[Federal Register Volume 66, Number 67 (Friday, April 6, 2001)]
[Notices]
[Pages 18326-18329]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-8469]


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SECURITIES AND EXCHANGE COMMISSION

[Rel. No. IC-24923; File No. 812-12376]


American General Life Insurance Company, et al.

March 30, 2001.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'')

ACTION: Notice of application for an order pursuant to Section 26(b) of 
the Investment Company Act of 1940, as amended (the ``Act''), approving 
certain substitutions of securities.

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Applicants: American General Life Insurance Company (``American 
General''), American General Life Insurance Company Separate Account D 
(the ``AGL Separate Account''), Ameritas Variable Life Insurance 
Company (``Ameritas''), Ameritas Variable Life Insurance Company 
Separate Account VA-2 (the ``Ameritas VA Separate Account''), Ameritas 
Variable Life Insurance Company Separate Account V (the ``Ameritas VUL 
Separate Account,'' collectively with the Ameritas VA Separate Account, 
the ``Ameritas Separate Accounts''), Integrity Life Insurance Company 
(``Integrity'') Integrity Life Insurance Company Separate Account II 
(the ``Integrity Separate Account''), National Integrity Life Insurance 
Company (``National Integrity,'' collectively with American General, 
Ameritas and Integrity, the ``Insurance Company Applicants''), National 
Integrity Life Insurance Company Separate Account II (the ``National 
Integrity Separate Account,'' collectively with the AGL Separate 
Account, the Ameritas Separate Accounts and the Integrity Separate 
Account, the ``Separate Accounts,'' and collectively with the other 
Separate Accounts and the Insurance Company Applicants, 
``Applicants'').

Summary of Application: Applicants request an order permitting the 
substitution (1) by the AGL Separate Account of shares of the Global 
Equity Portfolio (``Global Equity Portfolio'') for shares of the Asian 
Equity Portfolio (``Asian Equity Portfolio''); (2) by the Integrity 
Separate Account and the National Integrity Separate account 
(collectively, the ``Integrity Separate Accounts'') of shares of the 
Janus Aspen Worldwide Growth Portfolio--Institutional Shares (the 
``Janus Wordwide Growth Portfolio'') for shares of the Asian Equity 
Portfolio; (3) by Ameritas VA Separate Account and the Ameritas VUL 
Separate Account of shares of the Global Equity Portfolio for shares of 
the Asian Equity Portfolio; and (4) by the Americas VA Separate Account 
and Americas VUL Separate Account of shares of the Variable Insurance 
Products--Initial Class (the ``Fidelity Overseas Portfolio'') for 
shares of the Asian Equity Portfolio. The Global Equity Portfolio, 
Janus Worldwide Growth Portfolio and Fidelity Overseas Portfolio are 
referred to herein as the ``Substitute Portfolios.''

Filing Date: The application was filed on December 22, 2000, and 
amended and restated on March 16, 2001.

Hearing or Notification of Hearing: An order granting the application 
will be issued unless the Commission orders a hearing. Interested 
persons may request a hearing by writing to the Secretary of the 
Commission and serving Applicants with a copy of the request, 
personally or by mail. Hearing requests must be received by the 
Commission by 5:30 p.m. on April 24, 2001, and should be accompanied by 
proof of service on Applicants 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 of the SEC.

ADDRESSES: Secretary, Securities and Exchange Commission, 450 Fifth 
Street, NW., Washington, DC 20549-0609; American General and the AGL 
Separate Account, P.O. Box 1401, Houston, Texas, 77251-1401; Ameritas 
and the Ameritas Separate Accounts, 5900 ``O'' Street, Lincoln, 
Nebraska 68510 and Integrity, National Integrity, the Integrity 
Separate Account and the National Integrity Separate Account, P.O. Box 
740074, Louisville, Kentucky 40202-3319.

FOR FURTHER INFORMATION CONTACT: Curtis A. Young, Senior Counsel, or 
Lorna J. MacLeod, Branch Chief, Office of Insurance Products, Division 
of Investment Management at (202) 942-0670.

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application is available for a fee from the 
SEC's Public Reference Branch, 450 Fifth Street, NW., Washington, DC 
20549 (tel. (202) 942-8090).

