[Federal Register Volume 63, Number 65 (Monday, April 6, 1998)]
[Notices]
[Pages 16837-16838]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-8930]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-23096]


Applications for Deregistration Under Section 8(f) of the 
Investment Company Act of 1940

March 31, 1998.
    The following is a notice of applications for deregistration under 
section 8(f) of the Investment Company Act of 1940 for the month of 
March 1998. A copy of each application may be obtained for a fee at the 
SEC's Public Reference Branch, 450 Fifth St., N.W., Washington, DC 
20549 (tel. 202-942-8090). An order granting each application will be 
issued unless the SEC orders a hearing. Interested persons may request 
a hearing on any application by writing to the SEC's Secretary at the 
address below and serving the relevant 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 April 27, 1998, 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 who wish to be notified of a hearing may 
request notification by writing to the Secretary, SEC, 450 Fifth 
Street, N.W., Washington, DC 20549. For Further Information Contact: 
Diane L. Titus, at (202) 942-0564, SEC, Division of Investment 
Management, Office of Investment Company Regulation, Mail Stop 5-6, 450 
Fifth Street, N.W., Washington, DC 20549.

EV Traditional Worldwide Health Sciences Fund, Inc. [File No. 811-
4196]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On August 31, 1997, applicant transferred its 
assets and liabilities to a corresponding new series of the Eaton Vance 
Growth Trust based on the relative net asset value per share. Applicant 
paid approximately $6,600 in expenses related to the reorganization.
    Filing Dates: The application was filed on October 15, 1997 and 
amended on March 18, 1998.
    Applicant's Address: 24 Federal Street, Boston, MA 02110.

Dean Witter High Income Securities [File No. 811-07157], Dean 
Witter National Municipal Trust [File No. 811-07163]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. On November 10, 1997, Dean Witter High 
Income Securities (``HIS'') and Dean Witter National Municipal Trust 
(``NMT'') each transferred all assets and liabilities to Dean Witter 
High Yield Securities Inc. and Dean Witter Tax-Exempt Securities Trust, 
respectively, based on the relative net asset values per share. Dean 
Witter InterCapital Inc., applicants' investment adviser, bore all of 
the expenses in connection with the reorganizations, which amounted to 
approximately $268,000 for the reorganization of HIS and approximately 
$220,000 for the reorganization of NMT.
    Filing Dates: Both applications were filed on December 9, 1997. The 
application for NMT was amended on February 18, 1998, and the 
application for HIS was amended on February 19, 1998.
    Applicants' Address: Two World Trade Center, New York, New York 
10048.

The Alabama Tax-Exempt Bond Trust, Series 1 [File No. 811-4094], 
The Alabama Tax-Exempt Bond Trust, Series 2 [File No. 811-4232], 
The Alabama Tax-Exempt Bond Trust, Series 3 [File No. 811-4385], 
The Alabama Tax-Exempt Bond Trust, Series 4 [File No. 811-4535]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. In April 1995, The Alabama Tax-Exempt Bond 
Trust, Series 1 distributed to unitholders their pro rate portion of 
cash proceeds from the liquidation of applicant's remaining assets less 
expenses. Expenses incurred in connection with the liquidation were 
approximately $310, and were allocated among existing units on a pro 
rata basis. In May 1995, The Alabama Tax-Exempt Bond Trust, Series 2 
distributed to unitholders their pro rata portion of cash proceeds from 
the liquidation of applicant's remaining assets less expenses. Expenses 
incurred in connection with the liquidation were approximately $235, 
and were allocated among existing units on a pro rata basis. In 
December 1996, The Alabama Tax-Exempt Bond Trust, Series 3 and The 
Alabama Tax-Exempt Bond Trust, Series 4 each distributed to unitholders 
their pro rata portion of cash proceeds from the liquidation of each 
applicant's remaining assets less expenses. Expenses incurred in 
connection with the liquidations were approximately $260 and $270, 
respectively, and were allocated among existing units on a pro rata 
basis.
    Filing Dates: The applications were filed on May 5, 1997, and 
amended on December 8, 1997.
    Applicants' Address: 1901 Sixth Avenue South, Birmingham, Alabama 
35203.

S&P STARS Fund [File No. 811-8800]

    Summary: Applicant, a master fund in a master-feeder arrangement, 
seeks an order declaring that it has ceased to be an investment 
company. Applicant has a single feeder fund, the S&P STARS Portfolio 
(the ``STARS Portfolio''). On June 24, 1997, applicant redeemed its 
shares held by STARS Portfolio by delivering all of its portfolio 
securities to the STARS Portfolio. Applicant paid $25,981 in expenses 
related to the liquidation.
    Filing Date: The application was filed on October 9, 1997, and an 
amendment thereto on February 6, 1998.
    Applicant's Address: 245 Park Avenue, New York, New York 10167.

Cardinal Tax Exempt Money Trust [File No. 811-3686], Cardinal 
Government Securities Trust [File No. 811-3028], The Cardinal Fund, 
Inc. [File No. 811-1428], Cardinal Government Obligations Fund 
[File No. 811-4475]

    Summary: Each applicant requests an order declaring that it has 
ceased to be an investment company. On May 1, 1996, each applicant 
transferred its assets and liabilities to a corresponding new series 
(each the ``Successor Fund'') of The Cardinal Group, based on the 
aggregate net asset value of each fund.
    Cardinal Tax Exempt Money Trust reorganized into Cardinal Tax 
Exempt Money Market Fund. The total cost of the reorganization, which 
was split among the applicant, the Successor Fund, and the underwriter, 
was $26,008.

