[Federal Register Volume 65, Number 43 (Friday, March 3, 2000)]
[Notices]
[Pages 11617-11618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-5182]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-24318]


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

February 25, 2000.
    The following is a notice of applications for deregistration under 
section 8(f) of the Investment Company Act of 1940 for the month of 
February 2000. A copy of each application may be obtained for a fee at 
the SEC's Public Reference Branch, 450 Fifth St., NW, Washington, DC 
20549-0102 (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 March 21, 2000, 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 20549-0609. For Further Information Contact: 
Diane L. Titus, at (202) 942-0564, SEC, Division of Investment 
Management, Office of Investment Company Regulation, 450 Fifth Street, 
NW, Washington, DC 20549-0506.

Putnam High Quality Bond Fund [File No. 811-4617]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On July 12, 1999, applicant transferred its 
assets to Putnam American Government Income Fund based on net asset 
value. Legal and accounting expenses of $70,000 incurred in connection 
with the reorganization were paid by applicant and the acquiring fund 
in proportion to their net assets. In addition, proxy expenses of 
$145,000 were paid by applicant.
    Filing Date: The application was filed on January 19, 2000.
    Applicant's Address: One Post Office Square, Boston, Massachusetts 
02109.

Kemper Europe Fund [File No. 811-7479]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On September 3, 1999, applicant transferred 
its assets to Kemper New Europe Fund, Inc., based on net asset value. 
Expenses of $815,000 were incurred in connection with the 
reorganization, of which applicant paid $138,398 and the acquiring fund 
paid $676,602.
    Filing Dates: The application was filed on January 12, 2000, and 
amended on January 28, 2000.
    Applicant's Address: 222 South Riverside Plaza, Chicago, Illinois 
60606.

Bay Funds [File No. 811-6296]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By December 9, 1996, Applicant had 
transferred its assets to 1784 Funds, based on net asset value. 
Expenses incurred in connection with the reorganization were paid by 
BayBank, N.A. and BayBank Investment Management, Inc. (now known as The 
First National Bank of Boston), applicant's investment adviser and its 
affiliates.
    Filing Dates: The application was filed on June 5, 1997, and 
amended on January 26,2000.
    Applicant's Address: 1001 Liberty Avenue, Pittsburgh, Pennsylvania 
15222-3779.

Dreyfus Premier Insured Municipal Bond Fund [File No. 811-7682]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On November 16, 1998, applicant made a final 
liquidating distribution to its shareholders based on net asset value. 
Expenses of approximately $1,362 incurred in connection with the 
liquidation were paid by The Dreyfus Corporation applicants's 
investment adviser.
    Filing Date: The application was filed on February 2, 2000.
    Applicant's Address: 200 Park Avenue, New York, New York 10166.

Carillon Investment Trust [File No. 811-5293]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On October 29, 1999, applicant made a 
liquidating distribution to its shareholders based on net asset value. 
Applicant states that any expenses incurred in connection with the 
liquidation would be paid by applicants's investment adviser.
    Filing Date: The application was filed on February 11, 2000.
    Applicant's Address: 1876 Waycross Road, Cincinnati, Ohio 45240.

The Griffin Funds, Inc. [File No. 811-7948]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On March 5, 1999, applicant transferred its 
assets to corresponding series of WM Trust I and WM Trust II based on 
net asset value. Expenses of approximately $1,760,000 incurred in 
connection with the reorganization ware paid by WM Advisors, Inc., 
investment adviser to WM Trust I and WM Trust II.
    Filing Dates: The application was filed on December 10, 1999 and 
amended on February 11, 2000.
    Applicant's Address: c/o John T. West, WM Advisors Inc., 1201 Third 
Avenue, 22nd Floor, Seattle, Washington 98101.

Colorado Double Tax-Exempt Bond Fund, Inc. [File No. 811-8023]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. All shareholders of applicant have redeemed 
their shares at net asset value. Expenses of approximately $1,410 
incurred in connection with the liquidation were paid by Isaak Bond 
Investments, Inc., applicant's principal underwriter.
    Filing Dates: The application was filed on November 12, 1999, and 
amended on January 18, 2000.
    Applicant's Address: 600 Seventeenth Street, Suite 2610, South 
Tower, Denver, Colorado 80202.

Pegasus Funds [File No. 811-5148]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On March 29, 1999, applicant completed the 
transfer of its assets to The One Group , based on net asset 
value. Expenses of approximately $1,862,760 were incurred in connection 
with the reorganization. Applicant and The One Group  were 
each responsible for their own expenses in connection with the 
reorganization. Banc One Investment Advisors Corporation, investment 
adviser to The One Group , assumed the costs of proxy 
solicitations.
    Filing Date: The application was filed on November 10, 1999, and 
amended on February 11, 2000.

[[Page 11618]]

    Applicant's Address: P.O. Box 5142, Westborough, Massachusetts 
01581.

Liquid Capital Income Trust [File No. 811-2528]; Carnegie 
Government Securities Trust [File No. 811-3037]; Carnegie Tax Free 
Income Trust [File No. 811-3446]; Carnegie Tax Exempt Income Trust 
[File No. 811-4538]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. By November 19, 1999, each applicant had 
made a liquidating distribution to its shareholders based on net asset 
value. Expenses of $49,300; $14,300; $14,300; and $14,700, 
respectively, incurred in connection with the liquidations were paid by 
each applicant.
    Filing Date: Each application was filed on February 4, 2000.
    Applicant's Address: 1100 The Halle Building, 1228 Euclid Avenue, 
Cleveland, Ohio 44115.

The Chancellor Targeted Health Care Fund, Inc. [File No. 811-6633]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Applicant has not made a public offering of 
its securities and does not propose to make any public offering or 
engage in business of any kind.
    Filing Dates: The application was filed on February 10, 2000.
    Applicant's Address: c/o INVESCO, Inc., 1166 Avenue of the 
Americas, New York, New York 10036.

Marketvest Funds (formerly Court Street Funds) [File No. 811-7383]; 
Marketvest Funds, Inc. (formerly Court Street Funds, Inc.) [File 
No. 811-7385]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. By March 27, 1998, each series of each 
applicant transferred its assets and liabilities to corresponding 
series of ARK Funds, based on net asset value. Expenses of $344,300, 
incurred in connection with the reoganizations were paid by First 
Maryland Bancorp, the corporate parent of applicants' investment 
adviser.
    Filing Date: Each application was filed on January 26, 2000.
    Applicant's Address: c/o Allfirst Trust Company, N.A., 25 South 
Charles Street, Mail Stop: 101-621, Legal and Compliance, Baltimore, 
Maryland 21201.

Farm Bureau Life Variable III [File No. 811-8969]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Applicant has not made any public offering of 
its securities and is not now engaged, or intending to engage, in any 
business activities other than those necessary for winding up its 
affairs.
    Filing Dates: The application was filed on December 20, 1999, and 
amended on February 15, 2000.
    Applicant's Address: 5400 University Avenue, West Des Moines, Iowa 
50266.


    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 00-5182 Filed 3-2-00; 8:45 am]
BILLING CODE 8010-01-M