[Federal Register Volume 61, Number 7 (Wednesday, January 10, 1996)]
[Notices]
[Pages 754-755]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-361]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21652; 811-3366]


Renaissance Assets Trust; Notice of Application for 
Deregistration

January 4, 1996.
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: Renaissance Assets Trust.

RELEVANT ACT SECTION: Order requested under section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring it has 
ceased to be an investment company.

FILING DATE: The application was filed on November 6, 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 

[[Page 755]]
received by the SEC by 5:30 p.m. on January 29, 1996, and should be 
accompanied by proof of service on the 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, N.W., Washington, D.C. 
20549. Applicant, 100 Renaissance Center, 26th Floor, Detroit Michigan 
48243.

FOR FURTHER INFORMATION CONTACT: Marianne H. Khawly, Staff Attorney, at 
(202) 942-0562, 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 from 
the SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant, a registered open-end investment company, organized 
as a Massachusetts business trust, was sponsored by its distributor, 
First of Michigan Corporation (``FoM''), to serve as a money market 
investment vehicle for its brokerage customers. On December 29, 1981, 
applicant filed a Notification of Registration on Form N-8A and a 
registration statement on Form N-1 pursuant to section 8(b) of the Act 
and the Securities Act of 1933. The registration statement was declared 
effective on May 28, 1982 and applicant commenced its initial public 
offering shortly thereafter. Applicant consists of two portfolios: 
Renaissance Money Market Fund and Renaissance Government Fund.
    2. On or about January 27, 1996, FoM sent a letter to each of its 
customers which held shares in applicant (such customers constituted 
all of applicant's shareholder) advising them that FoM had decided to 
replace applicant with a newly formed money market fund known as 
``Cranbook Funds,'' consisting of two portfolios with investment 
objectives similar to applicant's portfolios. The letter contained a 
prospectus of Cranbook Funds and informed each shareholder that, unless 
such shareholder specifically requested otherwise, all of such 
shareholder's balances invested in applicant would be transferred to 
Cranbrook Funds, effective February 28, 1995 (the ``Closing Date''). 
One of applicant's shareholders made such a request and FoM arranged 
for that shareholder's shares to be redeemed in cash on or prior to the 
Closing Date.
    3. On February 16, 1995, applicant's board of directors adopted 
resolutions effecting the merger between Cranbrook Funds and applicant. 
No proxy material was distributed in connection with the merger. 
Pursuant to the resolutions, on the Closing Date, applicant transferred 
all of its assets to Cranbrook Funds, Cranbook Funds assumed all of 
applicant's liabilities, and Cranbrook Funds issued to applicant shares 
of beneficial interest in Cranbrook Funds having an aggregate net asset 
value equal to the net asset value of the assets transferred from 
applicant. Thereafter, on the Closing Date, applicant redeemed all of 
its outstanding shares by distributing all of its assets (consisting 
solely of shares in Cranbrook Funds) in kind to applicant's 
shareholders.
    4. Applicant's portfolio securities were valued using the amortized 
cost method. No brokerage commissions were paid. As of the Closing 
Date, Renaissance Money Market Fund had 346,675,648.07 shares of 
beneficial interest outstanding with an aggregate and per share net 
asset value of $346,675,648.07 and $1.00, respectively. Renaissance 
Government Fund had 47,161,519 shares of beneficial interest 
outstanding with an aggregate and per share net asset value of 
$47,161,519 and $1.00, respectively.
    5. Applicant incurred certain expenses, consisting primarily of 
legal fees and accounting fees in connection with the merger. Such 
expenses were paid by Cranbrook Funds' investment adviser, Cranbrook 
Capital Management, Inc. As of the date of the application, applicant 
had no shareholders, assets, or liabilities. Applicant is not a party 
to any litigation or administrative proceeding. Applicant is neither 
engaged in nor proposes to engage in any business activities other than 
those necessary for the winding-up of its affairs.
    6. Applicant terminated its existence as a Massachusetts business 
trust on June 19, 1995.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-361 Filed 1-9-96; 8:45 am]
BILLING CODE 8010-01-M