Division of Investment Management
Staff No-Action Letters

Important Note: This page contains Division of Investment Management no-action letters dated on or after January 1, 2001. Division of Investment Management no-action letters issued before that date may be obtained for a fee. Please call (202) 942-8090, or email publicinfo@sec.gov.

Subject Categories

• 12b-1 Fees
• 12b-1 Plans
• Advertising — Investment Company
• Advisory Contracts
• Advisory Fees
• Advisory Representatives
• Affiliated Transaction
• Annual Reports
• Backward Pricing
• Beneficial Ownership Qualified Purchaser
• Business and Industrial Development Companies
• Business Transfers
• Cash Solicitation
• Charitable Exclusions
• Closed-End Investment Companies
• Code of Ethics
• Commerical Paper
• Custody-Investment Company
• Director
• Disclosure
• Employee Benefit Plans
• Exchange Offer
• Exemptive Applications and Orders
• Face-Amount Certificate
• Fees & Expenses
• Fiduciary Duties
• Fraud
• Funds of Funds - Affiliated
• Funds of Funds - Foreign Investment Companies
• Government Instrumentality
• Government Securities
• Hub and Spoke Funds
• Independent Directors
• Independent Legal Counsel
• Insurance Products
• Interested Person
• Internet
• Investment Advisers
• Investment Advisers Act Status
• Investment Company
• Investment Securities
• Joint Transactions
• Mergers and Reorganizations Combinations
• Money Market Funds
• Money Market Liquidity
• Periodic Payment Plan Certificate
• Performance Fees
• Performance Fees
• Pre-Paid Tuition Plans
• Prospectuses — Delivery
• Prospectuses — Disclosure
• Proxy Voting
• Public Offering
• Public Utility Holding Company Act of 1935
• Redeemable Securities
• Redemption Fees
• Redemptions
• Registration
• Registration — Investment Companies
• Regulation S-P
• Reimbursement of Proxy Expenses
• Reporting Requirements — Investment Advisers
• Reporting Requirements — Investment Companies
• Sales of Fund Shares below NAV
• Securities — Definition
• Securities Lending
• Self Custody - Investment Companies
• Senior Securities
• Separate Accounts
• Shareholder Proposals
• Shareholders Votes
• Solicitors

Advertising — Investment Company

• Investment Counsel Association of America, Inc., March 1, 2004
   
• Lindbergh Funds, October 30, 2002

Advisory Contract

• Eaton Vance Special Investment Trust, et al March 30, 2004
   
• Gartmore Mutual Funds, March 19, 2004
   
• PIMCO Funds: Multi-Manager Series, August 6, 2002
   

Advisory Representatives

• Manufacturers Adviser Corp, September 10, 2002

12b-1 Fees

• ReFlow Fund, LLC, July 15, 2002

12b-1 Plans

• Edward Mahaffy, March 6, 2003

Advisory Fees

• Constellation Financial Management LLC, January 9, 2003
   
• Seligman New Technologies Fund II, Inc., February 7, 2002

Affiliated Transaction

• Neuberger Berman Management Inc., et al., April 30, 2003
   
• AAL Mutual Funds, et al., December 12, 2002
   
• AIM Advisors, Inc., February 12, 2002
   
• Calvert Social Index Fund, September 4, 2001
   
• Evergreen Investment Management Company, LLC, February 13, 2002
   
• Longleaf Partners Funds Trust, April 9, 2001

Annual Reports

• Lincoln National Life Insurance & Lincoln Financial Advisors, January 30, 2003
   
• Lindbergh Funds, October 30, 2002

Backward Pricing

• ReFlow Fund, LLC, July 15, 2002

Beneficial Ownership Qualified Purchaser

• H.E.B. Investment and Retirement Plan (H.E. Butt Grocery Company), May 18, 2001

Business and Industrial Development Companies

• Windamere Capital Ventures, L.P., Windamere Capital Ventures Company, LLC, July 23, 2001

Business Transfers

• Investec Ernst & Company, April 24, 2001
   
• Prudential Investment Management Services LLC, April 19, 2001
   
• ING Mutual Funds Management Co. LLC, ING Funds Distributor Inc. and Reich & Tang Distributors, Inc, February 9, 2001

