[Federal Register Volume 60, Number 203 (Friday, October 20, 1995)]
[Notices]
[Page 54280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25961]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21420; 811-7073]
Sunburst Funds; Notice of Application
October 13, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Sunburst Funds.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on October 2, 1995.
HEARING OR NOTIFICATION OF HEARING: An order granting the application
will be issued unless the SEC orders a hearing. Interested persons may
request a hearing by writing to the SEC's Secretary and serving
applicant with a copy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on November 7,
1995, and should be accompanied by proof of service on applicant, 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 may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Applicant, Federated Investors Tower, Pittsburgh, Pennsylvania
15222-3779.
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Staff Attorney, at
(202) 942-0574, or Alison E. Baur, Branch Chief, at (202) 942-0564
(Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end management investment company organized
as a Massachusetts business trust. On August 2, 1993, applicant
registered under the Act as an investment company and filed a
registration statement under the Securities Act of 1933, registering an
indefinite number of shares. The registration statement was declared
effective on October 28, 1993, and applicant's initial public offering
commenced on November 15, 1993. Sunburst Bank, Mississippi served as
applicant's investment adviser (``Adviser'').
2. At a meeting held on February 16, 1995, applicant's Board of
Trustees approved an Agreement and Plan of Reorganization whereby
Federated U.S. Government Securities Fund: 1-3 Years (``Federated'')
would acquire all of the assets of applicant's sole portfolio, Sunburst
Short-Intermediate Government Bond Fund (``Sunburst''), in exchange for
Institutional Shares of Federated to be distributed pro rata by
Sunburst to its shareholders in complete liquidation and dissolution of
Sunburst. Pursuant to rule 17a-8, the Boards of Trustees of Sunburst
and Federated determined that such reorganization would be in the best
interests of their respective shareholders and that the economic
interests of their respective shareholders would not be diluted as a
result of the reorganization.\1\ Proxy materials were filed with the
SEC and were distributed to applicant's shareholders on or about May
26, 1995. At a special meeting of shareholders held on June 29, 1995,
applicant's shareholders approved the reorganization.
\1\ Applicant and Federated may be deemed to be affiliated
persons of each other by reason of having a common investment
adviser, common directors, and common officers. Although purchases
and sales between affiliated persons generally are prohibited by
section 17(a) of the Act, rule 17a-8 provides an exemption for
certain purchases and sales among investment companies that are
affiliated persons of one another solely by reason of having a
common investment adviser, common directors, and/or common officers.
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3. On the exchange date of June 30, 1995, all of the properties and
assets of Sunburst were valued and subsequently conveyed to Federated.
Shareholders in Sunburst received Institutional Shares in Federated
equal in value to their shares in Sunburst in complete liquidation and
dissolution of Sunburst. No brokerage commissions were paid as a result
of the exchange.
4. The Adviser is responsible for the payment of all expenses of
the reorganization incurred by either Sunburst or Federated. Such
expenses include, but are not limited to, accountants' fees, legal
fees, registration fees, transfer taxes, bank and transfer agent fees,
the costs of proxy materials and proxy solicitation to shareholders of
Sunburst and the costs of holding the special meeting of shareholders.
5. Applicant has no assets or liabilities and is not a party to any
litigation or administrative proceeding. At the time of the
application, applicant had no shareholders. Applicant is neither
engaged in, nor does it propose to engage in, any business activities
other than those necessary for the winding-up of its affairs.
6. Applicant will be dissolved under the laws of Massachusetts upon
receipt of an order from the SEC declaring that applicant has ceased to
be an investment company.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-25961 Filed 10-19-95; 8:45 am]
BILLING CODE 8010-01-M
