[Federal Register Volume 62, Number 104 (Friday, May 30, 1997)]
[Notices]
[Pages 29379-29380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14122]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 22681; 811-4910]


Credit Union Government Securities Fund, Inc.; Notice of 
Application

May 22, 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: Credit Union Government Securities Fund, Inc.

relevant act section: Order requested pursuant to section 8(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 February 11, 1997, and 
amended on May 9, 1997 and May 19, 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 June 16, 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, c/o Lexington Management Corporation, Park 80 West, 
Plaza Two, Saddle Brook, New Jersey 07663.

for further information contact: John K. Forst, Staff Attorney, at 
(202) 942-0569, 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 from 
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 registered on 
Form N-8A under the Act and filed a registration statement on Form N-1A 
under the Act and the Securities Act of 1933 on November 20, 1986, at 
which time its name was ``Credit Union Government Securities Trust.'' 
Applicant offered shares in two series: the Government Securities 
Portfolio and the Government Money Market Portfolio (each a 
``Portfolio''). On January 16, 1987, the registration statement was 
declared effective and applicant commenced its initial public offering.
    2. As of December 31, 1987, applicant's net assets were $4.1 
million, and it had approximately twelve shareholders. Between December 
31, 1987 and May 17, 1988, all but one shareholder redeemed 
voluntarily, and there were no communications relating to the 
redemption of shares or liquidation. As of May 17, 1988, applicant's 
sole shareholder was Lexington Management Corporation (the 
``Adviser''), its investment adviser.
    3. On May 17, 1988, applicant's board of directors adopted a plan 
of complete liquidation (the ``Plan''). Prior to that meeting, the 
Adviser had advised the directors that continued operation of the 
applicant at its size was not economically feasible for the Adviser or 
applicant's shareholder. On May 17, 1988, the Adviser, as the 
Portfolios' sole shareholder, approved the Plan. On September 1, 1988, 
applicant distributed $48,916.26 to the Government Securities 
Portfolio's shareholder, and $15,840.13 to the Government Money Market 
Portfolio's shareholder. Each distribution represented the cash value 
of each Portfolio's liquidated securities and cash less expenses.
    4. In connection with its liquidation, applicant incurred auditing 
and legal expenses which were borne by the Adviser. The Adviser 
absorbed all unamortized organizational expenses, which totaled 
$48,902.68 for the Government Securities Portfolio, and $36,518.86 for 
the Government Money Market Portfolio, as of September 1, 1988.
    5. Applicant has no shareholders, assets, debts, or other 
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

[[Page 29380]]

other than those necessary for the winding up of its affairs.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-14122 Filed 5-29-97; 8:45 am]
BILLING CODE 8010-01-M