Cash Solicitation

• Deutsche Bank Securities Inc., September 24, 2004
   
• Thomas Weisel Partners LLC, September 24, 2004
   
• J.P. Morgan Securities Inc., October 31, 2003
   
• UBS Securities LLC (f/k/a UBS Warburg LLC), October 31, 2003
   
• Goldman, Sachs & Company, October 31, 2003
   
• Lehman Brothers, October 31, 2003
   
• Merrill Lynch, Pierce, Fenner & Smith Incorporated, October 31, 2003
   
• Bear, Stearns & Co. Inc., October 31, 2003
   
• Morgan Stanley & Company, October 31, 2003
   
• Citigroup Global Markets Inc. f/k/a Salomon Smith Barney Inc., October 31, 2003
   
• Credit Suisse First Boston LLC f/k/a Credit Suisse First Boston Corporation, October 31, 2003
   
• U.S. Bancorp Piper Jaffray Inc., October 31, 2003
   
• James DeYoung, October 24, 2003
   
• J.P. Morgan Securities Inc., October 8, 2003
   
• Dougherty & Company LCC, July 3, 2003
   
• Fahnestock & Company Inc., April 21, 2003
   
• Dougherty & Company LLC, March 21, 2003
   
• Legg Mason Wood Walker, Inc., June 11, 2001
   
• National Football League Players Association, January 25, 2002
   
• Prudential Securities Inc., February 7, 2001
   
• Stephens Inc., December 27, 2001

Charitable Exclusions

• American Bible Society, June 1, 2004
   
• Mercy Investment Program, Inc., June 12, 2003

Closed-End Investment Companies

• Frank Russell Investment Company, et al., October 18, 2002

Code of Ethics

• Manufacturers Adviser Corp, September 10, 2002

Commerical Paper

• ING Bank, N.V., July 8, 2002

Custody-Investment Company

• Austraclear Limited, April 28, 2004
   
• Fixed Income Clearing Corporation, March 13, 2003
   
• Government Securities Clearing Corporation, October 19, 2001

Director

• Federated Core Trust II, L.P., February 6, 2002
   
• Mexico Equity and Income Fund, The, November 15, 2001

Disclosure

• Kirkpatrick & Lockhart LLP, January 28, 2004
   

Employee Benefit Plans

• Lincoln National Life Insurance & Lincoln Financial Advisors, January 30, 2003
   
• Honeywell International Inc Savings Plan Trust, October 7, 2002

Exchange Offer

• National Association for Variable Annunities; Insurance Marketplace Standards Assn; American Council of Life Insurers, June 19, 2001

Exemptive Applications and Orders

• Fixed Income Securities, L.P., April 29, 2004
   
• MTB Group of Funds, October 21, 2003

Face-Amount Certificate

• Peninsular & Oriental Steam Navigation Company, October 15, 2003

Fees & Expenses

• AIG Life Insurance Company, August 16, 2001

Fiduciary Duties

• Constellation Financial Management LLC, January 9, 2003

Fraud

• Constellation Financial Management LLC, January 9, 2003

Funds of Funds - Affiliated

• Neuberger Berman Management Inc., et al., April 30, 2003

Funds of Funds - Foreign Investment Companies

• France Growth Fund, Inc., July 15, 2003
   
• Man-Glenwood Lexington TEI, LLC and Man-Glenwood Lexington TEI, LDC, April 30, 2004
   

Government Instrumentalities

• Federal National Mortgage Association, July 12, 2002
   
• Federal Home Loan Mortgage Corporation, July 12, 2002

Government Securities

• Federal National Mortgage Association, July 12, 2002
   
• Federal Home Loan Mortgage Corporation, July 12, 2002

Hub and Spoke Funds

• PIMCO Funds, July 9, 2002

Independent Directors

• Mutual Fund Directors Forum, May 9, 2002

Independent Legal Counsel

• Investment Company Institute, February 12, 2002

Insurance Products

• GE Life and Annuity Assurance Company, June 25, 2004
   
• Sun Life Assurance Company of Canada (U.S.) and Keyport Life Insurance Company, December 19, 2003
   
• Acacia National Life Insurance Company, December 19, 2003
   
• Allstate Life Insurance Company, December 23, 2002
   
• Sun Life Insurance and Annuity Company of New York, et al., December 20, 2002
   
• American Enterprise Life Insurance Company, April 30, 2002
   
• Aid Association for Lutherans/Lutheran Brotherhood, December 21, 2001
   
• AIG Life Insurance Company - American International Life Assurance Company of New York, November 6, 2001
   
• AIG Life Insurance Company, August 16, 2001
   
• Manufacturers Life Insurance Company, The, December 27, 2001
   
• National Association for Variable Annunities; Insurance Marketplace Standards Assn; American Council of Life Insurers, June 19, 2001
   
