[Federal Register Volume 65, Number 216 (Tuesday, November 7, 2000)]
[Notices]
[Pages 66787-66789]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-28506]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-24720]


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

October 31, 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 
October, 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 November 27, 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.

Time Horizon Funds [File No. 811-9024]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On August 20, 1999, applicant transferred it 
assets to Nations Asset Allocation Fund, a portfolio of The Nations 
Institutional Reserves, based on net asset value. Expenses of $232,024 
incurred in connection with the reorganization were paid by applicant's 
investment adviser, Bank of America, and/or its affiliates.
    Filing Dates: The application was filed on September 26, 2000, and 
amended on October 25, 2000.

[[Page 66788]]

    Applicant's Address: 103 Bellevue Parkway, Wilmington, Delaware 
19809.

Morgan Stanley Aggressive Equity Fund, Inc. [File No. 811-8504]

    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 Dates: The application was filed on August 17, 2000, and 
amended on October 24, 2000.
    Applicant's Address: c/o Morgan Stanley Dean Witter Investment 
Management, Inc., 1221 Avenue of the Americas, New York, New York 
10020.

Nationwide Investing Foundation [File No. 811-435]; Nationwide 
Investing Foundation II [File No. 811-4436]; Financial Horizons 
Investment Trust [File No. 811-5559]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. On May 9, 1998, each applicant transferred 
its assets to Nationwide Mutual Funds (F/K/A Nationwide Investing 
Foundation III) based on net asset value. Expenses of $198,784, 
$216,597 and $167,098, respectively, were incurred in connection with 
the reorganizations, with each applicant paying 50% of their respective 
expenses and Nationwide Advisory Services, Inc., applicants' investment 
adviser, paying the remaining 50%.
    Filing Date: The applications were filed on September 22, 2000.
    Applicants' Address: One Nationwide Plaza, Columbus, Ohio 43215.

Merrill Lynch Emerging Tigers Fund, Inc. [File No. 811-7135]; 
Merrill Lynch Middle East/Africa Fund, Inc. [File No. 811-7155]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. On May 22, 2000, applicants transferred 
their assets to Merrill Lynch Dragon Fund, Inc. and Merrill Lynch 
Developing Capital Markets Fund, Inc., respectively, based on net asset 
value. Expenses of $188,907 were incurred in connection with the 
reorganization of Merrill Lynch Emerging Tigers Fund, Inc., of which 
applicant paid $113,581 and Merrill Lynch Investment Managers L.P., 
investment adviser to each applicant, paid the remaining $75,326. 
Expenses of $145,384 were incurred in connection with the 
reorganization of Merrill Lynch Middle East/Africa Fund, Inc., of which 
applicant paid $75,484 and applicant's investment adviser paid the 
remaining $69,900.
    Filing Date: The applications were filed on September 29, 2000.
    Applicants' Address: 800 Scudders Mill Road, Plainsboro, New Jersey 
08536.

The Bradford Funds, Inc. [File No. 811-5682]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By August 16, 2000, applicant had made final 
liquidating distributions to its shareholders based on net asset value. 
Expenses of $100,710 were incurred in connection with the liquidation, 
of which applicant paid $53,407 and PaineWebber Group, Inc. paid the 
remaining $47,303.
    Filing Date: The application was filed on September 28, 2000.
    Applicant's Address: 600 Fifth Avenue, New York, New York 10020.

MuniHoldings Insured Fund III, Inc. [File No. 811-9285]; 
MuniHoldings Insured Fund IV, Inc. [File No. 811-9557]

    Summary: Each applicant, a closed-end management investment 
company, seeks an order declaring that it has ceased to be an 
investment company. On August 14, 2000, each applicant transferred its 
assets to MuniHoldings Insured Fund II, Inc. based on net asset value. 
Each holder of each applicant's auction market preferred stock 
(``AMPS'') received the equivalent number of a newly created series of 
AMPS of the acquiring fund representing the same aggregate liquidation 
preference. Expenses of $159,320 and $85,316, respectively, were 
incurred in connection with the reorganizations and were paid by the 
acquiring fund.
    Filing Date: The applications were filed on October 6, 2000.
    Applicant's Address: 800 Scudders Mill Road, Plainsboro, New Jersey 
08536.

