[Federal Register Volume 62, Number 53 (Wednesday, March 19, 1997)]
[Notices]
[Pages 13199-13200]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6834]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22555; 811-2392]
Bunker Hill Income Securities, Inc.; Notice of Application
March 12, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for an Order under the Investment Company
Act of 1940 (the ``Act'').
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APPLICANT: Bunker Hill Income Securities, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATES: The application was filed on April 16, 1996, and amended
on February 20, 1997.
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 April 7, 1997,
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 Fifth Street, NW., Washington, DC 20549.
Applicant, 125 West 55th Street, 11th Floor, New York, New York 10019.
FOR FURTHER INFORMATION CONTACT:
Elaine M. Boggs, Senior Counsel at (202) 942-0572 (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 from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a closed-end, diversified management investment
company that was organized under the laws of Maryland. Applicant
registered under the Act on July 10, 1973 and filed a registration
statement under the Securities Act of 1933 on July 11, 1973.
Applicant's registration statement under the Securities Act of 1933 was
declared effective on October 16, 1973, and applicant commenced a
public offering of its shares immediately thereafter.
2. On December 7, 1993, applicant's board of directors considered
and approved a plan of reorganization in which applicant would transfer
all of its assets and liabilities to the Pacific Horizon Corporate Bond
Fund (the ``Fund'') in exchange for shares of the Fund. The Fund is a
series of the Pacific Horizon Funds, Inc., a registered open-end
investment company. The board of directors made the findings required
by rule 17a-8 under the Act, i.e., that the reorganization was in the
best interest of applicant and that there would be no dilution, by
virtue of the proposed exchange, in the value of shares held at that
time by applicant's shareholders.\1\
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\1\ Rule 17a-8 provides an exemption from section 17(a) for
certain reorganizations among registered investment companies that
may be affiliated persons, or affiliated persons of an affiliated
person, solely by reason of having a common investment adviser,
common directors, and/or common officers.
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3. In determining that applicant should enter into the
reorganization, the directors considered, among other things, that
applicant's ratio of total expenses to average net assets exceeded that
of most other investment companies with similar objectives. After
consideration of various alternatives, including conversion of
applicant to an open-end investment company, the directors concluded
that the reorganization would be the most advantageous course of action
of applicant and its shareholders.
4. Definitive proxy materials were filed with the SEC on or about
February 28, 1994. On April 4, 1994, applicant mailed proxy materials
to its shareholders. On April 11, 1994, applicant's shareholders
approved the reorganization.
5. On April 25, 1994, applicant transferred all of its assets and
liabilities to the Fund in exchange for shares of
[[Page 13200]]
the Fund. Applicant received shares of common stock of the Fund with a
net asset value equal to the net value of the assets and liabilities of
applicant transferred to the Fund. The shares of the Fund received by
applicant were distributed to the shareholders of applicant, pro rata.
As of April 22, 1994, there were 2,774,788 shares of applicant
outstanding with a net asset value of $42,673,139.53 and a per share
value of $15.38.
6. The expenses incurred in connection with the liquidation and
dissolution of applicant, including legal and accounting fees,
custodian and transfer agent commissions, and taxes, totaled
approximately $285,576, all of which were borne by applicant's
investment adviser, Bank of America National Trust and Savings
Association. No brokerage fees were paid in connection with the
reorganization.
7. Applicant was liquidated and dissolved under the laws of the
State of Maryland on April 12, 1994.
8. There are no securityholders to whom distributions in complete
liquidation of their interests have not been made. Applicant has
retained no assets. Applicant has no debts or other liabilities that
remain outstanding. Applicant is not a party to any litigation or
administrative proceeding.
9. Applicant is not now engaged, nor does it propose to engage, in
any business activities other than those necessary for the winding up
of its affairs.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-6834 Filed 3-18-97; 8:45 am]
BILLING CODE 8010-01-M