Applicants' Representations

    1. American General is a stock life insurance company organized 
under the laws of the State of Texas and is a successor in interest to 
a company originally organized under the laws of the State of Delaware 
in 1917. American General is an indirect, wholly-owned subsidiary of 
American General Corporation, a diversified financial services holding 
company engaged primarily in the insurance business.
    2. The AGL Separate Account was established in 1973 by American 
General. The AGL Separate Account is a separate account under Texas law 
that is used for the purpose of funding variable annuity contracts 
issued by American General. The ``Generations'' variable 
annuity contract (File No. 33-433890) is the only American General 
contract affected by this application (the ``AGL VA Contract''). The 
AGL Separate Account is registered under the Act as a unit investment 
trust (File No. 811-2441).
    3. Ameritas is a stock life insurance company organized in the 
State of Nebraska in 1983. Ameritas is a wholly-owned subsidiary of 
AMAL Corporation, a Nebraska stock company. AMAL Corporation is a joint 
venture of Ameritas Life Insurance Corp, a Nebraska stock life 
insurance company that owns a majority interest in AMAL Corporation, 
and AmerUs Life Insurance Company, an Iowa stock life insurance company 
that owns a minority interest in AMAL Corporation.
    4. The Ameritas VA Separate Account was established in 1987 under 
Nebraska law. The Americas VA Separate Account is registered under the 
Act as a unit investment trust (File No. 811-05192) and is used to fund 
variable annuity contracts issued by Ameritas. Six variable annuity 
contrasts issued by Ameritas (File Nos. 333-46675, 333-36507, 33-14774, 
33-33844, 33-58642 and 33-98848) (the ``Ameritas VA Contracts'') are 
affected by this application.
    5. The Americas VUL Separate Account was established in 1985 under

