[Federal Register Volume 61, Number 245 (Thursday, December 19, 1996)]
[Notices]
[Pages 67082-67083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-32144]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22395; 811-2926]
ProvidentMutual Tax-Free Bond Fund; Notice of Application
December 12, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Provident Mutual Tax-Free Bond Fund.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on October 18, 1996.
HEARING OR NOTIFICATION OF HEARING: An order granting the application
will be issued unless the SEC orders a hearing. Interested persons may
request a hearing by writing to the SEC's Secretary and serving
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 January 6, 1997,
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 may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C.
20549. Applicant, Christiana Executive Campus, 220 Continental Drive,
Newark, Delaware 19713.
FOR FURTHER INFORMATION CONTACT: Diane L. Titus, Paralegal Specialist,
at (202) 942-0584, or Mary Kay Frech, Branch Chief, at (202 942-0564
(Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end, diversified management investment
company incorporated under the laws of the State of Delaware. According
to SEC records, on May 29, 1979, applicant registered under section
8(a) of the Act and filed a registration statement on Form N-1A
pursuant to section 8(b) of the Act and the Securities Act of 1933. The
registration statement was declared effective on October 1, 1979, and
applicant commenced its public offering of shares soon thereafter.
2. At a meeting held on August 14, 1992, applicant's board of
directors unanimously approved an agreement and plan of reorganization
(the ``Reorganization'') between Sentinel Group Funds, Inc. (the
``Company'') on behalf of Sentinel Common Stock Fund (``Sentinel
Common'') and applicant. Pursuant to the agreement, Sentinel Common
would acquire substantially all of applicant's assets in exchange for
shares of common stock of Sentinel Common. In approving the
Reorganization, the directors identified certain potential benefits
likely to result from the Reorganization, including, (a) a
significantly larger organization that also will provide access to an
expanded, stronger marketing organization, (b) a combined organization
that should realize certain portfolio management efficiencies if there
is a more consistent inflow of new money, (c) a growing organization
that will be able to realize economies of scale with regard to many of
its expenses, and (d) an organization that will be better able to keep
up with new shareholder service features and technologies as they
become available.
3. On or about January 11, 1993, proxy materials soliciting
shareholder approval of the Reorganization were mailed to applicant's
shareholders of record as of December 21, 1992. In addition to
solicitation by mail, certain directors, officers, and agents of
applicant solicited shareholder proxies by telephone. At a special
meeting held on February 19, 1993, applicant's sharesholders approved
the Reorganization.
4. As of February 26, 1993, applicant had 3,538,081.032 shares of
common stock outstanding, $1.00 par value. The net asset value per
share of applicant was $9.69 and the aggregate net asset value was
$34,296,226.57.
5. On March 1, 1993, applicant transferred assets valued at
$34,296,226.57 and received in exchange 2,502,482.131 shares of common
stock of Sentinel Tax-Free. Such shares were distributed to applicant's
shareholders on that date in proportion to each shareholder's interest
in the assets transferred.
6. Applicant and the Company each bore their allocable share of the
appropriate expenses of the Reorganization, up to a total of $200,000
for all of the ProvidentMutual Funds. Expenses of all the
ProvidentMutual Funds, including applicant, in excess of $200,000 were
borne by ProvidentMutual Life Insurance Company of Philadelphia and/or
National Life Insurance Company. These expenses included preparation of
the Reorganization documents and the registration statement, filing
fees, and legal and audit fees.
7. Applicant has no securityholders and no remaining assets, debts,
or liabilities as of the date of the application.
Applicant is not a party to any litigation or administrative
proceeding.
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Applicant is not now engaged, and does not propose to engage, in any
business activities other than those necessary for the winding up of
its affairs.
9. Applicant was dissolved under Delaware law on December 3, 1993.
For the SEC, by the Division of Investment Management, under
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-32144 Filed 12-18-96; 8:45 am]
BILLING CODE 8010-01-M