[Federal Register Volume 65, Number 170 (Thursday, August 31, 2000)]
[Notices]
[Pages 53063-53065]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-22318]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-24622]


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

August 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 
August, 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 September 19, 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.

Dreyfus Retirement Income Fund [File No. 811-8889]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On October 31, 1999, applicant made a final 
liquidating distribution to its sole remaining shareholder based on net 
asset value. Expenses of $1,500 incurred in connection with the 
liquidation were paid by The Dreyfus Corporation, applicant's 
investment adviser.
    Filing Date: The application was file don August 3, 2000.

[[Page 53064]]

    Applicant's Address: 200 Park Avenue, New York, New York 10166.

Piper Institutional Funds Inc. [File No. 811-7320]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By June 30, 1998, applicant had made 
liquidating distributions to its shareholders based on net asset value. 
Expenses of $10,461 incurred in connection with the liquidation were 
paid by applicant's investment adviser, Piper Capital Management, Inc.
    Filing Dates: The application was filed on June 28, 2000, and 
amended on August 9, 2000.
    Applicant's Address: First American Asset Management, U.S. Bank 
Place, 601 Second Avenue South, Minneapolis, Minnesota 55402.

The Parkstone Group of Funds [File No. 811-5105]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By June 16, 2000, each series of applicant 
had transferred its assets to a corresponding series of the Armada 
Funds based on net asset value. Expenses of $525,166 incurred in 
connection with the reorganization were paid by the acquiring funds and 
National City Bank of Michigan/Illinois.
    Filing Date: The application was filed on August 10, 2000.
    Applicant's Address: One Freedom Valley Drive, Oaks, Pennsylvania 
19456.

The Berwyn Fund, Inc. [File No. 811-3890]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On May 3, 1999, applicant transferred its 
assets to The Berwyn Funds based on net asset value. Expenses of 
$75,000 incurred in connection with the reorganization were paid by the 
two series of The Berwyn Funds that resulted from the reorganization.
    Filing Dates: The application was filed on May 23, 2000, and 
amended on May 23, 2000, and August 20, 2000.
    Applicant's Address: 1189 Lancaster Avenue, Berwyn, Pennsylvania 
19312.

The Taiwan Equity Fund, Inc. [File No. 811-8290]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On June 27, 2000, applicant made its final 
liquidating distribution to shareholders based on net asset value. 
Applicant's custodian, Daiwa Securities Trust Company, has retained 
$132,108 to cover current and anticipated liabilities and expenses. 
Expenses of $66,211 incurred in connection with the liquidation were 
paid by applicant.
    Filing Dates: The application was filed on July 13, 2000, and 
amended on August 18, 2000.
    Applicant's Address: c/o Daiwa Securities Trust Company, One 
Evertrust Plaza, Jersey City, New Jersey 07302.

The Americas Income Trust Inc. [File No. 811-8094]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On July 24, 1998, applicant transferred its 
assets to First American Investment Funds, Inc. based on net asset 
value. Expenses of $19,524 incurred in connection with the 
reorganization were paid by U.S. Bank National Association, investment 
adviser to the acquiring fund.
    Filing Dates: The application was filed on June 28, 2000, and 
amended on August 9, 2000.
    Applicant's Address: First American Asset Management, U.S. Bank 
Place, 601 Second Avenue South, Minneapolis, Minnesota 55402.

INVESCO Specialty Funds, Inc. [File No. 811-8528]

    Summary:  Applicant seeks an order declaring that it has ceased to 
be an investment company. By February 15, 2000, each of applicant's 6 
series had transferred all of their assets to a corresponding series of 
either INVESCO International Funds, Inc., INVESCO Stock Funds, Inc., or 
INVESCO Sector Funds, Inc., based on net asset value. INVESCO Funds 
Group, Inc., applicant's investment adviser, paid $355,266 of the 
expenses incurred in connection with the reorganization, and the 
remaining $355,266 of expenses were paid by applicant and the acquiring 
funds.
    Filing Dates: The application was filed on July 24, 2000, and 
amended on August 17, 2000.
    Applicant's Address: 700 E. Union Avenue, Denver, Colorado 80237.

