[Federal Register Volume 61, Number 5 (Monday, January 8, 1996)]
[Notices]
[Page 570]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-181]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21664; 811-6582]
Worldwide Short-Term Trust; Application for Deregistration
January 2, 1996.
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: Worldwide Short-Term Trust.
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 on Form N-8F was filed on August 14,
1995, and was amended on October 5, 1995, December 4, 1995, and
December 21, 1995.
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 January 29,
1996, 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 who wish to
be notified of a hearing may request notification by writing to the
SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street NW., Washington, DC 20549.
Applicant, 122 East 42nd Street, New York, New York 10168.
FOR FURTHER INFORMATION CONTACT: Sarah A. Buescher, Staff Attorney, at
(202) 942-0573, or Alison E. Baur, Branch Chief, at (202) 942-0564
(Office of Investment Company Regulation, Division of Investment
Management).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end, non-diversified management investment
company formed as a trust under New York law. Applicant is a ``master
fund'' in a ``master/feeder fund'' complex and is composed of three
funds: Short-Term World Income Fund, Class A, B and C. Class A and
Class B are a series of Van Eck Trust. Class C is a series of Van Eck
Funds.
2. SEC records indicate that applicant registered under the Act on
March 3, 1992 by filing a notification of registration on Form N-8A
pursuant to section 8(a) of the Act. Also on that date, applicant filed
a registration statement on Form N-1A pursuant to section 8(b) of the
Act. No registration was made under the Securities Act of 1933 (the
``Securities Act'') because applicant's beneficial interests were
issued solely in private placement transactions that did not involve
any ``public offering'' within the meaning of section 4(2) thereof. All
of applicant's investors were ``accredited investors'' within the
meaning of Regulation D under the Securities Act.
3. At a meeting held on November 23, 1993, applicant's board of
trustees approved a plan to liquidate Class A and Class B, and merge
Class C into World Income Fund, another series of Van Eck Funds.
Applicant's proxy materials indicate that applicant liquidated because
sales of applicant's shares dropped dramatically and because a high
level of redemptions over the previous year meant that applicant's
expense ratio was higher than anticipated.
4. Both applicant and World Income Fund are advised by Van Eck
Associates Corporation (``Adviser''). Consequently, applicant relied on
the exemption provided by rule 17a-8 under the Act to effect the merger
of Class C into the World Income Fund.\1\ In accordance with rule 17a-
8, the trustees determined that the merger was in the best interests of
the shareholders of Class C and the World Income Fund, and that the
interests of the World Income Fund's shareholders would not be diluted
as a result of the merger.
\1\ Rule 17a-8 provides relief from the affiliated transaction
prohibition of section 17(a) of the Act for a merger of investment
companies that may be affiliated persons of each other solely by
reason of having a common investment adviser, common directors, and/
or common officers.
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5. Proxy materials were filed with the SEC and mailed to
shareholders for a shareholders meeting held on December 28, 1993.
Applicant's shareholders approved the liquidation plan at the meeting.
6. On December 31, 1993, Class A and Class B liquidated, and
securityholders received the net asset value of their interests. Class
C merger into World Income Fund on December 30, 1993. Class C assets
were exchanged for shares of the World Income Fund and those shares
were distributed pro rata to Class C shareholders.
7. The Adviser paid applicant's unamortized organization expenses
and the expenses relating to applicant's liquidation. No brokerage
commissions were paid in connection with the liquidation.
8. Applicant has no securityholders, assets, or liabilities.
Applicant is not a party to any litigation or administrative
proceeding. Applicant is not presently engaged, nor does it propose to
engage, in any business activities other than those necessary for the
winding up of its affairs.
9. Applicant will file a Certificate of Dissolution and other
appropriate documentation in New York, as required by New York law.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-181 Filed 1-5-96; 8:45 am]
BILLING CODE 8010-01-M
