Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940

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Applicant seeks an order declaring that it has ceased to be an investment company. On September 16, 2004, applicant made a liquidating distribution to its shareholders, based on net asset value. Expenses of approximately $6,600 incurred in connection with the liquidation were paid by applicant and Ingalls & Snyder LLC, applicant's investment adviser. Filing Dates: The application was filed on September 16, 2004, and amended on October 22, 2004. Applicant's Address: 61 Broadway, New York, NY 10006.