

[Federal Register: October 30, 2006 (Volume 71, Number 209)]
[Notices]               
[Page 63366]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30oc06-136]                         

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 27522; 812-13309]

 
Integrated ARROs Fund I, et al.; Notice of Application

October 23, 2006.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an order under section 38(a) of the 
Investment Company Act of 1940 (``Act'').

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Summary of the Application: Applicants request an order to rescind a 
prior order dated April 21, 1987 (the ``Prior Order'').\1\
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    \1\ Integrated ARROs Fund I, et al., Investment Company Act Rel. 
Nos. 15492 (Dec. 22, 1986) (notice) and 15693 (Apr. 21, 1987) 
(order).

Applicants: Integrated ARROs Fund I, Integrated ARROs Fund II, and IR 
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Pass-through Corporation (``IRPT'').

Filing Date:  The application was filed on June 23, 2006.

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 Commission's Secretary 
and serving applicants with a copy of the request, personally or by 
mail. Hearing requests should be received by the Commission by 5:30 
p.m. on November 17, 2006, 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 Commission's Secretary.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549-1090. Applicants: c/o Barbara Leary, Winthrop 
Management LLC, 7 Bullfinch Place, Suite 500, Boston, MA 02114.

FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, at 
(202) 551-6811, or Mary Kay Frech, Branch Chief, at (202) 551-6821 
(Office of Investment Company Regulation, Division of Investment 
Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee at the 
Commission's Public Reference Branch, 100 F Street, NE., Washington, DC 
20549-0102 (telephone (202) 551-5850).

Applicants' Representations and Legal Analysis

    1. The Funds were organized in 1987 as grantor trusts by IRPT, a 
Delaware corporation and a wholly-owned subsidiary of Integrated 
Resources, Inc. The Funds were registered with the Commission as 
closed-end investment companies. On October 17, 2005, the Funds made 
final payment to all of their unitholders after the maturity, sale or 
other disposition of all their securities assets. Pursuant to the terms 
of the Funds' trust indentures, the Funds terminated automatically upon 
the final payments. On November 18, 2005, each Fund filed an 
application under section 8(f) of the Act for an order of 
deregistration. On May 24, 2006, the Commission issued orders under 
section 8(f) declaring that each Fund had ceased to be an investment 
company.\2\
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    \2\ Investment Company Act Rel. Nos. 27308 (Apr. 28, 2006) 
(notice) and 27376 and 27377 (May 24, 2006) (orders).
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    2. On April 21, 1987, the Commission issued the Prior Order under 
sections 6(c), 17(b) and 17(d) of the Act exempting the Funds, IRPT and 
certain future similarly organized closed-end investment companies 
(``Future Funds'') from various provisions of the Act. The Applicants 
state they have not organized, and do not intend to organize, any 
Future Funds in reliance on the Prior Order.
    3. Applicants request an order under section 38(a) of the Act 
rescinding the Prior Order. Section 38(a) of the Act states, in 
relevant part, that the Commission shall have authority to rescind such 
orders as are necessary or appropriate to the exercise of the powers 
conferred upon the Commission elsewhere in the Act. Applicants submit 
that the requested order is appropriate to the exercise of the 
Commission's powers under the Act.

    By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. E6-18088 Filed 10-27-06; 8:45 am]

BILLING CODE 8011-01-P
