[Federal Register Volume 60, Number 122 (Monday, June 26, 1995)]
[Notices]
[Pages 33020-33021]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-15571]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21154; 811-4887]
SLH Convertible Securities Fund; Notice of Application
June 20, 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: SLH Convertible Securities Fund.
relevant act section: Order requested under section 8(f).
summary of application: Applicant seeks an order declaring it has
ceased to be an investment company.
filing dates: The application was filed on May 23, 1995 and amended on
June 26, 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 July 17, 1995,
and should be accompanied by proof of service on the 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, N.W., Washington, D.C.
20549. Applicant, 388 Greenwich Street, New York, NY 10013.
for further information contact: Marianne H. Khawly, Staff Attorney, at
(202) 942-0562, or C. David Messman, 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 from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a registered open-end, diversified, management
investment company under the Act and is organized as a business trust
under the laws of the Commonwealth of Massachusetts. On October 24,
1986, applicant filed a Notification of Registration on Form N-8A
pursuant to section 8(a) of the Act and a registration statement on
Form N-1A under section 8(b) of the Act and under the Securities Act of
1933. The registration statement was declared effective on February 6,
1987 and applicant's initial public offering commenced shortly
thereafter.
2. On March 27, 1990, applicant's Board of Trustee (the ``Board'')
unanimously determined that applicant's continuation was no longer in
the best interest of applicant or its shareholders. The Board
determined that applicant's shareholders would be better served by a
liquidation of applicant's assets. In making this determination, the
Board considered a number of factors including the relatively small
size of applicant's assets, applicant's resulting high expense ratio,
and the improbability that sales of applicant's shares could be
increased to raise applicant's assets to a more viable level. The Board
voted to approve an Agreement and Plan of Liquidation and Termination
(the ``Plan'') whereby the assets of applicant would be distributed in
cash to applicant's shareholders in complete liquidation of applicant
on June 13, 1990 (the ``Liquidation Date'').
3. On March 28, 1990, preliminary and definitive proxy materials
were filed with the SEC. On April 11, 1990, definitive proxy materials
were distributed to applicant's shareholders. On June 13, 1990,
applicant's shareholders approved the Plan.
4. On the Liquidation Date, immediately preceding the liquidation,
applicant had a total of 380,315.076 shares of beneficial interest
outstanding. At such time, applicant's aggregate and per share net
asset value was $3,460,867.19 and $9.10, respectively.
5. On the Liquidation Date, applicant reduced its assets to cash
and transferred the proceeds to its shareholders at fair market value
in cancellation of their shares. All assets of applicant were
distributed to applicant's shareholders in connection with the
liquidation after the payment of all outstanding obligations, taxes,
and other accrued or contingent liabilities. No sales charge was
imposed in connection with the transaction.
6. All expenses incurred in connection with applicant's liquidation
was borne by the Smith Barney Inc., formerly Shearson Lehman Brothers
Inc. (``Shearson''), applicant's principal underwriter. Such expenses,
totalling $90,000, including legal, accounting, printing, and
administrative fees. At the time of its liquidation, applicant had
amortized all but approximately $49,370 of its organizational expenses.
Such organizational expenses were absorbed by Shearson. [[Page 33021]]
7. As of the date of the application, applicant had no assets,
debts, or shareholders. Applicant is not a party to any litigation or
administrative proceeding. Applicant is neither engaged in nor proposes
to engage in any business activities other than those necessary for the
winding-up of its affairs.
8. Applicant will terminate its existence as a business trust under
Massachusetts law.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-15571 Filed 6-23-95; 8:45 am]
BILLING CODE 8010-01-M
