[Federal Register Volume 62, Number 152 (Thursday, August 7, 1997)]
[Notices]
[Pages 42611-42612]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20830]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-22776; 811-5774]


ABD American Capital Markets Funds, Inc.; Notice of Application

August 1, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of application for deregistration under section 8(f) of 
the Investment Company Act of 1940 (the ``Act'').

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SUMMARY OF APPLICATION: Applicant ABD American Capital Markets Fund, 
Inc. requests an order declaring that it has ceased to be an investment 
company.

FILING DATES: The application was filed on April 4, 1997, and amended 
on June 19, 1997 and July 21, 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 August 26, 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 who wish to be 
notified of a hearing may request notification by writing to the SEC's 
Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C. 
20549. Applicant, 75 Wall Street, New York, N.Y. 10005-2889.

FOR FURTHER INFORMATION CONTACT:
Joseph B. McDonald, Jr., Senior Counsel, at (202) 942-0533, or 
Christine Y. Greenlees, Branch Chief, at (202) 942-0564 (Division of 
Investment Management, Office of Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the

[[Page 42612]]

application. The complete application may be obtained for a fee at the 
SEC's Public Reference Branch, 450 Fifth St., N.W., Washington, D.C. 
20549 (tel. 202-942-8090).

Applicant's Representations

    1. Applicant is an open-end, diversified, series management 
investment company organized as a Maryland corporation. On February 27, 
1989, applicant filed a Notification of Registration on Form N-8A 
pursuant to section 8(a) of the Act. On the same day, applicant filed a 
registration statement on Form N-1A to register an indefinite number of 
shares of common stock under section 8(b) of the Act and the Securities 
Act of 1933. The registration statement became effective on September 
6, 1989, and the initial public offering commenced on June 26, 1990. 
Applicant consists of three series: ABD Money Market Fund, ABD Fixed 
Income Fund, and ABD Common Stock Fund.\1\
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    \1\ In late 1990, applicant commenced a voluntary redemption of 
all of its publicly-held shares. To accomplish the voluntary 
redemption, applicant received no-action assurance from the SEC's 
Division of Investment Management. See ABD American Capital Markets 
Funds, Inc. (pub. avail. Nov. 16, 1990). Following the voluntary 
redemption, ABD Securities Corporation, applicant's investment 
adviser and manager, retained a minimum number of shares as 
applicant's sole shareholder.
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    2. On December 16, 1996, applicant's board of directors (the 
``Board'') approved a plan of liquidaton and dissolution (``Liquidation 
Plan''),\2\ which provided for the liquidation of applicant and the 
distribution of applicant's remaining assets to applicant's sole 
shareholder. On December 18, 1996, applicant's sole shareholder 
approved the Liquidation Plan by written consent. On December 26, 1996, 
applicant distributed $188,956.46 (representing its remaining asset, 
the balance of cash on deposit in a non-interest-bearing account at 
State Street Bank and Trust Company) to its sole shareholder.
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    \2\ Although the Board considered whether to liquidate applicant 
in 1990, it undertook the voluntary redemption so as to retain the 
ability to take prompt advantage of a change in the German 
investment climate for U.S. securities. However, since a beneficial 
investment climate for applicant's shares has not developed, the 
Board found that it was in the best interests of applicant to 
deregister under the Act.
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    3. As of December 26, 1996, there were 80,000 shares of common 
stock of ABD Money Market Fund, and 1,000 shares each of common stock 
of ABD Fixed Income Fund and ABD Common Stock Fund, having an aggregate 
net asset value of $113,835.59, $38,640.47, and $36,480.40, 
respectively, and a per share net asset value of $1.42, $38.64, and 
$36.48, respectively.
    4. Certain expenses were incurred in connection with the 
liquidation, consisting primarily of legal expenses and miscellaneous 
accounting and administrative expenses. These expenses are expected to 
total approximately $20,000 and have been or will be paid by 
applicant's sole shareholder.
    5. As of the date of the application, applicant had no 
shareholders, debts, liabilities, or assets and was not a party to any 
litigation or administrative proceeding. Applicant is not engaged, nor 
does it propose to engage, in any business activities other than those 
necessary for the winding-up of its affairs.
    6. On January 17, 1997, applicant filed Articles of Dissolution 
with the Maryland Department of Assessments and Taxation.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-20830 Filed 8-6-97; 8;45 am]
BILLING CODE 8010-01-M