[Federal Register Volume 62, Number 8 (Monday, January 13, 1997)]
[Notices]
[Page 1786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-687]


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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22442; 811-1341]


Special Portfolios, Inc.; Notice of Application

January 6, 1997.
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: Special Portfolios, Inc.

RELEVANT ACT SECTION: Order requested under 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 October 31, 1996 and amended 
on December 26, 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 February 10, 
1997, 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 Fifth Street, N.W., Washington, D.C. 
20549. Applicant, 500 Bielenberg Drive, Woodbury, Minnesota 55125.

FOR FURTHER INFORMATION CONTACT: Elaine M. Boggs, Senior Staff 
Attorney, at (202) 942-0572, 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 from 
the SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is a registered open-end management investment company 
and is organized as a corporation under the laws of Minnesota. 
Applicant registered under the Act and filed a registration statement 
on Form S-5 on March 16, 1996. At that time, applicant's name was 
``Josten Growth Fund, Inc.'' On July 19, 1966, the registration 
statement was declared effective and applicant commenced its initial 
public offering.
    2. Due to the relatively small size and uneconomical nature of 
applicant, applicant's board of directors concurred with the 
recommendation of applicant's investment adviser that shareholders be 
invited to redeem their shares so that applicant could be liquidated. 
Accordingly, a letter was sent to applicant's shareholders. In 
response, during the period from March 1, 1996 through April 8, 1996, 
all remaining shareholders, including the Fortis, Inc. Profit Sharing 
Plan, chose to redeem their shares of applicant.\1\ All redemptions 
were made at net asset value as of the date of redemption.
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    \1\ The profit sharing plan owned approximately 97% of 
applicant's shares subsequent to March 1, 1996.
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    3. No expenses were incurred in connection with the redemption of 
shares, other than normal shareholder servicing expenses. Applicant's 
investment adviser has undertaken to pay the expenses of winding up 
applicant. In connection with the redemption of shares, applicant sold 
its remaining portfolio securities in normal market transactions. No 
sales or brokerage commissions were paid in connection with such sales.
    4. There are no securityholders to whom distributions in complete 
liquidation of their interests have not been made. Applicant has 
retained no assets. Applicant has no debts or other liabilities that 
remain outstanding. Applicant is not a party to any litigation or 
administrative proceeding.
    5. 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.
    6. After the requested order is granted, applicant intends to file 
a notice of dissolution with the State of Minnesota, followed by 
articles of dissolution. Applicant anticipates that the filing of the 
notice of dissolution will be authorized by applicant's board of 
directors in accordance with Minnesota corporation law.

    For the SEC by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-687 Filed 1-10-97; 8:45 am]
BILLING CODE 8010-01-M