• Nationwide Life Insurance Company, March 16, 2001

Interested Person

• Ballard Spahr Andrews & Ingersoll, LLP, April 3, 2002

Internet

• Thomson Financial Inc., July 10, 2002
   
• ReFlow Fund, LLC, July 15, 2002

Investment Advisers

• Tuition Plan Consortium, LLP, February 4, 2003
   
• Thomson Financial Inc., July 10, 2002
   
• National Football League Players Association, January 25, 2002

Investment Advisers Act Status

• Gulf Coast Venture Forum, Inc., August 21, 2002
   
• Thomson Financial Inc., July 10, 2002

Investment Company

• Cantor Fitzgerald & Company, February 17, 2004
   
• Peninsular & Oriental Steam Navigation Company, October 15, 2003
   

Investment Securities

• PIMCO Funds, July 9, 2002

Joint Transactions

• Neuberger Berman Management Inc., et al., April 30, 2003
   
• The Chase Manhattan Bank, July 24, 2001

Mergers and Reorganizations Combinations

• GE Life and Annuity Assurance Company, June 25, 2004
   
• Sun Life Assurance Company of Canada (U.S.) and Keyport Life Insurance Company, December 19, 2003
   
• Acacia National Life Insurance Company, December 19, 2003
   
• Allstate Life Insurance Company, December 23, 2002
   
• Sun Life Insurance and Annuity Company of New York, et al., December 20, 2002
   
• American Enterprise Life Insurance Company, April 30, 2002
   
• Manufacturers Life Insurance Company, The, December 27, 2001
   
• Aid Association for Lutherans/Lutheran Brotherhood, December 21, 2001
   
• AIG Life Insurance Company - American International Life Assurance Company of New York, November 6, 2001

Money Market Funds

• Merrill Lynch Investment Managers, May 10, 2002
   
• AIM Advisors, Inc., February 12, 2002

Money Market Liquidity

• Merrill Lynch Investment Managers, May 10, 2002

Periodic Payment Plan Certificate

• Peninsular & Oriental Steam Navigation Company, October 15, 2003

Performance Fees

• Seligman New Technologies Fund II, Inc., February 7, 2002

Pre-Paid Tuition Plans

• Tuition Plan Consortium, LLP, February 4, 2003

Prospectuses — Delivery

• Lincoln National Life Insurance & Lincoln Financial Advisors, January 30, 2003

Prospectuses — Disclosure

• Lindbergh Funds, October 30, 2002
   
• Nationwide Life Insurance Company, March 16, 2001

Proxy Voting

• Institutional Shareholder Services, Inc., September 15, 2004
   
• Egan-Jones Proxy Services, May 27, 2004
   

Public Offering

• ING Bank, N.V., July 8, 2002

Public Utility Holding Companies

• Section 2(a)(3)
   
• Bonneville Power Administration, February 10, 2004
   
• RealEnergy, Inc., et al., August 12, 2003
   
• Dominion Equipment II, Inc., et al., March 25, 2003
   
• Juniper Capital L.P., June 23, 2003
   
• Duke Energy Control Area Services, LLC, July 9, 2003
   
• Large Scale Distributed Generation II Statutory Trust, September 5, 2001
   
• Sections 2(a)(3) and 2(a)(7)
   
• DTE Heritage, LLC, et. al., July 30, 2003
   
• Tri-State Generation and Transmission Association, Inc., et. al., September 23, 2003
   
• Sections 2(a)(7)
   
• Arizona Electric Power Cooperative, Inc., July 27, 2001
   
• Western Farmers Electric Cooperative, February 23, 2001
   
• Sections 2(a)(7) and 2(a)(11)(A)
   
