Rules and Regulations. Notice of application for exemption under sections 6(c) and 17(b) of the Investment Company Act of 1940 (the “Act”) from section 17(a) of the Act and under section 17(d) of the Act and rule 17d-1 under the Act to permit certain joint transactions

Agency: Securities and Exchange Commission (“SEC” or “Commission”)
Action: Notice of application for exemption under sections 6(c) and 17(b) of the Investment Company Act of 1940 (the “Act”) from section 17(a) of the Act and under section 17(d) of the Act and rule 17d-1 under the Act to permit certain joint transactions. SUMMARY OF APPLICATION: Applicants seek an order to permit certain registered investment companies (a) to pay BISYS Fund Services Limited Partnership (“BISYS”) and certain of its affiliated persons fees for acting as lending agent with respect to a securities lending program (“Program”); (b) to lend portfolio securities to affiliated broker-dealers; (c) to deposit cash collateral received in connection with the Program and other uninvested cash in one or more joint trading accounts; and (d) to use cash collateral received in connection with the Program to purchase shares of an affiliated private investment company, BISYS Securities Lending Management LC (the “Trust”). Applicants: BISYS, BISYS Fund Services Ohio, Inc. (“BISYS ohio”), the Trust, Fifth Third Funds, Fifth Third Bank, BB&T Funds, Branch Banking & Trust Company (“BB&T”), Pacific Capital Funds, Pacific Century Trust (“Pacific Century”), AmSouth Funds, AmSouth Bank (“AmSouth”), Nationwide Mutual Funds, Nationwide Separate Account Trust (collectively, Nationwide Mutual Funds and Nationwide Separate Account Trust are the “Nationwide Funds”), Union Bond & Trust Company (“Union”), and Villanova Mutual Fund Capital Trust (“Villanova”) (collectively, the Fifth Third Funds, BB&T Funds, Pacific Capital Funds, AmSouth Funds, and the Nationwide Funds are the “Funds”). Filing Dates: The application was filed on April 21, 2000. Applicants have agreed to file an amendment, the substance of which is reflected in this notice, during the notice period. 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 applicants with a copy of the request, personally or by mail. Hearing requests should be received by the SEC by 5:30 p.m. on June 5, 2000, and should be accompanied by proof of service on the 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 SEC's Secretary
Citation: FR Doc. 00-12133 · Rel No. IC-24449; 812-12078