[Federal Register Volume 59, Number 172 (Wednesday, September 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21929]
[[Page Unknown]]
[Federal Register: September 7, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20506; 811-4125]
SunAmerica Fund Group; Notice of Application
August 30, 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: SunAmerica Fund Group.
RELEVANT ACT SECTION: Section 8(f).
Summary of Application: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on June 14, 1994, and amended on
July 29, 1994 and August 24, 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 September 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 may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, DC 20549.
Applicant, 733 Third Avenue, New York, New York 10017.
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Staff Attorney, at
(202) 942-0574, 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 may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end management investment company organized
as a Massachusetts business trust. On or about October 12, 1984,
applicant, initially named Equitec Siebel Total Return Fund
(``ESTRF''), filed a registration statement to register an indefinite
number of its shares of common stock. The registration statement became
effective on or about January 2, 1985, and ESTRF commenced operations
and the initial public offering of its shares on January 29, 1985.
2. On September 30, 1985, ESTRF reorganized into a Massachusetts
business trust and was renamed Equitec Siebel Fund Group (``ESFG'').
Over time, ESFG commenced operations of several series: Equitec Siebel
Total Return Fund; Equitec Siebel Government Fund; Equitec Siebel High
Yield Bond Fund; Equitec Siebel Aggressive Growth Fund: Equitec Siebel
Cash Equivalent Fund; Equitec Siebel Global Fund; and Equitec Siebel
Precious Metals Fund (collectively, the ``Funds'').
3. On January 7, 1991, ESFG's adviser entered into an agreement to
sell the Funds' advisory contracts to SunAmerica Asset Management Corp.
(``SunAmerica''). On June 14, 1991, shareholders of the respective
Funds approved new investment advisory and management agreements
between ESFG and SunAmerica whereby SunAmerica became the adviser of
the Funds. In connection with the approval, the Funds were renamed: the
Total Return Fund was renamed SunAmerica Balanced Assets Fund; the
Government Fund was renamed SunAmerica U.S. Government Securities Fund;
the High Yield Bond Fund was renamed SunAmerica High Income Fund; the
Aggressive Growth Fund was renamed SunAmerica Emerging Growth Fund; the
Cash Equivalent Fund was renamed SunAmerica Liquid Assets Fund; the
Global Fund was renamed SunAmerica Global Equity Fund; and the Precious
Metals Fund was renamed SunAmerica Precious Metals Fund.
4. The Global Equity and Precious Metals Funds were liquidated by
vote of their shareholders on March 30, 1992. The Liquid Assets Fund
was liquidated by vote of its shareholders on June 25, 1992.
5. On March 31, 1993, applicant's board of trustees approved on
agreement and plan of reorganization for each of the applicant's
remaining Funds. Under the agreements, the remaining Funds would merge
into other investment companies that were advised by SunAmerica. In
accordance with rule 17a-8 under the Act, the board of trustees of each
of applicant and the acquiring companies determined that participation
in the reorganization was in the best interest of the shareholders and
that the interests of the existing shareholders would not be diluted as
a result of the reorganization.\1\ On July 29, 1993, applicant filed
proxy materials with the SEC and mailed these materials to shareholders
on or about July 29, 1993. Applicant's shareholders approved the
agreement and plan of reorganization at special meetings held on
September 23, 1993.
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\1\Rule 17a-8 provides an exemption from section 17(a) for
certain reorganizations among registered investment companies that
may be affiliated persons, or affiliated persons of an affiliated
person, solely by reason of having a common investment adviser,
common directors, and/or common officers.
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6. Pursuant to each agreement, on September 24, 1993, applicant
transferred substantially all of the assets and liabilities of (a) its
Emerging Growth Fund to the SunAmerica Emerging Growth Fund series of
SunAmerica Equity Funds in exchange for shares of the SunAmerica
Emerging Growth Fund and (b) its Balanced Asset Fund to the SunAmerica
Balanced Assets Fund series of SunAmerica Equity Funds in exchange for
shares of the SunAmerica Balanced Assets Fund. Applicant then
distributed pro rata the appropriate shares of SunAmerica Emerging
Growth Fund and SunAmerica Balanced Assets Fund to it shareholders. On
October 1, 1993, applicant transferred substantially all of the assets
and liabilities of (i) its U.S. Government Fund to the SunAmerica U.S.
Government Securities Fund series of SunAmerica Income Funds in
exchange for shares of the SunAmerica U.S. Government Securities Fund,
and (ii) its High Income Fund to the SunAmerica High Income Fund series
of SunAmerica Income Funds in exchange for shares of the SunAmerica
High Income Fund. Applicant then distributed pro rata the appropriate
shares of SunAmerica U.S. Government Securities Fund and SunAmerica
High Income Fund to its shareholders. In each case, the aggregate net
asset value of an acquiring fund's shares represented the net asset
value of the respective applicant Fund.
7. The expenses of the reorganization were borne by the investment
companies participating in the reorganization of the SunAmerica Family
of Mutal Funds, including applicant and each of the acquiring
companies. Such expenses included preparation of proxy materials,
printing expenses, and legal and accounting fees. No brokerage
commissions were paid in connection with the reorganization.
8. As of the date of this application, applicant had no assets,
liabilities or shareholders. All liabilities and obligations not
discharged by applicant were assumed by and became the obligations of
the acquiring funds. Applicant is not a party to any litigation or
administrative proceeding.
9. 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. 94-21929 Filed 9-6-94; 8:45 am]
BILLING CODE 8010-01-M