Daruma Mid-Cap Value Fund [File No. 811-7621]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On June 30, 2000, applicant distributed all 
of its assets to its shareholders based on net asset value. Expenses of 
$14,500 in incurred in connection with the liquidation were paid by 
Daruma Asset Management, Inc., applicant's investment adviser.
    Filing Date: The application was filed on July 21, 2000.
    Applicant's Address: 60 East 42nd Street, Suite 1111, New York, New 
York 10165.

Norwest Advantage Funds [File No. 811-4881]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On November 8, 1999, applicant transferred 
its assets to Wells Fargo Funds Trust based on net asset value. 
Expenses of $1,465,212 incurred in connection with the reorganization 
were paid by Wells Fargo Bank, N.A., the administrator of the acquiring 
fund.
    Filing Dates: The application was filed on June 19, 2000, and 
amended on July 28, 2000.
    Applicant's Address: Two Portland Square, Portland, Maine 04101.

Merrill Lynch Insured Equity Funds, Inc. [File No. 811-7539]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Applicant never 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 June 7, 2000, and 
amended on July 26, 2000.
    Applicant's Address: c/o Merrill Lynch Investment Managers, L.P., 
P.O. Box 9011, Princeton, New Jersey 08543-9011.

The Optimal Fund [File No. 811-9219]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On April 28, 2000, applicant made a final 
liquidating distribution to its shareholders based on net asset value. 
Expenses of approximately $13,300 incurred in connection with the 
liquidation were paid by applicant.
    Filing Dates: The application was filed on May 26, 2000, and 
amended on July 21, 2000.
    Applicant's Address: 3400 Inland Empire Blvd., Suite 101, Ontario, 
California 91764.

Colonial Massachusetts Insured Municipal Fund [File No. 811-9535]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Applicant has never made a public offering of 
its securities and does not propose to make any public offering or 
engage in business of any kind.
    Filing Date: The application was filed on July 17, 2000.
    Applicant's Address: One Financial Center, 11th Floor, Boston, 
Massachusetts 02111.

[[Page 53065]]

First Investors High Yield Fund, Inc. [File No. 811-4674]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On March 14, 2000, applicant transferred its 
assets to First Investors Fund for Income, Inc. based on net asset 
value. Expenses of $69,636 incurred in connection with the 
reorganization were paid by applicant, the acquiring fund, and 
applicant's investment adviser.
    Filing Date: The application was filed on June 20, 2000.
    Applicant's Address: 95 Wall Street, New York, New York 10005.

Evergreen Small Company Growth Fund (formerly Keystone Small 
Company Growth Fund (S-4)) [File No. 811-101] Evergreen Small 
Company Growth Fund II (formerly Keystone Small Company Growth Fund 
II) [File No. 811-7457]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. On January 24, 1998, each applicant 
transferred all of its assets to Evergreen Small Company Growth Fund, a 
newly created series of Evergreen Equity Trust, based on net asset 
value. First United National Bank, the parent of applicants' investment 
adviser, paid all expenses incurred in connection with each 
reorganization.
    Filing Date: Each application was filed on August 17, 2000.
    Applicants' Address: 200 Berkeley Street, Boston, Massachusetts 
02116.

Trust for Federal Securities [File No. 811-2573]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On February 10, 1999, applicant transferred 
its assets to Provident Institutional Funds based on net asset value. 
Applicant incurred no expenses in connection with the reorganization.
    Filing Date: The application was filed on August 4, 2000.
    Applicants' Address: 400 Bellevue Parkway, Wilmington, Delaware 
19809.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-22318 Filed 8-30-00; 8:45 am]
BILLING CODE 8010-01-M