[Federal Register Volume 62, Number 45 (Friday, March 7, 1997)]
[Notices]
[Pages 10598-10599]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5674]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22536; 811-3993]
CharterCapital Blue Chip Growth Fund, Inc.; Notice of Application
March 3, 1997.
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: CharterCapital Blue Chip Growth Fund, Inc. (formerly, ADTEK
Fund, Inc.).
RELEVANT ACT SECTION: Order requested under section 8(f) of the Act.
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on October 24, 1996 and amended
on January 6, 1997 and February 26, 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 March 28, 1997,
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, 4920 West Vliet Street, Milwaukee, Wisconsin 53208.
FOR FURTHER INFORMATION CONTACT: Kathleen L. Knisely, Staff Attorney,
at (202) 942-0517 (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 is an open-end diversified investment management
company organized as a Wisconsin corporation. On March 21, 1984,
applicant filed a Notification of Registration on Form N-8A pursuant to
section 8(a) of the Act and a registration statement on Form N-1A
pursuant to section 8(b) of the Act. The registration statement became
effective on July 16, 1984 and the initial public offering commenced
immediately thereafter.
2. On January 27, 1996, the board of directors of applicant
approved the dissolution of applicant pursuant to a plan of
liquidation. The board of directors believed that applicant had not
achieved, and was unlikely to achieve, the necessary asset size for
applicant to be a viable investment alternative given the effect of its
size on its expense ratio.
3. Applicant advised its shareholders of the decision of its board
of directors to dissolve applicant in its annual report to shareholders
for the fiscal year which ended December 31, 1995. Commencing May 31,
1996, applicant sent follow-up letters indicating to shareholders that
applicant intended to dissolve. Shortly thereafter, applicant's
shareholders began to voluntarily redeem shares of applicant.
4. As of June 30, 1996, applicant's total assets amounted to
$899,974 on an unaudited basis. As of that date, applicant had 56,336
shares outstanding and a net asset value of $15.79. Applicant sold the
equity portfolio securities held by it through unaffiliated broker-
dealers in agency transactions paying competitive commission rates.
[[Page 10599]]
5. On August 31, 1996, there were 132.93 shares of applicant
outstanding, with an aggregate net asset value of $2,056.66 and a net
asset value per share of $15.47. On September 3, 1996, applicant paid
an income dividend in cash to its shareholders in the amount of
$1,898.03, or approximately $17.37 per share. On September 23, 1996,
applicant's two remaining shareholders unanimously approved the
dissolution of applicant by written consent. All of applicant's
shareholders voluntarily redeemed their shares and final redemption
occurred on September 27, 1996. On this date, the net asset value of
applicant was $15.47 per share.
6. The expenses incurred and to be incurred in connection with the
liquidation are estimated to be $14,500. To the extent that these
expenses and other expenses of applicant resulted in the expense ratio
of applicant exceeding 2.80%, the expenses were paid by Charter Capital
Management, Inc., applicant's investment adviser. Since the expense
ratio exceeded the foregoing percentage during the liquidation period,
all present and future liquidation expenses will be paid by Charter
Capital Management, Inc.
7. Applicant has no securityholders, liabilities or assets.
Applicant is not a party to any litigation or administrative
proceeding. Applicant is not now engaged, nor does it propose to
engage, in any business activities other than those necessary for the
winding up of its affairs.
8. On September 27, 1996, applicant filed Articles of Dissolution
with the State of Wisconsin.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-5674 Filed 3-6-97; 8:45 am]
BILLING CODE 8010-01-M