[Federal Register Volume 61, Number 134 (Thursday, July 11, 1996)]
[Notices]
[Pages 36587-36588]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17631]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22052; 811-8080]
Institutional Series Trust; Notice of Application for
Deregistration
July 5, 1996.
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: Institutional Series Trust.
Relevant Act Section: Order requested under section 8(f).
Summary of Application: Applicant requests as order declaring that it
has ceased to be an investment company.
Filing Date: The application was filed on June 6, 1996.
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 31, 1996
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 NW., Washington, D.C.
20549. Applicant, 1285 Avenue of the Americas, New York, NY 10019.
For Further Information Contact: Mary T. Geffroy, Staff Attorney, at
(202) 942-0553, or Robert A. Robertson, 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
[[Page 36588]]
may be obtained for a fee from the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant, a Massachusetts business trust, is an open-end
investment management company, registered under the Act. On October 15,
1993, applicant filed with the SEC a notification of registration on
Form N-8A pursuant to section 8(b) of the Act. On that same day,
applicant filed a registration statement on Form N-1A pursuant to the
Securities Act of 1933 to register an indefinite number of shares of
beneficial interest. The registration statement became effective on
December 21, 1993, and the initial public offering commenced shortly
thereafter.
2. Applicant offered one series, comprised of two separate classes
of shares, Institutional Shares and Financial Intermediary Shares.
3. On November 29, 1995 (the ``Closing Date''), the liquidation of
applicant occurred in accordance with an Agreement and Plan of
Dissolution, Liquidation and Termination (the ``Plan''). The Plan
provided for the liquidation of all of the assets of applicant, the
distribution of all of the proceeds of such liquidation, in cash, less
an amount provided for debts and liabilities of applicant, to the sole
shareholder of applicant. On the Closing Date, the final monthly
dividends of $2.547 per share on the Institutional Shares and $2.539
per share on the Financial Intermediary Shares were paid to applicant's
sole shareholder.
4. The net asset value per share for applicant was determined by
dividing applicant's assets, less liabilities, by the total number of
its outstanding shares. All portfolio securities sold in connection
with the liquidation were publicly traded debt instruments for which
fair market value was received.
5. On December 13, 1995, applicant's board of trustees, including
the trustees who are not interested persons, unanimously approved the
Plan and ratified all actions previously taken pursuant to the Plan. In
making this determination, the board of trustees considered a number of
factors, including, the relatively small size of applicant's assets,
the fact that all shareholders other than Mitchell Hutchins Asset
Management Inc. had redeemed their shares, the resulting high expense
ratio of applicant, and the improbability that sales of applicant's
shares could be increased to raise applicant's assets to a more viable
level.
6. As of November 28, 1995, there were 8899.942 shares of
beneficial interest outstanding (4445.120 of which were Institutional
shares and 4454.822 of which were Financial Intermediary shares),
having an aggregate net asset value of $82,974 and a per share net
asset value of $9.34 per Institutional share and $8.31 per Financial
Intermediary share. There are no other classes of securities of
applicant outstanding. As of November 29, 1995, there were no shares of
beneficial interest outstanding.
7. No expenses were incurred in connection with the distribution.
Nor were brokerage commissions incurred in connection with the
liquidation. As of the date of the application, applicant had no
assets, liabilities, or unitholders. Applicant is not a party to any
litigation or administrative proceeding. Applicant is not engaged, nor
proposes to engage, in any business activities other than those
necessary for the winding up of its affairs.
8. A notice of termination will be filed on behalf of applicant
with the Office of the Secretary of State of the Commonwealth of
Massachusetts to effect the termination of applicant as a Massachusetts
business trust.
For the SEC, by the Division of Investment Management, under
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-17631 Filed 7-10-96; 8:45 am]
BILLING CODE 8010-01-M
