[Federal Register Volume 62, Number 54 (Thursday, March 20, 1997)]
[Notices]
[Page 13414]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6970]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22562; 811-8072]
Provident Institutional Funds, Inc.; Notice of Application
March 13, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Deregistration under the Investment
Company Act of 1940 (the ``Act'').
-----------------------------------------------------------------------
APPLICANT: Provident Institutional Funds, Inc.
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 December 23, 1996 and amended
on March 10, 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 April 7, 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 may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Applicant, Bellevue Park Corporate Center, 400 Bellevue Parkway,
Wilmington, Delaware 19809.
FOR FURTHER INFORMATION CONTACT:
Shirley A. Bodden, Paralegal Specialist, at (202) 942-0575, or Mercer
E. Bullard, 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 registered open-end management investment company
organized as a Maryland corporation. Applicant is the successor by
merger to Piper Trust Funds, Inc. On October 8, 1993, applicant
registered under the Act by filing a notification of registration on
Form N-8A. On the same date, applicant filed a registration statement
under the Act and under the Securities Act of 1933. The registration
statement became effective on February 9, 1994, and applicant commenced
a public offering of each of its two classes of shares--the Short
Duration Fund and the Intermediate Duration Fund (``Funds'')--on the
same date.
2. On February 2, 1996, applicant's board of directors authorized
that, upon the redemption of all of the outstanding shares of each
Fund, appropriate officers are to take all actions necessary to effect
the deregistration of the Applicant and its shares under the Act and
the Securities Act of 1933. Applicant states that the Funds were
liquidated because the sole shareholder of each Fund had expressed a
desire to redeem its investment, because neither the Short Duration
Fund nor the Intermediate Duration Fund had been able to increase its
assets to a significant amount.
3. On June 21, 1996, each Fund's sole shareholder gave notice that
each wished to redeem its shares. On that date, the Short Duration Fund
and the Intermediate Duration Fund had assets equal to $77,786,018 and
$18,978,542 with net asset values per share of $9.72 and $9.49,
respectively. On June 24, 1996, all of the assets of the Funds were
distributed in kind at net asset value to each Fund's sole shareholder.
4. In connection with the liquidation, applicant has incurred
certain expenses such as professional fees, fees to the administrator,
transfer agent and custodian, filing fees and expenses associated with
the winding up of applicant's affairs. The expenses incurred by the
Short Duration Fund and the Intermediate Duration Fund were
approximately $84,987 and $24,026, respectively. These expenses were
borne by the Funds. No brokerage commissions were paid in connection
with the liquidation. The unamortized organizational expenses of each
Fund were borne by its investment adviser, PNC Institutional Management
Corporation.
5. Applicant has no assets, securityholders, debts or liabilities.
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. Applicant intends to file the necessary
documentation with the State of Maryland to effect its dissolution as a
Maryland corporation.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-6970 Filed 3-19-97; 8:45 am]
BILLING CODE 8010-01-M