[Federal Register Volume 62, Number 53 (Wednesday, March 19, 1997)]
[Notices]
[Pages 13199-13200]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6834]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 22555; 811-2392]


Bunker Hill Income Securities, Inc.; Notice of Application

March 12, 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: Bunker Hill Income Securities, 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 April 16, 1996, and amended 
on February 20, 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 Fifth Street, NW., Washington, DC 20549. 
Applicant, 125 West 55th Street, 11th Floor, New York, New York 10019.

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, diversified management investment 
company that was organized under the laws of Maryland. Applicant 
registered under the Act on July 10, 1973 and filed a registration 
statement under the Securities Act of 1933 on July 11, 1973. 
Applicant's registration statement under the Securities Act of 1933 was 
declared effective on October 16, 1973, and applicant commenced a 
public offering of its shares immediately thereafter.
    2. On December 7, 1993, applicant's board of directors considered 
and approved a plan of reorganization in which applicant would transfer 
all of its assets and liabilities to the Pacific Horizon Corporate Bond 
Fund (the ``Fund'') in exchange for shares of the Fund. The Fund is a 
series of the Pacific Horizon Funds, Inc., a registered open-end 
investment company. 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\
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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. In determining that applicant should enter into the 
reorganization, the directors considered, among other things, that 
applicant's ratio of total expenses to average net assets exceeded that 
of most other investment companies with similar objectives. After 
consideration of various alternatives, including conversion of 
applicant to an open-end investment company, the directors concluded 
that the reorganization would be the most advantageous course of action 
of applicant and its shareholders.
    4. Definitive proxy materials were filed with the SEC on or about 
February 28, 1994. On April 4, 1994, applicant mailed proxy materials 
to its shareholders. On April 11, 1994, applicant's shareholders 
approved the reorganization.
    5. On April 25, 1994, applicant transferred all of its assets and 
liabilities to the Fund in exchange for shares of

[[Page 13200]]

the Fund. Applicant received shares of common stock of the Fund with a 
net asset value equal to the net value of the assets and liabilities of 
applicant transferred to the Fund. The shares of the Fund received by 
applicant were distributed to the shareholders of applicant, pro rata. 
As of April 22, 1994, there were 2,774,788 shares of applicant 
outstanding with a net asset value of $42,673,139.53 and a per share 
value of $15.38.
    6. The expenses incurred in connection with the liquidation and 
dissolution of applicant, including legal and accounting fees, 
custodian and transfer agent commissions, and taxes, totaled 
approximately $285,576, all of which were borne by applicant's 
investment adviser, Bank of America National Trust and Savings 
Association. No brokerage fees were paid in connection with the 
reorganization.
    7. Applicant was liquidated and dissolved under the laws of the 
State of Maryland on April 12, 1994.
    8. 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.
    9. 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.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-6834 Filed 3-18-97; 8:45 am]
BILLING CODE 8010-01-M