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Nebraska law. The Ameritas VUL Separate Account is registered under the 
Act as a unit investment trust (File No. 811-04473) and is used to fund 
variable life insurance policies issued by Ameritas. Six variable 
universal life insurance contracts (File Nos. 33-30019, 333-14845, 333-
71505, 333-15585, 33-01576 and 333-95163) (the ``Ameritas VUL 
Contracts'') are affected by this application.
    6. Integrity is a stock life insurance company organized under the 
laws of Ohio. Integrity is a subsidiary of Western and Southern Life 
Insurance Company, a mutual life insurance company originally organized 
under the laws of Ohio in 1888.
    7. The Integrity Separate Account was established under Ohio law in 
1992. The Integrity Separate Account is registered under the Act as a 
unit investment trust (File No. 811-7134) and is used to fund variable 
annuity contracts issued by Integrity. One variable annuity contract 
(File No. 33-51268) (the ``Integrity Contract'') is affected by this 
application.
    8. National Integrity is a stock life insurance company organized 
under the laws of New York. National Integrity is a direct subsidiary 
of Integrity and an indirect subsidiary of Western and Southern Life 
Insurance Company.
    9. The National Integrity Separate Account was established under 
New York law in 1992. The National Integrity Separate Account is 
registered under the Act as a unit investment trust (File No. 811-7132) 
and is used to fund variable annuity contracts issued by National 
Integrity. One variable annuity contract File No. 33-51126) (the 
``National Integrity Contract,'' collectively with the AGL VA Contract, 
Ameritas VA Contracts, Ameritas VUL Contracts, and Integrity Contract, 
the ``Contracts'') is affected by this application.
    10. Purchase payments for the Contracts are allocated to one or 
more subaccounts of the Separate Accounts (``Subaccounts''). Income, 
gains and losses, whether or not realized, from assets allocated to the 
Separate Accounts are, as provided in the Contracts, credited to or 
charged against the Separate Account without regard to other income, 
gains or losses of the respective Insurance Company Applicants. The 
assets maintained in the Separate Accounts will not be charged with any 
liabilities arising out of any other business conducted by the 
respective Insurance Company Applicants. Nevertheless, all obligations 
arising under the Contracts, including the commitment to make annuity 
payments or death benefit payments, are general corporate obligations 
of the respective Insurance Company Applicants. Accordingly, all of the 
assets of each Insurance Company Applicant are available to meet its 
obligations under its Contracts. Each Separate Account meets the 
definition of ``separate account'' contained in Section 2(a)(37) of the 
Act.
    11. Each of the Contracts permits allocations of accumulation value 
to available Subaccounts that invest in specific investment portfolios 
(``Portfolios'') of underlying mutual funds. At the time of filing the 
application, the AGL VA Contract had a total of 17 Portfolios 
available, the Ameritas VA Contracts and Ameritas VUL Contracts each 
had a total of 31 Portfolios, and the Integrity and National Integrity 
Contracts each had a total of 34 Portfolios. One Subaccount of each 
Contract invests in the Asian Equity Portfolio of The Universal 
Institutional Funds, Inc. (``Universal Funds'').
    12. Each Contract permits transfers of accumulation value from one 
Subaccount to another Subaccount of the issuing Separate Account at any 
time prior to annuitization, subject to certain restrictions and 
charges described below. No sales charge applies to such a transfer of 
accumulation value among Subaccounts.
    13. The AGL VA Contract permits up to 12 free transfers in a 
contract year. A fee of $25 may be imposed on transfers in excess of 12 
in a contract year. Transfers that cause the amount remaining in a 
Subaccount to be less than $500 are treated as requests to transfer the 
entire amount in that Subaccount.
    14. Each Ameritas VA Contract and each Ameritas VUL Contract 
permits up to 15 free transfers during any contract year. A fee of $10 
may be imposed on transfers in excess of 15 in a contract year. Each 
transfer must be at least $250 or, if less, the entire amount in the 
Subaccount from which values are to be transferred. Because at least 
$100 must remain in a Subaccount after a transfer, a request to 
transfer values from a Subaccount with $350 or less in it is treated as 
a request to transfer the full amount in that Subaccount.
    15. The Integrity and National Integrity Contracts permit up to 12 
free transfers during any contract year. A fee of $20 may be imposed on 
transfers in excess of 12 in a contract year. Transfers must be at 
least $250, or, if less, the entire amount in the Subaccount from which 
values are to be transferred.
    16. The AGL VA Contract reserves the right, upon notice to Contract 
owners, to add, combine or remove Subaccounts and to substitute, for 
the shares held in any Subaccount, the shares of another Portfolio or 
the shares of another underlying mutual fund.
    17. Each of the Ameritas VA Contracts and Ameritas VUL Contracts 
reserves the right to add, delete, combine or substitute Subaccounts of 
the Ameritas Separate Accounts. Ameritas Contract owners will be 
notified of any such action (for example, the Substitutions proposed 
herein) that materially affects a Subaccount in which they have an 
interest.
    18. The Integrity and National Integrity Contracts each reserves 
the right, upon notice to Contract owners, to add, combine or remove 
Subaccounts, or to withdraw assets from one Subaccount and put them 
into another Subaccount.
    19. The Asian Equity Portfolio is a separate investment portfolio 
of the Universal Funds, an open-end management investment company 
registered under the Act (File Nos. 811-7607 and 333-03013), and is 
currently an investment option under all of the Contracts. The Asian 
Equity Portfolio is managed by Morgan Stanley Asset Management 
(``MSAM'').
    20. The investment objective of the Asian Equity Portfolio is to 
seek long-term capital appreciation by investing primarily in equity 
securities of Asian issuers. The total expenses of the Asian Equity 
Portfolio for the fiscal year ended December 31, 2000, were 1.33% (on 
an annual basis) of average daily net assets. Absent voluntary 
reimbursements by MSAM, those expenses would have been 2.97%. The 
average annual total returns of the Asian Equity Portfolio (exclusive 
of Contract or Subaccount charges) were -44.38% for the year ended 
December 31, 2000, and -15.33% for the period from its inception on 
March 3, 1997, through December 31, 2000.
    21. MSAM has indicated to the board of directors of the Universal 
Funds and to the Insurance Company Applicants that the small size of 
the Asian Equity Portfolio makes it difficult to manage efficiently. 
The board of directors of the Universal Funds concluded, in a meeting 
held on September 12, 2000, that it would be prudent to work with the 
Insurance Company Applicants to evaluate the steps necessary to 
liquidate the Asian Equity Portfolio in a timely and orderly manner.
    22. The Global Equity Portfolio is another separate investment 
portfolio of the Universal Funds and is currently an investment option 
under all of the Contracts other than the Integrity and National 
Integrity Contracts. The Global Equity Portfolio is managed by MSAM.

