[Federal Register Volume 60, Number 172 (Wednesday, September 6, 1995)]
[Notices]
[Pages 46321-46322]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-22066]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21324; 811-6021]
American Adjustable Rate Term Trust Inc.--1995; Notice of
Application
August 29, 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: American Adjustable Rate Term Trust Inc.--1995.
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 July 25, 1995 and amended on
August 17, 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 September 25,
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, NW., Washington, DC 20549.
Applicant, 222 South Ninth Street, Piper Jaffray Tower, Minneapolis,
Minnesota 55402.
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 a closed-end diversified investment company
organized as a Minnesota corporation. On January 5, 1990, applicant
filed a notification of registration pursuant to section 8(a) of the
Act and a registration statement pursuant to the Securities Act of
1933. The registration statement became effective and applicant's
initial public offering commenced on February 15, 1990.
2. Applicant is a ``term trust'' established and managed by Piper
Capital Management Incorporated (the ``Adviser'') with a scheduled
termination date of April 15, 1995. No action was needed by
shareholders, the Board of Directors, or under state law, to effect the
liquidation.
3. Applicant's investment objective was to provide a high level of
current income and to return $10 per Trust share (the initial offering
price per Trust share) to investors. The planned and
[[Page 46322]]
orderly liquidation of securities began in October 1994 and such
securities were sold in the ordinary course of business at their then
current market values. The proceeds of such liquidations then were
invested in short-term securities which matured on or before April 17,
1995.
4. In connection with its scheduled liquidation, on April 17, 1995
applicant distributed approximately $105,800,000, which represented
approximately 10,828,926 shares at $9.76922 net asset value, to its
security holders. There are 15 security holders to whom payment has not
been made because they have not yet submitted their stock certificates.
This represents approximately 7,274 shares with a value of $68,314.52
which is being held in a non-interest bearing bank account at the
transfer agent. Letters requesting the certificates have been mailed to
each such security holder and payment will be made as soon as
practicable after the submission of the certificates. The distribution
to shareholders was based on net asset value.
5. Applicant has retained $126,575 in cash to pay estimated
expenses for transfer agent fees, tax reporting, auditing, accounting
and legal expenses. If expenses are greater than the amount retained,
the Adviser will pay the excess amount.
6. Applicant is not a party to any litigation or administrative
proceeding.
7. 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.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-22066 Filed 9-5-95; 8:45 am]
BILLING CODE 8010-01-M
