[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]


-----------------------------------------------------------------------

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'').

-----------------------------------------------------------------------

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