[Federal Register Volume 68, Number 231 (Tuesday, December 2, 2003)]
[Notices]
[Page 67494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29935]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application of Preferred Income Fund 
Incorporated To Withdraw From Listing and Registration Its Common 
Stock, $.01 Par Value, From Listing and Registration on the Pacific 
Exchange, Inc. File No. 1-06179

November 25, 2003.
    The Preferred Income Fund Incorporated, a Maryland corporation 
(``Issuer''), has filed an application with the Securities and Exchange 
Commission (``Commission''), pursuant to section 12(d) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) 
thereunder,\2\ to withdraw its common stock, $.01 par value, 
(``Security''), from listing and registration on the Pacific Exchange, 
Inc. (``PCX'' or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Board of Directors (``Board'') of the Issuer approved a 
resolution on April 25, 2003, to withdraw its Security from listing on 
the Exchange. In making its decision to delist its Security from the 
PCX the Issuer states that: (i) At the time the Security was listed on 
the PCX on March 10, 1995, the expectation was that competition from a 
second trading venue would benefit shareholders by narrowing bid/offer 
spreads, and provide shareholders additional liquidity during the time 
period the PCX remained opened following the New York Stock Exchange 
close; (ii) since the PCX was purchased by Archipelago Exchange and 
converted to a fully electronic format, bid/offer spreads on the PCX 
have widened dramatically, adversely impacting shareholders' 
executions; and (iii) the Issuer has been unable to obtain statistics 
from the PCX, making it impossible to track historic trading volume and 
determine the efficiency of executions.
    The Issuer stated in its application that it has complied with the 
PCX Rule 5.4(b) that governs the removal of securities from listing and 
registration on the Exchange. The Issuer's application relates solely 
to the withdrawal of the Security from listing and registration on the 
PCX and from registration under section 12(b) \3\ of the Act and shall 
not affect its obligation to be registered under section 12(g) of the 
Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before December 19, 2003, submit 
by letter to the Secretary of the Securities and Exchange Commission, 
450 Fifth Street, NW., Washington, DC 20549-0609, facts bearing upon 
whether the application has been made in accordance with the rules of 
the PCX and what terms, if any, should be imposed by the Commission for 
the protection of investors. The Commission, based on the information 
submitted to it, will issue an order granting the application after the 
date mentioned above, unless the Commission determines to order a 
hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 03-29935 Filed 12-1-03; 8:45 am]
BILLING CODE 8010-01-P