[Federal Register Volume 62, Number 18 (Tuesday, January 28, 1997)]
[Notices]
[Pages 4086-4087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1955]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22475; 811-01281]
Beacon Hill Mutual Fund, Inc.; Notice of Application
January 21, 1997.
AGENCY: Security and Exchange Commission (``SEC'').
ACTION: Notice of application for deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Beacon Hill Mutual Fund, Inc.
RELEVANT ACT SECTION: Order requested under section 9(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATES: The application was filed on December 9, 1996, and an
amended application was filed on January 16, 1997.
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 February 18,
1997, 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 who wish to
be notified of a hearing may request notification by writing to the
SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C.
20549. Applicant, 75 Federal Street, Boston, MA 02110.
FOR FURTHER INFORMATION CONTACT:
Lisa McCrea, Staff Attorney, (202) 942-0562, or Mercer E. Bullard,
Branch Chief, (202) 942-0564 (Office of Investment Company Regulation,
Division of Investment Management).
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 corporation. Applicant registered under
the Act on August 31, 1964. On the same date, applicant filed a
registration statement under the Act and the Securities Act of 1933
which became effective on or about November 27, 1964. The initial
public offering of its shares began on December 2, 1964.
2. On April 16, 1996, the Board of Directors of applicant
unanimously approved a resolution declaring that the proposed
liquidation and dissolution of the Fund was advisable and directed that
it be submitted to the securityholders for consideration. Prior to the
April 16, 1996 board meeting, the Board of Directors had been advised
by applicant's investment adviser, Beacon Hill Management, Inc.,
(``Adviser''), that the continued operation of the applicant at its
current size was not economically feasible for the securityholders. At
that meeting, the Adviser reported that it was not confident that any
marketing efforts under current circumstances would increase the
applicant's size sufficiently to continue its operations and that the
merger or sale of the applicant into a similar investment company was
not a realistic alternative due to the small amount of applicant's
assets and the fact that the applicant's Adviser could not assure a
merging or acquiring fund that applicant's assets would remain in
applicant. Based upon the Adviser's presentation and recommendation,
the Board concluded that a liquidation of applicant was in the best
interests of applicant and its securityholders. Proxy material that was
sent to securityholders was filed with the SEC on August 15, 1996.
Applicant's securityholders approved the Agreement on October 1, 1996,
at a meeting called for such purpose.
3. As of October 22, 1996, applicant had 15,454 shares outstanding
with an aggregate/per share net asset value of $582,548/$37.70. These
shares were redeemed at $37.70 per share between October 22, and 29,
1996.
4. Applicant has no securityholders, except that, as of December 2,
1996, there were 647 shares, totaling $24,844, held by stock
certificates where the securityholders had not presented such
certificates to applicant's transfer agent, Boston Financial Data
Services, Inc., for liquidation.
5. Applicant retained assets in the amount of $94,157 to offset
liabilities for legal fees and expenses, audit and tax fees, custodian
and transfer agent fees and expenses and other administrative
[[Page 4087]]
and miscellaneous items. Except for such assets, all assets of
applicant have been distributed to securityholders through individual
redemptions. No brokerage commissions or other fees were paid in
connection with the redemptions. Prior to the redemptions, the
applicant's assets were converted into cash. Regular brokerage
commissions in the amount of $5,628 were paid in connection with such
conversion of portfolio securities into cash.
6. The total expenses incurred in connection with the sale of
assets and liquidation of the applicant, consisting of legal fees,
accounting fees and printing and mailing costs for the proxy
solicitation, were approximately $30,000. These expenses were paid by
the applicant.
7. Applicant is not a party to any litigation or administrative
proceeding. Applicant is not now engaged, nor proposes to engage, in
any business activities other than those necessary for the winding-up
of its affairs.
8. Applicant intends to file a Certificate of Dissolution with the
State of Massachusetts.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-1955 Filed 1-27-97; 8:45 am]
BILLING CODE 8010-01-M