• k1 Ventures, et. al., July 28, 2003
   
• Evercore METC Investment Inc., et. al., November 25, 2003
   
• General Electric Capital Corporation, April 26, 2002
   
• Section 17(c) and Rule 70
   
• Enron Corporation, March 11, 2004
   

Redeemable Securities

• Nationwide Life Insurance Company, March 16, 2001

Redemption Fees

• Fidelity Advisor Korea Fund, Inc, March 7, 2001

Redemptions

• ReFlow Fund, LLC, July 15, 2002

Registration

• Sun Life Insurance and Annuity Company of New York, et al., December 20, 2002
   
• Aid Association for Lutherans/Lutheran Brotherhood, December 21, 2001
   
• Thomson Financial Inc., July 10, 2002
   
• Manufacturers Life Insurance Company, The, December 27, 2001

Registration — Investment Companies

• Shee Atika Investments, LLC, January 20, 2004
   
• First Data Corporation, January 13, 2004
   
• Mercy Investment Program, Inc., June 12, 2003
   
• Metropolitan Insurance and Annuity Company, June 6, 2003

Regulation S-P

• Staff Responses to Questions About Regulation S-P, January 23, 2003

Reimbursement of Proxy Expenses

• Mexico Equity and Income Fund, The, November 15, 2001

Reporting Requirements — Investment Advisers

• Manufacturers Adviser Corp, September 10, 2002

Reporting Requirements — Investment Companies

• Westford Technology Ventures, L.P., January 28, 2004
   
• Equus Capital Partners L.P., November 14, 2003
   
• ML-Lee Acquisition Fund II, L.P. and ML-Lee Acquisition Fund (Retirement Accounts) II, L.P, March 4, 2003
   
• Manufacturers Adviser Corp, September 10, 2002

Sales of Fund Shares below NAV

• ReFlow Fund, LLC, July 15, 2002

Securities — Definition

• PIMCO Funds, July 9, 2002

Securities Lending

• USB Global Asset Management (US), Inc., November 21, 2002
   
• UAM Funds Inc., September 24, 2001
   
• U.S. Bancorp Asset Management Inc., et al., December 11, 2001

Self Custody - Investment Companies

• Maxim Series Fund Inc., January 14, 2004

Separate Accounts

• GE Life and Annuity Assurance Company, June 25, 2004
   
• Acacia National Life Insurance Company, December 19, 2003
   
• Sun Life Assurance Company of Canada (U.S.) and Keyport Life Insurance Company, December 19, 2003
   
• Allstate Life Insurance Company, December 23, 2002
   
• Sun Life Insurance and Annuity Company of New York, et al., December 20, 2002
   
• American Enterprise Life Insurance Company, April 30, 2002
   
• Manufacturers Life Insurance Company, The, December 27, 2001
   
• Aid Association for Lutherans/Lutheran Brotherhood, December 21, 2001
   
• AIG Life Insurance Company - American International Life Assurance Company of New York, November 6, 2001
   
• AIG Life Insurance Company, August 16, 2001

Senior Securities

• ReFlow Fund, LLC, July 15, 2002

Shareholder Proposals

• Medallion Financial Corp., May 11, 2004
   
• Tri-Continental Corporation, March 15, 2004
   
• Robert P. Laukat Regarding Tri-Continental Corporation , March 15, 2004
   
• The New Ireland Fund, Inc., March 15, 2004
   
• College Retirement Equities Fund - Stone, May 3, 2004
   
• College Retirement Equities Fund - Belth, May 3, 2004
   
• College Retirement Equities Fund - Fuller, May 3, 2004
   
• College Retirement Equities Fund - Buchman, May 3, 2004
   
• Tri-Continental Corporation, March 25, 2003
   
• MuniYield Insured Fund, Inc., March 11, 2002
   
• Asia Tiger Fund, Inc., The, January 31, 2002
   
• Pioneer Interest Shares, June 20, 2001
   
• Asia Pacific Fund, Inc (The), June 8, 2001
   
• Asia Tiger Fund, Inc., The, December 28, 2001
   
• Current Income Shares, Inc., July 10, 2001
   
• Fidelity Advisor Korea Fund, Inc, March 7, 2001
   
• France Growth Fund, Inc, April 6, 2001
   
• France Growth Fund, Inc.; Advantage Partners LP, April 6, 2001
   
• France Growth Fund, Inc.; Strome Hedgecap Fund, April 6, 2001
   
• Lincoln National Convertible Securities Fund, Inc. - Walter S. Baer, September 28, 2001
   
• Templeton Vietnam and Southeast Asia Fund, September 28, 2001
   

Shareholders Votes

• Swiss Helvetia Fund, Inc., March 6, 2001

Solicitors

• Dougherty & Company LCC, July 3, 2003
   
• Fahnestock & Company Inc., April 21, 2003
   
• Dougherty & Company LLC, March 21, 2003
   
• National Football League Players Association, January 25, 2002

• Aid Association for Lutherans/Lutheran Brotherhood, December 21, 2001
   
• AAL Mutual Funds, et al., December 12, 2002
   
• Acacia National Life Insurance Company, December 19, 2003
   
• AIG Life Insurance Company, August 16, 2001
   
• AIG Life Insurance Company - American International Life Assurance Company of New York, November 6, 2001
   
