder
received his or her proportionate share of applicant's net assets.
5. On December 30, 1994, Federated Services Company, as applicant's
sole shareholder, authorized applicant's dissolution by unanimous
written consent.
6. Applicant's distributor paid all liquidation expenses incurred.
Applicant believes that these costs, which included legal fees, record
keeping expenses, and custodian fees, were immaterial.
7. Applicant has no security holders, assets, debts, or other
liabilities. Applicant is not a party to any litigation or
administrative proceeding. Applicant is not engaged and does not
propose to engage in any business activity other than those necessary
for the winding up of its affairs.
8. On March 21, 1995, the Maryland Department of Assessments and
Taxation received and accepted applicant's Articles of Dissolution.
For the Commission, by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-14540 Filed 6-13-95; 8:45 am]
BILLING CODE 8010-01-M