[[Page 16838]]

    Cardinal Government Securities Trust reorganized into Cardinal 
Government Securities Money Market Fund. The total cost of the 
reorganization, which was split among the applicant, the Successor 
Fund, and the underwriter, was $150,799.
    The Cardinal Fund Inc. reorganized into The Cardinal Fund. The 
total cost of the reorganization, which was split among the applicant, 
the Successor Fund, and the underwriter, was $58,521.
    Cardinal Government Obligations Fund reorganized into Cardinal 
Government Obligations Fund. The total cost of the reorganization, 
which was split among the applicant, the Successor Fund, and the 
underwriter, was $37,059.
    Filing Dates: Each application was filed on August 14, 1997.
    Applicants' Address: 155 East Broad Street, Columbus, Ohio 43215.

Scudder World Income Opportunities Fund, Inc. [File No. 811-8316]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On November 14, 1997, The Latin America 
Dollar Income Fund, Inc. (``LADIF'') acquired the assets of applicant 
at net asset value. Applicant and LADIF bore expenses related to the 
transaction in the amount of $225,000, based on each fund's relative 
asset size.
    Filing Date: The application was filed on November 25, 1997 and 
amended on March 20, 1998.
    Applicant's Address: 345 Park Avenue, New York, New York 10154.

Warburg, Pincus Tax Free Fund, Inc. [File No. 811-7519]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On October 16, 1997, applicant distributed 
its net assets to its shareholders at the net asset value per share. 
Applicant's investment adviser, Warburg Pincus Asset Management, Inc., 
paid approximately $40,000 in expenses, consisting of auditing and 
legal expenses, in connection with the liquidation.
    Filing Date: The application was filed on December 24, 1997, and 
amended on March 13, 1998.
    Applicant's Address: 466 Lexington Avenue, New York, New York 
10017-3147.

High Yield Cash Trust [File No. 811-3448]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By March 31, 1992, applicant completed a 
liquidating distribution to its shareholders at net asset value. No 
expenses were incurred in connection with the liquidation.
    Filing Dates: The application was filed on September 28, 1992, and 
amended on August 12, 1996, April 21, 1997, and September 2, 1997.
    Applicant's Address: Federated Investors Tower, Pittsburgh, 
Pennsylvania 15222-3779.

IDEX Fund [File No. 811-4202], IDEX Fund 3 [File No. 811-5000]

    Summary: Each applicant requests an order declaring that it has 
ceased to be an investment company. On September 20, 1996, each 
applicant transferred its assets and liabilities to IDEX Growth 
Portfolio, a portfolio of the IDEX Series Fund, based on the relative 
net asset value per share. IDEX Growth Portfolio paid $127,151 in 
expenses related to each transaction.
    Filing Dates: Each application was filed on November 14, 1997 and 
amended on march 25, 1998.
    Applicant's Address: 201 Highland Avenue, Largo, Florida 33770-
2597.

CIGNA Income Fund, Inc. [File No. 811-1640], CIGNA Money Market 
Fund, Inc. [File No. 811-2542], CIGNA Municipal Bond Fund, Inc. 
[File No. 811-2700], CIGNA Cash Fund, Inc. [File No. 811-3472], 
CIGNA Tax-Exempt Cash Fund, Inc. [File No. 811-3473], CIGNA 
Aggressive Growth Fund, Inc. [File No. 811-3912], CIGNA Value Fund, 
Inc. [File No. 811-3913]

    Summary: Each applicant requests an order declaring that it has 
ceased to be an investment company. On April 30, 1985, each applicant 
transferred its assets and liabilities to a new, identically named 
series of CIGNA Funds Group (n/k/a AIM Funds Group), based on the 
relative net asset value per share of each fund. All expenses relating 
to each reorganization were borne by the respective applicant.
    Filing Dates: Each application was filed on May 9, 1997, and 
amended on August 6, 1997.
    Applicants' Address: 900 Cottage Grove Road, Hartford, CT 06152.

MuniVest New York Insured Fund, Inc. [File No. 811-7566], MuniYield 
New York Insured Fund III, Inc. [File No. 811-7258], MuniVest 
California Insured Fund, Inc. [File No. 811-7576]

    Summary: Each applicant requests an order declaring that it has 
ceased to be an investment company. On January 27, 1997, MuniVest New 
York Insured Fund, Inc. and MuniYield New York Insured Fund III, Inc. 
transferred their assets and liabilities to MuniYield New York Insured 
Fund II, Inc., based on the relative net asset value per share of each 
fund. On the same date, MuniVest California Insured Fund, Inc. 
transferred its assets and liabilities to MuniYield California Insured 
Fund II,Inc., based on the relative net asset value per share of each 
fund. The approximate expenses related to each transaction, which were 
borne by the respective acquiring fund, were as follows: MuniVest New 
York Insured Fund, Inc., $215,000; MuniYield New York Insured Fund III, 
Inc., $215,000; and MuniVest California Insured Fund, Inc., $207,000.
    Filing Dates: Each application was filed on April 15, 1997, and 
amended on September 9, 1997.
    Applicant's Address: 800 Scudders Mill Road, Plainsboro, NJ 08536.

The JPM Advisor Funds [File No. 811-8794]

    Summary: Applicant requests an order declaring that it has ceased 
to be an investment company. On November 15, 1996, each series of 
applicant redeemed all of its shares at its net asset value next 
determined on that date. Morgan Guaranty Trust Company of New York paid 
approximately $172,000 in expenses relating to the liquidation.
    Filing Dates: The application was filed on May 30, 1997, and 
amended on August 18, 1997. Applicant has agreed to file an amendment 
during the notice period, the substance of which is incorporated in 
this notice.
    Applicant's Address: 60 State Street, Suite 1300, Boston, 
Massachusetts 02109.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-8930 Filed 4-3-98; 8:45 am]
BILLING CODE 8010-01-M