[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