[Federal Register Volume 60, Number 3 (Thursday, January 5, 1995)]
[Notices]
[Pages 1807-1808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-233]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 20806; 811-5535]


FN Network Tax Free Money Market Fund, Inc.

December 29, 1994.
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: FN Network Tax Free Money Market Fund, Inc. (the ``Fund'').

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATE: The application was filed on December 8, 1994.

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 January 23, 1995 
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 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, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-
0144.

FOR FURTHER INFORMATION CONTACT: Sarah A. Buescher, Law Clerk, at (202) 
942-0573, or Robert A. Robertson, Branch Chief, at (202) 942-0564 
(Division of Investment Management, Office of Investment Company 
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
[[Page 1808]] application. The complete application may be obtained for 
a fee from the SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is an open-end management investment company organized 
as a Maryland corporation. On April 14, 1988, applicant filed a notice 
of registration pursuant to section 8(a) of the Act on Form N-8A and a 
registration statement on Form N-1A to register its shares. The 
registration statement became effective on June 7, 1988, and the 
initial public offering commenced on June 28, 1988.
    2. On March 8, 1994, applicant's board of directors approved a 
proposal to liquidate and distribute applicant's assets to 
shareholders. Shareholders with account values of at least $1,000 were 
provided with a Notice of Liquidation and Offer of Exchange allowing 
them the option of exchanging Fund shares for shares of General 
Municipal Money Market Fund, Inc. (``General Fund''), a money market 
mutual fund managed by The Dreyfus Corporation, or to redeem their 
shares with the remaining shareholders. Shareholders were required to 
respond by April 17, 1994 to accept the offer of exchange. No formal 
vote by shareholders was required to take any action to exchange out of 
or to liquidate Fund shares. On April 18, 1994, all outstanding shares 
of applicant were liquidated at the then-current net asset value of 
$1.00 per share and the proceeds of such liquidation were paid to the 
record holders of applicant's shares or exchanged into the General 
Fund.
    3. Distributions to all securityholders in complete liquidation of 
their interests have been made. No brokerage commissions were incurred.
    4. On April 17, 1994, approximately 23,371,812.98 shares of common 
stock were outstanding at a net asset value of $1.00 per share. At such 
date, aggregate net assets of applicant were $23,371,812.98.
    5. In connection with its liquidation, applicant incurred 
approximately $4,000 of aggregate expenses, consisting primarily of 
printing and mailing costs, all of which were paid by FN Investment 
Center, a subsidiary of 1st Nationwide Bank F.S.B.
    6. As of the date of this application, applicant has no outstanding 
debts or liabilities. Applicant has no shareholders and is not a party 
to any litigation or administrative proceeding. Applicant is not 
presently engaged in, nor does it propose to engage in, any business 
activities other than those necessary for the winding-up of its 
affairs.
    7. Applicant intends to file all documents required to terminate 
its existence as a Maryland corporation.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-233 Filed 1-4-95; 8:45 am]
BILLING CODE 8010-01-M