SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 44487 / June 28, 2001

   INVESTMENT ADVISERS ACT OF 1940
   Release No. 1950 / June 28, 2001

   ADMINISTRATIVE PROCEEDING
   File No.
   3-10526

   ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST JAMES L. BINGE AND ERIC
   V. BARTOLI

   On June 28, 2001, the Commission entered an Order Instituting
   Administrative Proceedings Pursuant to Sections 15(b) and 19(h) of the
   Securities Exchange Act of 1934 ("Exchange Act") and Pursuant to
   Section 203(f) of the Investment Advisers Act of 1940 against James L.
   Binge ("Binge") and Eric V. Bartoli ("Bartoli") based on the entry of
   a final judgment of permanent injunction against them.

   In the Order, the Division of Enforcement alleged that Binge was a
   director of Cyprus Fund, Inc. ("Cyprus Fund"), an unregistered foreign
   investment company. In the Order, the Division of Enforcement alleged
   that Bartoli was a director of Cyprus Fund, Inc. ("Cyprus Fund"), an
   unregistered foreign investment company and a registered principal and
   general manager of Latin American Services Co., Ltd. ("LASCO"). The
   Division of Enforcement further alleged that on August 27, 2000, the
   commission filed an emergency action seeking a temporary restraining
   order, asset freeze and appointment of a receiver against Cyprus Fund,
   its investment advisor, Latin American Services Co., Ltd., Bartoli,
   Binge, and other directors of Cyprus Fund. , Case No.
   99-2360-Civ-Davis (S.D. Fla.). In its Complaint, the Commission
   alleged the ongoing fraudulent sale of unregistered securities,
   specifically Cyprus Fund shares, and the misappropriation of investor
   funds by principals of Cyprus Fund, including Binge and Bartoli. On
   September 3, 1999, the United States District Court for the Southern
   District of Florida entered a preliminary injunction against
   defendants, including Binge and Bartoli, and extended the asset freeze
   to the conclusion of the case.

   On September 29, 2000, a Final Judgment of Permanent Injunction and
   Other Relief was entered against Binge, enjoining him from future
   violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of
   1933 ("Securites Act"), Section 10(b) of Exchange Act and Rule 10b-5
   thereunder. On September 29, 2000, a Final Judgment of Permanent
   Injunction and Other Relief was entered against Bartoli, enjoining him