Virginia Daily Municipal Income Fund, Inc. [File No. 811-9006]

    Summary: Applicant seeks an order declaring it has ceased to be an 
investment company. On September 22, 2000, applicant made its final 
liquidating distribution to its shareholders based on net asset value. 
Expenses of $3,000 incurred in connection with the liquidation were 
paid by Reich & Tan Asset Management L.P., applicant's investment 
adviser.
    Filing Date: The application was filed on October 3, 2000.
    Applicant's Address: 600 Fifth Avenue, New York, New York 10020.

Reich & Tang Equity Fund, Inc. [File No. 811-4148]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On June 16, 2000, applicant transferred its 
assets to Delafield Fund, Inc., based on net asset value. Expenses of 
$64,357 incurred in connection with the reorganization were paid by 
Reich & Tang Asset Management L.P., applicant's investment adviser.
    Filing Date: The application was filed on October 6, 2000.
    Applicant's Address: 600 Fifth Avenue, New York, New York 10020.

Fidelity Advisor Korea Fund, Inc. [File No. 811-8608]

    Summary: Applicant, a closed-end investment company, seeks an order 
declaring that it has ceased to be an investment company. On June 30, 
2000, applicant transferred its assets to Fidelity Advisor Korea Fund, 
a series of Fidelity Advisor Series VIII, an open-end investment 
company, based on net asset value. Expenses of $138,170 incurred in 
connection with the reorganization were paid by applicant.
    Filing Date: The application was filed on September 22, 2000.
    Applicant's Address: 82 Devonshire Street, Boston Massachusetts 
02109.

Hyperion 1999 Term Trust, Inc. [File No. 811-6483]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On December 2, 1999, applicant made a final 
liquidating distribution to its shareholders based on net asset value. 
Distributions payable to unlocated shareholders are being held by 
EquiServe. Amounts that are unclaimed will eventually escheat to the 
various states. Expense of $2,120,389 incurred in connection with the 
liquidation were paid by applicant.
    Filing Date: The application was filed on September 20, 2000.
    Applicant's Address: One Liberty Plaza, 165 Broadway, New York, New 
York 10006.

Gradison-McDonald Cash Reserves Trust [File No. 811-2618]; Gradison 
Growth Trust [File No. 811-3760]; Gradison Custodian Trust [File 
No. 811-5198]; Gradison-McDonald Municipal Custodian Trust [File 
No. 811-6705]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. By April 6, 1999, each applicant had 
transferred its

[[Page 66789]]

assets to a corresponding series of The Victory Portfolios based on net 
asset value. Expenses of approximately $658,050, $593,457, $57,930, and 
$61,926, respectively, incurred in connection with each reorganization 
were paid by BISYS Fund Services Ohio Inc., Key Corp and The Victory 
Portfolios.
    Filing Dates: Each application was filed on September 23, 1999, and 
amended on August 18, 2000.
    Applicant's Address: 580 Walnut Street, Cincinnati, Ohio 45202.

American Diversified Funds, Inc. [File No. 811-3434]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On September 17, 1999, applicant transferred 
its assets to Orbitex Growth Fund, a series of the Orbitex Group of 
Funds, based on net asset value. Expenses of $36,663 incurred in 
connection with the reorganization were paid by Orbitex Management, 
Inc., investment adviser to the acquiring fund.
    Filing Dates: The application was filed on August 28, 2000, and 
amended on October 10, 2000.
    Application's address: c/o Orbitex Group of Funds, 410 Park Avenue, 
New York, New York 10022.

USAllianz Funds [File No. 811-9489]

    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, 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 September 18, 2000, and 
amended on October 5, 2000.
    Applicant's Address: 3435 Stelzer Road, Columbus, Ohio 43219.

CrestFunds, Inc. [File No. 811-4620]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. By May 24, 1999, applicant had transferred 
its assets to STI Classic Funds based on net asset value. Expenses of 
$580,272 incurred in connection with the organization were paid by 
applicant and the acquiring fund.
    Filing Date: The application was filed on October 13, 2000.
    Applicant's Address: 300 East Lombard Street, Baltimore, Maryland 
21202.

Global Small Cap Fund Inc. [File No. 811-7814]

    Summary: Applicant, a closed-end investment company, seeks an order 
declaring that it has ceased to be an investment company. On January 
27, 2000, applicant transferred its assets to PaineWebber Global Equity 
Fund, a series of PaineWebber Investment Trust, based on net asset 
value. Expenses of $256,900 incurred in connection with the 
reorganization were paid by applicant.
    Filing Date: The application was filed on October 19, 2000.
    Applicant's Address: 51 West 52nd Street, New York, New York 10019-
6114.

For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-28506 Filed 11-6-00; 8:45 am]
BILLING CODE 8010-01-M