• AIM Advisors, Inc., February 12, 2002
   
• Allstate Life Insurance Company, December 23, 2002
   
• American Bible Society, June 1, 2004
   
• American Enterprise Life Insurance Company, April 30, 2002
   
• Arizona Electric Power Cooperative Inc., July 27, 2001
   
• Asia Pacific Fund, Inc (The), June 8, 2001
   
• Asia Pacific Fund, Inc (The) - Thomas A. Kornfeld, June 8, 2001
   
• Asia Tiger Fund, Inc., The, December 28, 2001
   
• Asia Tiger Fund, Inc., The, January 31, 2002
   
• Austraclear Limited, April 28, 2004
   
• Ballard Spahr Andrews & Ingersoll, LLP, April 3, 2002
   
• Bear, Stearns & Co. Inc., October 31, 2003
   
• Bonneville Power Administration, February 10, 2004
   
• Calvert Social Index Fund, September 24, 2001
   
• Cantor Fitzgerald & Company, February 17, 2004
   
• The Chase Manhattan Bank, July 24, 2001
   
• Citigroup Global Markets Inc. f/k/a Salomon Smith Barney Inc., October 31, 2003
   
• College Retirement Equities Fund - Stone, May 3, 2004
   
• College Retirement Equities Fund - Belth, May 3, 2004
   
• College Retirement Equities Fund - Fuller, May 3, 2004
   
• College Retirement Equities Fund - Buchman, May 3, 2004
   
• Constellation Financial Management LLC, January 9, 2003
   
• Credit Suisse First Boston LLC f/k/a Credit Suisse First Boston Corporation, October 31, 2003
   
• Current Income Shares, Inc., July 10, 2001
   
• Deutsche Bank Securities Inc., September 24, 2004
   
• Dominion Equipment II, Inc., et al., March 25, 2003
   
• Dougherty & Company LCC, July 3, 2003
   
• Dougherty & Company LLC, March 21, 2003
   
• DTE Heritage, LLC, et. al., July 30, 2003
   
• Duke Energy Control Area Services, LLC, July 9, 2003
   
• Eaton Vance Special Investment Trust, et al March 30, 2004
   
• Egan-Jones Proxy Services, May 27, 2004
   
• Enron Corporation, March 11, 2004
   
• Equus Capital Partners L.P., November 14, 2003
   
• Evercore METC Investment Inc., et. al., November 25, 2003
   
• Evergreen Investment Management Company, LLC, February 13, 2002
   
• Fahnestock & Company Inc., April 21, 2003
   
• Federal Home Loan Mortgage Corporation, July 12, 2002
   
• Federal National Mortgage Association, July 12, 2002
   
• Federated Core Trust II, L.P., February 6, 2002
   
• Fidelity Advisor Korea Fund, Inc, March 7, 2001
   
• First Data Corporation, January 13, 2004
   
• Fixed Income Clearing Corporation, March 13, 2003
   
• Fixed Income Securities, L.P., April 29, 2004
   
• France Growth Fund, Inc., April 6, 2001
   
• France Growth Fund, Inc., July 15, 2003
   
• France Growth Fund, Inc.; Advantage Partners LP, April 6, 2001
   
• France Growth Fund, Inc.; Strome Hedgecap Fund, April 6, 2001
   
• Frank Russell Investment Company, et al., October 18, 2002
   
• Gartmore Mutual Funds, March 19, 2004
   
• GE Life and Annuity Assurance Company, June 25, 2004
   
• General Electric Capital Corporation, April 26, 2002
   
• Goldman, Sachs & Company, October 31, 2003
   
• Government Securities Clearing Corporation, October 19, 2001
   
• Gulf Coast Venture Forum, Inc., August 21, 2002
   
• H.E.B. Investment and Retirement Plan (H.E. Butt Grocery Company), May 18, 2001
   
• Honeywell International Inc Savings Plan Trust, October 7, 2002
   
• ING Bank, N.V., July 8, 2002
   
• ING Mutual Funds Management Co. LLC; ING Funds Distributors Inc. and Reich & Tang Distributors Inc., February 9, 2001
   
