SEC Open Meeting Agenda
Wednesday, April 30, 2003, 9:30 a.m.

Agenda as of the afternoon of April 29, 2003. Note that Open Meeting agendas are subject to last-minute changes.

Item 1:

Byron G. Borgardt and Eric M. Banhazl Office:  Office of the General Counsel Staff:  Anne E. Chafer, Eva Marie Carney, Diane V. White

Item 1: Byron G. Borgardt and Eric M. Banhazl

The Commission will hear oral argument on appeals by Byron G. Borgardt and Eric M. Banhazl, and the Division of Enforcement, from the decision of an administrative law judge. Borgardt was formerly an officer and director of Target Income Fund, a now-defunct registered investment company. Banzhal was formerly an officer of Target Income Fund.

The law judge found that Borgardt and Banhazl caused, within the meaning of Section 8A of the Securities Act of 1933 and Section 9(f) of the Investment Advisers Act of 1940, Target Income Fund to file registration statements with the Commission between 1992 and 1996 that omitted material information in violation of Sections 17(a)(2) and 17(a)(3) of the Securities Act and Section 34(b) of the Advisers Act. The law judge also found that some of the omissions charged were not material.

The law judge ordered Borgardt and Banhazl to cease and desist from causing any violations or future violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act and from committing any violations or future violations of Section 34(b) of the Investment Company Act.

Among the issues likely to be argued are:

1. Whether respondents committed the alleged violations;
    
2. Whether the omissions charged were material as a matter of law; and,
    
3. If respondents committed violations, whether sanctions should be imposed in the public interest.

For further information, please contact Diane V. White, at (202) 942-0959.