[Federal Register Volume 60, Number 4 (Friday, January 6, 1995)]
[Notices]
[Pages 2170-2171]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-371]



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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20810; File No. 811-3645]


Pilgrim Corporate Utilities Fund: Notice of Application for 
Deregistration

December 29, 1994.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of application for deregistration under the Investment 
Company Act of 1940 (``Act'').

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APPLICANT: Pilgrim Corporate Utilities Fund.

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 December 13, 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 January 23, 
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 Fifth Street, NW., Washington, D.C. 
20549. Applicant, 10100 Santa Monica Boulevard, Los Angeles, California 
90067.

FOR FURTHER INFORMATION CONTACT: Bradley W. Paulson, Staff Attorney, at 
(202) 942-0147 or Robert A. Robertson, Branch Chief, at (202) 942-0564 
(Division of Investment Management, Office of Investment Company 
Regulation). [[Page 2171]] 
Supplementary Information: The following is a summary of the 
application. The complete application is available for a fee from the 
SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is an open-end management investment company organized 
as a corporation under the laws of California. On January 6, 1983, 
applicant registered under the Act and filed a registration statement 
to register its shares. The registration statement became effective on 
March 3, 1983, and applicant's initial public offering began on the 
same day.
    2. On March 10, 1994, applicant's board of directors unanimously 
approved an agreement for the transfer of assets (the ``Agreement'') 
entered into by applicant and Lepercq-Istel Trust (the ``Company''), an 
open-end management investment company. The Agreement provides for the 
transfer of assets from applicant to the Company and for the 
liquidation of applicant. On July 27, 1994, shareholders holding 55.92% 
of applicant's outstanding shares approved the Agreement at a meeting 
called for that purpose.
    3. Pursuant to the Agreement, on July 29, 1994, applicant 
transferred all of its assets and liabilities to the Company in 
exchange for shares of the Company. The exchange was based on the 
relative net asset value of applicant and the Company. Thereafter, 
securityholders of applicant became securityholders of the Company. On 
the date of the transfer, applicant had an aggregate of 803,193 shares 
outstanding, and immediately prior to the exchange, the per share net 
asset value of these shares was $6.89. No brokerage commission was paid 
in connection with the reorganization. The total expenses incurred in 
connection with the transfer of assets and liquidation of applicant, 
including legal fees, accounting fees, printing expenses, and mailing 
costs for the proxy solicitation were $35,000. These expenses were 
assumed and paid by Lepercq, de Neuflize & Co., Inc.
    4. As of the date of the application, applicant had no 
securityholders, assets, or liabilities. Applicant is not a party to 
any litigation or administrative proceeding.
    5. 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.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-371 Filed 1-5-95; 8:45 am]
BILLING CODE 8010-01-M