RegAlert1994-08-05
Added · Updated
SEC Division of Investment Management staff letter: North American Security Trust
The Securities and Exchange Commission will not recommend enforcement action against North American Security Trust if it advertises the historical performance of the New Trust using data from the Moderate Asset Allocation Trust for periods prior to July 10, 1992. This permission applies provided that any advertising material prominently discloses that the performance used for the period before the reorganization is that of the former Moderate Asset Allocation Trust. The decision relies on the fact that the New Trust is the accounting survivor of the combination, retaining the same investment objectives, policies, and adviser as the Moderate Trust, which constituted 70% of the new entity's net assets.
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1933 Act/Rule 482
1940 Act/Rule 34bl
JONES BLOUCH
2100 PENNSYLVANIA AVENUE
WASHINGTON 20037
202 223-3500 ___________________________ J.SUMNERJONES 8CTION PUTT October 13 1992 PTJTJLC AVAILABILIT /11 Securities and Exchange Commission 450 Fifth Street N.1 Washington DC 20549 Attention Thomas Harinan Esq Chief Counsel Division of Investment Management Re North American Security Trust File Nos 3327958 and 8115797 Dear Sirs We are writing on behalf of North American Security Trust NAST registered management investment company to reest your assurance that you will not recommend to the Commission any action against NAST if in advertising the performance of its Asset Allocation Trust New Trust as permitted by Rule 482 under the Securities Act of 1933 1933 Act and Rule 34b-l under the Investment Company Act of 1940 1940 Act NAST uses for periods prior to the establishment of the New Trust the historical performance of predecessor portfolio the Moderate Asset Allocation Trust the largest of three portfolios combined to form the New Trust NAST is an open-end management investment company organized as business trust under the laws of the Commonwealth of Massa chusetts on September 28 1988 It has number of separate investment portfolios each of which is represented by separate series of shares of beneficial interest as contemplated by
Section 18f2 of the 1940 Act Prior to July 10 1992 NAST
had nine separate portfolios three of which were designated the Conservative Asset Allocation Trust the Moderate Asset Allocation Trust and the Aggressive Asset Allocation Trust NASL Financial Services Inc whollyowned subsidiary of North American Security Life Insurance Company Delaware corporation is NASTs investment adviser Pursuant to its advisory agreement with NAST it selects contracts with and compensates subadvisers for each of NASTs portfolios Prior to December 13 1991 the subadviser for the Conservative Moderate and Aggressive Asset Allocation Trusts and for three otherNAST portfolios was M.D Sass Investors Services Inc On that date
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