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The investment objective of the Global Equity Portfolio is to seek 
long-term capital appreciation by investing primarily in equity 
securities of issuers throughout the world, including U.S. issuers. The 
total expenses of the Global Equity Portfolio for the fiscal year ended 
December 31, 2000, were 1.15% (on an annual basis) of average daily net 
assets. Absent voluntary reimbursements by MSAM, those expenses would 
have been 1.43%. The average annual total returns of the Global Equity 
Portfolio (exclusive of Contract or Subaccount charges) were 11.46% for 
the year ended December 31, 2000, and 12.13% for the period from its 
inception on January 2, 1997, through December 31, 2000.
    23. Janus Worldwide Growth Portfolio is a separate investment 
portfolio of Janus Aspen Series, a registered open end management 
investment company (File Nos. 811-7736 and 33-63212). Janus Worldwide 
Growth Portfolio is currently an investment option under the Integrity 
and National Integrity Contracts. Janus Worldwide Growth Portfolio is 
managed by Janus Capital Corporation. The investment objective of Janus 
Worldwide Growth Portfolio is to seek long-term growth of capital in a 
manner consistent with the preservation of capital. It pursues its 
objective by investing primarily in common stocks of companies of any 
size throughout the world. It normally invests in issuers from at least 
five different countries, including the United States, although from 
time to time it may invest in fewer than five countries, or even a 
single country. The total expenses of Janus Worldwide Growth Portfolio 
for the year ended December 31, 2000, were 0.69%. The average annual 
total returns of Janus Worldwide Growth Portfolio were--15.67% for the 
one-year period ended December 31, 2000, 19.39% for the five-year 
period ending on that date and 22.28% for the period from the inception 
of that Portfolio to December 31, 2000.
    24. Fidelity Overseas Portfolio is a separate investment portfolio 
of Variable Insurance Products Fund (File Nos. 811-3329 and 2-75010) 
and is currently an investment option under five Ameritas VA Contracts 
(File Nos. 333-36507, 33-14774, 33-33844, 33-58642 and 33-98848) and 
four Ameritas VUL Contracts (File Nos. 33-30019, 333-14845, 333-15585 
and 33-01576). The Fidelity Overseas Portfolio is managed by Fidelity 
Management and Research Company. The investment objective of the 
Fidelity Overseas Portfolio is to seek long-term growth of capital. It 
pursues its objective by investing at least 65% of its total assets in 
foreign securities, normally common stocks. The total expenses of the 
Fidelity Overseas Portfolio for the ended December 31, 2000, were 
0.89%. The average annual total returns of the Fidelity Overseas 
Portfolio were 19.07% for the year ended December 31, 2000, 10.44% 
respectively for the five-year period ended on that date and 9.28% for 
the ten-year period ended on that date.
    25. Applicants seek an order permitting the substitution:
    (a) By the American General Subaccount of shares of the Global 
Equity Portfolio for shares of the Asian Equity Portfolio (a ``Global 
Equity Substitution'');
    (b) By the Integrity and National Integrity Subaccounts of shares 
of the Janus Worldwide Growth Portfolio for shares of the Asian Equity 
Portfolio (the ``Janus Substitution'');
    (c) By the Ameritas VA Subaccount and the Ameritas VUL Subaccount 
of shares of the Global Equity Portfolio for shares of the Asian Equity 
Portfolio held in connection with one Ameritas VA Contract (File No. 
333-46675) and two Ameritas VUL Contracts (File Nos. 333-71505 and 333-
95163) (a ``Global Equity Substitution''); and
    (d) By the Ameritas VA Subaccount and the Ameritas VUL Subaccount 
of shares of the Fidelity Overseas Portfolio for shares of the Asian 
Equity Portfolio held in connection with the remaining five Ameritas VA 
Contracts and four Ameritas VUL Contracts.
    26. Each Substitution will take place at the applicable Portfolios' 
relative net asset values determined on the date of the Substitutions 
in accordance with section 22 of the Act and Rule 22c-1 thereunder. 
Accordingly, there will be no financial impact to any Contract owner. 
Each Substitution will be effected by having each Subaccount that 
invests in the Asian Equity Portfolio redeem its shares of the Asian 
Equity Portfolio at the net asset value calculated on the date of the 
Substitutions and purchase shares of the appropriate Substitute 
Portfolio at the net asset value calculated on the same date.
    27. The Substitutions requested in this application will be 
described in supplements to the prospectuses for the Contracts 
(``Stickers'') filed with the Commission and mailed to Contract owners. 
Each Sticker will give the relevant contract owners notice of the 
Substitution that would affect their Contract and will describe the 
reasons for engaging in that Substitution. The Stickers will also 
inform existing Contract owners with values allocated to a Subaccount 
investing in the Asian Equity Portfolio that no amounts may be 
allocated to the Subaccounts that invest in that Portfolio on or after 
the date of substitution. In addition, the Stickers will inform these 
affected Contract owners that they will have an opportunity to 
reallocate accumulation value:
     Prior to the Substitutions, from the Subaccounts investing 
in the Asian Equity Portfolio, or
     For 30 days after the Substitutions, from the Subaccounts 
investing in the relevant Substitute Portfolio to Subaccounts investing 
in other Portfolios available under the respective Contracts,

