[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