[Federal Register Volume 64, Number 88 (Friday, May 7, 1999)]
[Notices]
[Pages 24686-24687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-11458]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-23821]


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

April 30, 1999.
    The following is a notice of applications for deregistration under 
section 8(f) of the Investment Company Act of 1940 for the month of 
April, 1999. 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 
20549-0102 (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 May 25, 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, N.W., Washington, DC 20549-0609. 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 20549-0506.

Paragon Portfolio [File No. 811-5879]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On March 26, 1996, seven of applicant's 
series, Treasury Money Market Fund, Short-Term Government Fund, 
Intermediate-Term Bond Fund, Value Equity Income Fund, Louisiana Tax-
Free Fund, Value Growth Fund, and Gulf South Growth Fund (collectively, 
the ``Paragon Funds''), transferred their assets to a corresponding 
series of The One Group, in exchange for shares of the 
corresponding series of The One Group

[[Page 24687]]

based on net asset value. On April 29, 1996, the sole shareholder of 
the remaining series of applicant, Power Intermediate-Term Bond 
Portfolio, Power Value Growth Portfolio, Power Value Equity Income 
Portfolio, and Power Gulf South Growth Portfolio (collectively, the 
``Power Portfolios''), redeemed its interest in each Power Portfolio at 
net asset value. The Paragon Funds paid approximately $71,000 in 
expenses incurred in connection with the reorganization. All other 
expense related to the reorganization were paid by Banc One Investment 
Advisors Corporation applicant's investment adviser, and The One 
Group
    Filing Dates: The application was filed on February 3, 1999, and 
amended on March 31, 1999.
    Applicant's Address: 4900 Sears Tower, Chicago, Illinois 60606.

DEM, Inc. [File No. 811-9118]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By April 7, 1999, applicant will have 
completed a liquidating distribution to its stockholders at net asset 
value. Applicant incurred approximately $49,123 in expenses in 
connection with the liquidation.
    Filing Dates: The application was filed on December 21, 1998 and 
amended on March 26, 1999.
    Applicant's Address: World Trade Center--Baltimore, 28th floor, 401 
East Pratt Street, Baltimore, Maryland 21202.

Tax-Exempt Money Market Fund [811-3442]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On October 14, 1988, applicant transferred 
all of its assets, subject to liabilities, to the Tax-Exempt Portfolio 
of Cash Equivalent Fund in exchange for share based on net asset value 
per share. Expenses incurred in connection with the merger were $28,000 
and were borne by applicant.
    Filing Dates: The application was filed on December 10, 1997, and 
amended on February 16, 1999.
    Applicant's Address: 222 South Riverside Plaza, Chicago, IL 60606-
5808.

Kemper Short-Term Global Income Fund [811-6147]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On August 26, 1994, applicant transferred all 
of its assets, less reserves for debt, to the Kemper Global Income Fund 
in exchange for Class A shares based on net asset value per share. 
Expenses incurred in connection with the merger were $32,000 and were 
borne by applicant.
    Filing Dates: the application was filed on December 10, 1997, and 
amended on February 16, 1999.
    Applicant's Address: 222 South Riverside Plaza, Chicago, IL 60606-
5808.

Zazove Convertible Fund, L.P. [File No. 811-8324]

    Summary: Appplicant seeks an order declaring that it has ceased to 
be an investment company. On January 1, 1999, applicant transferred all 
of its assets to Zazove Convertible Securities Fund, Inc. 
(``Convertible Securities Fund'') in exchange for shares of the 
Convertible Securities Fund based on net asset value. The Convertible 
Securities Fund will pay approximately $40,000 in expenses in 
connection with the merger.
    Filing Dates: The application was filed on January 27, 1999, and 
amended on April 21, 1999.
    Applicant's Address: 4801 West Peterson Avenue, Suite 615, Chicago, 
Illinois 60646.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-11458 Filed 5-6-99; 8:45 am]
BILLING CODE 8010-01-M