Without the imposition of any transfer charge or limitation and without 
diminishing the number of free transfers that may be made in a given 
contract year.
    28. The prospectuses for the Contracts, as modified by the 
Stickers, will reflect the Substitutions. Each Contract owner will have 
been provided a prospectus for the relevant Substitute Portfolio before 
the Substitutions. Within five days after the Substitutions, each 
Insurance Company Applicant will send to affected Contract owners 
written confirmation that the Substitutions have occurred. That 
confirmation will reiterate the free transfer rights disclosed in the 
Sticker.
    29. The Insurance Company Applicants will pay all expenses and 
transaction costs of the Substitutions, including all legal, accounting 
and brokerage expenses relating to the Substitutions or this amended 
and restated application. MSAM has agreed to reimburse the Insurance 
Company Applicants for all of those costs. No costs will be borne by 
contract owners. Affected Contract owners will not incur any fees or 
charges as result of the Substitutions, nor will their rights or the 
obligations of the Insurance Company Applicants under the Contracts be 
altered in any way. The Substitutions will not cause the fees and 
charges under the Contracts currently being paid by contract owners to 
be greater after the Substitutions than before the Substitutions.

Applicants' Legal Analysis

    1. Applicants believe that their request satisfies the standards 
for relief of Section 26(b) of the Act because:
     After each Substitution, affected Contract owners will 
have Contract values allocated to a Subaccount investing in the 
available Portfolio with investment policies that most closely resemble 
the Asian Equity Portfolio's investment policies, that is less 
expensive than the Asian Equity Portfolio and that has had better

