[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