[Federal Register Volume 59, Number 226 (Friday, November 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29007]
[[Page Unknown]]
[Federal Register: November 25, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20711; 811-5650]
Ostrander Fixed Income Trust; Notice of Application
November 17, 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: Ostrander Fixed Income Trust.
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 July 24, 1990, and amended on
September 2, 1994. Applicant agrees to file an additional amendment,
the substance of which is incorporated herein, during the notice
period.
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 December 12,
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, NW., Washington, DC 20549.
Applicant, 10 Winthrop Square, Fifth Floor, Boston, MA 02110.
FOR FURTHER INFORMATION CONTACT:
Sarah A. Buescher, Law Clerk, at (202) 942-0573, 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 Representation
1. Applicant is an open-end management investment company organized
as a Massachusetts business trust, and its sole portfolio series is
Ostrander High Income Reserve Fund (the ``Fund''). On August 31, 1988,
applicant registered under the Act as an investment company, and
applicant filed a registration statement to register its shares under
the Securities Act of 1933. The registration statement was declared
effective on October 27, 1988, and the initial public offering
commenced on the same day.
2. On February 5, 1990, the Fund's board of trustees adopted a Plan
of Liquidation and Dissolution (the ``Plan'') for the Fund. The Plan
provided for (i) the sale of applicant's assets and subsequent
distribution of the proceeds to its shareholders; (ii) the payment of
or provision for applicant's liabilities and obligations; (iii) the
cessation of applicant's business as an investment company under the
Act; and (iv) applicant's dissolution. Applicant's shareholders
approved the Plan on March 30, 1990.
3. On June 25, 1990, the Ostrander High Income Reserve Fund
Shareholders' Liquidating Trust--Certificates (the ``Certificate
Reserve Trust'') was formed. The trustees of the Certificate Reserve
Trust were Patricia Ostrander, Joseph L. Bower, Richard E. Floor,
Bernard J. Korman, Franco Modigliani, and Ernest E. Monrad. The
Certificate Reserve Trust was formed pursuant to the Plan, and its
primary purpose was to hold assets transferred to it by the Fund on
behalf of shareholders of the Fund who, as of June 25, 1990, had
neither surrendered their certificates representing shares in the Fund,
nor provided the Trustees with an indemnity bond, in the event of loss
or destruction of a certificate. The Trust would hold these assets
until the shareholders furnished the certificates or an indemnity bond
in accordance with the Plan.
4. On June 26, 1990, the Ostrander High Income Reserve Fund
Shareholders' Liquidating Trust (the ``Liquidating Trust'') was formed.
The trustees were the same as those for the Certificate Reserve Trust.
The Liquidating Trust was formed pursuant to the Plan, and its purpose
was to satisfy contingent liabilities of the Fund and the applicant,
and the balance would be distributed to shareholders.
5. On or about June 29, 1990, the Fund distributed an aggregate of
$1,811,899.29, representing substantially all of its assets. The Fund
distributed the money as follows: $724,645.42 to the Certificate
Reserve Trust, $200,000 to the Liquidating Trust, and the remainder
directly to the Fund's shareholders.
6. On or prior to December 31, 1992, the Certificate Reserve Trust
terminated upon the distribution to the last of the shareholders who
had missing certificates.
7. In May 1993, Ms. Ostrander reimbursed $17,182 to the Liquidating
Trust in connection with an agreement reached with the SEC to reimburse
monies to shareholders of the Fund who may have purchased shares of the
Fund at incorrect prices. Ms. Ostrander also made direct restitution to
certain identified shareholders of the Fund in the amount of $21,103.
Applicant is not aware of any other amounts owed by Ms. Ostrander to
applicant or the Fund.
8. On May 26, 1993, applicant was named as a defendant in
Continental Airlines, Inc. v. Ostrander High Income Reserve Fund, et.
al, Civil Action No. 93-3164. Continental alleged that applicant had
violated Massachusetts law in connection with Continental's investments
in the Fund. The parties settled the action pursuant to a release dated
April 18, 1994.
9. All of the assets of the Liquidating Trust have been used to
satisfy contingent liabilities of the Fund and the applicant or
distributed to or for the benefit of the Fund's shareholders. On August
5, 1994 the Liquidating Trust made a final distribution of $70,462.17
to the Fund's shareholders.
10. Applicant's shareholders have received the aggregate net asset
value of their respective interests in applicant. Applicant has no
remaining shareholders.
11. Neither applicant, the Liquidating Trust nor the Certificate
Reserve Trust has any assets remaining. In addition, applicant is not
aware of any debts or other liabilities that remain outstanding against
applicant.
12. Applicant will terminate its existence with Massachusetts
authorities after receiving this order.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-29007 Filed 11-23-94; 8:45 am]
BILLING CODE 8010-01-M