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performance than the Asian Equity Portfolio; and
      Absent the Substitutions, Contract owners would have 
Contract values allocated to a Portfolio whose expenses could 
reasonably be expected to increase, which could negatively impact its 
performance.
    2. The legislative history makes clear that the purpose of Section 
26(b) is to protect the expectation of investors in a unit investment 
trust that the unit investment trust will accumulate shares of a 
particular issuer by preventing unscrutinized substitutions which 
might, in effect, force shareholders dissatisfied with the substituted 
security to redeem their shares, thereby possibly incurring either a 
loss of the sales load deducted from initial premium payments, an 
additional sales load upon reinvestment of the redemption proceeds, or 
both. Moreover, in the insurance product context, a Contract owner 
forced to redeem may suffer adverse tax consequences. Section 26(b) 
affords this protection to investors by preventing a depositor or 
trustee of a unit investment trust that holds shares of one issuer from 
substituting for those shares the shares of another issuer, unless the 
Commission approves that substitution.
    3. The purposes, terms and conditions of the Substitutions are 
consistent with the principles and purposes of Section 26(b) and do not 
entail any of the abuses that Section 26(b) is designed to prevent. 
Substitution is a necessary and appropriate solution to a situation 
where, because a Portfolio is being, or likely to be, liquidated by its 
Board of Directors, continued investment in that Portfolio will, or 
likely will, not remain possible. The Commission has routinely approved 
substitutions involving incipient liquidations. Moreover, each 
Insurance Company Applicant has reserved the right to make such a 
Substitution in the respective Contracts and each has disclosed this 
reserved right in the prospectuses for the respective Contracts.
    4. The Substitutions will not result in the type of costly forced 
redemption that Section 26(b) was intended to guard against and, for 
the following reasons, are consistent with the protection of investors 
and the purposes fairly intended by the Act:
    (a) In the case of each Substitution, the Substitute Portfolio is 
an appropriate Portfolio to which to move the contract values of 
Contract owners with values allocated to the Asian Equity Portfolio 
because its investment objective, like that of the Asian Equity 
Portfolio, involves seeking long-term capital appreciation by investing 
in foreign equity securities.
    (b) The costs of the Substitutions will be borne by the Insurance 
Company Applicants and will not be borne by Contract owners. No charges 
will be assessed to the Contract owners to effect the Substitutions.
    (c) The Substitutions will, in all cases, be at net asset values of 
the respective shares, without the imposition of any transfer or 
similar charge and with no change in the amount of any Contract owner's 
accumulation value.
    (d) The Substitutions will not cause the fees and charges under the 
Contracts currently being paid by Contract owners to be greater after 
the Substitutions than before the Substitutions and in each case will 
result in Contract owners' contract values being moved to a Portfolio 
with lower expenses than the expenses of the Asian Equity Portfolio.
    (e) All Contract owners will be given notice of the Substitutions 
prior to the Substitutions and will have an opportunity to reallocate 
accumulation value among other available Subaccounts without the 
imposition of any transfer charge or limitation. Neither of the 
following categories of transfers will count against a Contract owner's 
free transfers in a contract year:
      Transfers of accumulation value from a Subaccount 
investing in the Asian Equity Portfolio from the date of notice through 
the date of the Substitutions, and
      Transfers to another Subaccount of accumulation value 
that had been transferred to a Subaccount that invests in a Substitute 
Portfolio as a result of the Substitutions, for 30 days after the 
Substitutions.
    (f) Within five days after the Substitutions, each Insurance 
Company Applicant will send to its Contract owners written confirmation 
that the Substitutions have occurred.
    (g) The Substitutions will in no way alter the insurance benefits 
to Contract owners or the contractual obligations of the Insurance 
Company Applicants.
    (h) The Substitutions will in no way alter the tax benefits to 
Contract owners and no tax liability will be created for Contract 
owners as a result of the Substitutions.
    5. Substitutions have been common where the substitute fund has 
investment objectives and policies that are similar to those of the 
eliminated fund, expenses lower than those of the eliminated fund and 
performance similar to or better than that of the eliminated fund. To 
the extent that there are differences between the investment objectives 
and policies of the Asian Equity Portfolio and those of a Substitute 
Portfolio, it represents a move to a more geographically diversified 
(and thus more conservative) portfolio. In the Janus Substitution, the 
Substitute Portfolio also is more conservative because that Portfolio 
seeks capital preservation in addition to capital growth. Where the 
investment objectives and policies of the substitute fund were more 
conservative than those of the eliminated fund, applicants have been 
permitted some leeway with regard to how close the investment 
objectives and policies of a substitute fund must be to those of the 
eliminated fund. For example, an international growth portfolio has 
been permitted to be substituted for an emerging markets portfolio, a 
fund that could invest no more than 25% of its assets in foreign 
securities was permitted to be substituted for a fund that invested at 
least 65% of its assets in foreign securities, and a fund seeking to 
maximize total return by actively allocating assets among sub-
portfolios consisting of a global equity portfolio, a global bond 
portfolio, a capital appreciation portfolio and a money market 
portfolio was permitted to be substituted for a foreign securities 
portfolio that sought long-term capital appreciation by investing in 
equity securities of foreign issuers.

Conclusion

    Applicants request an order of the Commission pursuant to section 
26(b) of the Act approving the proposed Substitutions. Section 26(b), 
in pertinent part, provides that the Commission shall issue an order 
approving a substitution of securities if the evidence establishes that 
it is consistent with the protection of investors and the purposes 
fairly intended by the policy and provisions of the Act. For the 
reasons and upon the facts set forth above, the requested orders meet 
the standards set forth in section 26(b) and should, therefore, be 
granted.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-8469 Filed 4-5-01; 8:45 am]
BILLING CODE 8010-01-M