[Federal Register Volume 63, Number 247 (Thursday, December 24, 1998)]
[Notices]
[Page 71319]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-34129]



[[Page 71319]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-23611]


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

December 18, 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 
December, 1998. A copy of each application may be obtained for a fee at 
the SEC's Public Reference Branch, 450 Fifth St., NW, 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 January 12, 1999, 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, NW, Washington, DC 20549. For Further Information Contact: 
Diane L. Titus, at (202) 942-0564, SEC, Division of Investment 
Management, Office of Investment Company Regulations, Mail Stop 5-6, 
450 Fifth Street, NW, Washington, DC 20549.

Inventor Funds, Inc. [File No. 811-8486]

    Summary: Applicant requests an order declaring that it has ceased 
to be an investment company. On or before May 31, 1996, all of the 
outstanding shares of two series of applicant, the Prime Obligations 
Money Market Fund and the Treasury Securities Money Market Fund, were 
liquidated at their net asset value (``Liquidation''). On September 6, 
1996, the remaining series of applicant were acquired by certain series 
of The Armada Funds (``Reorganization''). The Armada Funds and its 
investment adviser bore the expenses of the Reorganization, which were 
approximately $470,000. Applicant did not incur any expenses in 
connection with the Liquidation or Reorganization.
    Filing Dates: The application was filed on June 4, 1997, and 
amended on September 26, 1997, September 1, 1998 and December 8, 1998.
    Applicant's Address: 32 South Street, Baltimore, MD 21202.

First ING of New York Separate Account A1 [File No. 811-8700]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Applicant has previously redeemed all 
outstanding securities and has no existing security holders.
    Filing Dates: The application was filed on September 24, 1998, and 
amended and restated on November 16, 1998.
    Applicant's Address: 225 Broadway, Suite 1901, New York, New York 
10007.

MuniYield Insured Fund II, Inc. [File No. 811-7158]

    Summary: Applicant requests an order declaring that it has ceased 
to be an investment company. On January 27, 1997, applicant transferred 
all of its assets and liabilities to MuniYield Insured Fund, Inc. 
(``Insured I'') in exchange for shares of common stock and shares of 
auction market preferred stock (``AMPS'') of Insured I. Each holder of 
applicant's common stock received the number of shares of Insured I 
common stock with a net asset value (``NAV'') equal to the NAV of 
applicant's common stock held by such shareholder, and each holder of 
applicant's AMPS received the number of shares of Insured I AMPS with 
an aggregate liquidation preference equal to the aggregate liquidation 
preference of applicant's AMPS owned by such shareholder. The 
approximate expenses related to the transaction, which were borne by 
Insured I, were $217,000. Applicant and Insured I each have been named 
as a defendant in Green, et al. v. Fund Asset Management, L.P., et al., 
CA. No. 96-11276NG. Applicant's investment adviser, Fund Asset 
Management, L.P. has agreed to indemnify the named defendant funds for 
any liabilities or expenses that they may incur in connection with this 
litigation.
    Filing Dates: The application was filed on April 15, 1997, and 
amended on September 9, 1997, and November 24, 1998.
    Applicant's Address: 800 Scudders Mill Road, Plainsboro, NJ 08536.

The Fontaine Trust [811-5835]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On May 18, 1998, each of applicant's three 
series, Fontaine Capital Appreciation Fund, Fontaine Global Growth 
Fund, and Fontaine Global Income Fund (collectively, the ``Acquired 
Funds''), transferred substantially all of its assets and liabilities 
to a corresponding series of Nicholas-Applegate Mutual Funds (``NA 
Funds''), in exchange for shares of the corresponding NA Fund based on 
net asset value. Nicholas-Applegate Capital Management, investment 
adviser to the NA Funds, paid approximately $65,000, each NA Fund paid 
$12,500, and Richard Fontaine Associates, Inc., investment adviser to 
the Acquired Funds, paid approximately $10,000 in expenses in 
connection with the reorganization.
    Filing Dates: The application was filed on October 30, 1998, and 
amended on December 17, 1998.
    Applicant's Address: 210 West Pennsylvania Avenue, Suite 240, 
Towson, Maryland 21204.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary
[FR Doc. 98-34129 Filed 12-23-98; 8:45 am]
BILLING CODE 8010-01-M