INVESTMENT ADVISERS INC
SC 13G/A, 1995-07-07
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<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                  SCHEDULE 13G



                   Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*


                              CHIPCOM CORPORATION
- --------------------------------------------------------------------------------
                                (Name of Issue)

                                    COMMON
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   169617107
- --------------------------------------------------------------------------------
                                 (Cusip Number)


Check the following box if a fee is being paid with this statement [_]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities in that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

 

                     (Continued on the following page(s))



                               Page 1 of 4 pages
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 169617107                 13G                  PAGE 2 OF 4 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NUMBER OF ABOVE PERSON
                                                                                
      INVESTMENT ADVISERS, INC.
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 2                                                              (a) [_]
                                                                (b) [X]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      DELAWARE

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      -0-
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10           
      0.00%

- ------------------------------------------------------------------------------
      TYPE OF PERSON REPORTING 
11           
      IA

- ------------------------------------------------------------------------------

                      SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>

Item 1.(a)     Name of Issuer: CHIPCOM CORP.
       (b)     Address of Issuer's Principal Executive Offices:
               South Borough Office Park, 118 Turnpike Rd.
               Southborough, MA 01772
             
Item 2.(a)     Investment Advisors, Inc.
       (b)     3700 First Bank Place, Box 357, Minneapolis, MN 55440
       (c)     Delaware
       (d)     Title of Class of Securities: Common
       (e)     Cusip Number: 169617107
             
Item 3.(e)     Investment Advisor registered under Section 203 of the Investment
               Advisors Act of 1940.
             
Item 4.(a)     Amount beneficially owned: -0-
       (b)     Percent of Class: 0.00%
       (c)     Number of shares as to which such person as:

               (i)   Sole power to vote: -0-

               (ii)  Shared power to vote: -0-

               (iii) Sole power to dispose or direct disposition of: -0-

               (iv)  Shared power to dispose or direct disposition of: -0-

Item 5.        If this statement is being filed to report the fact that as of 
               the date hereof the reporting person has ceased to be the 
               beneficial owner of more than five percent of the class of 
               securities, check the following: [X]
             
Item 6.        The shares referred to in this filing are held by various 
               custodian banks for various clients of Investment Advisors, Inc. 
               None of the individual clients or custodian banks holds more 
               than 5% or more of the shares.
             
Item 7.        Not applicable.

Item 8.        Not applicable.

Item 9.        Not applicable.
<PAGE>

Item 10.       Certification

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were acquired in the
               ordinary course of business and were not acquired for the purpose
               of and do not have the effect of changing or influencing the
               control of the issuer of such securities and were not acquired in
               connection with or as a participant in any transaction having 
               such purposes or effect.

               After reasonable inquiry and to the best of my knowledge and
               belief, I certify that the infraction set forth in this statement
               is true, complete and correct.

Date: 7/6/95




/s/ Kelly Thomas Coughlin
- ------------------------------
Signature



Kelly Thomas Coughlin
Vice President
Director of Compliance


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