[Federal Register Volume 62, Number 54 (Thursday, March 20, 1997)]
[Notices]
[Pages 13405-13406]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-7050]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22564; 811-5959]
ACM Managed Multi-Market Trust, Inc.; Notice of Application
March 14, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for an order under the Investment Company
Act of 1940 (the ``Act'').
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APPLICANT: ACM Managed Multi-Market Trust, 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 DATES: The application was filed on July 26, 1996 and was
amended on February 6, 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 8, 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 Fifth Street, N.W., Washington, D.C.
20549. Applicant, 1345 Avenue of the Americas, New York, New York
10105.
FOR FURTHER INFORMATION CONTACT: Elaine M. Boggs, Senior Counsel, at
(202) 942-0572 (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 a closed-end management investment company that is
organized as a corporation under the laws of Maryland, Applicant
registered under the Act and filed a registration statement on Form N-2
on November 17, 1989. Applicant's registration statement was declared
effective on January 19, 1990, and applicant commenced a public
offering of its shares shortly thereafter.
2. On December 7, 1994, applicant's board of directors considered
and approved a sale of substantially all of the assets and liabilities
of applicant to the Alliance Multi-Market Strategy Trust, Inc. (the
``Acquiring Fund''). The board of directors made the findings required
by rule 17a-8 under the Act, i.e., that the reorganization was in the
best interest of applicant and that there would be no dilution, by
virtue of the proposed exchange, in the value of shares held at that
time by applicant's shareholders.\1\ In determining that applicant
should enter into the reorganization, the directors considered, among
other things, the investment objectives, policies, and restrictions of
applicant and the Acquiring Fund.
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\1\ Rule 17a-8 provides an exemption from section 17(a) for
certain reorganizations among registered investment companies that
may be affiliated persons, or affiliated persons of an affiliated
person, solely by reason of having a common investment adviser,
common directors, and/or common officers.
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3. On January 20, 1995, a proxy statement was filed with the SEC
and applicant mailed proxy materials to its shareholders approximately
a month later. On April 21, 1995, applicant's shareholders approved the
reorganization.
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4. On May 5, 1995, applicant transferred its assets and liabilities
to the Acquiring Fund in exchange for shares of the Acquiring Fund on
the basis of the relative net asset values per share of applicant and
the Acquiring Fund. Applicant's net assets on such date amounted to
$76,655,258.68, or $7.68 per shares. The shares of the Acquiring Fund
received by applicant were distributed to applicant's shareholders
based on the relative net assert values per share of the two funds. No
brokerage fees were paid in connection with the reorganization.
5. Expenses of approximately $144,000 incurred in connection with
the reorganization were paid by applicant. The expenses consisted of
legal fees of approximately $77,500, printing costs of approximately
$43,000, taxes of approximately $10,000, and accounting costs of
approximately $13,500. Applicant states that legal and printing costs
similar to those actually incurred would have been borne by applicant
had the reorganization not occurred as applicant had a policy that,
under prevailing market conditions, likely would have required
applicant to seek shareholder consent to convert applicant into an
open-end fund.
6. Applicant states that subsequent to the filing of the Form N-8F,
it will file articles of dissolution with the State of Maryland to
terminate applicant's legal existence.
7. There are no securityholders to whom distributions in complete
liquidation of their interests have not been made. Applicant has
retained no assets. Applicant has no debts or other liabilities that
remain outstanding. Applicant is not a party to any litigation or
administrative proceeding.
8. 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.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-7050 Filed 3-19-97; 8:45 am]
BILLING CODE 8010-01-M