• Institutional Shareholder Services, Inc., September 15, 2004
   
• Investec Ernst & Company, April 24, 2001
   
• Investment Company Institute, February 12, 2002
   
• Investment Counsel Association of America, Inc., March 1, 2004
   
• J.P. Morgan Securities Inc., October 8, 2003
   
• J.P. Morgan Securities Inc., October 31, 2003
   
• James DeYoung, October 24, 2003
   
• Juniper Capital L.P., June 23, 2003
   
• k1 Ventures, et. al., July 28, 2003
   
• Kirkpatrick & Lockhart LLP, January 28, 2004
   
• Large Scale Distributed Generation II Statutory Trust, September 5, 2001
   
• Legg Mason Wood Walker, Inc., June 11, 2001
   
• Lehman Brothers, October 31, 2003
   
• Lincoln National Convertible Securities Fund, Inc. - Walter S. Baer, September 28, 2001
   
• Lincoln National Life Insurance & Lincoln Financial Advisors, January 30, 2003
   
• Lindbergh Funds, October 30, 2002
   
• Longleaf Partners Funds Trust, April 9, 2001
   
• Mahaffy, Edward , March 6, 2003
   
• Man-Glenwood Lexington TEI, LLC and Man-Glenwood Lexington TEI, LDC, April 30, 2004
   
• Manufacturers Adviser Corp, September 10, 2002
   
• Manufacturers Life Insurance Company, The, December 27, 2001
   
• Maxim Series Fund Inc., January 14, 2004
   
• Medallion Financial Corp., May 11, 2004
   
• Mercy Investment Program, Inc., June 12, 2003
   
• Merrill Lynch Investment Managers, May 10, 2002
   
• Merrill Lynch, Pierce, Fenner & Smith Incorporated, October 31, 2003
   
• Metropolitan Insurance and Annuity Company, June 6, 2003
   
• Mexico Equity and Income Fund, The, November 15, 2001
   
• ML-Lee Acquisition Fund II, L.P. and ML-Lee Acquisition Fund (Retirement Accounts) II, L.P, March 4, 2003
   
• MTB Group of Funds, October 21, 2003
   
• MuniYield Insured Fund, Inc., March 11, 2002
   
• Mutual Fund Directors Forum, May 9, 2002
   
• National Association for Variable Annunities; Insurance Marketplace Standards Assn; American Council of Life Insurers, June 19, 2001
   
• National Football League Players Association, January 25, 2002
   
• Nationwide Life Insurance Company, March 16, 2001
   
• Neuberger Berman Management Inc., et al., April 30, 2003
   
• Peninsular & Oriental Steam Navigation Company, October 15, 2003
   
• Pioneer Interest Shares, June 20, 2001
   
• PIMCO Funds: Multi-Manager Series, August 6, 2002
   
• PIMCO Funds, July 9, 2002
   
• Prudential Investment Management Services LLC, April 19, 2001
   
• Prudential Securities Incorporated, February 7, 2001
   
• RealEnergy, Inc., et al., August 12, 2003
   
• ReFlow Fund, LLC, July 15, 2002
   
• Seligman New Technologies Fund II, Inc., February 7, 2002
   
• Shee Atika Investments, LLC, January 20, 2004
   
• Staff Responses to Questions About Regulation S-P, January 23, 2003
   
• Stephens Inc., December 27, 2001
   
• Sun Life Assurance Company of Canada (U.S.) and Keyport Life Insurance Company, December 19, 2003
   
• Sun Life Insurance and Annuity Company of New York, et al., December 20, 2002
   
• Swiss Helvetia Fund, Inc., March 6, 2001
   
• Templeton Vietnam and Southeast Asia Fund, September 28, 2001
   
• Thomas Weisel Partners LLC, September 24, 2004
   
• Thomson Financial Inc., July 10, 2002
   
• Tri-Continental Corporation, March 25, 2003
   
• Tri-State Generation and Transmission Association, Inc., et. al., September 23, 2003
   
• Tuition Plan Consortium, LLP, February 4, 2003
   
• UAM Inc., September 24, 2001
   
• UBS Securities LLC (f/k/a UBS Warburg LLC), October 31, 2003
   
• USB Global Asset Management (US), Inc., November 21, 2002
   
• U.S. Bancorp Piper Jaffray Inc., October 31, 2003
   
• U.S. Bancorp Asset Management Inc., et al., December 11, 2001
   
• Westford Technology Ventures, L.P., January 28, 2004<
   
• Western Farmers Electric Cooperative, February 23, 2001
   
• Windamere Capital Ventures, L.P., Windamere Capital Ventures Company, LLC, July 23, 2001

