[Federal Register Volume 59, Number 68 (Friday, April 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-8435]
[[Page Unknown]]
[Federal Register: April 8, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20185; 811-3628]
Home Investors Government Guaranteed Income Fund, Inc.; Notice of
Application for Deregistration
April 1, 1994.
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: Home Investors Government Guaranteed Income Fund, Inc.
(doing business as SunAmerica Federal Securities Fund).
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATE: The application was filed on March 16, 1994.
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 26, 1994,
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 who wish to be
notified of a hearing may request notification by writing to the SEC's
Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street, NW., Washington, DC 20549.
Applicant, 733 Third Avenue, 3rd Floor, New York, New York 10017.
FOR FURTHER INFORMATION CONTACT:
Marc Duffy, Staff Attorney, (202) 272-2511, or C. David Messman, Branch
Chief, (202) 272-3018 (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 an open-end diversified management investment
company organized as a Maryland corporation. On December 23, 1982,
applicant registered under section 8(a) of the Act and filed a
registration statement pursuant to section 8(b) of the Act and the
Securities Act of 1933. The registration statement was declared
effective on April 8, 1983, and applicant commenced its initial public
offering on that date.
2. On March 31, 1993, applicant's Board of Directors approved a
plan of reorganization whereby applicant agreed to transfer
substantially all of its assets and liabilities to the SunAmerica
Federal Securities Fund (the ``Acquiring Fund''), a newly created
series of SunAmerica Income Portfolios (renamed SunAmerica Income
Funds) in exchange for shares of the Acquiring Fund. In accordance with
rule 17a-8 of the Act, applicant's directors determined that the sale
of applicant's assets to the Acquiring Fund was in the best interest of
applicant's shareholders, and that the interests of the existing
shareholders would not be diluted as a result.\1\
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\1\Applicant and the Acquiring Fund 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. The directors of applicant concluded that the reorganization
would benefit applicant's shareholders by resulting in economies of
scale from combining a separate investment company into one series of a
series investment company.
4. Preliminary proxy materials soliciting shareholder approval of
the reorganization were filed with the SEC on June 17, 1993. Definitive
proxy materials were filed with the SEC on July 30, 1993. On or about
July 30, 1993, proxy materials were distributed to applicant's
shareholders. At a special meeting held on September 23, 1993, holders
of a majority of the outstanding voting shares of applicant approved
the reorganization.
5. Immediately prior to the reorganization, applicant had 9,874,500
shares of common stock outstanding, having an aggregate net asset value
of $104,472,219 and a net asset value per share of $10.58. On October
1, 1993, applicant transferred substantially all of its assets and
liabilities to the Acquiring Fund in exchange for shares of the
Acquiring Fund. The number of shares of the Acquiring Fund issued to
applicant was determined by dividing the value of applicant's assets by
the net asset value of an Acquiring Fund share immediately prior to the
reorganization. The shares received in exchange for applicant's assets
were distributed to applicant's shareholders pro rata in complete
liquidation of applicant.
6. The expenses in connection with the reorganization consisted of
legal, accounting, printing, and proxy materials expenses. Such
expenses, which are not expected to exceed $50,000, were borne by the
applicant and SunAmerica Income Portfolios.
7. At the time of filing of the application, applicant had no
shareholders, assets, or liabilities. All of applicant's liabilities
and obligations not discharged by October 1, 1993 were assumed by the
Acquiring Fund. Applicant is not a party to any litigation or
administrative proceeding. Applicant is not engaged in, and does not
propose to engage in, any business activities other than those
necessary for the winding up of its affairs.
8. On January 24, 1994, applicant filed Articles of Dissolution
with the Department of Assessments and Taxation of the State of
Maryland.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-8435 Filed 4-7-94; 8:45 am]
BILLING CODE 8010-01-M
