[Federal Register Volume 62, Number 122 (Wednesday, June 25, 1997)]
[Notices]
[Pages 34329-34330]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-16631]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22718; 811-3299]
State Bond Money Funds, Inc.; Notice of Application
June 19, 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: State Bond Money Funds, 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 20, 1997, and
amended on May 29, 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 coy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on July 14, 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
[[Page 34330]]
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: State Bond Money Funds, Inc., 100 North Minnesota
Street, P.O. Box 69, New Ulm, Minnesota 56073-0069.
for further information contact: John K. Forst, Staff Attorney, at
(202) 942-0569, or Elizabeth G. Osterman, Assistant Director, 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 filed its
notification of registration on Form N-8A under the Act and filed a
registration statement on Form N-1A under the Act and under the
Securities Act of 1933 on October 30, 1981. On February 19, 1982
applicant commenced its initial public offering. Applicant is advised
by ARM Capital Advisors, Inc. (``ARM'').
2. On August 16, 1996, applicant's board of directors considered an
Agreement and Plan of Reorganization (the ``Reorganization Agreement'')
between applicant and Money Market Obligations Trust pursuant to which
applicant would transfer all of its net assets to Automated Cash
Management Trust (the ``Federated Fund''), a portfolio of the Money
Market Obligations Trust. The Federated Fund is advised by Federated
Management, a subsidiary of Federated Investors (together
``Federated''). Pursuant to the Reogranization Agreement, applicant
would transfer all of its assets to the Federated Fund in exchange for
Institutional Service Shares of the Federated Fund. The directors
identified certain potential benefits likely to result from the
reorganization, including, (a) operating efficiencies as a result of
the larger combined size of applicant and the Federated Fund, (b)
applicant and the Federated Fund have substantially similar investment
objectives, and (c) expenses of the reorganization will be borne by ARM
and/or Federated. The directors concluded that the reorganization
presents no significant risks or costs that would outweigh the benefits
discussed above. Applicant's board of directors unanimously approved
the reorganization at a meeting of the board held on August 26, 1996.
3. On October 10, 1996, Federated Fund filed a registration
statement and proxy materials on Form N-14 soliciting approval of the
reorganization by applicant's shareholders. The registration statement
was declared effective on November 24, 1996. Shareholders approved the
reorganization at a special meeting held on December 9, 1996.
4. On December 13, 1996, the date of the reorganization, applicant
had 3,127,230.23 shares of common stock outstanding. Applicant's net
asset value was $1.00 per share and its aggregate net asset value was
$3,127,231.73. Applicant transferred assets valued at $3,127,231.73,
and received in exchange 3,127,230.23 Institutional Service Shares of
the Federated Fund, representing an aggregate net asset value equal to
the aggregate net asset value of applicant's transferred shares. Such
shares were then distributed to the shareholders of applicant, on that
date, in proportion to each shareholder's interest in applicant based
on net asset value.
5. All costs involved in the reorganization will be paid by ARM
and/or Federated.
6. Applicant has no securityholders and no remaining assets, debts,
or liabilities as of the date of the application.
7. Applicant is not a party to any litigation or administrative
proceeding. Applicant is not now engaged, and does not propose to
engage, in any business activities other than those necessary for the
winding up of its affairs.
8. Applicant intends to file articles of dissolution with the
Maryland State Department of Assessment and Taxation following
deregistration.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-16631 Filed 6-24-97; 8:45 am]
BILLING CODE 8010-01-M