• Deutsche Bank Securities Inc., September 24, 2004
   
• Thomas Weisel Partners LLC, September 24, 2004
   
• Institutional Shareholder Services, Inc., September 15, 2004
   
• GE Life and Annuity Assurance Company, June 25, 2004
   
• American Bible Society, June 1, 2004
   
• Egan-Jones Proxy Services, May 27, 2004
   
• Medallion Financial Corp., May 11, 2004
   
• College Retirement Equities Fund - Stone, May 3, 2004
   
• College Retirement Equities Fund - Belth, May 3, 2004
   
• College Retirement Equities Fund - Fuller, May 3, 2004
   
• College Retirement Equities Fund - Buchman, May 3, 2004
   
• Man-Glenwood Lexington TEI, LLC and Man-Glenwood Lexington TEI, LDC, April 30, 2004
   
• Fixed Income Securities, L.P., April 29, 2004
   
• Austraclear Limited, April 28, 2004
   
• Eaton Vance Special Investment Trust, et al March 30, 2004
   
• Dominion Equipment II, Inc., et al., March 25, 2003
   
• Gartmore Mutual Funds, March 19, 2004
   
• Enron Corporation, March 11, 2004
   
• Investment Counsel Association of America, Inc., March 1, 2004
   
• Cantor Fitzgerald & Company, February 17, 2004
   
• Bonneville Power Administration, February 10, 2004
   
• Kirkpatrick & Lockhart LLP, January 28, 2004
   
• Westford Technology Ventures, L.P., January 28, 2004
   
• Shee Atika Investments, LLC, January 20, 2004
   
• Maxim Series Fund Inc., January 14, 2004
   
• First Data Corporation, January 13, 2004
   
• Acacia National Life Insurance Company, December 19, 2003
   
• Sun Life Assurance Company of Canada (U.S.) and Keyport Life Insurance Company, December 19, 2003
   
• Evercore METC Investment Inc., et. al., November 25, 2003
   
• Equus Capital Partners L.P., November 14, 2003
   
• J.P. Morgan Securities Inc., October 31, 2003
   
• UBS Securities LLC (f/k/a UBS Warburg LLC), October 31, 2003
   
• Goldman, Sachs & Company, October 31, 2003
   
• Lehman Brothers, October 31, 2003
   
• Merrill Lynch, Pierce, Fenner & Smith Incorporated, October 31, 2003
   
• Bear, Stearns & Co. Inc., October 31, 2003
   
• Citigroup Global Markets Inc. f/k/a Salomon Smith Barney Inc., October 31, 2003
   
• Credit Suisse First Boston LLC f/k/a Credit Suisse First Boston Corporation, October 31, 2003
   
• U.S. Bancorp Piper Jaffray Inc., October 31, 2003
   
• James DeYoung, October 24, 2003
   
• MTB Group of Funds, October 21, 2003
   
• Peninsular & Oriental Steam Navigation Company, October 15, 2003
   
• J.P. Morgan Securities Inc., October 8, 2003
   
• Tri-State Generation and Transmission Association, Inc., et. al., September 23, 2003
   
• RealEnergy, Inc., et al., August 12, 2003
   
• DTE Heritage, LLC, et. al., July 30, 2003
   
• France Growth Fund, Inc., July 15, 2003
   
• Duke Energy Control Area Services, LLC, July 9, 2003
   
• Dougherty & Company LCC, July 3, 2003
   
• Juniper Capital L.P., June 23, 2003
   
• Mercy Investment Program, Inc., June 12, 2003
   
• Metropolitan Insurance and Annuity Company, June 6, 2003
   
• Neuberger Berman Management Inc., et al., April 30, 2003
   
• Fahnestock & Company Inc., April 21, 2003
   
• Tri-Continental Corporation, March 25, 2003
   
• Dougherty & Company LLC, March 21, 2003
   
• Fixed Income Clearing Corporation, March 13, 2003
   
• Edward Mahaffy, March 6, 2003
   
• ML-Lee Acquisition Fund II, L.P. and ML-Lee Acquisition Fund (Retirement Accounts) II, L.P, March 4, 2003
   
