[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