• Tuition Plan Consortium, LLP, February 4, 2003
   
• Staff Responses to Questions About Regulation S-P, January 23, 2003
   
• Lincoln National Life Insurance & Lincoln Financial Advisors, January 30, 2003
   
• Constellation Financial Management LLC, January 9, 2003
   
• Allstate Life Insurance Company, December 23, 2002
   
• Sun Life Insurance and Annuity Company of New York, et al., December 20, 2002
   
• AAL Mutual Funds, et al., December 12, 2002
   
• USB Global Asset Management (US), Inc., November 21, 2002
   
• Lindbergh Funds, October 30, 2002
   
• Frank Russell Investment Company, et al., October 18, 2002
   
• Honeywell International Inc Savings Plan Trust, October 7, 2002
   
• Manufacturers Adviser Corp, September 10, 2002
   
• Gulf Coast Venture Forum, Inc., August 21, 2002
   
• PIMCO Funds: Multi-Manager Series, August 6, 2002
   
• ReFlow Fund, LLC, July 15, 2002
   
• Federal National Mortgage Association, July 12, 2002
   
• Federal Home Loan Mortgage Corporation, July 12, 2002
   
• Thomson Financial Inc., July 10, 2002
   
• PIMCO Funds, July 9, 2002
   
• ING Bank, N.V., July 8, 2002
   
• Merrill Lynch Investment Managers, May 10, 2002
   
• Mutual Fund Directors Forum, May 9, 2002
   
• American Enterprise Life Insurance Company, April 30, 2002
   
• General Electric Capital Corporation, April 26, 2002
   
• Ballard Spahr Andrews & Ingersoll, LLP, April 3, 2002
   
• MuniYield Insured Fund, Inc., March 11, 2002
   
• Evergreen Investment Management Company, LLC, February 13, 2002
   
• AIM Advisors, Inc., February 12, 2002
   
• Investment Company Institute, February 12, 2002
   
• Seligman New Technologies Fund II, Inc., February 7, 2002
   
• Federated Core Trust II, L.P., February 6, 2002
   
• National Football League Players Association, January 25, 2002
   
• Asia Tiger Fund, Inc., The, January 31, 2002
   
• Asia Tiger Fund, Inc., The, December 28, 2001
   
• Manufacturers Life Insurance Company, The, December 27, 2001
   
• Stephens Inc., December 27, 2001
   
• Aid Association for Lutherans/Lutheran Brotherhood, December 21, 2001
   
• U.S. Bancorp Asset Management Inc., et al., December 11, 2001
   
• Mexico Equity and Income Fund, The, November 15, 2001
   
• AIG Life Insurance Company - American International Life Assurance Company of New York, November 6, 2001
   
• Government Securities Clearing Corporation, October 19, 2001
   
• Lincoln National Convertible Securities Fund, Inc. - Walter S. Baer, September 28, 2001
   
• Templeton Vietnam and Southeast Asia Fund, September 28, 2001
   
• UAM Inc., September 24, 2001
   
• Calvert Social Index Fund, September 24, 2001
   
• Large Scale Distributed Generation II Statutory Trust, September 5, 2001
   
• AIG Life Insurance Company, August 16, 2001
   
• k1 Ventures, et. al., July 28, 2003
   
• Arizona Electric Power Cooperative Inc., July 27, 2001
   
• The Chase Manhattan Bank, July 24, 2001
   
• Windamere Capital Ventures, L.P., Windamere Capital Ventures Company, LLC, July 23, 2001
   
• Current Income Shares, Inc., July 10, 2001
   
• Pioneer Interest Shares, June 20, 2001
   
• National Association for Variable Annunities; Insurance Marketplace Standards Assn; American Council of Life Insurers, June 19, 2001
   
• Asia Pacific Fund, Inc (The), June 8, 2001
   
• Asia Pacific Fund, Inc (The) - Thomas A. Kornfeld, June 8, 2001
   
• Legg Mason Wood Walker, Inc., June 11, 2001
   
• H.E.B. Investment and Retirement Plan (H.E. Butt Grocery Company), May 18, 2001
   
• Investec Ernst & Company, April 24, 2001
   
• Prudential Investment Management Services LLC, April 19, 2001
   
• Longleaf Partners Funds Trust, April 9, 2001
   
• France Growth Fund, Inc, April 6, 2001
   
• France Growth Fund, Inc.; Advantage Partners LP, April 6, 2001
   
• France Growth Fund, Inc.; Strome Hedgecap Fund, April 6, 2001
   
• Nationwide Life Insurance Company, March 16, 2001
   
• Fidelity Advisor Korea Fund, Inc, March 7, 2001
   
• Swiss Helvetia Fund, Inc., March 6, 2001
   
• Western Farmers Electric Cooperative, February 23, 2001
   
• ING Mutual Funds Management Co. LLC; ING Funds Distributors Inc. and Reich & Tang Distributors Inc., February 9, 2001
   
• Prudential Securities Incorporated, February 7, 2001

http://www.sec.gov/divisions/investment/noaction.htm